Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) again gained coverage by Atrium Research's Ben Pirie, who reinitiated coverage on it with a Buy rating and a CA$0.50 per share (CA$0.50/share) target price, the equity research analyst reported in a Feb. 2 research note.
"Lake Victoria's current focus is bringing the 100%-permitted Imwelo gold project into production with construction commencing in 2026," Pirie wrote.
92% Return Implied
At the time of his report, the Canadian explorer-developer was trading at about CA$0.26/share, noted the analyst. From that price, the return to target is 92%.
Lake Victoria Gold remains a Buy.
2027 Production Start Targeted
Pirie pointed out the aspects that make Lake Victoria Gold a compelling investment. The British Columbia-based mining junior is on the path to production at the Imwelo gold project, one of its two core assets in Tanzania's Lake Victoria Goldfields. Imwelo is 12 kilometers to the west of AngloGold Ashanti Ltd.'s (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) 9,000,000 ounce (9 Moz) Geita gold mine.
Imwelo hosts a 291,000 ounce (291 Koz) gold historical resource at an average grade of 1.92 grams per ton (1.92 g/t), according to a 2021 update to the 2017 prefeasibility study. This resource encompasses 42 Koz of 3.15 g/t gold in the Measured category, 95.7 Koz of 1.95 g/t gold in the Indicated category, and 153.9 Koz of 1.56 g/t gold in the Inferred category. This resource is based on the results of four drill programs, together comprising 5,170 meters (5,170m) of diamond drilling and 10,730m of reverse circulation (RC) drilling.
"With extensive historical drilling completed across the deposit, consistently strong metallurgical recoveries of about 90%, and processing-plant design and costing already in place, Imwelo offers a well-defined foundation as the company works to finalize project capital," Pirie wrote.
Lake Victoria Gold is pursuing a gold forward purchase agreement to fund initial capex for Imwelos. The mining company expects to start construction there in Q2/26 or Q3/26 and is targeting 2027 for first production. Ore for early production, in the first 18–20 months, is expected to come from Area C, the part of the deposit with the highest gold grade, about 3.7 g/t on average. The plan is for Area C to support the first 18–20 months of production.
Lake Victoria Gold likely will use the non-dilutive cash flow from Imwelo production to fund potential expansion there, as well as plans for other growth in the region. Atrium expects the company to keep exploring the property throughout the construction phase and mine commissioning, to extend the life of mine.
Another Core Asset
The explorer-developer's second strategic asset providing significant upside is its Tembo gold project, also in the Lake Victoria Goldfields in Tanzania. Representing one of the most compelling underexplored positions in the district, Tembo is next to Barrick Mining Corp.'s (ABX:TSX; B:NYSE) 10 Moz underground Bulyanhulu mine.
Lake Victoria Gold's extensive drilling, totaling 50,000m and structural work throughout the Tembo property, outlined three priority structural corridors resembling the mineralized trends at Bulyanhulu: Ngula 1, Nyakagwe Village, and Nyakagwe East. The company has an agreement in place with Barrick's subsidiary, Bulyanhulu Gold Mine (since 2022) ,that provides LVG with up to US$60 million (US$60M) of potential value through upfront consideration (US$6M), funded exploration (US$9M), and contingent payments tied to discoveries (US$45M).
As of Sept. 30, 2025, Barrick spent US$6.7M on exploration at Tembo. Barrick's 2025 program advanced into large-scale geophysics, air core drilling, and targeted RC and diamond drilling of high-priority structures. From this, Lake Victoria Gold gains meaningful upside without having to outlay any capital.
Per the agreement, Barrick has to spend US$2.3M more at Tembo and plans to keep up its aggressive work pace throughout 2026, Pirie reported. Given the exploration upside at the project, Barrick is exploring the grounds surrounding it. Notably, the Bulyanhulu resource remains open along strike into the Tembo project property.
Processing Plant Opportunity
The Nyati gold processing plant, in an area covered by one of Tembo's mining licenses, offers Lake Victoria Gold potential long-term optionality, Pirie wrote. The explorer is in discussions with Nyati Resources Ltd. about converting the two parties' May 2025 letter of intent into a binding agreement. Nyati could contribute both processing plants, supporting infrastructure, licenses, and up to US$5M in development capital for drilling, mine planning, and early operational work. Lake Victoria Gold could provide mineralized material from its mining licenses and oversee operations, technical staffing, and contractor engagement.
If both companies sign a definitive agreement, a drill program will be started right away at Tembo's Ngula 1 to define Measured and Indicated resources there, as this could provide the necessary potential ore feed for a production arrangement between Lake Victoria Gold and Nyati Resources.
"[The plant's] location, readiness, and scale align with the company's objective of establishing a capital-light production pathway that can generate early cash flow potential and operational data to support future development," Pirie wrote.
Potential Catalysts Ahead
Pirie wrote that Atrium's investment thesis on Lake Victoria Gold is the same as it was at first initiation on the mining company. However, "the changes to Imwelo's development timeline, Tembo's Barrick-backed catalyst profile and Nyati's potential processing solution position Lake Victoria Gold for multiple catalysts over the next couple of years."
At Tembo, potential share price-boosting events include exploration progress by Barrick and drill results, expected on an ongoing basis. At Imwelo, announcement of drill results as they become available could catalyze LVG, as could the start of construction in Q2/26 or Q3/26.
Ownership, Capital Structure
Members of the company's management team and board are mining and capital markets professionals with decades of experience in the industry and operating in Africa. At the helm is Marc Cernovitch, chief executive officer and a director.
Management and insiders own 28% of Lake Victoria Gold. Of these, Executive Chairman and Chief Financial Officer Simon Benstead is the largest shareholder with 9%. Institutions, including Barrick and Taifa Group, hold 38%. Taifa Group is Tanzania's largest locally owned mining contractor, led by Tanzanian billionaire Rostam Aziz. Former Taifa CEO Richard Reynolds is on Lake Victoria Gold's board.
Retail investors hold the remaining 34% of the company.
"Lake Victoria Gold is highly motivated to increase shareholder value," Pirie wrote. "The team has made it clear that the current state of the company is just the tip of the iceberg as they focus on a new wave of growth and consolidation in Tanzania."
As for its capital structure, the explorer-developer has 195.1 million (195.1M) shares outstanding with no options, 18.4M warrants, and 14.3M restricted stock units. Were all warrants, currently in the money, exercised, they would yield CA$4.8M in proceeds.
As of Oct. 20, 2025, the company had CA$5.9M in cash. Its market cap is CA$54.7M.
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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 Corp., 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 Atrium Research, Lake Victoria Gold, February 3, 2026
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