Junior breaks ground between Tanzania's two largest gold mines

News Provided by USA News Group on behalf of Lake Victoria Gold Ltd.

Lake Victoria Gold's fully permitted Imwelo Gold Project has moved from planning into physical construction: Phase 1 earthworks commenced July 28, 2026, and a Phase 3 land programme began August 1, 2026, extending a compensation process that has now covered 526 acres. The moves follow a maiden NI 43-101 Mineral Resource Estimate at the Company's separate Tembo Gold Project — 480,100 Inferred and 99,700 Indicated ounces — announced August 11, 2026. Both projects sit in gold districts anchored by two of the world's largest producers: Imwelo borders AngloGold Ashanti's Geita Gold Mine, and Tembo borders Barrick's Bulyanhulu Mine.

VANCOUVER, British Columbia, Aug. 21, 2026 (GLOBE NEWSWIRE) -- USA News Group News Commentary - A fully permitted gold project is a real asset, but permits alone do not move dirt. Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) crossed that line on July 28, 2026, when it confirmed that Phase 1 earthworks had commenced at its 100%-owned Imwelo Gold Project in northwestern Tanzania — access-road upgrades and plant-site preparation now underway, with the construction camp itself nearing completion. Days later, on July 31, 2026, the Company announced the start of a Phase 3 land valuation and compensation programme covering approximately 73 additional acres, the third such programme at Imwelo and one that brings the cumulative land area addressed since 2019 to roughly 526 acres. Then, on August 11, 2026, Lake Victoria Gold's second asset, the Tembo Gold Project, received its own milestone: a maiden NI 43-101 Mineral Resource Estimate of 480,100 Inferred and 99,700 Indicated ounces. Three releases, nineteen days apart, describing a two-asset Tanzanian gold company where one project is now physically under construction and the other has just been defined as a resource for the first time.

Companies mentioned: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), Barrick Mining Corporation (NYSE: B) (TSX: ABX), AngloGold Ashanti plc (NYSE: AU), Endeavour Mining plc (TSX: EDV), Newmont Corporation (NYSE: NEM)

Key Takeaways

Phase 1 earthworks commenced July 28, 2026 at the fully permitted Imwelo Gold Project: access-road upgrades and plant-site clearing, grubbing, topsoil stripping and pad compaction are underway, with the construction camp — designed to convert directly into the permanent operations camp — nearing completion.

A Phase 3 land valuation and compensation programme began August 1, 2026, covering approximately 73 acres and roughly 60 Project Affected Persons in Imwelo A Hamlet; combined with Phase 1 (268 acres, 2019) and Phase 2 (185 acres, 2023), the three programmes will cover approximately 526 acres upon completion.

Imwelo is fully permitted, sits west of AngloGold Ashanti's Geita Gold Mine, and has been the subject of a JORC-compliant PEA, PFS and updated PFS; a production decision has not been made and would not be based on a current NI 43-101 feasibility study.

A maiden NI 43-101 Mineral Resource Estimate at the separate Tembo Gold Project, announced August 11, 2026, defined 480,100 Inferred ounces at 1.12 g/t gold and 99,700 Indicated ounces at 1.16 g/t gold across three deposits immediately adjacent to Barrick's Bulyanhulu Mine.

Management, directors and partners own more than 60% of Lake Victoria Gold's shares outstanding; Barrick holds an equity investment in the Company, and Taifa Group — Tanzania's largest mining contractor — is both a strategic investor and the contracted civil works provider for Imwelo.

The Imwelo build is being executed under a Tanzanian-led EPCM structure (CECL, with international support from Sutton Consulting), consistent with the Company's stated capital-conscious, local-content approach.

From Permitted to Building

Fully permitted is a status many junior developers claim years before they can point to anything physical on the ground. Lake Victoria Gold's July 28 release describes exactly that transition at Imwelo: the initial earthworks program includes upgrades to the existing access road and preparation of the plant-site footprint — clearing and grubbing, stripping and stockpiling topsoil for future rehabilitation, development and compaction of the plant pad, construction of sound berms, and excavation of reticulation trenches. An earthmoving fleet has been mobilized and is undertaking these activities now, with sourcing arrangements for road and earthworks materials coordinated with Tanzanian authorities.

