Victoria Gold's New Study Highlights Promise of Eagle Deposit

Paradigm Capital, Victoria Gold Corp., Sept. 13, 2015

--Paradigm Capital Inc. has assumed an underwriting liability for, and/or provided financial advice for consideration to the subject companies during the past 12 months.

--Paradigm Capital Inc. expects to receive or intends to seek compensation for investment banking services from the subject companies in the next 3 months.

--The analyst has a family relationship with an Officer/Director of subject company.

The analyst (and associate) certify that the views expressed in this report accurately reflect their personal views about the subject securities or issuers. No part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations expressed in this research report.

National Bank Financial, Victoria Gold Corp., Sept. 12, 2015

The Research Analyst(s) who prepare these reports certify that their respective report accurately reflects his or her personal opinion and that no part of his/her

compensation was, is, or will be directly or indirectly related to the specific recommendations or views as to the securities or companies.

--National Bank Financial Inc. has acted as an underwriter with respect to this issuer within the past 12 months.

--National Bank Financial Inc. has provided investment banking services for this issuer within the past 12 months.

--National Bank Financial Inc. or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months.

--National Bank Financial Inc. or an affiliate has received compensation for investment banking services from this issuer within the past 12 months.

--The issuer is a client, or was a client, of National Bank Financial Inc. or an affiliate within the past 12 months.

Red Cloud Klondike Strike Inc., Victoria Gold Corp., Sept. 12, 2016

Part of Red Cloud Klondike Strike Inc.'s business is to connect mining companies with suitable investors that qualify under available regulatory exemptions (the "Red Cloud KS Business").  Red Cloud Klondike Strike Inc., its affiliates and associates, and their respective officers, directors, representatives, researchers and members of their families (collectively, "Red Cloud KS") may hold positions in the companies mentioned in this publication and may buy or sell, or buy and sell their securities or securities of the same class on the market or otherwise. Additionally, Red Cloud KS may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

--A member of Red Cloud KS team has visited/viewed material operations of the issuer.

--In the last 12 months, Red Cloud KS has been retained under a service or advisory agreement by the subject issuer.

--Red Cloud KS or a member of the Red Cloud KS team or household has a long position in the shares and/or the options of the subject issuer.

Echelon Wealth Partners, Victoria Gold Corp., Sept. 13, 2015

Echelon Wealth Partners Inc. employees may buy and sell shares of the companies that are recommended for their own accounts and for the accounts of other clients.

I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

--Is this an issuer related or industry related publication? Issuer

--Does the Analyst or any member of the Analyst's household have a financial interest in the securities of the subject issuer? No.  If Yes: 1) Is it a long or short position? Yes; and, 2) What type of security is it? Common shares

--Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

--Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

--Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? No

--During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes

--During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes

--Has the Analyst had an onsite visit with the Issuer within the last 12 months? Yes

--Has the Analyst been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

--Has the Analyst received any compensation from the subject company in the past 12 months? No

--Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No

Cormark Securities, Victoria Gold Corp., Sept. 13, 2015

We, Richard Gray and Graeme Jennings, hereby certify that the views expressed in this research report accurately reflect our personal views about the subject company(ies) and its (their) securities. We also certify that we have not been, and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report.

--During the last 24 months, has Cormark provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes

--During the last 24 months, has Cormark received compensation or is expected to receive compensation for having provided investment banking or related services to this Issuer? Yes

--During the last 24 months, has the analyst of this company received compensation from a pool that included investment banking revenue from this issuer earned by Cormark or entities affiliated with it? Yes

--Does the analyst, associate or any individual responsible for the preparation of this research, or a member of that person's household, have a financial interest in the securities of this company? Yes. Is it a long or short position? Richard Gray: Long. What type of security is it? Richard Gray: Common.

Does Cormark and / or one or more entities affiliated with Cormark beneficially own common shares (or any other class of common equity securities) of this company which constitutes more than 1% of the presently issued and outstanding share of this company?  No

Does the analyst or Cormark and/or one or more entities affiliated with Cormark have any other material conflict t of interest with the issuer?  No

Has any partner, Director, officer or employee of Cormark or any analyst involved in the preparation of this report provided services to the issuer (including acting as Officer, Director or employee of the issuer or providing advisory services to the issuer) with or without remuneration, other than normal course investment advisory or trade execution services?  No