Singapore-based Boroo Pte. Ltd. has agreed to acquire Victoria Gold Corp., whose principal asset is Yukon’s Eagle Gold Mine, for C$140 million, with C$100 million contingent on restart permits and commercial production.
Under the agreement, Boroo subsidiary Gatsuurt Mining Inc. would become Victoria Gold’s sole shareholder. The price includes C$20 million after court approval, C$20 million at closing, C$50 million when restart permits are obtained and a final C$50 million when commercial production begins. The deal also requires approval by the Ontario Superior Court of Justice (Commercial List), Competition Act clearance and Yukon government consent in its role as lender.
Boroo estimates its total commitment to the Eagle Gold project will exceed C$1.5 billion. Its announced plans include about C$800 million in spending between 2027 and 2029 for site rehabilitation, water treatment, geotechnical stabilization and phased-restart preparations, as well as more than C$600 million over the mine’s initial operating life. Boroo says the longer-term spending is intended to support and extend mining operations.
At closing, Boroo would take responsibility for ongoing site operations and remediation and provide about C$104 million in interim reclamation security, according to the receiver’s update. The Yukon government has advanced C$185 million to the receiver under a C$220 million lending facility. About C$105 million came from surety bonds, with the balance funded directly by the territory. If all purchase-price milestones are met, the government is to recover its direct advances plus interest. The receiver does not plan to distribute funds to creditors until it receives the final, production-linked payment and obtains court approval for distributions.
The receiver’s update also allows for a possible reimbursement of up to C$55 million to Boroo if restart permits are not issued within the agreement’s timeframe. Boroo would have to show it made reasonable commercial efforts to obtain the permits; any reimbursement would come from remaining lending-facility funds and other money in the receivership estate.
The mine has been shut since a heap-leach failure on June 24, 2024. The Independent Review Board’s report says about 11.297 million dry tonnes of ore were mobilized and about 1.774 million dry tonnes crossed the containment dam. It identified contributing conditions including low-permeability ore in one lift, a rising perched water table associated with impairment of the pregnant-solution collection system, increased irrigation and a locally oversteepened slope. The report recorded no loss of life.
Boroo says the investment is intended to support jobs and commercial opportunities for Yukon businesses and the First Nation of Na-Cho Nyäk Dun. Boroo and the Yukon government have settled terms for a framework agreement on remediation, restart and closure that would take effect at closing; discussions with the First Nation are ongoing. The Yukon government said 52 of the review board’s 56 recommendations had been implemented as of Oct. 1, with the other four in progress and completion expected by spring 2027. The receiver plans to seek court approval in early December and is targeting closing on or about Dec. 31, 2026.
