Country Risk Is the Wrong Question. Ask If the Process Is Written Down.

Issued on behalf of Lake Victoria Gold Limited

VANCOUVER, British Columbia, Sept. 10, 2026 (GLOBE NEWSWIRE) -- USA News Group News Commentary - Investors assessing a mining project in Africa are usually handed a continent-level judgement: this jurisdiction is safe, that one is not. It is a poor instrument. Ghana, South Africa, Zimbabwe, Mali and Tanzania have almost nothing in common as operating environments, and the differences between them are not captured by a risk rating. What separates them in practice is narrower and more testable: is the process for acquiring land, paying compensation and holding a licence actually written down, and does it run to time when a company follows it?

Companies mentioned in today’s commentary include: Lake Victoria Gold Limited (OTCQB: LVGLF) (TSXV: LVG) (FSE: E1K) , Harmony Gold Mining Company Limited (NYSE: HMY) , Gold Fields Limited (NYSE: GFI) , Caledonia Mining Corporation Plc (NYSE American: CMCL) , and Galiano Gold Inc. (NYSE American: GAU) .

Key Takeaways

The statutory disclosure stage is complete at Imwelo. Lake Victoria Gold announced on September 10, 2026 that the disclosure stage of its Phase 3 land valuation and compensation programme at the fully permitted Imwelo Gold Project has been completed, with meetings held on September 7 and 8.

It took about five weeks. The programme was announced on July 31 and commenced on August 1, 2026. Field valuation, property inspection, land measurement and statutory disclosure were completed in approximately five weeks.

A large majority of affected landholders have signed. Project Affected Persons completing disclosure signed the full statutory documentation, including the entry permit for inspection, property inspection form, Land Form No. 69, disclosure form and land measurement form, positioning them for compensation once the valuation is approved.

The Company expanded the programme at landholders’ request. Some landholders asked LVG to acquire their properties in full, including land outside the original boundary, because the remainder would not have supported their livelihoods. The Company agreed, and in doing so secured land it anticipates may be required as the Project develops.

The next step belongs to the government, not the Company. The final valuation report is being prepared by the government valuation team and must be endorsed by the Office of the Chief Government Valuer before any compensation is paid.

What a Written-Down Process Actually Looks Like

Tanzania handles land compensation for mining through a prescribed statutory sequence rather than through negotiation. Compensation for disturbance of the rights of lawful occupiers of land in connection with mining operations is governed by the Mining Act, Cap. 123. The valuation framework and applicable allowances are established under the Land Act, Cap. 113, the Village Land Act, Cap. 114 and related regulations.

The valuation itself is not performed by the company. It is undertaken by registered government valuers, and under the Valuation and Valuers Registration Act, 2016 and the Valuation and Valuers (General) Regulations, 2018, the resulting report must be endorsed by the Office of the Chief Government Valuer within the Ministry of Lands, Housing and Human Settlements Development before compensation can be paid.

That structure has an obvious cost and a less obvious benefit. The cost is that a developer cannot accelerate the final approval no matter how well it prepares, because the decisive step sits inside a ministry. The benefit is that the sequence is knowable in advance, the same for everyone, and produces a documented record that a landholder has been shown their own property assessment and formally acknowledged it. That record is what makes a compensation programme durable rather than a source of later dispute.

For an investor, this is the more useful frame than a country risk score. A jurisdiction where the steps are enumerated in statute and the process completes on a predictable timeline is a different proposition from one where land access is settled case by case, even if both sit in the same region and carry similar headline ratings.

The Programme at Imwelo

Lake Victoria Gold Limited (OTCQB: LVGLF) (TSXV: LVG) (FSE: E1K) has now completed three successive land programmes at Imwelo, in the Chato District of Tanzania’s Geita Region. The Phase 3 programme was announced on July 31, 2026 and commenced the following day. Field valuation, property inspection and land measurement followed, and statutory disclosure meetings were held on September 7 and 8 under the supervision of village leadership including the Village Executive Officer, the Chairman of the village and the hamlet.

At disclosure, each participating landholder was presented with the verified record of their property, given the chance to confirm its accuracy, and asked to formally acknowledge the assessment before the valuation was finalised. On the request of some landholders the site was revisited on September 8 to verify additional acreage and affected parties identified during the process. The government valuation team continues to engage directly with the remaining Project Affected Persons.

The scope expansion is the part worth dwelling on, because it went against the Company’s short-term interest. During disclosure, some landholders asked LVG to acquire their properties in full, including portions outside the original programme boundary, because the land that would otherwise have remained to them was insufficient to support their existing livelihoods. The Company agreed. That increases what it will pay. It also secures land the Company anticipates may be required as Imwelo develops, reducing the potential need for a separate acquisition process later.

