Gold Developer Strengthens Team to Advance Tanzania Gold Project

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.\
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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 it has strengthened its in-country leadership team in Tanzania as the company progresses its fully permitted Imwelo Gold Project towards construction, development, and production readiness, a June 16 release reported.

In a strategic move, LVG has appointed Joseph Ntiga as the acting chief financial officer for Tanzania and Cosmas Tungaraza as the compliance officer.

Ntiga joins the team with a wealth of experience in the mining sector finance, bringing skills in financial control at the mine level, statutory reporting, budgeting, tax compliance, internal controls, and board-level reporting, the company said.

On the other hand, Cosmas Tungaraza enhances the team with his direct experience in Tanzanian mining compliance, including expertise in local content planning and reporting, submissions to the Mining Commission, tenement administration, and CSR (corporate social responsibility) planning.

"The expanded in-country team is expected to support LVG's growing operational requirements as Imwelo advances through detailed planning, procurement, site preparation and development activities," the release said. "The appointments reinforce LVG's commitment to building local management capacity and ensuring that development activities are structured in accordance with Tanzanian regulatory and local content requirements."

The bolstered team is set to enhance financial governance, improve cost control, oversee procurement, and ensure compliance reporting, the company said. Additionally, the team will coordinate closely with Tanzanian authorities as LVG prioritizes the development of the Imwelo project while also maintaining disciplined oversight of its broader portfolio in Tanzania, including the Tembo Project.

"As LVG advances Imwelo toward construction, development, and production, the strength of our Tanzanian team becomes increasingly important," President and Chief Executive Officer Marc Cernovitch said. "Joseph brings strong mine finance, reporting, and control experience, while Cosmas adds hands-on Tanzanian mining compliance and local content expertise. Together, they strengthen the operating platform we are building in Tanzania as Imwelo moves closer to development."

Imwelo, located in northwestern Tanzania, is a fully permitted gold project that LVG is prioritizing as its near-term production platform. The project is currently in stages of engineering, financing, procurement, site access, infrastructure planning, and development readiness. Alongside Imwelo, LVG continues to develop the Tembo Project, a significant gold asset adjacent to Barrick's Bulyanhulu Mine in the Lake Victoria Goldfield. Tembo, supported by extensive historical drilling and multiple priority targets, remains a strategic asset with considerable exploration potential and near-term production opportunities.

LVG said it is committed to advancing a Tanzanian-led operating structure, believing that strong local leadership in finance, compliance, procurement, and operations is crucial for the efficient and responsible advancement of the Imwelo project. The expanded in-country team will collaborate with LVG's technical, engineering, and development partners to continue progressing project financing, detailed planning, procurement preparation, local content alignment, and construction readiness activities.

Non-Brokered Private Placement Designated for Imwelo Development

Lake Victoria Gold recently announced the successful completion of the second tranche of a non-brokered private placement of unsecured convertible debentures, which raised CA$300,000, as stated in a May 20 press release.

That funding round brought the total gross proceeds from the financing initiative to CA$3,834,200. Due to strong investor interest, LVG is considering an expansion of the private placement to potentially reach up to CA$5,000,000, subject to approval from the TSX Venture Exchange and the completion of additional subscriptions.

The capital raised is designated for the continued development of Imwelo. Specifically, the funds will be used to support a range of ongoing activities at the site, including engineering, mine planning, infrastructure preparation, and active field programs.

"The continued support for this financing reflects growing confidence in Imwelo and our broader development strategy in Tanzania," Cernovitch said at the time.

He highlighted the active progress at the site, mentioning that sterilization drilling began on May 12 to aid in final infrastructure placement and detailed site engineering.

Analyst: Drilling Campaign to Optimally Position Infrastructure

In a comprehensive analysis dated May 6, Atrium Analyst Ben Pirie emphasized the significance of the ongoing sterilization drilling at Lake Victoria Gold Ltd. (LVG). Pirie explained, "For context, sterilization drilling is a standard pre-construction step designed to confirm that planned facilities are not located over potentially mineralized material, ensuring infrastructure is optimally positioned and avoiding sterilization of any near-surface ounces." He noted that the results from this three-week drilling initiative would greatly influence the final layout, engineering design, and development sequence of the site.

In addition to drilling, he noted that LVG is actively engaged in other crucial pre-construction activities including finalizing the pit design, mine planning and scheduling, conducting geotechnical and engineering assessments, analyzing slope stability, and advancing roadwork and site preparations, all essential for the upcoming construction phase.

Financially, LVG has raised its non-brokered convertible debenture financing from CA$3 million to CA$3.8 million due to robust investor interest, adjusting the conversion price to CA$0.30 per share. This adjustment coincides with the announcement of a US$25 million gold loan facility from Monetary Metals. Furthermore, LVG is implementing mandatory conversion rights on its 2024 debentures, converting the remaining CA$217,000 outstanding into shares at CA$0.18 per share. These financial strategies are designed to strengthen LVG's balance sheet and increase its flexibility as it nears the construction phase at Imwelo.

