New Technical Data Backs Single Open Pit Design at Imwelo

1. 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.
2. 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 Corp., and Barrick Mining Corp.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) announced the completion of geotechnical and specific gravity field data collection in support of final open-pit designs at its Imwelo Project. The company stated that these studies mark a significant step toward near-term production planning at the project's Area C.

Two geotechnical drill holes, IMWDR016 and IMWDR019, were completed to depths of 150 meters and 163 meters, respectively. According to the company, geotechnical logging and data capture were finalized, and samples were submitted for laboratory testing to characterize rock strength. Additionally, approximately 200 core samples collected from the resource infill drilling program were measured for specific gravity across different rock types, including laterite, saprolite, saprock, and fresh rock.

The program used RC pre-collars with diamond-core tails to collect comprehensive geological, geotechnical, metallurgical, and mineralogical data. The company stated that this supports final pit-shell optimization, processing design, and evaluation of future underground mining potential.

Hendrick Meiring, Exploration Manager, commented in a company news release: "With the benefit of the latest infill drilling, geotechnical logging, and specific gravity measurements, the geological and structural picture at Area C has tightened up considerably. From an exploration and mine-planning perspective, the technical data strongly supports the concept of a single, continuous open pit covering the full mineralized trend, rather than multiple isolated pits."

The company reported that final pit designs are currently in progress, and the ongoing geological and geotechnical interpretations suggest potential for optimization and consolidation of previous pit designs. Core from 21 completed infill drill holes was included in the geotechnical data collection. The specific gravity measurements helped delineate oxide, transitional, and fresh rock domains to support an updated mineral resource estimate and ore classification during mining.

Marc Cernovitch, President and CEO, stated in the release: "Completing these programs marks another clear step toward production at Imwelo. As we finalize pit designs at Area C, the project continues to transition from technical studies into the development phase, aligning with our strategy of advancing high-quality assets toward cash flow."

Gold Sector Strength Driven by Safe-Haven Demand and Monetary Uncertainty

According to a January 23 report by Frank Holmes, gold reached an all-time high above US$4,900 per ounce after hitting more than 50 new record highs throughout the previous year. He noted that "the yellow metal has surged to a new all-time high above US$4,900 an ounce," with central banks around the world stockpiling bullion and reducing their exposure to U.S. Treasuries. Holmes attributed the rally to a combination of monetary, fiscal, and geopolitical factors, including rising concerns over the independence of the U.S. Federal Reserve and growing fiscal pressures. He wrote that "central banks from China to Switzerland have been steadily increasing their gold reserves," reflecting a broader loss of confidence in fiat currencies.

The Guardian reported on January 26 that gold crossed the US$5,000 threshold for the first time, reaching an intraday high of US$5,100 before settling at US$5,091. The article attributed the surge to political turmoil in the United States, including tensions between the U.S. and Canada, a standoff with Europe over Greenland, and fears of a government shutdown. Ross Norman, an independent analyst, stated that "there has been a vaporising of trust," which had driven investors to gold as a safe haven. Steve Miller, an investment adviser, called the price movement "the most spectacular in his four decades" of financial market experience and cited rising concerns that the U.S. government could take steps to weaken the dollar, which would further boost gold's appeal.

In a January 26 report from Couloir Capital, it was noted that gold prices closed the week up 8.4% and added another 2.2% on the day. The report attributed the increase to "heightened geopolitical uncertainty, a weaker U.S. dollar, and increasing expectations of Federal Reserve rate cuts." Couloir Capital also stated that safe-haven demand for gold remained strong despite some easing of U.S.-Europe trade tensions.

Independent Analyst Commentary on Imwelo Drill Results

In a November 27 research update, Red Cloud Securities Analyst Alina Islam reported on Lake Victoria Gold Ltd.'s initial results from its ongoing drill campaign at the Imwelo gold project in northwestern Tanzania. According to Islam, the company released highlight intercepts including "2.56 meters (2.56m) of 6.96 grams per ton gold (6.96 g/t Au) and 1.33m of 11.88 g/t Au." Islam noted that results from the first six holes confirmed that mineralization extended beyond the current pit limits in Area C, with additional potential identified in the footwall and hanging wall.

Red Cloud also stated that "management is working to get this fully permitted project into production," and highlighted that "advancing Imwelo towards start-up to generate cash flows and successful exploration at Tembo should drive the stock price." At the time of publication, Red Cloud did not provide a rating or target price on the company.

Islam wrote that the drilling program, which began in October 2025, aimed to convert and grow resources at Area C and test mineralization below the previously modeled pit shell. Islam noted that "most of the drilling completed at Imwelo to date, amounting to about 28,000m, was done to depths of about 100m," and the new results indicate upside to the tonnage.

On financing efforts, Islam reported that Lake Victoria Gold held a nonbinding prepaid forward sales agreement for 7,000 ounces of gold with Monetary Metals and noted the potential for CA$3.84 million of additional equity through a second tranche from Taifa Group.

Engineering and Technical Programs Advance Toward Development Phase

According to the company's Q4 2025 corporate presentation, Lake Victoria Gold has planned 4,000 meters of drilling over the next four months at Imwelo, including exploration drilling and infill resource conversion. The work is focused along strike at Area C (East and West) and at depth, using 2,500 meters of RC drilling and 1,500 meters of diamond drilling.

The company also stated it is conducting additional metallurgical test work and geotechnical drilling to support final pit design and optimization. These efforts will feed into an updated resource model.

Engineering activities over the same period include completing the remaining detailed engineering work and issuing IFC (Issued for Construction) drawings. Capital and operating costs will be updated using current pricing, and the company intends to finalize a construction plan, execution budget, and schedule. Project execution is expected to follow an EPCM (Engineering, Procurement, and Construction Management) model. 

Ownership and Share Structure¹

Approximately 28% is owned by management and insiders, institutions hold 15%, shares issued for the acquisition of Imwelo account for 12.3%, the TAIFA Group owns 8.2%, and Barrick Mining Corp. (ABX:TSX; B:NYSE) holds 3%. The remainder is retail.

Top shareholders include AIMS Asset Management with 8.76%, Rostam Aziz with 8.2%, Simon Charles Benstead with 7.47%, Concept Capital Management Ltd. with 5.83%, and Walter David Scott with 3.08%.

The company's market cap is CA$39.03 million. It has 195.16 million shares outstanding, according to the company, and trades in a 52-week range of CA$0.13 to CA$0.25.