Fully Permitted Tanzanian Gold Project Clears Path to Construction as Financing, EPCM Fall in Place (LVGLF)
Lake Victoria secured EPCM approval and financing for its Imwelo project, clearing key construction hurdles to advance development.
Lake Victoria Gold Ltd. (LVG) announced that its fully permitted Imwelo project in Tanzania has cleared key milestones, positioning the asset for production. A sterilization drilling program consisting of 23 holes and totaling 1,136 metres was completed in June, confirming that the plant and accommodation footprints are clear of mineralization.
On June 29, 2026, the Tanzania Mining Commission approved a Tanzanian-led EPCM structure, appointing City Engineering Company Ltd. as the primary contractor with Sutton Consulting International providing technical support. Senior Project Manager Charl Coetzee mobilized to the Imwelo site on July 8, 2026.
Regarding financing, the company closed the final tranche of a convertible debenture on July 2, 2026, bringing total proceeds to $4,165,200. Additionally, Lake Victoria Gold entered a binding term sheet on April 1, 2026, for a $25 million gold loan from Monetary Metals, which is repayable in gold ounces. Construction is targeted to start in Q3 2026.
Lake Victoria Gold Ltd. (LVG) has confirmed it is executing on its previously announced development plan, marking a routine positive update that aligns with earlier announcements made in April and May 2026 regarding financing and site preparation. The company has completed sterilization drilling, secured EPCM approval, and mobilized its project manager, all anticipated steps following the initial financing and site preparation disclosures.
The completion of sterilization drilling de-risks the Phase 1 construction program by ensuring no economic mineralization will be sterilized by the facility siting. These financing updates align with the company's stated capital strategy to fund development while minimizing dilution. With no new surprises or material deviations from prior guidance, the project remains on track for a Q3 2026 construction start.
Lake Victoria Gold Ltd. (LVG) is a junior gold explorer and developer focused on the Lake Victoria Goldfield in Tanzania. Its flagship asset is the Imwelo Gold Project, a fully permitted 3.2 sq km site located approximately 12 km west of AngloGold Ashanti's Geita mine. The project holds a 10-year mining license and has completed JORC-compliant Pre-Feasibility Study (PFS) and Preliminary Economic Assessment (PEA) studies.
The company also holds the Tembo Gold Project, a 32 sq km exploration asset adjacent to Barrick's Bulyanhulu Mine. Tembo recently received a maiden NI 43-101 Mineral Resource Estimate comprising 480,100 Inferred and 99,700 Indicated ounces.
Lake Victoria Gold is transitioning from technical studies to the development phase, focusing on advancing Imwelo toward near-term production while exploring capital-light toll-milling options at Tembo.