Gold Miners Chase Recovery Gains as Prices Hold Above $4,300

Imwelo's laboratory recovery figures apply to treated material, not the full ore stream a plant would process.

Rhea-AI Summary

Lake Victoria Gold (LVGLF) identified scrubbing followed by desliming as the preferred pretreatment for weathered ore at Imwelo's Area C.

In laboratory tests, 24-hour agitated gold extraction was 84.54% for the pretreated fraction, versus 49.99% for as-received material. The results do not establish whole-ore plant recovery; further work will measure the mass and gold balance across desliming. No feasibility study establishing mineral reserves has been completed for Imwelo.

Elsewhere, TRX Gold (TRX) reported preliminary fiscal 2026 fourth-quarter production of 8,173 ounces, up 28% year over year, and annual production of 29,650 ounces, up 57%. Gold Fields (GFI) reported profit attributable to owners of US$1,855 million for the six months ended June 30, 2026, versus US$1,027 million a year earlier. Its all-in sustaining cost rose 13% to US$1,893 per ounce.

Positive

• Imwelo 24-hour extraction: 84.54% pretreated versus 49.99% as-received
• TRX fiscal 2026 annual gold production: 29,650 ounces, up 57%
• Gold Fields six-month profit attributable to owners: US$1,855 million versus US$1,027 million

Negative

• Gold Fields all-in sustaining cost: up 13% to US$1,893 per ounce

Key Figures

24-hour agitated leach extraction: 49.99% to 84.54% Carbon-in-leach extraction: 85.02% Bottle-roll recovery: Up to 88.15% versus 70.76% +5 more

24-hour agitated leach extraction

49.99% to 84.54%

As-received material versus the pretreated fraction

Carbon-in-leach extraction

85.02%

24 hours under the preferred pretreatment route

Bottle-roll recovery

Up to 88.15% versus 70.76%

At 48 hours, pretreated fraction versus as-received material

Test sample

38 HQ whole-core samples weighing 120.34 kg

Metallurgical testwork

Average composite head grade

3.80 g/t Au

Tested material

Average gravity recovery

12.78% to 21.25%

As-received versus pretreated material

Settling time

220 seconds to 130 seconds

Testwork result

Bed compaction

50.56% to 65.09%

Testwork result

Key Terms

desliming, carbon-in-leach, p80, ni 43-101

4 terms

desliming technical

"Attrition scrubbing followed by desliming identified as the preferred pretreatment route"

Desliming is a mineral-processing step that removes very fine, muddy particles called “slimes” from an ore slurry before further treatment. Like sieving dust out of flour, it improves the flow and predictability of downstream processes (gravity, flotation, leaching), often boosting metal recovery, reducing wear and chemical use, and easing tailings handling. Investors watch it because it affects processing efficiency, production rates, costs, and environmental performance.

carbon-in-leach technical

"24-hour agitated leach extraction rose to 84.54% and carbon-in-leach extraction to 85.02%"

Carbon-in-leach is a gold-processing method where crushed ore is mixed with a chemical solution that dissolves the gold while porous activated carbon is added to the same tank to capture the dissolved gold, combining extraction and recovery in one step. It matters to investors because it influences how much gold a mine actually recovers, how fast it can produce, and the plant’s operating and environmental costs—small differences in this “filtering” step can change a project’s profitability and regulatory risk.

p80 technical

"optimizing the grind within the P80 75 to 106 µm range"

p80 denotes the value at which 80% of a measured population is below that size or level — most often used for particle-size distributions to mean the particle diameter that 80% of material passes through. Investors care because p80 is a quick indicator of product consistency, processing efficiency and potential yield or recovery: changes can signal shifts in manufacturing quality, downstream costs or regulatory compliance, much like knowing the 80th percentile height in a group helps you understand overall variation.

ni 43-101 regulatory

"not current under NI 43-101"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, BC, Sept. 24, 2026 /PRNewswire/ -- US Metal News News Commentary - The global gold ore market is projected to grow from approximately $16.01 billion in 2026 to about $23.3 billion by 2030, a compound annual growth rate of roughly 9.8%, according to a report from ResearchAndMarkets.com, which cites high-recovery extraction and advances in mining and refining technology among the drivers. With gold holding above $4,300 an ounce in September, below its January record but still near historic levels, the ounces a miner leaves in the tailings have become one of the most expensive line items in the business. Active Companies from around the markets with current developments this week include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), AngloGold Ashanti plc (NYSE: AU), TRX Gold Corporation (NYSE American: TRX), Gold Fields Limited (NYSE: GFI), Harmony Gold Mining Company Limited (NYSE: HMY).

Fortune Business Insights measures the sector more broadly, estimating the global gold mining market at approximately $327.8 billion in 2026 and projecting growth to about $765.85 billion by 2034, a CAGR of roughly 11.19%. The figures are built on different scopes, but both point to an industry where the value of each recovered ounce has risen sharply.