The construction camp — water storage and power installed, plumbing complete, electrical work advancing, accommodation being progressively outfitted — is described as a build-once design: the infrastructure built to house the construction workforce is intended to transition directly into the permanent operations mine camp, avoiding duplicated capital spend. The work is being delivered under an EPCM structure led by City Engineering Company Ltd. (CECL), a 100% Tanzanian-owned qualifying Indigenous company, with international technical support from Sutton Consulting International Limited.

“Imwelo is moving beyond planning and mobilization into visible, sequenced site execution,” said Marc Cernovitch, President and CEO of Lake Victoria Gold. “We are establishing the infrastructure in the order the Project requires, while ensuring that early investments, including the camp, continue to serve Imwelo through construction and into operations.”

526 Acres and Counting

Physical construction requires physical land, and Lake Victoria Gold's July 31 release addresses the next tranche of it. The Phase 3 land valuation and compensation programme, which commenced August 1, 2026, covers approximately 73 acres within Imwelo A Hamlet, Imwelo Village, required for continued expansion of the site footprint and supporting mine infrastructure including accommodation camps and workshop facilities. The programme is expected to involve approximately 60 Project Affected Persons and will be conducted by qualified government valuers at the district and regional levels, following approval from the Office of the District Executive Director and the District Commissioner of Chato District Council.

This is the third land programme at Imwelo: Phase 1 covered 268 acres in 2019, and Phase 2 covered 185 acres in 2023. Upon completion of Phase 3, the combined total reaches approximately 526 acres. The Company frames the process as transparent and legally prescribed, with community sensitization meetings and disclosure of valuation results to each affected person before compensation is finalized — the kind of methodical, unglamorous groundwork that sits underneath any construction timeline in-country.

“Phase 3 reflects the steady, disciplined execution required to move Imwelo from a fully permitted project into construction and production,” said Simon Benstead, Executive Chairman and CFO. “Responsible engagement is not separate from successful mine development, it is fundamental to building a durable operation in Tanzania.”

A Second Asset Gets Its First Number

While Imwelo physically advances, Lake Victoria Gold's second project reached a different kind of milestone. On August 11, 2026, the Company announced the maiden NI 43-101 Mineral Resource Estimate for its 100%-owned Tembo Gold Project: an Inferred Mineral Resource of 13.33 million tonnes at 1.12 g/t gold containing 480,100 ounces, and an Indicated Mineral Resource of 2.69 million tonnes at 1.16 g/t gold containing 99,700 ounces, across three near-surface deposits — Ngula 1, Nyakagwe Village and Nyakagwe East — immediately adjacent to Barrick's Bulyanhulu Mine. The estimate, prepared by independent Qualified Persons at Obsidian Consulting Services, carries an effective date of May 29, 2026 and retains a materially higher-grade core as the reporting cut-off rises, with the deposits still open at depth and along strike.

Where Imwelo is a permitted, near-term construction story, Tembo is now a defined, growing resource story — and together they are the two legs Lake Victoria Gold has said it is building: a multi-asset Tanzanian gold platform with one project moving toward production and a second in early resource-growth mode.

Boxed In By Giants

Both of Lake Victoria Gold's projects sit next to some of the largest gold producers on the continent, and that positioning is not incidental to the investment case. Imwelo lies west of AngloGold Ashanti plc's Geita Gold Mine, a mine producing at scale in the same Lake Victoria Goldfield, with AngloGold Ashanti recently arranging a US$500 million financing facility aimed at extending Geita's mine life beyond ten years and pushing production toward 600,000 ounces annually. Tembo, in northwestern Tanzania, sits immediately adjacent to Barrick Mining Corporation's Bulyanhulu Mine, a 12-million-ounce-resource operation running since 2001. Barrick has already put a number on the district's value: in December 2021, it paid Lake Victoria Gold US$6 million in cash plus up to US$45 million in contingent payments for six non-core licences, and Barrick holds an equity investment in the Company today. Proximity to two producers of that scale does not de-risk Lake Victoria Gold's own projects on its own, but it is a form of validation that few junior developers in Africa can point to on both of their core assets simultaneously.

