Lake Victoria Gold (LVGLF) Stock News

Lake Victoria Gold (OTCQB:LVGLF) has announced a 7,750-meter multi-purpose drilling campaign at Area C of its Imwelo Gold Project in Tanzania. The program aims to support production readiness, resource conversion, and pit design optimization, targeting completion in Q3 2025.

Area C, averaging 3.7 g/t Au, represents one of the highest-grade zones within Imwelo's historical resource of 291,600 oz Au. The project, located 12km from AngloGold Ashanti's Geita Gold Mine, is fully permitted with a 10-year mining license and targets first gold production within 12 months of construction start.

The drilling program includes 3,750m of grade control drilling, 2,500m of strike extension drilling, and 1,500m of depth extension drilling, along with geotechnical and metallurgical work to support final engineering and plant commissioning.

Lake Victoria Gold (LVGLF) provided an update on Q1 2025 exploration activities conducted by Bulyanhulu Gold Mine (Buly), a Barrick Mining-Tanzania Government joint venture. The activities are part of a US$9M exploration commitment from a 2021 Asset Purchase Agreement where Buly acquired six prospecting licenses from LVG. To date, US$5.56M has been spent, with LVG retaining potential for US$45M in contingent payments tied to gold discoveries. Q1 2025 saw 360 meters of diamond drilling completed, bringing total drilling under the APA to 33,200 meters. The drilling revealed promising geological structures including sheared mafic volcanics, felsic tuffs, and zones of quartz-pyrite-pyrrhotite mineralization. LVG maintains focus on advancing Tembo and Imwelo projects toward production in 2025-2026 while benefiting from exploration upside through the APA structure.

Lake Victoria Gold (LVGLF) has announced a strategic 3,000m reverse circulation drilling program at its Ngula 1 project, following a mining license grant on April 9, 2025. The campaign aims to delineate a shallow resource to support a recently announced processing joint venture with a third-party facility located 3.5km from the site. Previous drilling at Ngula 1 has shown promising gold intersections, including notable results such as 3.13g/t Au over 25.89m and 17.23g/t Au over 4.00m. The drilling program will target a 300-metre strike length using a grid of 45 holes spaced 20 meters apart, testing depths of 10m, 30m, and 50m below surface. This initiative is part of LVG's broader strategy to develop what they believe could be a district-scale gold system, while potentially generating near-term cash flow through the processing JV.

Lake Victoria Gold (LVGLF) has engaged Nesch Mintech Tanzania Limited to conduct an independent commissioning audit of Nyati Resources' gold processing plant in Tanzania. This audit supports LVG's evaluation of a proposed joint venture with Nyati focused on regional gold processing. The joint venture would integrate gold-bearing material from Primary Mining Licenses and LVG's recently converted Tembo Mining Licenses with Nyati's processing infrastructure.

The processing facility includes a recently commissioned 120 tpd carbon-in-pulp plant and a second unit under construction, with combined capacity expected to reach 620 tpd. The joint venture would create a special purpose vehicle owned by LVG, Nyati, and the Government of Tanzania (16% free-carried). Nesch Mintech's audit, scheduled for June 2025, will assess plant readiness, performance, and operational viability.

Lake Victoria Gold (OTCQB: LVGLF) held its Annual and Special Meeting of Shareholders on May 7, 2025. Shareholders elected seven directors: Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, Seth Dickinson, Dean Comand, and Richard Reynolds. The company appointed D&H Group LLP as auditor and approved a new 10% rolling omnibus equity incentive plan.

Following the meeting, key executive appointments were made: Marc Cernovitch as CEO, Simon Benstead as Executive Chairman and CFO, David Scott as Managing Director Tanzania, Seth Dickinson as COO, and Nick DeMare as Corporate Secretary. The new equity incentive plan, pending TSX Venture Exchange approval, allows for various awards including stock options, deferred share units, and performance share units.

Lake Victoria Gold has signed a non-binding Letter of Intent with Nyati Resources to explore a small-scale gold development opportunity at its Tembo Project in Tanzania. The proposed joint venture would utilize Nyati's existing 120 tpd gold processing plant and a 500 tpd plant under construction. Nyati is raising up to $5 million in working capital for development and operations. The preliminary profit-sharing arrangement (after 16% government carried interest) proposes 85% allocation to Lake Victoria Gold's subsidiary MIP and 15% to Nyati. MIP would manage operations while Nyati contributes processing infrastructure. The parties have agreed to a 60-day exclusivity period to finalize definitive agreements. The project aims to leverage existing infrastructure and local ore sources to create a scalable gold production platform.

Lake Victoria Gold (LVGLF) is evaluating a small-scale mining and processing opportunity at its wholly owned Tembo Project in northern Tanzania. The initiative aims to generate early cash flow by extracting and processing near-surface material using existing local infrastructure.

The project features multiple high-potential targets with significant near-surface gold intersections at Ngula 1, Nyakagwe East, and Nyakagwe Village. A privately operated Carbon-in-Pulp (CIP) plant has been commissioned nearby, with a second unit under construction, expected to reach a combined capacity of 620 tonnes per day.

Through its local subsidiary MIPCCL, LVG holds a Joint Venture interest in 20 Primary Mining Licences adjacent to its MLs. The company is preparing a non-binding Letter of Intent for a potential joint venture with the Processing Licence owner to mine and process material from both MLs and PMLs. The company cautions that this initiative is preliminary and not based on a feasibility study, carrying increased uncertainty and higher risk of economic or technical failure.

Lake Victoria Gold (LVGLF) has successfully converted its Prospecting License into four Mining Licenses (MLs) for the Tembo Project in Tanzania's Lake Victoria Goldfield. Each ML is valid for 10 years, with a 10-year renewal option.

The project has received over $28 million in exploration investments, including 50,000 meters of diamond and RC drilling. Three high-priority targets have shown promising results:

• Ngula 1: 250m-wide zone with intercepts up to 22.18 g/t Au over 15.00m
• Nyakagwe Village: Multiple structures with grades up to 78.1 g/t Au over 1.00m
• Nyakagwe East: 300m-wide zone with grades up to 19.1 g/t Au over 3.00m

The company is evaluating near-term production opportunities, including potential use of nearby third-party processing facilities and planning new RC drilling programs. A previous strategic transaction with Barrick Gold's Bulyanhulu Mine included $6M cash plus up to $45M in contingent payments.

Lake Victoria Gold (LVGLF) has appointed Richard Reynolds to its Board of Directors, strengthening its strategic partnership with Taifa Group. Reynolds brings over 30 years of experience in mining, infrastructure, and logistics across East Africa and the UAE.

Reynolds currently reports to Taifa Group's Chairman, focusing on strategic oversight and business development. As former CEO of Taifa Mining & Civils , he played a key role in developing mining operations throughout the region. The partnership aims to accelerate the development of LVG's Imwelo Gold Project, leveraging Taifa's expertise in contract mining and infrastructure.

Additionally, the company has engaged Baystreet.ca Media for a two-month digital advertising and marketing campaign starting April 2, 2025, for USD$40,000.