DALLAS, Sept. 01, 2026 (GLOBE NEWSWIRE) —
Disseminated on behalf of Lake Victoria Gold
As gold prices held near record levels through the first half of 2026, investor attention has increasingly turned to a key question in the mining sector: which developers are closest to transitioning from permitted deposits to producing mines. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has cleared a sequence of milestones on its Imwelo project in Tanzania that position the company at that threshold.
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The Imwelo project holds Mining Licence ML 538/2015 and is fully permitted. A 23-hole, 1,136-metre sterilization drilling program completed in June confirmed that the plant and accommodation footprints are clear of mineralization. On June 29, 2026, the Tanzania Mining Commission approved a Tanzanian-led EPCM (Engineering, Procurement, and Construction Management) structure for the project, with City Engineering Company Ltd. serving as primary contractor and Sutton Consulting International providing international technical support; Senior Project Manager Charl Coetzee mobilized to site on July 8, 2026. On the financing side, the company entered into a binding term sheet on April 1, 2026 for a gold loan of up to 6,000 ounces, approximately US$25 million from Monetary Metals, to be repaid in gold ounces rather than cash, and closed the final tranche of a convertible debenture financing on July 2, 2026, bringing that raise to $4,165,200. Construction start is targeted for the current quarter.
Markets have historically applied deep discounts to development-stage mining companies to reflect the execution risks associated with permitting, financing, construction, and commissioning. As those risks are retired, companies have often seen valuations shift from a developer’s discount toward a producer’s multiple. G Mining Ventures offers a recent example, having built the Tocantinzinho mine in Brazil on time and on budget, poured first gold in 2024, and produced 171,871 ounces generating approximately $580 million in revenue in its first full year of commercial production in 2025. Lundin Gold acquired the Fruta del Norte deposit in Ecuador for $240 million in 2014, reached commercial production in 2020, produced 498,315 ounces in 2025, and now carries a market value in the C$20 billion range. Montage Gold is undergoing the same transition, with its fully funded, $825 million Koné project in Côte d’Ivoire advancing ahead of schedule and first gold now targeted for the fourth quarter of 2026. TRX Gold is demonstrating the same trajectory within Tanzania itself: its Buckreef mine, located in the same Geita greenstone belt as Imwelo, produced 7,426 ounces last quarter at a record average realized price of $4,703 per ounce. Barrick holds an equity position in Lake Victoria Gold, Tanzania’s Taifa Group is contracted for civil works and contract mining, and management, directors, and strategic partners collectively hold more than 60% of shares outstanding.
Imwelo has been the subject of JORC-code Preliminary Economic Assessment and pre-feasibility work; however, these studies are not current under NI 43-101, and the company has not completed a feasibility study establishing mineral reserves under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and carries an increased risk of economic or technical failure.
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About Lake Victoria Gold
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a JORC Compliant 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and strategic partnership with Taifa Group. Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws, including statements regarding the timing of construction, financing, and project development. Such statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements.
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Sources: https://www.newsfilecorp.com/release/303579/Lake-Victoria-Gold-Formalizes-TanzanianLed-EPCM-Team-Advancing-the-Fully-Permitted-Imwelo-Gold-Project-Toward-Construction
https://www.newsfilecorp.com/release/304339/Lake-Victoria-Gold-Mobilizes-Senior-Project-Manager-to-Imwelo-as-Construction-Readiness-Advances
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