A Fully Permitted Gold Project in Tanzania Is Quietly Building the Team to Actually Mine It

Executive Summary

• Lake Victoria Gold Ltd. announced the appointment of Joseph Ntiga as Acting CFO, Tanzania, and Cosmas Tungaraza as Compliance Officer to strengthen its in-country leadership team.
• The hires are intended to support the transition of the fully permitted Imwelo Gold Project from planning into construction and production phases.
• The appointments bring critical local expertise in financial governance, statutory reporting, regulatory compliance, and Tanzanian local-content requirements ahead of anticipated development activities.

Key Details

• Appointments: Joseph Ntiga named Acting Chief Financial Officer, Tanzania; Cosmas Tungaraza named Compliance Officer.
• Role Focus: Strengthening in-country finance, regulatory compliance, local-content planning, Mining Commission submissions, tenement administration, and community relations.
• Project Status: Imwelo is a fully permitted gold project in northwestern Tanzania, advancing toward construction and production.
• Pre-Construction Activity: Drill rigs have been mobilized for a pre-construction sterilization program to finalize site layout.
• Strategic Partnerships: Equity investment from Barrick Gold Corporation; contract mining and civil works partnership with Taifa Group (Tanzania's largest mining contractor).
• Asset Portfolio: Imwelo located ~12 km west of AngloGold Ashanti's Geita Mine; 100% interest in the Tembo Project adjacent to Barrick's Bulyanhulu Mine, supported by >50,000 metres of historical drilling.
• Ownership Structure: Management, directors, and partners collectively own more than 60% of the company.
• Technical Studies: JORC-compliant PEA and PFS completed, but not current under NI 43-101; no feasibility study or mineral reserves established yet.

Notable Quotes

• "As LVG advances Imwelo toward construction, development and production, the strength of our Tanzanian team becomes increasingly important. These appointments add practical in-country experience in finance, compliance, local content and regulatory coordination, all of which are critical to disciplined execution." – Marc Cernovitch, President and CEO, Lake Victoria Gold Ltd.