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Lake Victoria Gold (OTCQB: LVGLF) has initiated Tanzania's statutory 16% non-dilutable free carried interest process for the Tembo mining licences and is advancing near-term development planning. The company is in advanced negotiations toward a binding agreement with Nyati Resources to support toll milling and potential early-stage production, using a low-capex strategy that leverages existing regional processing infrastructure. Parallel workstreams include government participation implementation, targeted drilling at the initial production area, and technical programs to support phased mine planning and operational readiness.
Lake Victoria Gold (OTCQB: LVGLF) reported metallurgical testwork on Area C at Imwelo showing up to ~96–97% gold recovery via gravity concentration plus cyanide leaching. Tests indicate a strong gravity component (~42–47%), ~84% direct cyanide-leachable gold and Bond Work Index ~22.9 kWh/t, supporting a simple gravity-CIL flowsheet.
Results align with 2013–2017 programs and are being integrated into final mine planning and plant design to advance near-term production plans.
Lake Victoria Gold (OTCQB: LVGLF) completed its Imwelo Area C drill program and received assays, confirming down-dip continuity and new lateral mineralized extensions beyond the current pit design.
Key outcomes include depth continuity to >250m, average vertical intersections ~120m, multiple high-grade intercepts, and work advancing final pit optimization, geotechnical de-risking and metallurgical testing to support near-term production readiness.
Lake Victoria Gold (OTCQB: LVGLF) completed field data collection for geotechnical studies and specific gravity measurements at the Imwelo Project Area C on January 26, 2026, advancing final open-pit design work.
Two dedicated geotechnical holes (IMWDR016 to 150m and IMWDR019 to 163m) were completed, geotechnical logging finished, and samples submitted for rock strength laboratory testing. Approximately 200 core samples were measured for specific gravity across laterite, saprolite, saprock and fresh rock, and core from 21 resource infill holes was captured for geotechnical interpretation. Results are being used to refine pit-shell optimization and support updated resource and mine-planning work, with engineering ongoing and final pit designs in progress.
Lake Victoria Gold (OTCQB: LVGLF) reported high‑grade artisanal grab samples at its 100%‑owned Tembo Project in Tanzania, with assays up to 35.45 g/t Au. Eight artisanal sites were sampled; notable results include Ngula 1 (up to 35.45 g/t), Ngula 2 (35.21 g/t), Mgusu (5.90 g/t), Nyangomango (7.86–8.50 g/t) and Nyakagwe East (22.68 g/t).
The company identified three priority drill targets and plans a close‑spaced drill program at Ngula 1 targeting a 300–400 m strike in Q1 2026. LVG is in advanced talks to finalize a binding toll‑processing agreement in early 2026 to utilize an existing 500 tpd CIP plant on the licence, subject to confirmatory drilling, permitting and a definitive agreement.
Lake Victoria Gold (OTCQB: LVGLF) reported drill results and corporate developments as activity accelerates across African gold projects amid record bullion prices on Dec 15, 2025. Recent assays from a 4,000m program at Area C, Imwelo Project, include 20.77 g/t over 0.31m, 9.31 g/t over 2.45m, and 11.19 g/t over 0.90m, with mineralization now demonstrated to over 250m vertical depth versus prior limits of 200m.
Operational updates: 16 of 24 planned holes completed; Tembo Project targets a 3,000m program; processing commissioning nears at Nyati Resources facility. Financing highlights include a possible US$45 million milestone stream from a 2021 asset sale to Barrick, a gold prepay facility, and a C$11.52 million strategic investment from Taifa Group. The company cautions no feasibility study has established mineral reserves, noting increased technical and economic uncertainty.
Lake Victoria Gold (OTCQB: LVGLF) reported assay results from nine additional holes in its 4,000-metre Imwelo drill program in northern Tanzania, confirming down-dip continuity of the primary zone and lateral extensions east and west of the current Area C pit design.
Key technical points: mineralization demonstrated to >250 m vertical depth versus historical ~200 m; current holes average ~120 m depth (vs historical ~50 m); notable assays include 8.55 g/t Au over 1.30 m and 11.19 g/t Au over 0.90 m. Sixteen of 24 holes are complete and further assays are pending.
Lake Victoria Gold (OTCQB: LVGLF) reported first assay results from five holes of a planned 4,000 m drill program at the Imwelo gold project, northern Tanzania. Highlights include continuity of the main lodes to >250 m vertical depth, additional hanging-wall and footwall mineralization, and intercepts comparable in grade and width to the modelled resource. Assays were returned from MSA Geita using Chrysos PhotonAssay and passed QA/QC. Five of twenty-four holes are complete; further assays are pending as drilling continues to support final pit design, resource conversion, and potential underground optionality.
Lake Victoria Gold (OTCQB: LVGLF) provided a Q3-2025 update on exploration conducted by Bulyanhulu (Barrick/Government of Tanzania) on six licences sold under the 2021 Asset Purchase Agreement.
Key points: 94 line-km of GAIP completed; aircore drilling started at Enze with 2 fences (19 holes, 419m) of a planned 945 holes, 30,750m program; diamond and RC drilling planned and targeted for completion in Q4 2025. Project spending to Sept 30, 2025 totals US$6,659,397 of a proposed US$9,000,000 under the APA. LVG may receive up to US$45 million in contingent payments if future discovery/resource thresholds are met. LVG engaged Atrium Research for research services at $3,500/month for 9 months starting Nov 24, 2025 (subject to TSXV approval).
Lake Victoria Gold (OTCQB: LVGLF / TSXV: LVG) mobilized a second multipurpose drill rig to accelerate a planned 24-hole, 4,000-metre program at the fully permitted Imwelo Gold Project in northwestern Tanzania. The first three holes are complete; the first two have been submitted for assay with results expected next week. The additional rig aims to allow completion of the current program by the second week of December 2025.
Program objectives include final pit design and geotechnical data, resource conversion and infill, testing down-dip extensions at ~100 m and ~200 m vertical depths, grade-control planning, and metallurgical core collection for recovery testing. A Qualified Person reviewed the technical information.