The Highly Visible Neighbours Investors Are Watching

Barrick Mining Corporation (NYSE: B) (TSX: ABX)

Barrick, renamed from Barrick Gold Corporation in 2025 to reflect its growing copper business, operates the Bulyanhulu Mine directly adjacent to Tembo and holds an equity stake in Lake Victoria Gold. Barrick's scale and its own December 2021 transaction with LVG — paying up to US$51 million for non-core licences — is a direct, company-specific validation of the district's endowment, distinct from a generic sector comparison.

AngloGold Ashanti plc (NYSE: AU)

AngloGold Ashanti operates the Geita Gold Mine bordering Imwelo and reported 2025 revenue of $9.89 billion, up more than 70% year-over-year, with earnings up over 160%. The company has arranged a US$500 million financing facility to extend Geita's mine life beyond a decade and grow production toward 600,000 ounces annually — a reminder of the scale of investment a top-tier operator is willing to commit to the same goldfield Imwelo sits within.

Endeavour Mining plc (TSX: EDV)

Endeavour is West Africa's largest gold producer, operating the Houndé, Mana, Ity, Lafigué, Sabodala-Massawa and Kalana mines across Burkina Faso, Côte d'Ivoire, Senegal and Mali. The company posted record first-half 2026 free cash flow of $761 million and a 63% adjusted EBITDA margin, with Q2 2026 revenue up approximately 21% year-over-year to $1.22 billion. Endeavour illustrates the cash-generating scale a well-run, multi-asset African gold producer can reach — the kind of trajectory a permitted, construction-stage single-asset developer like Imwelo would need to travel over time.

Newmont Corporation (NYSE: NEM)

Newmont is the world's largest gold miner, with 11 mines and interests in two joint ventures across the Americas, Africa, Australia and Papua New Guinea, including the Ahafo and Akyem operations in Ghana. Newmont's Ahafo North project recently achieved commercial production and is expected to ramp toward 275,000-325,000 ounces annually over a 13-year mine life — a large-scale, recent example of what a new West African gold project looks like once it moves fully into production, the same transition Imwelo is now working toward at a smaller scale.

These companies are referenced to illustrate the East and West African gold sector only and do not imply any partnership, endorsement, affiliation, or comparable financial performance with Lake Victoria Gold Ltd., except where a specific transaction or equity relationship with Barrick Mining Corporation is stated.

What to Watch

Completion and commissioning of the Imwelo construction camp, and progress on the access-road upgrade and plant-pad preparation, are the most direct near-term signals of construction pace. The Phase 3 land programme's completion — bringing the cumulative total to approximately 526 acres — is a precondition for further site infrastructure buildout. On the Tembo side, the immediate next step is the close-spaced infill drilling program at Ngula 1, roughly 4,000-5,000 metres, aimed at converting Inferred ounces to Indicated and supporting future mine planning; the filing of the supporting NI 43-101 Technical Report is due within 45 days of the August 11 release. Any update on the previously announced gold loan facility term sheet with Monetary Metals & Co., which remains subject to conditions and regulatory approvals, would also be a material financing catalyst for Imwelo's construction funding.

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Article Sources

[1] Lake Victoria Gold Ltd. — “Lake Victoria Gold Commences Phase 1 Earthworks at Fully Permitted Imwelo Gold Project” (July 28, 2026; access-road upgrades, plant-site preparation, construction camp status; EPCM structure led by CECL with Sutton Consulting; QP David Scott, Pr. Sci. Nat.; TSXV: LVG, OTCQB: LVGLF, FSE: E1K).

[2] Lake Victoria Gold Ltd. — “Lake Victoria Gold Commences Phase 3 Land Programme to Advance Imwelo Toward Construction” (July 31, 2026; ~73 acres, ~60 PAPs; Phase 1 268 acres 2019, Phase 2 185 acres 2023; combined ~526 acres).

