Lake Victoria Gold Ltd.'s (LVG:TSX; LVGLF:OTCQB; E1K:FSE) initial results from the in-progress drill campaign at its advanced-stage Imwelo gold project in northwestern Tanzania extended mineralization beyond the existing pit shell, reported Red Cloud Securities Analyst Alina Islam in a Nov. 27 research note.
"Management is working to get this fully permitted project into production," Islam wrote.
No Rating or Target Price
At the time of Islam's report, Lake Victoria Gold was trading at about CA$0.17 per share (CA$0.17/share), the analyst noted.
"Advancing Imwelo towards start-up to generate cash flows and successful exploration at Tembo should drive the stock price," Islam wrote. Tembo is another of Lake Victoria Gold's projects, this one in the Lake Victoria Goldfield, also in northwestern Tanzania.
At this time, Red Cloud does not have a rating or target price on the Canadian junior miner.
Lake Victoria Gold has 195.1 million shares outstanding. Its market cap is CA$33.2 million (CA$33.2M). Its 52-week range is CA$0.13–0.25/share.
Details of Drill Campaign
Lake Victoria Gold is in the midst of a 24-hole, 4,000-meter (4,000m) drill campaign at Imwelo, started in October 2025, the goals of which are twofold. One is to convert and grow resources in Area C, designated as the first production pit, to be mined for 18 months, at 3.7 grams per ton (3.7 g/t) gold. The second aim is to determine whether gold mineralization extends below the pit shell outlined in the most recent mineral resource estimate.
Imwelo's historical Measured and Indicated plus Inferred resource is 291,600 ounces (291.6 Koz) of gold (4,800,000 tons at 1.92 g/t gold). Proven and Probable reserves are 94.6 Koz of gold (2.34 g/t gold).
Data From First Six Holes
The British Columbia-based explorer-developer just reported results of the first six drill holes completed as part of the current program. Results confirmed that the gold mineralization extends beyond the current pit limits in Area C, "with further potential in the footwall and hanging wall," noted Islam.
Two standout intercepts were:
- 2.56m of 6.96 g/t gold from 132.8–135.36m downhole in IMWDR-007
- 1.33m of 11.88 g/t gold from 169.75–171.08m downhole in IMWDR-009
Among the six holes, the average gold grade was 2.83 g/t, consistent with historical grades.
Most of the drilling completed at Imwelo to date, amounting to about 28,000m, was done to depths of about 100m, Islam pointed out. As such, the new results, indicate upside to the tonnage.
Pursuit of Financing for Imwelo
Islam highlighted that Tanzania is the world's fourth largest gold producer. The two largest producers with projects there are AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) and Barrick Mining Corp. (ABX:TSX; B:NYSE). In fact, Imwelo is only 12 kilometers to the west of AngloGold's Geita gold mine, the largest producing gold mine in the country.
Historically, two noncompliant mineral resource estimates and a 2021 prefeasibility study were done on Imwelo. The latter outlined a 10-year, open-pit operation with a simple free milling and gravity concentration flowsheet.
Lake Victoria Gold aims to start initial production at Imwelo at 12 Koz of gold, then ramp up to 24 Koz, at an estimated all-in sustaining cost of US$1,400 per ounce.
To financially support the start-up, the junior miner has a nonbinding, prepaid forward sales agreement of 7 Koz of gold with Monetary Metals, a private company, reported Islam. Plus, CA$3.84M of additional equity could come through the second tranche of an agreement with Taifa Group, Tanzania's largest mining contractor.
Notably, the Tanzanian government has a free carried interest of at least 16% and a 4–6% royalty on gold production, reported the analyst.
Progress Happening at Tembo
Barrick owns six noncore licenses at Tembo, near its Bulyanhulu gold mine, licenses it acquired from Lake Victoria Gold in 2021. As of Sept. 30, 2025, Barrick had spent about US$6.6M of the US$9M committed to Tembo.
To extract value from its own Tembo licenses, reported Islam, Lake Victoria Gold signed a letter of interest with Nyati Resources to determine opportunities using its 500-ton-per-day gold processing plant in Tanzania.
Upcoming Catalysts
Regarding Imwelo, investors can expect additional results, on an ongoing basis, from the drill program underway at Imwelo; actual drilling has yet to be completed, and results have yet to be reported for 18 holes. Next, an Imwelo mineral resource estimate will be calculated, and detailed engineering work will be done for the upcoming prefeasibility study. Both the mineral resource estimate and prefeasibility study are slated for completion in 2026.
As for Tembo, exploration results are expected to be reported on an ongoing basis.
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Important Disclosures:
- Lake Victoria Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Lake Victoria Gold Ltd. and Barrick Mining Corp.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Red Cloud Securities, Lake Victoria Gold, November 27, 2025
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