Toronto - Victoria Gold Corp. (TSX-VGCX) ('Victoria' or the 'Company') is pleased to announce its third quarter and year to date 2021 summary financial and operating results.

Financial Highlights - Third Quarter 2021

Gold sold was 53,248 ounces, at an average realized price1 of $2,239 (US$1,777) per oz.

Recognized revenue of $119.5 million based on sales of 53,248 ounces of gold.

Operating earnings were $52.1 million.

Net income of $31.6 million, or $0.51 per share outstanding.

Cash costs1 of $892 (US$708) per oz and all-in sustaining costs ('AISC')1 of $1,211 (US$961) per oz of gold sold.

EBITDA1 of $68.4 million.

Free cash flow1 of $32.2 million, or $0.52 per share1.

Cash and cash equivalents of $14.8 million at September 30, 2021 after net principal repayments of $40.3 million against the Company's debt facilities.

1Refer to 'Non-IFRS Performance Measures' section.

All amounts are in Canadian dollars unless otherwise indicated. This release should be read in conjunction with the Company's Financial Statements and Management's Discussion and Analysis ('MD&A') for the three and nine months ended September 30, 2021 and 2020, available on the Company's website or on SEDAR.

Mr. John McConnell, President and CEO commented, 'In October, we pre-released our record breaking quarterly gold production of 55,827 ounces. This has resulted in record breaking quarterly numbers across our third quarter financial statements including Revenue, Gross Profit, Net Income, EBITDA and Free Cash Flow. I would like to express gratitude to our women and men with boots on the ground at the Eagle Gold Mine who have worked tirelessly during this prolonged and challenging health environment.'

2021 Outlook

2021 production and financial guidance remain intact assuming there is no unforeseen significant impact on operations at the Eagle Gold Mine. The Company has taken precautions to mitigate the risk of COVID-19 on operations, however, the COVID-19 pandemic and any future emergence and spread of similar pathogens could have a material adverse impact on our business, operations and operating results, financial condition, liquidity and market for our securities.

The Company produced 114,726 ounces of gold during the nine months ended September 30, 2021. The Company's 2021 gold production will be heavily weighted to the second half of 2021. Original guidance at the Eagle Gold Mine was 180,000 ounces to 200,000 ounces. Based on actual production over the first nine months, current stacking rates and forecasted gold production, the Company anticipates full year 2021 production to be close to the lower end of the guidance range of 180,000 ounces.

The Company's AISC1 per ounce of gold sold during the nine months ended September 30, 2021 was US$1,256. The Company expects unit costs to fall materially in the second half of 2021 as gold production and sales increase. Original AISC1 guidance at the Eagle Gold Mine was US$1,050 to US$1,175 per ounce of gold sold. With production anticipated to be at the lower end of guidance and costs trending higher due to wide spread escalation, the Company anticipates full year 2021 AISC1 to be close to the top end of guidance of US$1,175.

The Company has initiated 'Project 250' aimed at increasing the average annual gold production of the Eagle Gold Mine to 250,000 ounces of gold by 2023. The two primary opportunities to increase production are the scalping of fine ore from the crushing circuit and adjusting the seasonal stacking plan. Scalping of fine ore is expected to reduce wear and energy requirements as well as increase overall capacity of the crushing circuit. Further investigation is underway on year-round stacking of ore to the heap leach pad. Early engineering on Project 250 is expected to be complete in the fourth quarter of 2021.

About the Dublin Gulch Property

Victoria Gold's 100%-owned Dublin Gulch gold property (the 'Property') is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy's electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the 'Measured and Indicated' category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the 'Inferred' category.

Cautionary Language and Forward-Looking Statements

This press release includes certain statements that may be deemed 'forward-looking statements'. Except for statements of historical fact relating to Victoria, information contained herein constitutes forward-looking information, including any information related to Victoria's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as 'plan', 'expect', 'budget', 'target', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may', 'will', 'could' or 'should' occur, and includes any guidance and forecasts set out herein (including, but not limited to, production and operational guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about the its business, operations, the economy and the mineral exploration industry in general, in particular in light of the impact of the novel coronavirus and the COVID-19 disease ('COVID-19') on each of the foregoing. In this respect, the Corporation has assumed that production levels will remain consistent with management's expectations, contracted parties provide goods and services on agreed timeframes, equipment works as anticipated, required regulatory approvals are received, no unusual geological or technical problems occur, no material adverse change in the price of gold occurs and no significant events occur outside of the Corporation's normal course of business. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors include the impact of general business and economic conditions, risks related to COVID-19 on the Company, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, anticipated metal production, fluctuating metal prices, currency exchange rates, estimated ore grades, possible variations in ore grade or recovery rates, changes in accounting policies, changes in Victoria's corporate resources, changes in project parameters as plans continue to be refined, changes in development and production time frames, the possibility of cost overruns or unanticipated costs and expenses, uncertainty of mineral reserve and mineral resource estimates, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, final pricing for metal sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, requirements for additional capital, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcomes of pending litigation and labour disputes, risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations. Although Victoria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Victoria's expected financial and operational performance and Victoria's plans and objectives and may not be appropriate for other purposes. All forward-looking information contained herein is given as of the date hereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained herein and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Contact:

John McConnell

Tel: 604-696-6605

Email: ceo@vgcx.com

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