From First Pour to First Benches: Where Four Gold Builds Stand This Quarter

Lake Victoria Gold Ltd. (LVG) has resumed its grade control drilling program at the Area C deposit, initiating approximately 6,500 meters of reverse circulation (RC) drilling on November 4, 2026. The program is being conducted on a 10 m × 10 m staggered grid across the upper 20 meters of the pit, with a second drill rig currently being mobilized to support operations. The company targets completion of this work by the end of February 2027, aiming to finalize pit design, grade control, and mining schedules.

Recent assay results from Area C, reported on August 27, 2026, include 28.71 g/t Au over 2.75 m from 21.00 m and 12.20 g/t Au over 4.50 m from 32.00 m. Metallurgical testing indicates recoveries of up to approximately 96% to 97% from transitional and fresh material, though the company explicitly notes that these figures do not represent overall whole-ore plant recovery.

Infrastructure development continues with the completion of access road repairs and substantial completion of the camp, while clearing and earthworks remain ongoing. Taifa Mining has been engaged to conduct all contract mining and civil works.

Lake Victoria Gold cautioned that the JORC-compliant Preliminary Economic Assessment (PEA) and Preliminary Feasibility Study (PFS) prepared by Imwelo are not current under NI 43-101 standards. No feasibility study establishing mineral reserves exists, and the company emphasized that any decision to commence production is not based on such a study, involving increased uncertainty and a higher risk of economic and technical failure.

This commentary was distributed by Market Equities Limited on November 13, 2026. The firm disclosed that it has been paid a fee by Lake Victoria Gold for advertising and digital media services, owns LVG shares purchased in the open market, and reserves the right to buy and sell the stock at any time. The piece also promotes an affiliated platform, "Eagle Eye." The report included comparative data for Montage Gold, Artemis Gold, and G Mining Ventures, stating that no company is ranked against another and that information was sourced from each company’s own releases.

Lake Victoria Gold Ltd. (LVG) released a promotional summary of news already in the market, noting that the drilling start was announced on November 11, 2026, drill assays date to August 27, 2026, metallurgy results to September 24, 2026, and earlier work dates to March 18, 2026. The stock moved from C$0.33 on November 10 to C$0.32 on November 11 and C$0.34 on November 12.

The release confirms that the Imwelo program has moved from resource definition into bench-scale, production-oriented mine planning, with a deliverable due by the end of February 2027 and Taifa named as the contractor. This sequencing aligns with the 2026 narrative arc of sterilization drilling from May to June, EPCM approval on June 29, Phase 1 earthworks on July 28, Phase 3 land on August 1, road and camp construction on September 3, and grade control on November 4.

The document underscores that the Imwelo "build" still rests on foreign-code studies, with no NI 43-101 feasibility study or mineral reserves reported three quarters after the company began physically stripping ground. While a 96–97% headline recovery is cited, it is not a whole-ore plant recovery; the company's own September work showed as-received clay-rich material leaching at only ~50% before pretreatment, which is relevant to the material in the first benches being drilled.

The document is company-paid, share-owning, and includes a forward-looking-statements section covering both LVG and its peers. Prior-period context from SEDAR filings shows H1-2026 net loss of C$2.09M, cash of C$3.32M at June 30, 2026, working capital of C$1.98M, total debt of C$3.08M in convertible debentures, and a going-concern flag in the MD&A. This is not an earnings release, as no revenue, cost, or guidance figures are new here. Peer figures quoted include Artemis with 69,546 oz and $357.1M revenue, and G Mining with 36,845 oz.

Lake Victoria Gold Ltd. is a Vancouver-based, TSXV-listed gold developer operating two assets in Tanzania’s Lake Victoria Goldfield. According to a Sept. 1, 2026 release, management, directors, and strategic partners hold more than 60% of the company’s shares outstanding.

The company’s flagship asset is the Imwelo Gold Project, which it owns 100% through Tembo Gold (T) Ltd. under licence ML 538/2015. Located approximately 12 km west of AngloGold Ashanti’s Geita mine, the 3.2 km² site is fully permitted for construction and production, with a 10-year licence renewal. Imwelo is in the development stage, featuring a historical resource of 291,600 oz at 1.92 g/t (0.50 g/t cut-off), comprising 137,700 oz Measured and Indicated at 2.32 g/t and 153,900 oz Inferred at 1.56 g/t. The project also includes a probable reserve of 94,569 oz at 2.34 g/t, which is not NI 43-101 current.

Economic modelling in the investor deck outlines a US$15.03 million capital expenditure based on a updated preliminary feasibility study and detailed engineering. The project targets an all-in sustaining cost of approximately US$1,500/oz with greater than 90% recovery. Production is expected to ramp from an initial 12,000 oz/year to 24,000 oz/year by year three, with Area C providing more than 18 months of first production.

In 2026, the company completed sterilization drilling in June, consisting of 23 holes for 1,136 meters, which confirmed no economic mineralization under the plant and camp areas. Engineering, Procurement, and Construction Management (EPCM) was approved on June 29, with CECL leading and Sutton providing technical support. Phase 1 earthworks and camp construction began on July 28, followed by access road and site works on Sept. 3. Grade control drilling commenced on Nov. 4, with completion targeted for February 2027.

Lake Victoria Gold also owns the Tembo project, a 32 km² asset adjacent to Barrick’s Bulyanhulu mine. A maiden NI 43-101 mineral resource estimate effective May 29, 2026, reported 2.69 million tonnes at 1.16 g/t for 99,700 oz Indicated and 13.33 million tonnes at 1.12 g/t for 480,100 oz Inferred. A higher-grade core within the deposit contains 4.79 million tonnes at 2.15 g/t for 331,700 oz Inferred at a 1.00 g/t cut-off. The Ngula 1 zone hosts approximately 56% of the Inferred ounces and 63% of the Indicated ounces. The company is negotiating a capital-light 500 tonnes per day toll-milling arrangement with Nyati Resources under a non-binding letter of intent, with no definitive agreement in place.

In 2022, Lake Victoria Gold sold six non-core Tembo licences to Barrick/Bulyanhulu as part of an asset purchase agreement for US$6 million in cash, plus up to US$45 million in contingent payments. The agreement included a US$9 million exploration commitment, of which US$6.66 million had been spent as of Sept. 30, 2025.