[3] Lake Victoria Gold Ltd. — “Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine” (August 11, 2026; effective date May 29, 2026; QPs Obsidian Consulting Services; Barrick December 2021 transaction US$6M cash plus up to US$45M contingent).

[4] Barrick Mining Corporation — name and NYSE ticker change from Barrick Gold Corporation / GOLD to Barrick Mining Corporation / B, effective May 9, 2025 (TSX: ABX unchanged); equity investment in Lake Victoria Gold Ltd.; NYSE: B, TSX: ABX.

[5] AngloGold Ashanti plc — Geita Gold Mine, Tanzania; US$500 million Nedbank CIB financing facility; FY2025 revenue $9.89B; NYSE: AU.

[6] Endeavour Mining plc — H1 2026 results (free cash flow $761M; adjusted EBITDA margin 63%); Q2 2026 revenue $1.22B, up ~21% YoY; TSX: EDV.

[7] Newmont Corporation — Ahafo North commercial production, Ghana; Q2 2026 dividend $0.26/share; NYSE: NEM.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including, without limitation: the maiden Mineral Resource Estimate for the Tembo Gold Project and the assumptions underlying it; the potential upgrading of Inferred Mineral Resources to higher confidence categories and the conversion and growth of Mineral Resources through further exploration and drilling; the planned close-spaced drilling program of approximately 5,000 metres at Ngula 1 on an approximately 20 m by 20 m pattern, and the anticipated timing, scope, results and benefits thereof, including improved geological confidence, resource conversion and support for future mine planning; the advancement of resource conversion and mine planning at Ngula 1 and the potential development of a capital-light production pathway; the previously announced toll-milling arrangement with Nyati Resources (T) Limited in respect of a 500-tonne-per-day processing plant, and the confirmatory drilling, permitting, financing and negotiation and execution of a definitive agreement in connection therewith; the potential for near term production at Tembo; the potential receipt of up to US$45 million in contingent, ounce-based payments under the Company's December 2021 asset purchase agreement with Bulyanhulu Gold Mine Limited; the interpretation of geological and structural continuity between the Tembo licences and the adjacent Bulyanhulu Mine, and the exploration potential of the 39 identified targets, including step-out and extension drilling and the potential for mineralization to extend below currently drilled depths; the planned reinterpretation of historical aeromagnetic data and assessment of follow-up airborne electromagnetic surveying; the filing of the supporting NI 43-101 Technical Report under the Company's SEDAR+ profile within 45 days of this news release; and the receipt of required regulatory and governmental approvals. All statements in this news release that address events or developments that the Company expects to occur in the future are forward-looking statements.

Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: the fact that Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability; that Inferred Mineral Resources are estimated with a lower level of confidence and that it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated Mineral Resource or converted to Mineral Reserves; the risk that further drilling, including the planned close-spaced program at Ngula 1, does not confirm the continuity, geometry or grade of mineralization or does not result in resource conversion or growth; delays in, or the failure to complete, drilling, permitting, financing, or the negotiation and execution of a definitive toll-milling agreement with Nyati Resources (T) Limited; the risk that the proposed toll-milling arrangement is not completed on the terms described, or at all, and that production does not result; the risk that any decision to commence production would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure; the risk that the contingent, ounce-based payments under the Company's asset purchase agreement with Bulyanhulu Gold Mine Limited are not received, in whole or in part, as those payments depend on exploration and development success achieved by Bulyanhulu Gold Mine Limited on the acquired licences, which is outside the Company's control; the risk that mineralization on adjacent or nearby properties, including the Bulyanhulu Mine, is not necessarily indicative of mineralization on the Tembo Project, and that geological and structural interpretations are interpretive; the risk that historical drilling and surface sampling results are not necessarily indicative of the grade or continuity of mineralization within the Mineral Resource; the availability of financing on acceptable terms or at all; the receipt of all required regulatory approvals; the volatility of metal prices and LVG's common shares; actual development plans and costs differing materially from the Company's estimates; delays in the filing of the supporting technical report; and other risks disclosed in the Company's public filings.

LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements except as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. Undue reliance should not be placed on forward-looking statements.

GlobeNewswire

August 21, 2026 - 6:10 AM PDT

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