Victoria Gold Corp. provided an update on the heap leach facility ("HLF") incident that occurred at the Eagle Gold Mine on June 24, 2024. As initially reported, there were no injuries to personnel associated with the incident and Victoria's primary focus has been on the continued safety of its employees and mitigation of harm to the environment.

The Company has and will continue to liaise with the Government of Yukon, the First Nation of Nacho Nyak Dun, the Village of Mayo, the Yukon Workers' Safety and Compensation Board and other regulatory authorities. With respect to environmental mitigation, within hours of the incident a pumping system was established to return water from the HLF material to lined containment ponds. Diversion systems have also been installed for the management of both non-contact and contact water and material.

To date, continued environmental surface water quality sampling at multiple points downstream of the property has not detected any cyanide. The company announced that it has received Notices of Default from its lenders under the Credit Agreement dated December 18, 2020. Production remains suspended with previous 2024 production and cost guidance forecasts retracted.

The Company expects to provide further information by the end of next week.