Lake Victoria GOLD Secures Updated Environmental Approval, Strengthening Development Pathway at Imwelo
- 1 -
LAKE VICTORIA GOLD SECURES UPDATED ENVIRONMENTAL
APPROVAL, STRENGTHENING DEVELOPMENT PATHWAY AT
IMWELO
Vancouver, British Columbia – August 21, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG | OTCQB:
LVGLF | FSE: E1K) (“LVG” or the “Company”) is pleased to announce that the Tanzanian National
Environment Management Council (“NEMC”) has approved the updated Environmental and Social
Management Plan (“ESMP”) for the Imwelo Gold Project, located in the Geita Region of northwestern
Tanzania.
The ESMP update was undertaken to reflect changes since the original study completed in 2013, which
formed the basis for the issuance of the project’s Environmental Impact Assessment (EIA) Certificate and
Mining Licence (ML538) in 2014. NEMC’s approval confirms that Imwelo remains fully compliant with
environmental and social standards, and that the project can advance under its existing permits.
The updated ESMP outlines mitigation measures for potential environmental and social impacts and
establishes commitments for ongoing community engagement, progressive mine rehabilitation, and
transparent monitoring of water, waste, and tailings facilities.
Management Commentary
Marc Cernovitch, President & CEO of Lake Victoria Gold, stated: “Approval of the updated ESMP is a
significant milestone for Imwelo, reinforcing that the project is environmentally sound and socially
responsible. Combined with the foundation provided by the 2021 Pre-Feasibility Study, Imwelo represents
a rare opportuni ty for near -term gold production in Tanzania with modest capital requirements, strong
expansion potential, and the potential to generate cash flow that will support our broader growth strategy
across the Lake Victoria Goldfield.”
Seth Dickinson, Chief Operating Officer of Lake Victoria Gold, commented: “With the updated
environmental approval, our team is focused on the practical steps to bring Imwelo into production. The
project benefits from a straightforward mine plan, proven metallurgy, and proximity to existing regional
infrastructure. Our upcoming drilling and site works are designed to ensure a smooth transition from
planning into construction and, ultimately, first gold within a short development timeline.”
Strategic Context
The Imwelo Project, located just 12 km from AngloGold Ashanti’s Geita Gold Mine, is fully permitted
under a 10-year mining license. Supported by a straightforward development plan, positive metallurgical
recoveries (>90%), and a 2021 JORC -compliant Pre-Feasibility Study (“PFS”), the Company is targeting
first gold within 12 months of commencing construction.
Area C is the first zone planned for development and has an average grade of 3.7 g/t Au. It also represents
one of the highest-grade zones within the Imwelo historical resource envelope. Notable historical intercepts
include:
• 2m @ 5.06 g/t Au from 15m and 6.8m @ 14.6 g/t Au from 33.2m (IMWRC-037)
• 7m @ 3.22 g/t Au from 27m (IMRC-014)
• 2m @ 7.5 g/t Au from 22m (IMWRC-038)
Reported intercepts are downhole lengths; true widths are unknown. Source: Measured Group Pty Ltd,
Geology and Resource Estimate Report – Imwelo Project, Tanzania (May 2017).
- 2 -
Project Highlights
• Permits & Readiness – Fully permitted under Mining Licence ML538/2015, with a 10-year renewal
and formal transfer completed in November 2024.
• Pre-Feasibility Study (PFS) – A JORC-compliant PFS completed in 2021 by Measured Group
provides the project’s technical and economic foundation, including mine design, mine planning,
scheduling, reserve estimation, and cost modeling.
• Historical Resource – Measured: 42,000 oz at 3.15 g/t; Indicated: 95,700 oz at 1.95 g/t; Inferred:
153,900 oz at 1.53 g/t;
• Exploration & Engineering – Over 28,000 metres of historical drilling, with a 7,750 metre drilling
campaign planned to commence shortly to advance grade control, resource conversion, and pit
optimization.
• Development Pathway – Designed as a low-capex starter open-pit mine at Area C, with long-term
upside through underground potential at depth.
• Infrastructure & Local Engagement – Preparatory works include ball mill refurbishment, tailings
and water storage planning, and phased land compensation. Strong community engagement and
progressive rehabilitation are embedded within the ESMP.
• Partnerships – Strategic and operational support secured from Taifa Group, Tanzania’s leading
mining contractor, providing execution capability and local validation.
• Funding - LVG has executed a non-binding term sheet, providing a gold prepay financing facility
to fund pre-production activities at Imwelo. This innovative structure allows LVG to access non-
dilutive capital directly linked to future gold output, strengthening the Company’s balance sheet
while minimizing shareholder dilution.
The Imwelo Project
The Imwelo Project is a gold project located in northern Tanzania, immediately west of the Geita Gold
Mine of AngloGold Ashanti. The project is held under a 3.85 km² mining licence (ML538/2015) and is
subject to a 2% royalty to a previous owner.
