Lake Victoria gains Imwelo environmental approval

Executive Summary

• Tanzania’s National Environment Management Council approved Lake Victoria Gold’s updated Environmental and Social Management Plan (ESMP) for the Imwelo gold project, confirming continued compliance with environmental and social standards.
• The approval reinforces the project’s readiness to advance under its existing 10‑year mining licence (ML538/2015) and supports the company’s timeline to commence construction and target first gold production within 12 months.
• Company disclosed additional project highlights including historical resource figures, planned drilling campaign, partnership with Taifa Group, and a non‑binding gold prepay financing term sheet to fund pre‑production activities.

Key Details

• Regulatory Approval: NEMC approved the updated ESMP, reflecting changes since the 2013 study that underpinned the original EIA certificate and mining licence issued in 2014.
• Project Permits: Fully permitted under mining licence ML538/2015 with a 10‑year term; formal transfer completed November 2024.
• Historical Resource (May 31 2017): Measured – 42,000 oz @ 3.15 g/t Au; Indicated – 95,700 oz @ 1.95 g/t Au; Inferred – 153,900 oz @ 1.53 g/t Au (cut‑off based on $1,500/oz gold price and 88% recovery).
• Key Intercepts (Area C):
• 2 m @ 5.06 g/t Au from 15 m (IMWRC‑037)
• 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC‑037)
• 7 m @ 3.22 g/t Au from 27 m (IMRC‑014)
• 2 m @ 7.5 g/t Au from 22 m (IMWRC‑038)
• Planned Drilling: 7,750 m drilling campaign to commence shortly for grade control, resource conversion, and pit optimization.
• Metallurgy & Production Outlook: Proven metallurgy with >90% recovery; low‑capex open‑pit starter mine design targeting first gold within 12 months of construction start.
• Financing: Executed a non‑binding term sheet for a gold prepay financing facility to fund pre‑production activities, providing non‑dilutive capital linked to future gold output.
• Partnerships: Strategic and operational support secured from Taifa Group (equity stake and contract mining services).
• Management Comments: CEO Marc Cernovitch highlighted the ESMP approval as a “significant milestone” reinforcing environmental soundness; COO Seth Dickinson emphasized focus on practical steps toward production.

Notable Quotes

“Approval of the updated ESMP is a significant milestone for Imwelo, reinforcing that the project is environmentally sound and socially responsible… represents a rare opportunity for near‑term gold production in Tanzania.” – Marc Cernovitch, President & CEO

“With the updated environmental approval, our team is focused on the practical steps to bring Imwelo into production… first gold within a short development timeline.” – Seth Dickinson, COO