Junior Miner Confirms Promising Gold Zones in Tanzania

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 Ltd. 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 an update on the Q2 2025 exploration activities conducted on the licenses sold to Bulyanhulu Gold Mine Ltd. in a release on October 24.

Bulyanhulu acquired six licenses from LVG under an Asset Purchase Agreement in 2022. It is owned by Twiga Minerals Corp., a joint venture between Barrick Mining Corp. (ABX:TSX; B:NYSE) and the Government of Tanzania.

During Q2 2025, exploration focused on testing the granite-greenstone contact in the northwest using reverse circulation (RC) drilling, which was interpreted as prospective. Additionally, an aircore (AC) drilling plan was developed to test areas with a stratigraphic sequence similar to Bulyanhulu Mine, and a RC drilling program was planned to test geochemical anomalies identified in previous AC drilling programs.

"Barrick's methodical exploration is confirming the geological architecture we’ve interpreted on our license area," President and Chief Executive Officer Marc Cernovitch said. "As they advance, LVG benefits from both the direct geological insights and the potential for substantial contingent payments-creating a rare opportunity of value addition through a combination of near-term potential production development at Imwelo and the Tembo project, and discovery leverage through the (Bulyanhulu) exploration."

Executive Chairman and Chief Financial Officer Simon Benstead added, "We are encouraged to see Barrick's sustained exploration momentum and technical validation across the Tembo-area licenses. Their work continues to confirm the fertility of this part of the Lake Victoria Goldfields, where LVG remains a significant stakeholder through both our adjacent 100%-owned Tembo Project and the contingent upside tied to future discoveries."

Q2 2025 Highlights

The highlights included 12 reverse-circulation (RC) holes totaling 1,380 meters. The drilling targeted the granite-greenstone contact, identified in previous AC drilling, which was considered structurally favorable with possible dilation zones and returned anomalous gold in associated favorable geology.

That favorable geology was confirmed by drilling along the northwest-trending contact intersected mafic metavolcanics (greenstone) and quartz porphyry dykes, displaying weak to moderate deformation, associated silica-sericite alteration, and localized disseminated pyrite and quartz veining, promising for gold mineralization, the company said.

Rock-chip samples from artisanal workings near zones of strong chlorite-sericite alteration indicate the presence of potentially mineralized structures, the release continued. The results to date reinforce the geological continuity between the Bulyanhulu Mine and the Tembo Project area, validating LVG's long-standing interpretation of the belt's broader potential.

Under the Asset Purchase Agreement executed in 2022, LVG may receive up to US $45 million in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on these licenses.

Barrick’s Q3 2025 program focuses on ranking and prioritizing follow-up drill targets along the most prospective structural corridors defined by the Q2 results and earlier geochemical anomalies, LVG said in the release.

The company has highlighted several areas to monitor for future catalysts, including regular updates on drilling progress and initial assay results once they are received and validated.

Another potential catalyst is the anticipated closing of a joint venture (JV) with Nyati Resources, which has constructed a processing plant on a processing license within a non-prospective area at Lake Victoria's Tembo project. The company mentioned it is working on an agreement with Nyati to advance Tembo to production and has recently converted its prospecting licenses into mining licenses.

Key Positives

Key positives include that the Imwelo Project is fully permitted for development and that drilling of the first hole has begun, According to an AI-generated summary of the company’s news on Stock Titan.

However, reported negatives indicate that while Imwelo has undergone JORC-compliant preliminary economic assessment (PEA), prefeasibility (PFS), and updated PFS work, these studies are not current under National Instrument 43-101. The summary also points out risks typically associated with development-stage projects, such as the lack of a current NI 43-101 feasibility study, potential cost overruns, funding availability, and metallurgical or geotechnical challenges.

On September 18, Stock Titan reported that LVG had reached a pivotal agreement in principle with the Tanzanian government regarding the state's minimum 16% non-dilutable free carried interest in Imwelo. The framework includes a 6% royalty on gold production and a 1% export levy, with a reduced 4% royalty rate for minerals refined within the country. The agreement provides for the creation of a new joint venture company to oversee the development of the Imwelo Mining License, incorporating Tanzania’s requirement that at least 20% of gold production be refined and marketed domestically. "This development represents a crucial regulatory milestone for Lake Victoria Gold, positioning the company to advance toward construction and production phases," the site noted.

The Catalyst: Gold Down, But Nowhere Near Out

Following new record highs, metals experienced their steepest single-day declines in years, halting a months-long rally fueled by inflation concerns and central bank purchases, Arslan Ali reported for FX Empire on October 22.

This downturn was triggered by a stronger U.S. dollar and easing trade tensions between Washington and Beijing, leading traders to unwind their safe-haven positions.

"Gold had several attempts to break higher last week, but resistance near the upper range held firm," said David Morrison, senior market analyst at Trade Nation, according to Ali. "This correction may represent a healthy reset after an overextended run."

However, this doesn't mean the rally is over, as most major banks remain optimistic about gold's future.

JP Morgan analysts reaffirmed their positive outlook for gold on Thursday, forecasting that prices could average US$5,055 per ounce by the fourth quarter of 2026, as reported by Reuters on October 23.

This prediction is based on "demand assumptions that see investor demand and central bank buying averaging around 566 tons a quarter in 2026," according to a note from the bank. "Gold remains our highest conviction long for the year, and we see further upside as the market enters a Fed rate-cutting cycle," stated Natasha Kaneva, Head of Global Commodities Strategy at JP Morgan.

In addition, Bank of America maintained a long position with a target of US$6,000 per ounce by mid-2026, Ali's article noted.

Ownership and Share Structure¹

According to the company, about 28% is owned by management and insiders, institutions own 15%, shares issued for the acquisition of Imwelo include 12.3%, the TAIFA Group owns 8.2%, and Barrick owns 3%. The rest is retail.

Top shareholders include AIMS Asset Management with 9.28%, Rostam Aziz with 8.68%, Simon Charles Benstead with 7.91%, Concept Capital Management Ltd. with 6.18%, and Walter David Scott with 3.09%.

Its market cap is CA$32.25 million. It has 195 million shares outstanding, according to the company, and trades in a 52-week range of CA$0.13 and CA$0.25.