"Land access is one of the areas where mining projects can lose significant time," said Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold. "At Imwelo, we have now completed three successive land programmes, and the process continues to demonstrate the value of a clear regulatory framework, effective coordination with government authorities and constructive engagement with the local community. The Phase 3 programme moved from commencement to disclosure in approximately five weeks, and that reflects the work of the officials, valuers, community leaders and landholders involved. We also responded when two families asked us to acquire their entire parcels because the land that would otherwise have remained was not sufficient to support their livelihoods. We believe that was the appropriate outcome for the families and for the Project. It is the standard of engagement we intend to maintain throughout Imwelo’s development and across our operations."

The Company also acknowledged the district and regional authorities involved, including the Office of the District Executive Director and the Office of the District Commissioner of Chato District Council, the land and valuation officers of Chato District Council, government valuers at district and regional levels in the Geita Region, the Buselesele Ward Executive Office, and the Imwelo Village Council and Village Executive Office. The Phase 3 programme expands the available project footprint and supports planned accommodation, workshop and related site infrastructure.

Four Ways to Operate in Africa

The four companies below are referenced solely as market and sector context. All are producing gold miners with operating mines in Africa, none is a peer or financial comparable of the profiled company, and they are named because together they show how differently a single continent behaves depending on the jurisdiction and the deposit.

Harmony Gold Mining Company Limited (NYSE: HMY) operates predominantly in South Africa, where the challenge is depth and grade rather than land access. For the year ended June 30, 2026 the company reported group gold production of 1,429,551 ounces, down 3% but in line with guidance and marking the eleventh consecutive year of meeting production guidance, at an underground recovered grade of 5.83 grams per tonne and all-in sustaining costs of approximately US$2,195 per ounce.

Gold mineral reserves stood at 27.4 million ounces at year end and the company paid a record R4.4 billion in dividends over the twelve months, guiding to 1.4 to 1.5 million gold and gold-equivalent ounces for fiscal 2027. Notably the shares fell on the day those results were published, which is a reminder that operational consistency and share price direction are different things.

Gold Fields Limited (NYSE: GFI) spans eight mines across Australia, South Africa, Ghana, Chile and Peru, with a project in Canada, and is the portfolio answer to jurisdiction risk: no single country determines the outcome. In a trading statement for the first half of 2026 the company guided headline earnings per share of US$1.98 to US$2.18, up roughly 71% to 90% from US$1.15 a year earlier.

Full-year 2026 production guidance was maintained at the upper end of the 2.4 to 2.6 million ounce range, while total capital expenditure guidance was reduced to US$1.6 to US$1.8 billion from US$1.9 to US$2.1 billion. Its Ghanaian operations at Tarkwa and Damang sit in West Africa under a different legal regime from Tanzania, which is precisely the point about treating the continent as one place.

Caledonia Mining Corporation Plc (NYSE American: CMCL) runs the Blanket Mine in Zimbabwe and is the closest thing in this group to a single-asset African operator. Second quarter 2026 revenue was US$75.9 million, up 16% year on year, with EBITDA of US$45.8 million and profit after tax of US$30.0 million, lifting basic earnings per share to US$1.36 against expectations closer to US$0.47.

Blanket produced 17,360 ounces in the quarter, up 18% sequentially as grades improved to about 2.9 grams per tonne, with on-mine costs of roughly US$1,675 per ounce and all-in sustaining costs of about US$2,678 per ounce, and quarterly revenue slightly below consensus. Net cash and equivalents reached US$167.8 million. The company reaffirmed 2026 guidance of 72,000 to 76,500 ounces and continues to target a first gold pour at its Bilboes project in late 2028, which illustrates that even a producer with real cash flow measures development in years.

Galiano Gold Inc. (NYSE American: GAU) holds a 90% interest in the Asanko Gold Mine on the Asankrangwa Gold Belt in Ghana and reported first half 2026 production of 69,138 ounces, reaching the upper end of its indicative range, with year-to-date all-in sustaining costs within full-year guidance.

President and Chief Executive Officer Matt Badylak pointed to a strong safety performance over the period alongside the production result. Galiano is a single-jurisdiction West African producer, which makes it the nearest operating analogue in this group to what a built Imwelo would be, while remaining a producing company at a materially different stage.

What to Watch

The next marker at Imwelo is not in the Company’s control and should be understood that way. The government valuation team is preparing the final Phase 3 report, which then requires endorsement by the Office of the Chief Government Valuer before compensation can be paid. Until that happens the programme is advanced, not finished, and no money has changed hands.

Beyond that, the workstreams the Company has said it is running in parallel are the ones to track: the remaining land, infrastructure and development activities required to move Imwelo toward construction, and the accommodation, workshop and site infrastructure the expanded footprint is intended to support.

The wider point holds regardless of what Lake Victoria Gold does next. A project that clears a statutory land process on a predictable timeline has removed a category of risk that has stalled other developments for years, and it has done so in a way an outside investor can date and verify. That is worth more than a jurisdiction rating, because it is evidence rather than opinion.

