A geologic model of the Raven Massive Sulphide Veins (“MSV”) was created as a wireframe for the Raven deposit by Victoria based on interpretation and measurements of the Raven veins geologic controls, including veins identified in drillholes and surface exposures, structural measurements from oriented core and surface trenches as well as high-grade gold analytical values. For the purposes of the estimation, this MSV domain was treated as a hard boundary to restrict the influence of the high-grade assays within this domain. Three separate grade shell domains within the Lower Grade (“LG”) unit were built: above 0.2 g/t Au, 0.6 g/t Au and 4.0 g/t Au, respectively, for the MRE.

Original Au assays were composited to 1.3m as it is the most common sampling length within the MSV. Overall, 19,757 composites were generated with 1,591 composites within the MSV unit, 3,273 composites within the LG unit above 0.2 g/t Au, 3,709 composites within the LG unit above 0.6 g/t, and 491 composites within the LG unit above 4.0 g/t Au. The high-grade gold outliers of the 1.3m composites were capped to 25.0 g/t Au for the MSV, 5.0 g/t Au for the LG > 0.2 g/t Au domain, 6.0 g/t Au for the LG > 0.6 g/t Au domain, and 21.0 g/t Au for the LG > 4.0 g/t Au domain.

Statistics conducted on the capped composites showed lognormal distributions with reasonably well-behaved gold grade distributions. The spatial continuity of the gold grades was examined with a variographic study. Results showed main orientations of gold grade continuity along the strike of the deposit oriented approximately east-west and along the dip of the deposit at a 65° towards north.

Ranges of gold grade continuity for the MSV were approximately 60m along strike and 44m down dip, while for the LG zone they were approximately 50m along strike and 40m down dip. Gold grade estimates were estimated with an ordinary kriging technique, within each of the 4 domains which were each treated as hard boundary domains, into an orthogonal block model. The block model was discretized on 5.0m x 5.0m x 5.0m parent blocks and sub-blocked to 0.5m x 0.5m x 0.5m blocks.

A minimum of 2 and maximum of 12 samples were used to calculate a grade estimate for each block. A two-pass estimation approach was used with the first pass having a search ellipsoid oriented and dimensioned to the second range of the variograms and the second pass having a search ellipsoid dimensioned to twice the second range of the variograms. The Mineral Resource was classified as Inferred. The tonnage was calculated with a specific gravity value of 4.50 for the MSV and of 2.65 for the other LG domains.

The mineral resource was constrained within a pit shell optimized from a Lerchs-Grossman algorithm with the following parameters: USD 1,700/oz Au, USD 1.50/t mining, USD 2.00/t processing, USD 2.50 G&A, 90% recovery and 45° pit slope. Victoria initiated its 2022 Dublin Gulch exploration program in late-May and currently has four drills on site with over 20,000m of drilling in 76 holes completed to date. This campaign is heavily focused on Raven where the footprint of mineralized intercepts has been extended approximately 325m east of the extents defined by the 2021 drilling.