Lake Victoria Gold Advances $5 Million Shareholder Offering to Support Imwelo Development

Lake Victoria Gold Ltd. (LVG) has issued a financing and corporate-transaction update, confirming it will proceed with its previously announced $5,000,000 Shareholder Participation Offering independently of the pending approximately $27 million strategic investment from HOB Energy FZCO. The release provides no new assay, resource, reserve, feasibility, construction-start, or production data.

The offering allows for the issuance of up to 16,666,666 common shares at $0.30 per share in a non-brokered private placement, generating gross proceeds of up to $5,000,000. Closing may occur in one or more tranches before or concurrently with the HOB Investment, subject to TSXV approval and customary conditions. Lake Victoria Gold intends to rely on MI 61-101 exemptions from formal valuation and minority approval, as insider participation is not expected to exceed 25% of market capitalization. Finder’s fees may be paid, and the securities carry a four-month-and-one-day hold period.

Proceeds from the offering will fund Phase 3 land compensation payments at Imwelo, Area C grade control drilling, and working capital or ongoing development expenditures. The company stated the offering is intended to maintain development momentum while the larger HOB transaction completes. CEO commentary described the spending as practical preparation for mining operations, noting it does not alter the project’s technical or economic basis.

Regarding the HOB Energy FZCO investment, the company reported it continues to advance definitive agreements, final due diligence, and regulatory approvals, including TSXV approval. No revised terms, timetable, or termination of the deal have been disclosed. The initial announcement on October 20, 2026, set the HOB investment at 90,733,960 shares at $0.30 for $27,220,188, combined with the $5 million offering for total gross proceeds of up to $32,220,188. HOB was expected to own approximately 29.17% non-diluted and 25.00% fully diluted shares, become a control person, appoint up to three directors to a seven-member board, appoint a COO, and participate in a Technical Steering Committee, with expected completion on or before November 30, 2026.

Lake Victoria Gold Ltd. (LVG) has announced a follow-up to its October 20 financing package, separating the $5 million shareholder offering from the HOB closing to allow the capital raise to proceed earlier. This move enhances near-term funding flexibility without altering the HOB investment terms, the Imwelo development plan, or the company’s technical disclosures. The offering consists of 16,666,666 shares at an issue price of $0.30, representing approximately 7.3% of the calculated C$68.7 million market capitalization. These shares account for about 8.5% of the latest reported 196,400,940 shares outstanding, or roughly 7.8% of the pro forma share count after the offering. The issue price is approximately 14% below the C$0.35 recent close.

The non-debt funding source supports named, near-term workstreams, specifically Phase 3 land compensation and Area C grade control, both of which aid mine planning and construction readiness. Insider participation, if confirmed, provides a supportive signal and reduces the company’s sole reliance on the HOB timetable for near-term spending. However, the capital raise is not new information as the offering was previously announced. The amount is modest relative to Imwelo’s stated $15.03 million capex and the pending $27 million HOB investment. The HOB transaction remains subject to definitive agreements, due diligence, regulatory approval, and disinterested shareholder approval. While the release does not indicate that HOB has slipped, it also does not confirm the deal is closed.

During 2026, the company executed a series of technical and permitting steps, including Area C drilling, metallurgical testwork, sterilization drilling, EPCM formalization, Phase 1 earthworks, Phase 3 land launch, and the Tembo maiden resource. Large financings have remained at the term-sheet or pending stage; the Monetary Metals gold loan was announced on April 1, 2026, and still required regulatory work in later updates, while HOB was announced on October 20, 2026, and remained pending on October 30. The latest release serves as a liquidity bridge rather than a new technical de-risking event.

Lake Victoria Gold Ltd. (LVG) is a Tanzanian-focused gold exploration and development company operating in the Lake Victoria Goldfield. Its flagship near-term development asset is Imwelo, a 100% owned project held under Mining Licence ML 538/2015. The company describes Imwelo as fully permitted for mine construction and production. While historical studies are JORC-compliant, including a 2021 prefeasibility study, no current NI 43-101 feasibility study or Mineral Reserves have been established. Consequently, production decisions are not based on a feasibility study of reserves.

According to investor presentation figures, Imwelo requires a capital expenditure of US$15.03 million, with an all-in sustaining cost (AISC) of approximately US$1,500/oz. Initial production is projected at 12,000 oz Au per year, ramping to 24,000 oz Au per year by Year 3. Area C open-cut operations are expected to support production for 18+ months, with metallurgical recovery above 90%. These figures are presentation estimates and do not constitute a current NI 43-101 reserve case.

The company also holds Tembo, a 32 sq km exploration project adjacent to Barrick’s Bulyanhulu Mine, which has seen more than 50,000 metres of drilling. A maiden NI 43-101 Mineral Resource Estimate, effective May 29, 2026, reported 480,100 ounces Inferred and 99,700 ounces Indicated, with Ngula 1 hosting the majority of the ounces. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Tembo’s proposed capital-light pathway involves a toll-milling arrangement with Nyati Resources using a 500 tonne per day plant. This arrangement remains subject to confirmatory drilling, permitting, financing, and a definitive agreement.

Analyst coverage for Lake Victoria Gold Ltd. shows no consensus, target range, or average target in the provided materials. A single C$0.50 target attributed to Atrium Research appears in a February 5, 2026 multi-company news item. No independent analyst report or full coverage set is provided, so a range and average cannot be calculated. The provided materials do not disclose royalty terms for Imwelo or Tembo, and the properties cannot be confirmed as royalty-free from the available information.