That shifts attention to metallurgy. A few percentage points of recovery can decide whether a small open pit earns its capital back, and near-surface oxide and weathered ores, often the first material a new mine processes, can behave very differently from the fresh rock beneath them. Clay-rich weathered material in particular can slow leaching, trap gold in fine particles and complicate slurry handling if it is not treated correctly at the front of the plant.

Tanzania's Lake Victoria Goldfield is a case in point. The region hosts large operating mines run by major producers alongside a growing group of smaller developers and producers advancing open-pit projects, several of which have spent the past two years publicly reporting plant upgrades and metallurgical testwork aimed at lifting recoveries.

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) Identifies Preferred Processing Route for Imwelo Near-Surface Mineralization

Attrition scrubbing followed by desliming identified as the preferred pretreatment route for clay-rich Area C material.

Mechanically agitated 24-hour gold extraction increased from 49.99% on as-received material to 84.54% on the pretreated fraction.

Bottle-roll testing returned recoveries of up to 88.15% at 48 hours on the pretreated fraction, versus 70.76% as received.

Approximately 26% of the gold reported to the +300 µm size fraction; average gravity recovery rose from 12.78% to 21.25%.

Settling time fell from 220 seconds to 130 seconds, with bed compaction rising from 50.56% to 65.09%.

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has reported results from metallurgical testwork on the shallow, highly weathered mineralization at Area C of its fully permitted Imwelo Gold Project in Tanzania's Lake Victoria Goldfield. The program, completed by Nesch Mintech Tanzania Limited, an independent laboratory in Mwanza, identified attrition scrubbing followed by desliming as the preferred pretreatment option for further optimization of the clay-rich material the Company expects to form an important component of initial Area C feed.

A total of 38 HQ whole-core samples weighing 120.34 kg were tested, with an average composite head grade of 3.80 g/t Au. The material was evaluated as received, deslimed, and attrition scrubbed followed by desliming. Under the preferred route, 24-hour agitated leach extraction rose to 84.54% and carbon-in-leach extraction to 85.02%. The Company notes that recoveries for the pretreated samples relate to the pretreated fractions and do not yet represent overall whole-ore plant recovery; the next phase of work will establish the mass and gold balance across the desliming circuit.

Grind testing showed improved extraction at finer grinds, but with more fines generated, and Nesch Mintech recommended optimizing the grind within the P80 75 to 106 µm range. The weathered-ore results complement LVG's March 18, 2026 program on transitional and fresh mineralization, which the Company reported demonstrated recoveries of up to approximately 96% to 97% using conventional gravity concentration and cyanide leaching.

"We designed this program to answer a practical engineering question: how should we treat the clay-rich material expected early in the Area C mining sequence? The results give us a clear preferred processing direction, with scrubbing and desliming materially improving gold extraction and slurry handling," said Marc Cernovitch, President & CEO of Lake Victoria Gold. "Combined with the strong recovery profile already established for the deeper transitional and fresh material, we now have a much stronger metallurgical basis for advancing Imwelo's process design. This is another important step in moving the Project from engineering into execution."

The metallurgical program follows LVG's August 27, 2026 announcement of near-surface drill results from Area C, including 28.71 g/t Au over 2.75 metres from 21.00 metres in IMWDR029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in IMWDR028. That drilling was designed to intersect the weathered zone, which previous geotechnical work identified as extending locally to approximately 40 to 60 metres depth, and to supply whole core for testing ahead of detailed mine planning and process design.

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) is a gold exploration and development company focused on growth and consolidation in Tanzania's Lake Victoria Goldfield. The Company holds a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine, and a 100% interest in the Tembo project, located adjacent to Barrick's Bulyanhulu Mine. Taifa Mining, Tanzania's largest mining contractor, is to conduct the contract mining and civil works for Imwelo.

There are several risks associated with the Company's plans. The reported recoveries are laboratory results on pretreated fractions and do not yet represent overall whole-ore plant recovery; gold reporting to the slimes fraction or other process losses could result in lower overall recovery. Imwelo has been the subject of JORC-compliant studies that are not current under NI 43-101, and no feasibility study establishing mineral reserves has been completed, so any production decision carries increased uncertainty and a higher risk of economic and technical failure. Development also depends on financing, contractors and regulatory approvals. Readers should review the Company's disclosure at www.sedarplus.ca and the forward-looking statements in its releases.

Read this and more news from around the sector at: U.S. Metal News

In other industry developments and happenings in the market this week include:

AngloGold Ashanti plc (NYSE: AU) operates the Geita Gold Mine in the Lake Victoria goldfields of northwestern Tanzania, one of the flagship assets in a portfolio of roughly ten operations across eight countries. The company released its second quarter 2026 earnings on July 31, 2026, and declared an interim dividend of US$0.72 per share, paid September 4, 2026.

On its second quarter call, management said the company generated 36% year-over-year growth in free cash flow per share and said it remains focused on its operational catalysts, cost management and its share buyback program. AngloGold Ashanti has also been increasing capital spending at Geita to support expansion and operational projects.