Looking forward, Pirie identified several key catalysts for LVG, including continued progress and drilling results from the Tembo Project in collaboration with Barrick, and the expected commencement of construction at Imwelo between the second and third quarters of 2026. He reaffirmed Atrium's Buy rating on LVG with a target price of CA$0.50, indicating a potential return of 79% at the time of the analysis.

On April 2, Analyst Alina Islam from Red Cloud Securities discussed the financial strategy behind the Imwelo project, aimed at minimizing shareholder dilution while securing substantial and largely non-dilutive capital for the project's advancement. Despite its modest size with an expected steady state production of 24,000 ounces of gold annually, Imwelo is strategically significant within the Lake Victoria Goldfield in Tanzania, according to Islam. She speculated that future cash flow from Imwelo could potentially support and enhance the company's Tembo project, which shares geological similarities with Barrick's 150,000 oz Au/yr Bulyanhulu mine.

Islam also highlighted that management is actively engaged in detailed negotiations with Nyati Resources (Private) regarding potential toll milling opportunities at Nyati's CIP plant, located on Lake Victoria's claims. The fully licensed Imwelo project, situated just 12 kilometers west of AngloGold Ashanti's Geita mine, boasts a 10-year mining license and has demonstrated gold recoveries as high as 97% using a standard gravity + CIL processing technique. While Red Cloud Securities currently does not assign a rating or target price to the stock, Islam emphasized that operational advancements at Imwelo and exploration successes at the Tembo project could significantly influence the company's stock price, suggesting that "advancing Imwelo towards a start-up to generate cash flow, and successful exploration at the Tembo project, should drive the stock price."

The Catalyst: Gold Volatile But Facing Steady Interest From Central Banks

In early U.S. trading on Tuesday, both spot gold and silver prices saw an increase, influenced by a continuation of the oil price sell-off following the U.S.-Iran deal, easing Treasury yields, and market positioning ahead of the Federal Reserve meeting scheduled for June 16-17, according to a report by Kitco News on June 16. At the time of writing, spot gold was trading at approximately US$4,343.20 an ounce, marking an increase of 0.81%, and spot silver was at US$70.47, up by 0.86%.

The broader market dynamics are still largely shaped by the interplay between energy prices and interest rates. Although May's inflation data kept the debate on Federal Reserve rates leaning towards restriction, the recent drop in crude oil prices from last week's highs — spurred by tensions in the Strait of Hormuz — has alleviated some inflation expectations, subsequently bolstering the appeal of precious metals, Kitco noted.

The Federal Open Market Committee (FOMC) meeting, which started Tuesday and is set to conclude Wednesday, is anticipated to be particularly significant. The focus will be on the updated Summary of Economic Projections, which is expected to provide clearer indications of the future interest rate path, overshadowing the actual decision on rates.

In geopolitical developments, the U.S. and Iran have reached a preliminary agreement to end their conflict and reopen the Strait of Hormuz, with further negotiations extended for 60 days. However, the deal faces complications as Israel has rejected a condition related to withdrawal from Lebanon, and the details of the agreement have not been disclosed publicly.

Also on June 16, Kitco's Neil Christensen wrote that central bank demand has significantly bolstered the gold market, driving prices to record highs at the beginning of the year. A recent report from the World Gold Council (WGC) forecasts that this robust demand from the official sector is likely to continue. The WGC's 2026 Central Bank Gold Reserves Survey, released on Tuesday, reveals that 89% of reserve managers anticipate an increase in global central bank gold holdings over the next 12 months. Notably, a record 45% of the respondents expect their own institutions to augment their gold reserves.

This survey marks a pivotal time for gold, which has recently overtaken U.S. Treasuries as the world's largest reserve asset, highlighting a significant shift in reserve management strategies among official institutions, Christensen noted.

In a discussion with Kitco News, Shaokai Fan, the Global Head of Central Banks at the World Gold Council, emphasized the enduring confidence in gold within the official sector. "Central banks are still very positive on gold. In fact, more positive than ever," Fan remarked. He pointed out that the proportion of respondents who plan to increase their gold reserves has climbed to a record 45% this year, up from 43% in 2025, despite the backdrop of ongoing geopolitical instability.

The survey indicates a growing perception of gold as a strategic monetary asset rather than merely a passive legacy holding among central bankers. According to the report, 84% of those surveyed believe that gold will constitute a larger share of global reserves in the next five years, while 74% foresee a decline in the U.S. dollar's share over the same period. These insights underscore a transformative trend in reserve management that has developed over the past decade, with central banks now purchasing an average of 1,000 tonnes of gold annually — double the rate of the previous decade.

Ownership and Share Structure¹

Approximately 28% is owned by management and insiders, institutions hold 15%, and strategic corporate investors (including Barrick Mining Corp. and the TAIFA Group) own 23%. The remainder is retail.

Top shareholders include AIMS Asset Management with 9.5%, Rostam Aziz with 8.02%, Simon Charles Benstead with 7.21%, Concept Capital Management Ltd. with 5.71%, and Walter David Scott with 3.01%.

The company's market cap is CA$56.86 million. It has 199.5 million shares outstanding, according to the company, and trades in a 52-week range of CA$0.16 to CA$0.36.