Intercepts extracted and reviewed by Strikepoint from the issuer’s filings. True widths may differ from downhole widths; see the full release for drill orientation.
Tanzania Gold Exports Climb 37% as East African Mine Builds Advance
PR Newswire
VANCOUVER, BC , Sept. 29, 2026 /PRNewswire/ -- Equity Insider News Commentary - The global gold mining market is projected to grow from US$293.03 billion in 2025 to US$807.89 billion by 2034, a compound annual growth rate of 11.93% over 2026 to 2034, according to a July 2026 forecast from The Insight Partners. East Africa is one of the places where that demand is turning into new construction, with Tanzania's gold exports rising 37.4% to US$5.67 billion in the year ending July 2026, according to the Bank of Tanzania. Active Companies from around the markets with current developments this week include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) , AngloGold Ashanti plc (NYSE: AU) , TRX Gold Corporation (NYSE American: TRX) , B2Gold Corp. (NYSE American: BTG) , and Newmont Corporation (NYSE: NEM) .
Measured by volume rather than value, Mordor Intelligence forecasts the gold market climbing from 5.1 thousand tonnes in 2026 to 7.25 thousand tonnes by 2031, a 7.30% CAGR, with primary mining supplying roughly 72% of volume in 2025. That reliance on mined supply matters, because new mines take years to permit, finance and build, which puts a premium on projects that have already cleared the permitting stage and are putting equipment on the ground.
The metal itself has been choppy. Gold fell roughly 3% to about US$4,149 an ounce on Monday, leaving it down about 6.6% over the past month but still roughly 8% higher than a year ago, according to Trading Economics benchmark data, as higher U.S. Treasury yields and expectations of further Federal Reserve tightening weighed on bullion. Official-sector demand has not let up. The World Gold Council reported 288.9 tonnes of net central bank purchases in the second quarter of 2026, a 62% year-over-year increase and the strongest second quarter on record.
In Tanzania, gold made up 47.4% of goods export earnings over the year to July, according to the Bank of Tanzania's latest Monthly Economic Review, and the Lake Zone, anchored by the Geita and Shinyanga regions, accounted for 67.6% of the country's total mineral recovery in the first quarter of 2026, per Bank of Tanzania data. The Lake Victoria Goldfield already hosts some of Africa's best-known operations, including AngloGold Ashanti's Geita Gold Mine and Barrick's Bulyanhulu Mine, and a newer tier of developers is now moving from studies into site works around them.
Lake Victoria Gold Identifies Preferred Processing Route for Near-Surface Ore at Its Fully Permitted Imwelo Gold Project as Early Works Advance
Attrition scrubbing followed by desliming lifted 24-hour gold extraction from 49.99% to 84.54% in agitated-leach testing on weathered Area C material.
Bottle-roll recovery of up to 88.15% on the pretreated fraction, compared with 70.76% on as-received material.
Early works underway at Imwelo: 14 km of access road repaired, bulk earthworks advancing and the construction camp substantially complete.
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Shallow Area C drilling returned 28.71 g/t Au over 2.75 metres from 21 metres and 12.20 g/t Au over 4.50 metres from 32 metres.
Funding pathway includes a gold loan facility of up to 6,000 ounces of gold, approximately US$25 million, repayable in gold.
Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) is a Vancouver-based gold exploration and development company focused on Tanzania's Lake Victoria Goldfield. It holds a 100% interest in the fully permitted Imwelo Gold Project, west of AngloGold Ashanti's Geita Gold Mine, and a 100% interest in the Tembo Project, adjacent to Barrick's Bulyanhulu Mine.
On September 24, the Company reported results from metallurgical testwork on the shallow, highly weathered mineralization at Area C, the clay-rich material expected to form an important component of initial Area C feed. The work was completed by Nesch Mintech Tanzania Limited, an independent laboratory based in Mwanza, on 38 HQ whole-core samples weighing 120.34 kg, with an average composite head grade of 3.80 g/t Au.
The program identified attrition scrubbing followed by desliming as the preferred pretreatment route. In agitated-leach testing designed to simulate plant conditions, 24-hour extraction rose from 49.99% on as-received material to 84.54% after pretreatment. Average gravity-recoverable gold increased from 12.78% to 21.25%, approximately 26% of the gold reported to the +300 µm size fraction, and slurry settling time fell from 220 seconds to 130 seconds. The Company notes that recoveries for the pretreated fractions do not yet represent overall whole-ore plant recovery, and the next phase of work will establish the mass and gold balance across the desliming circuit.
