The court-appointed sale of the Clear Creek property edged closer this week after Sitka Gold Corp. agreed to make a final deferred payment of $6 million to PricewaterhouseCoopers Inc., the receiver handling the Victoria Gold receivership.
The Yukon government said in a written update on Aug. 14 that the payment is intended to accelerate the acquisition and to help fund the receivership proceedings and ongoing remediation work. Officials said the cash injection will reduce the amount of funding the receiver requires from the Government of Yukon.
“This payment will help fund the receivership proceedings and ongoing remediation work and, as a result, will reduce the amount of funding required by the Receiver from the Government of Yukon.”
Sale subject to court approval
The Ontario Superior Court of Justice is scheduled to hear a motion to approve the sale on Aug. 18. If the court grants approval and the receiver transfers title, Sitka Gold will acquire 100 per cent of the Clear Creek Property, which covers roughly 36 square kilometres of quartz mining claims.
The purchase was originally agreed in June 2024. Under that agreement, Sitka Gold will issue Victoria Gold a five per cent net smelter return royalty (NSR) on future production from the property. The NSR can be reduced to two per cent if Sitka Gold exercises a later buy-down option by paying an additional amount.
The territory’s release also notes the possible continuation of a contingent payment arrangement: Victoria Gold could receive an additional $10 million if two million ounces of proven and probable gold reserves are identified at Clear Creek.
What’s at Clear Creek
The Clear Creek complex includes several targets the release highlights as potential value drivers, notably the Rhosgobel deposit and two additional prospects.
| Target | Noted Estimate | Grade / Note |
|---|---|---|
| Rhosgobel deposit | 2.25 million ounces | 0.7 g/t |
| Bear Paw Breccia | Prospect | Highlighted in release |
| Pukelman Stock | Prospect | Highlighted in release |
Why the transaction matters to Yukon
The sale moves a large Yukon landholding out of the Victoria Gold receivership estate and into private hands. The territory framed the payment as a way to trim the public bill for receivership administration and remediation costs tied to Victoria Gold’s liabilities.
Under the receivership, the receiver must prioritise creditor claims and environmental obligations. The sale proceeds, plus retained royalty and contingent payments, remain assets of the receivership estate and are subject to court-ordered priority charges intended to ensure the Yukon government — which has provided funding to the receivership — is repaid first.
Key terms to watch
- $6 million — final deferred payment Sitka Gold agreed to make to the receiver.
- 36 sq. km — size of the Clear Creek Property.
- 5% NSR — initial royalty payable to Victoria Gold, reducible to 2% via buy-down.
- $10 million — contingent payment if 2 million ounces of proven and probable reserves are identified.
The territory’s note that the royalty and contingent payment remain assets of the receivership makes clear the sale does not extinguish potential upside for Victoria Gold’s estate. Instead, it converts future revenue streams into recoverable assets within the legal process overseen by the court and the receiver.
Next steps and wider context
The immediate next step is the Aug. 18 court hearing in Ontario. If the court approves the transaction and the receiver transfers the claims, Sitka Gold will assume ownership and the obligations tied to the property. The long-term prospects for Clear Creek will depend on further exploration, resource delineation and, eventually, any decisions about development that must satisfy regulatory and environmental standards.
For Yukoners, the deal is significant because it could reduce near-term pressure on territorial finances while leaving open the possibility of future economic activity tied to a property with multi-million-ounce potential at Rhosgobel. The balance between remediation responsibilities, public financial exposure and private-sector investment will continue to be a central issue in follow-up reporting.
Details in this story are drawn from the Government of Yukon’s Aug. 14 written update and the sale agreement terms disclosed by the receiver.
