Victoria Mining Update for May 2021


Operations at the blue quartzite quarry are going exceedingly well. Production, block sales and material quality have exceeded expectations. Our original plan envisioned a small operation with production rising gradually to 200 cubic meters per month by the 10th month. This projection was based on the standard growth profile for quarries introducing new exotic stone products to market. Since start-up, however, our clients have returned to us purchasing ever larger quantities of material at high prices and our production plan has consequently been accelerated.

Figure. 1 VMC Blue Quartzite (April 2021)

We are purchasing equipment and hiring personnel to support further growth with a near term production target rate of 400 cubic meters per month. May 2021 production should exceed 200 cubic meters and we expect to produce 300 cubic meters in June. To achieve this level of production VMC has arranged to secure heavy equipment on site such as air compressors, machine drills and generators.

Over 200 cubic meters were produced during April of 2021. Sales in May are on track to exceed C$450K. Current production costs are approximately US$300 per cubic meter and average sale price is US$1900 per cubic meter. After paying taxes, nearly half of revenue is available to be retained as operating profit.

Two of our clients are increasing purchases to over 100 cubic meters this month and the remaining three clients are eager for an opportunity to purchase more than the quantity we are currently able to offer. It is worth noting that at this point VMC is turning away newer clients and cutting clients unwilling to settle purchases in under 30 days. In all cases VMC’s clients report good return sales at ever larger quantities.

Marcus Chase,
President, Victoria Mining Corporation / Director, Stakeholder Gold Corporation

Figure 2. VMC Blue Quartzite Quarry April 2021