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Read this and more news for Lake Victoria Gold Limited (OTCQB: LVGLF) at: https://USANewsgroup.com

Article Sources:

[1] Lake Victoria Gold Limited news release dated September 10, 2026 regarding the Phase 3 land valuation and compensation programme at the Imwelo Gold Project, together with the Company’s corporate disclosures. Filings are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

[2] Public disclosures and filings of the referenced companies (Harmony Gold Mining Company Limited, Gold Fields Limited, Caledonia Mining Corporation Plc and Galiano Gold Inc.) as cited in the body of this article.

USA News Group | info@usanewsgroup.com

DISCLAIMER:

Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The material in this article is intended to be strictly informational and is never to be construed or interpreted as research material. All readers are strongly urged to perform their own research and due diligence and to consult a licensed financial professional before considering any level of investing in stocks.

This article is being distributed for Market Equities Limited, a company incorporated under the laws of Ireland ("MEL"), which wholly owns and operates USA News Group. MEL has been paid a fee directly by Lake Victoria Gold Limited for Lake Victoria Gold Limited advertising and digital media services. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Lake Victoria Gold Limited.

This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision.

Market Equities and its owners, operators, directors, and affiliates own shares of Lake Victoria Gold Limited which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell, shares of Lake Victoria Gold Limited at any time without further notice, commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Lake Victoria Gold Limited and may liquidate their shares, which could have a negative effect on the price of the stock.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. This document is governed by the laws of Ireland.

Qualified Person: The scientific and technical information regarding the Imwelo Gold Project referred to in this article is derived from disclosure by Lake Victoria Gold Limited that has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of Lake Victoria Gold Limited and is therefore NOT independent of the Company. The publisher has not independently verified any scientific or technical information in this article.

Cautionary Note on the Land Programme, Production Decision and Mineral Resources: Descriptions of the Phase 3 land valuation and compensation programme, including meeting dates, participation levels, documentation completed, programme scope, timing and the statutory framework, are as disclosed by the Company and have not been independently verified by the publisher. Completion of the statutory disclosure stage does not constitute completion of the programme; the final valuation report has not been issued or endorsed and no compensation has been paid. Endorsement by the Office of the Chief Government Valuer is a government function and neither its timing nor its outcome is within the Company’s control, and engagement with remaining Project Affected Persons is ongoing. Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101, and the Company is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory or permitting risks. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Descriptions of Tanzanian statutory requirements are summaries provided for general information and are not legal advice.

Cautionary Note Regarding Adjacent and Nearby Properties: Any references in this article to mines operated by AngloGold Ashanti or Barrick, and to their proximity to the Company’s Imwelo and Tembo projects, are provided for regional and geological context only. Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization on the Company’s properties. Barrick holds an equity position in Lake Victoria Gold Limited and is therefore a shareholder rather than a comparable company, and neither Barrick nor AngloGold Ashanti has any responsibility for, or involvement in, this article or the Company’s projects.

Cautionary Note Regarding Referenced Companies: References to Harmony Gold Mining Company Limited, Gold Fields Limited, Caledonia Mining Corporation Plc and Galiano Gold Inc. are provided solely as market and sector context. None of them is a peer, competitor, or financial comparable of Lake Victoria Gold Limited. They are producing companies at a materially different stage of development and scale from the profiled company, which is a development-stage issuer with no production and no revenue, and they operate in different countries under different legal and regulatory regimes. Their production, grades, costs, earnings, reserves, guidance and share performance are not indicative of Lake Victoria Gold Limited’s prospects, and regulatory or operating conditions in one African jurisdiction do not indicate conditions in another. None of the companies named has any involvement in Lake Victoria Gold Limited, this article, or its distribution. No partnership, affiliation, sponsorship, or endorsement is implied.

Eagle Eye Disclosure: Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision.

Cautionary Note Regarding Forward-Looking Statements: This publication contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including, without limitation: statements regarding the preparation, completion, verification and endorsement of the final Phase 3 valuation report; the payment of compensation to eligible Project Affected Persons; continued engagement with remaining Project Affected Persons; the securing of additional land and its anticipated use in future Project development; the advancement of remaining land, infrastructure and development activities required to move Imwelo toward construction; and the availability of funding. Forward-looking statements are generally identified by words such as "expect", "plan", "anticipate", "target", "potential", "schedule", "estimate", "intend" or "believe", or that events "will", "would", "may", "could" or "should" occur. Such statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond the Company’s control, including the risk that any decision to commence production would not be based on a feasibility study of mineral reserves demonstrating economic and technical viability; government valuation, endorsement and approval timelines; community and landholder engagement outcomes; construction, geotechnical, metallurgical, cost, weather, contractor, financing, permitting and regulatory risks; and the other risks identified in the Company’s filings on SEDAR+ at www.sedarplus.ca. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the Company’s news release. Do not place undue reliance on such statements. The forward-looking statements in this publication are made as of the date above and USA News Group undertakes no obligation to update them.

SOURCE USA News Group

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September 10, 2026 - 9:44 AM PDT

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