TRX Gold Corporation (NYSE American: TRX), which operates the Buckreef Gold project in Tanzania, recently announced record preliminary fourth quarter fiscal 2026 gold production of 8,173 ounces, up 28% year over year, and record annual production of 29,650 ounces, an increase of 57%, at the top end of its 25,000 to 30,000 ounce guidance range.

TRX Gold's recent results show what plant work can do in the same goldfield. In its third quarter results, the company reported record plant throughput and said plant upgrades lifted recovery to 84.9%, while metallurgical testwork supports a new 3,500 tonne-per-day SAG and ball mill intended to run alongside its upgraded 2,000 tonne-per-day plant.

Gold Fields Limited (NYSE: GFI) recently reported profit attributable to owners of the parent of US$1,855 million, or US$2.07 per share, for the six months ended June 30, 2026, compared with US$1,027 million, or US$1.15 per share, a year earlier. Attributable production rose 12% to 1.267 million ounces, and adjusted free cash flow more than doubled to US$2.225 billion.

The company raised its interim dividend and expanded its top-up shareholder return program to US$1.25 billion. Management pointed to the ramp-up of Salares Norte in Chile, which produced 337,000 ounces in the half, while all-in sustaining costs rose 13% to US$1,893 per ounce on higher royalties, stronger local currencies and inflation, including in Ghana.

Harmony Gold Mining Company Limited (NYSE: HMY) recently reported results for the year ended June 30, 2026, with group gold production of 1,429,551 ounces, in line with guidance, and all-in sustaining costs of US$2,195 per ounce, also within guidance. The company said it met gold production guidance for the eleventh consecutive financial year.

Harmony is also known as a leader in gold tailings retreatment, one of the clearest examples of how improved processing can extract value from material once treated as waste. Following its acquisition of the CSA mine, the company reported 18,207 tonnes of copper production as it builds out a diversified gold and copper business.

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Contact Information:

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Media Contact:

info@usmetalnews.com

DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by US Metal News, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Lake Victoria Gold Ltd. for Lake Victoria Gold Ltd. advertising and digital media services. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Lake Victoria Gold Ltd. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. Market Equities and its owners, operators, directors, and affiliates own shares of Lake Victoria Gold Ltd., and reserve the right to buy and sell, and will buy and sell, shares of Lake Victoria Gold Ltd. at any time without further notice, commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Lake Victoria Gold Ltd. and may liquidate their shares, which could have a negative effect on the price of the stock.

Qualified Person: The scientific and technical information in Lake Victoria Gold Ltd.'s release was reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a Director and Officer of the Company and is therefore not independent.

Cautionary Note on Production Decision: Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.

Cautionary Note Regarding Metallurgical Results: The recoveries described in this publication are laboratory-scale results on composite samples. Recoveries for the deslimed and attrition-scrubbed and deslimed samples relate to the respective pretreated fractions and do not represent overall whole-ore plant recovery, which has not yet been established. There is no assurance that further testwork will reproduce these results or that they will be achieved at plant scale. Drill intercepts cited are drilled lengths and may not represent true widths.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. This document is governed by the laws of Ireland.

References to AngloGold Ashanti plc, TRX Gold Corporation, Gold Fields Limited and Harmony Gold Mining Company Limited are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Lake Victoria Gold Ltd., none of them is involved in this publication, their results are not indicative of Lake Victoria Gold Ltd.'s prospects, and no partnership, affiliation, or endorsement is implied. References to nearby mines are for regional and geological context only. Market-size figures cited from ResearchAndMarkets.com and Fortune Business Insights are third-party global projections and do not represent revenue addressable by Lake Victoria Gold Ltd.

Eagle Eye Disclosure: Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision.

Forward-Looking Statements: This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information under applicable Canadian securities laws. Forward-looking statements can be identified by words such as "expects," "anticipates," "intends," "plans," "may," "will," "could," "should," "believes," "estimates," "potential" and similar expressions, and include, without limitation, statements regarding the advancement of the preferred pretreatment route, further metallurgical testwork, the establishment of overall gold recovery, the incorporation of results into process and plant design, the mining sequence at Area C, and the advancement of the Imwelo Gold Project toward construction and production. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including metallurgical and geological variability, the availability of financing, contractor and supply-chain risks, commodity prices, regulatory approvals, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law.

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SOURCE U.S. Metal News

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Lake Victoria Gold's 48-hour Imwelo recovery tests show?

Bottle-roll tests returned gold recoveries of up to 88.15% at 48 hours for the pretreated fraction, versus 70.76% for material tested as received. The pretreated result does not represent overall whole-ore plant recovery.

How much Imwelo material did Lake Victoria Gold test?

The metallurgical program tested 38 HQ whole-core samples weighing 120.34 kg, with an average composite head grade of 3.80 g/t gold. The material was evaluated as received, after desliming, and after scrubbing followed by desliming.