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 for Tanzania and Cosmas Tungaraza as Compliance Officer to strengthen in-country leadership ahead of construction at its fully permitted Imwelo Gold Project.
• The appointments are designed to bolster financial governance, statutory compliance, local-content planning, and Mining Commission reporting as the company transitions from project advancement to operational execution.
• The release provides contextual background on the Imwelo project's permitting status, pre-construction sterilization drilling, strategic partnerships, and associated development risks.

Key Details

• Appointed Joseph Ntiga as Acting Chief Financial Officer, Tanzania, bringing mining-sector finance experience in mine-level financial control, statutory reporting, budgeting, and tax compliance.
• Appointed Cosmas Tungaraza as Compliance Officer, leveraging his background as a Tanzanian geologist and compliance professional in mining regulatory compliance, local-content planning, and community relations.
• Imwelo is a fully permitted gold project in northwestern Tanzania, located approximately 12 km from AngloGold Ashanti's Geita Mine.
• Pre-construction activities include a sterilization drilling program to finalize site layout, alongside ongoing engineering, financing, procurement, and infrastructure planning.
• The company holds a 100% interest in the adjacent Tembo Project, supported by over 50,000 metres of historical drilling and multiple priority targets.
• Strategic partnerships include equity investment from Barrick Gold and a contract mining/civil works agreement with Taifa Group (Taifa Mining), which will operate the country's largest mining-equipment fleet.
• Management, directors, and partners collectively own more than 60% of the company.
• Cautionary note: Imwelo's technical basis relies on JORC-compliant PEA and PFS studies; no current NI 43-101 feasibility study or established mineral reserves exist, carrying increased uncertainty regarding economic viability and production timelines.

Notable Quotes

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