Gold Co. Confirms 97% Gold Recovery at Imwelo, Construction on Track for 2026 as Key Catalysts Approach
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Disclosures for Atrium Research, Lake Victoria Gold Ltd., Marhc 18, 2026

Atrium Research is receiving cash compensation from Lake Victoria Gold for nine months of research coverage. This report was disseminated on behalf of Lake Victoria Gold. Readers should refer to the full disclosures on the back page of the original report.

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On March 18, 2026, Atrium Research analysts Ben Pirie and Nicholas Cortellucci, CFA, maintained their BUY rating and CA$0.50 target price on Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE), citing metallurgical testwork results that further de-risk the company's Imwelo Gold Project ahead of planned construction later this year.

Lake Victoria Gold announced results from metallurgy testing on drill core samples from the recently completed Area C drilling program at its Imwelo Project in Tanzania. Testing yielded overall gold recoveries of up to approximately 96–97%, confirming that mineralization is suitable for free-milling via conventional gravity concentration and cyanide leaching. Approximately 84% of gold was found to be directly cyanide-leachable, with only minor sulphide or carbonaceous association, while gravity recoverable gold (GRG) testing confirmed a recovery component of approximately 42–47%, supporting early-stage recovery ahead of the carbon-in-leach (CIL) circuit. The proposed processing flowsheet includes primary crushing, grinding to a P80 of approximately 75 µm, gravity concentration via centrifugal concentrators, and cyanide leaching of gravity tails in a CIL circuit. Bond Work Index (BWI) testing returned approximately 22.9 kWh/t, indicating moderately hard fresh rock consistent with Archean greenstone deposits across the Lake Victoria Goldfield.

The analysts noted that these results are highly consistent with earlier metallurgical programs conducted in 2013, 2014, and 2017, which primarily focused on oxide material. The current program extended evaluation to transitional and fresh sulphide material representing the deeper planned mining sequence, with recoveries broadly in line with historical work. This consistency significantly increases confidence in the expected processing plant performance. LVG is now integrating the results into final mine planning, process plant design optimization, production scheduling, and ongoing engineering studies, with construction targeted for later in 2026 and first gold production expected in 2027.

Atrium noted several strategic strengths underpinning their positive outlook on the company. The Imwelo Gold Project is fully permitted, providing a clear near-term path to production and cash flow visibility. The company's partnership with Barrick Mining Corp. (ABX:TSX; B:NYSE) at the Tembo Project offers potential upside of up to US$45 million in contingent cash payments tied to exploration success, with Barrick progress and drilling results described as an ongoing catalyst. Additionally, management and strategic partners collectively own approximately 39% of shares outstanding.

On a valuation basis, Atrium estimates a net asset value (NAV) of US$160.1 million, with the stock currently trading at 0.24x NAV. The firm projects 2027 gold production of 8,700 ounces at cash costs of US$1,427 per ounce and an all-in sustaining cost (AISC) of US$2,050 per ounce, generating an estimated cash flow of CA$9.0 million or CA$0.04 per share. At a current share price of CA$0.26, the analysts' CA$0.50 target price implies a potential return of approximately 96%. The company's market capitalization stands at approximately CA$53.7 million, with an enterprise value of CA$51.0 million, pro forma cash of CA$3.9 million, and debt of CA$1.2 million.

Atrium noted that Imwelo is located approximately 12 kilometres west of AngloGold Ashanti's 9 million ounce-plus Geita Gold Mine, situating the project within one of Africa's most prolific gold districts. Key upcoming catalysts identified by the analysts include ongoing Barrick progress and drilling results at the Tembo Project and commencement of Imwelo construction, expected in Q2–Q3 2026.