The weathered-ore results complement the Company's March 18, 2026 program on deeper transitional and fresh mineralization, which returned recoveries of up to approximately 96% to 97% using conventional gravity concentration and cyanide leaching. Together, the two programs establish a metallurgical framework running from near-surface material through to fresh rock, with previous geotechnical work identifying the weathered zone as extending locally to approximately 40 to 60 metres depth.
Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "We designed this program to answer a practical engineering question: how should we treat the clay-rich material expected early in the Area C mining sequence? The results give us a clear preferred processing direction, with scrubbing and desliming materially improving gold extraction and slurry handling. Combined with the strong recovery profile already established for the deeper transitional and fresh material, we now have a much stronger metallurgical basis for advancing Imwelo's process design. This is another important step in moving the Project from engineering into execution."
The testwork lands as physical work on site is already moving. In its September 3 update , the Company reported that initial spot repairs had been completed along the 14 km access road from Katoro to the Imwelo site ahead of the wet season, that clearing and bulk earthworks were advancing across the pit, tailings storage facility, waste rock dump and dam sites, and that the construction camp was substantially complete. The camp is being built once, as the first phase of Imwelo's permanent operations camp, and the works are being delivered by a local Tanzanian contractor in coordination with the Tanzania Rural and Urban Roads Agency.
Those works follow the Company's August 27 drill results from shallow Area C, including 28.71 g/t Au over 2.75 metres from 21.00 metres in IMWDR029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in IMWDR028, drilled specifically to intersect the weathered zone and supply whole core for the metallurgical program. On funding, LVG has announced a gold loan facility with Monetary Metals & Co. of up to 6,000 ounces of gold, approximately US$25 million, structured to be repaid in gold rather than cash, alongside a convertible debenture financing that was later upsized to $5 million. Taifa Mining, a subsidiary of the Company's strategic partner Taifa Group, is to conduct the contract mining and civil works for Imwelo.
There are several risks associated with the Company's plans. Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, but those foreign-code studies are not current under NI 43-101, and the Company has not completed a feasibility study that establishes mineral reserves. Any production decision would therefore not be based on a feasibility study of mineral reserves and would involve increased uncertainty and a higher risk of economic and technical failure. Laboratory recoveries on pretreated fractions may not be reproduced at plant scale, early works can be delayed by weather and contractor performance, financing remains subject to its terms and conditions, and construction may require additional capital that could dilute shareholders. Drill intercepts are selected results reported as down-hole lengths. Readers should review the Company's filings under its profile on SEDAR+ at www.sedarplus.ca .
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In other industry developments and happenings in the market this week include:
AngloGold Ashanti plc (NYSE: AU) , operator of the Geita Gold Mine in Tanzania, reported second quarter 2026 results with EBITDA up 46% to $2 billion and headline earnings up 58% to $1 billion, and declared nearly $1 billion in dividends for the first half of 2026. The company reported liquidity of $4.2 billion, including a net cash position of nearly $1 billion, compared with a net debt position of $311 million a year earlier, and said its tier-one assets contributed more than 70% of production at a 71% cash margin.
Management has flagged strategic investment in high-return projects inside its existing portfolio, particularly in Nevada, aiming for significant production growth by the early 2030s, and on September 25 the company hosted an investor site visit to Nevada's Beatty Gold District. The shares have pulled back alongside bullion through September.
TRX Gold Corporation (NYSE American: TRX) , which operates the Buckreef Gold Project in Tanzania, reported record preliminary results for its fiscal fourth quarter on September 14, with Buckreef delivering record quarterly and annual gold production for fiscal 2026 at the top end of guidance. Full-year output reached 29,650 ounces, up 57% year over year.
The company is accelerating an expansion of Buckreef's 2,000 tonne-per-day processing plant, with a series of plant upgrades slated for completion in calendar Q4 2026 and a larger SAG-mill-based expansion being tendered, and it has added drilling capacity for grade control, resource definition and greenfield exploration. Buckreef hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 g/t gold containing 893,000 ounces and an Inferred Mineral Resource of 9.1 million tonnes at 2.47 g/t gold for 726,000 ounces, according to the company.
B2Gold Corp. (NYSE American: BTG) provided an operational update for its Goose Mine in Nunavut on September 28, reporting that a new mobile crushing plant commissioned in August has exceeded an average of 3,000 tonnes of ore per day since mid-August, in line with plan, and that fixed-plant crushing is expected to reach a sustained average of 3,200 tonnes per day beginning in October 2026 following Phase 1 upgrades and fire-related repairs. The company also reported positive results from its ongoing Back River Gold District exploration program.
