Lake Victoria Gold Commences Phase 1 Earthworks at Fully Permitted Imwelo Gold Project

Lake Victoria Gold Ltd. has commenced Phase 1 earthworks at its fully permitted Imwelo Gold Project in Tanzania. The work focuses on upgrading the access road, preparing the plant site footprint, and building sound berms. Construction of the project site camp is nearing completion; the camp uses a "build-once" design that will transition into the permanent operations camp. The company notes its EPCM structure is led by a Tanzanian-owned firm, City Engineering Company Ltd. (CECL), with international technical support. The project is fully permitted for construction, though the company warns that prior JORC-compliant studies are not current under NI 43-101 and no feasibility study with mineral reserves has been completed.

Lake Victoria Gold Ltd. (LVG) has commenced Phase 1 earthworks, a move that follows the company’s prior announcements regarding the mobilization of a Senior Project Manager and the formalization of its EPCM team since July 8, 2026. The project remains in a pre-production, capital-intensive phase with a stated construction cost of $15 million USD, and the company continues to carry a going-concern warning.

Lake Victoria Gold Ltd. (LVG) is a junior gold developer focused on its 100%-owned Imwelo Gold Project in the Lake Victoria Goldfield, Tanzania, located approximately 12 km from AngloGold Ashanti's Geita Mine. The project is fully permitted for mine construction and production. The company’s development plan centers on a low-capex $15.03M USD, shallow open-pit operation at the Area C zone, targeting initial production of 12,000 ounces of gold per annum. The company also owns the Tembo Project, an exploration-stage asset adjacent to Barrick’s Bulyanhulu mine, where it holds a royalty/strategic investment interest.