Lake Victoria Gold Commences Phase 3 Land Programme to Advance Imwelo Toward Construction

Lake Victoria Gold Ltd. (LVG) announced the commencement of Phase 3 land valuation and compensation for its Imwelo Gold Project in Tanzania, beginning August 1, 2026. This phase covers approximately 73 acres required for critical mine infrastructure, including accommodation camps and workshop facilities.

The program involves approximately 60 Project Affected Persons (PAPs), following the successful completion of Phase 1 in 2019 and Phase 2 in 2023. Total land compensation now covers 526 acres across all phases. The initiative has received approval from the Office of the District Executive Director and the District Commissioner of Chato District Council.

CEO Marc Cernovitch emphasized that responsible community engagement and disciplined execution are fundamental to transitioning Imwelo from a permitted project into construction and production.

Lake Victoria Gold Ltd. (LVG) announced expected, incremental progress toward construction, confirming that land compensation is being handled as a standard regulatory and social prerequisite for mine infrastructure development. This step aligns directly with previously announced EPCM and engineering timelines.

The announcement does not introduce new financial terms, production dates, or major capital raises. The impact is operational and procedural, confirming the company is executing its development roadmap without surprises. Given the company's stated goal of moving Imwelo toward construction, this is a routine milestone rather than a market-moving event. The market has already priced in the permitting, metallurgical, and financing milestones; this is a follow-up operational step.

Lake Victoria Gold Ltd. (LVG) is a Canadian junior explorer focused on the Imwelo and Tembo gold projects in Tanzania. Imwelo is a fully permitted project located approximately 12 km west of AngloGold Ashanti's Geita Mine. It holds a 10-year mining license and has completed a JORC-compliant prefeasibility study. Metallurgical testing confirms high gold recoveries of 96-97% using conventional gravity and cyanide leaching, supporting a low-cost open-pit design.

The company is transitioning from technical studies to construction readiness, with EPCM contracts in place and site earthworks commencing. Tembo is an adjacent exploration project with high-grade artisanal sampling results and a pending toll-milling agreement to enable early production.