An updated JORC-compliant pre-feasibility study was completed in 2021 by Measured Group Pty Ltd of
Australia, incorporating mine design, planning, scheduling, reserve estimation, and cost modeling. The
project resource comprises seven mineralized zones, wi th gold hosted in quartz -vein shear systems
amenable to open-pit mining. Mineralization remains open along strike and at depth, with drilling to date
only testing to an average of ~50m below surface.
The Company believes Imwelo offers significant “blue-sky” potential to expand the mineralized footprint
and ultimately define a current mineral resource and reserves to extend mine life.
Historical Resource Estimate
The following historical mineral resource estimate is derived from “Geology and Resource Estimate Report
– Imwelo Project, Tanzania, Lake Victoria Gold Limited”, prepared by Measured Group Pty Ltd (May 31,
2017) in accordance with the 2012 JORC Code:
Classification Cutoff Grade
Au g /tonne Tonnes Gold Grade
g/tonne Ounce Gold
Measured 0.50g/t 414,000 3.15 42,000
Indicated 0.50g/t 1,530,300 1.95 95,700
Inferred 0.50g/t 2,781,500 1.56 153,900
(Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report – Imwelo Project,
Tanzania, Lake Victoria Gold Limited, May 2017)
- 3 -
The above noted Historical Resource Estimate dated 31 May 2017 is the last historical mineral resource
estimate on the Project and no more recent data is available to the Company. The Historical Resource
Estimate is based on a detailed review completed by LVG and Measured Group Pty Ltd. of local conditions.
It has incorporated LVG’s view of long- term metal prices, foreign exchange and cost assumptions, plus
mining and metallurgy performance to select cut -off grades and physical mining parameters. The cut -off
grade is based on a gold price of US$1,500 and an 88% metallurgical recovery is assumed in the calculation
of the cut-off grade.
A qualified person has not done sufficient work to classify the Historical Resource Estimate as current
mineral resources or mineral reserves. The Company is not treating the Historical Resource Estimate as
current, but believes it to be relevant to assessing the merits of the project. Significant work —including
additional drilling, sampling, and data verification—will be required before a current mineral resource can
be defined under NI 43-101 standards.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David
Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43- 101 – Standards of
Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.
About Lake Victoria Gold (LVG):
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX
Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company
is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria
Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and
is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo
Project which is a fully permitted gold project we st of AngloGold Ashanti’s Geita Gold Mine. With
historical resource estimates and a 2021 pre -feasibility study, the project is fully permitted for mine
construction and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating
mining projects in Africa with management, directors and partners owning more than 60% of the shares.
Notably, the Company is grateful for the validation that comes with the support and equity investment
from Barrick and recent strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas,
Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an
equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian
owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil
works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years
mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have
maintained long and successful relationships with companies s uch as Petra, De Beers, Barrick, and
AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a
company, Taifa is committed to adopting and adhering to the latest internationally recognized standards
throughout all aspects of its business.
On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
- 4 -
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: [email protected]
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward -looking information” within the meaning of applicable
Canadian securities legislation, including: future exploration and development plans with respect to the
Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for
the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the
concurrent financing, including the satisfaction of the closing conditions thereunder , and receipt of all
regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and
financing. All statements in this news release that address events or developments that we expect to occur
in the future are forward -looking statements. Forward- looking statements are statements that are not
historical facts and are generally, although not always, identified by words such as “expect”, “plan”,
“anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend”
or “believe” and similar expressions or their negative connotations, or that events or conditions “will”,
“would”, “may”, “could”, “should” or “might” occur. All such forward- looking statements are based
on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are
beyond LVG’s control, including risks associated with or related to: the completion of the acquisitio n of
the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory
approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in
tax laws; the dangers inherent in exploration, development and mining activities; the unce rtainty of
reserve and resource estimates; not achieving development or production, cost or other estimates; actual
exploration or development plans and costs differing materially from the Company’s estimates; the ability
to obtain and maintain any necessary permits, consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex regulations associated with mining
activities; climate change and climate change regulations; fluctuations in exchange rates; the availability
of financing; financing and debt activities; operations in foreign and developing countries and the
compliance with foreign laws, including those associated with operations in Tanzania and including risks
related to changes in foreig n laws and changing policies related to mining and local ownership
requirements or resource nationalization generally, including in response to the COVID -19 outbreak;
remote operations and the availability of adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages or cost increases in necessary
equipment, supplies and labour; regulatory, political and country risks, including local instability or acts
of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners;
challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions;
litigation risk; competition with other mining companies; community support for LVG’s operations,
- 5 -
including risks related to strikes and the halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information security threats; the ability to maintain
adequate internal controls over financial reporting as required by law; compliance with anti -corruption
laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks
disclosed in the Company’s public filings.
LVG’s forward-looking statements are based on the opinions and estimates of management and reflect
their current expectations regarding future events and operating performance and speak only as of the
date hereof. LVG does not assume any obligation to update forward -looking statements if circumstances
or management’s beliefs, expectations or opinions should change other than as required by applicable
law. There can be no assurance that forward- looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG
will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward -
looking statements.