In West Africa, B2Gold was granted the Menankoto Exploitation Permit by the State of Mali in August. Together with the Dandoko exploration permit it makes up Fekola Regional, which the company expects to contribute in excess of 150,000 ounces per year and describes as a key near-term production growth driver. B2Gold's 2026 consolidated production guidance stands at 820,000 to 920,000 ounces.
Newmont Corporation (NYSE: NEM) is ramping up Ahafo North in Ghana, one of West Africa's most significant recent mine builds. The company describes the four-pit, standalone-mill operation as the best unmined gold deposit in West Africa, with total capital costs estimated at $950 million to $1,050 million, an initial 13-year mine life, a first full year of production in 2026 and an updated pit design intended to deliver higher gold grades beginning in Q4 2026.
Newmont's 2026 guidance calls for approximately 5.3 million attributable gold ounces and roughly $1.40 billion in development capital, with longer-term growth tied to the Ahafo North ramp-up, the Boddington stripping campaign, Tanami Expansion 2 and the Cadia panel caves. The company has said the Red Chris block cave project is progressing toward an investment decision in the second half of 2026.
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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 Ltd.. 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 Ltd., and reserve the right to buy and sell, and will buy and sell, shares of Lake Victoria Gold Ltd. 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 Ltd. 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. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. The scientific and technical information relating to Lake Victoria Gold Ltd. referenced in this article has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101 and a registered member of the South African Council for Natural Scientific Professions (SACNASP). Mr. Scott is a Director and Officer of Lake Victoria Gold Ltd. and is therefore not independent of the Company. Cautionary Note on Production Decision: 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. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. 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 low-capex 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. The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the Tembo Project, no Mineral Reserves have been estimated at Tembo, and any decision to commence production at Tembo, including through the proposed toll-milling arrangement with Nyati Resources (T) Limited, 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 Tembo Mineral Resource Estimate referenced in the Company's disclosure is not a Mineral Reserve and does not have demonstrated economic viability. Metallurgical recoveries referenced in this article are laboratory results on selected samples; recoveries reported for pretreated fractions do not represent overall whole-ore plant recovery and are not a guarantee of commercial plant performance. Drill intercepts are selected results, are not necessarily representative of the mineralization on the property as a whole, and are reported as down-hole lengths; true widths have not been determined. The gold loan facility and convertible debenture financing referenced in this article are subject to their respective terms and conditions, and there is no assurance any facility will be drawn in full. Further information is available under the Company's profile on SEDAR+ at www.sedarplus.ca . References to AngloGold Ashanti plc, TRX Gold Corporation, B2Gold Corp. and Newmont Corporation are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Lake Victoria Gold Ltd., their results are not indicative of Lake Victoria Gold Ltd.'s prospects, none of them is involved in or has reviewed this article, and no partnership, affiliation, or endorsement is implied. References to AngloGold Ashanti's Geita Gold Mine and Barrick's Bulyanhulu Mine, and to their proximity to the Company's projects, are provided for regional and geological context only; mineralization 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 Ltd. and is therefore a shareholder of the Company rather than a comparable company; Barrick is not a tagged company in this article and has no involvement in it. Monetary Metals & Co., Nyati Resources (T) Limited and Taifa Group are counterparties or partners of the Company and are referenced for that reason only. Market-size figures cited in this article are third-party projections that may not be realized and do not represent revenue or addressable market expectations for Lake Victoria Gold Ltd.. 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. Forward-Looking Statements: This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include, without limitation, statements regarding the advancement of the Imwelo Gold Project toward construction and production; the preferred pretreatment route and future process and plant design; the completion of early works, earthworks and camp infrastructure; the availability of the Monetary Metals gold loan facility and other financing; the Company's contract mining arrangements; and the continued advancement of the Tembo Project. These forward-looking statements are based on the opinions and assumptions of management of Lake Victoria Gold Ltd. as disclosed in its public releases, and on the publisher's interpretation of that information, and are subject to risks including the volatility of gold prices and of Lake Victoria Gold Ltd.'s shares; the availability of financing on acceptable terms; the ability to reproduce laboratory results at plant scale; delays in construction, land access, permitting or contractor performance; the ability to negotiate and execute definitive agreements, including with Nyati Resources (T) Limited; regulatory, fiscal, community and political risks in Tanzania, including the statutory Government free-carried interest; the uncertainty of mineral resource estimates; and the risks inherent in exploration, development and mining. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Forward-looking statements in this publication are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. The publisher undertakes no obligation to update any forward-looking statement, except as required by law.
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