Following months of rigorous technical, environmental and financial due diligence, Singapore-based Boroo Pte. Ltd. said it has entered into an agreement with PricewaterhouseCoopers Inc. (the Court-appointed receiver of Victoria Gold Corp.), under which its subsidiary, Gatsuurt Mining Inc., would become the sole shareholder of Victoria. The transaction is valued at $140 million.
Victoria’s principal asset is the Eagle gold mine, located in the traditional territory of the First Nation of Na-Cho Nyäk Dun (FNNND) in Dublin Gulch, Yukon, Canada. On June 24, 2024, the leach pad at the Eagle mine experienced a failure (landslide). Production at the mine was suspended. Shortly afterwards, the company said it no longer had the financial means to repair the damage or remediate the environmental impacts. In August 2024, the Ontario Supreme Court took control and placed the company in receivership. PWC intends to seek court approval for the transaction in early December 2026, with a view to closing it on or about December 31, 2026.
During its due diligence, Boroo said it meaningfully engaged with key stakeholders, such as the Government of Yukon and the local communities, including leadership of FNNND. The company and the territorial government settled the terms of a comprehensive framework agreement, establishing, among other things, alignment on remediation, restart and closure activities.
“Our agreement to acquire Victoria Gold and the Eagle Gold mine marks a pivotal turning point for this foundational Yukon asset,” Boroo CEO Dulguun Erdenebaatar said. “Over the past year, our technical and environmental teams have spent countless hours on the ground conducting rigorous due diligence to ensure that the mine can be restarted responsibly and that the site’s environmental challenges are addressed.
“Boroo has a demonstrated global track record of acquiring complex operations and responsibly unlocking long-term economic value,” he continued. “Our expectation to commit over $1.5 billion into Canada underscores our dedication to building a long-term enterprise in the Yukon. We recognize that sustainable operations are impossible without genuine partnership.
The $140 million consideration includes $40 million in upfront cash and a further $100 million in cash, to be paid in staged milestones tied to permitting and commercial production of the Eagle Gold mine. Boroo will also assume certain ongoing remediation obligations and provide interim financial assurance and security to the Government of Yukon on closing of the transaction, to secure reclamation obligations related to the Eagle Gold mine.
Boroo said its acquisition of the Eagle Gold mine represents a substantial investment in the Canadian metals and mining industry and a long-term economic commitment to Yukon. In addition to the $140 million, the acquisition unlocks a planned capital deployment of approximately $800 million between 2027 and 2029 dedicated to comprehensive environmental rehabilitation, advanced water treatment infrastructure, geotechnical stabilization and phased restart activities. In addition, follow-on commitments of over $600 million are expected over the initial life-of-mine to support and extend mining operations.
Boroo’s turnaround plan establishes a three-phase framework comprising stabilization and remediation, mine restart and mine extension. The initial phase prioritizes the physical stabilization of the failed heap leach facility and the comprehensive environmental remediation of the Dublin Gulch Valley, alongside the active capture, management and treatment of cyanide-impacted water on site.
Concurrently, Boroo will execute an engineering overhaul covering open pit and waste rock geotechnical stability, mineral resource and reserve validation, mobile fleet rehabilitation, and the recommissioning of the crushing circuit and ADR plant. To prevent future instability, the plan enforces strict ore characterization and blending controls, an upgraded operations management system and operational protocols aligned with the International Cyanide Management Code.
In parallel with these engineering studies, Boroo has collaborated with the Government of Yukon to secure its alignment and agreement on the stabilization and remediation framework, while actively engaging the FNNND through multiple leadership and community sessions in Mayo to review remediation alternatives.
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