Tanzania-Focused Gold Developer's Sterilization Drilling Clears the Way for Construction
Research Report

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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Disclosures for Atrium Research, Lake Victoria Gold, June 23, 2026

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On June 23, 2026, Ben Pirie and Nicholas Cortellucci, CFA of Atrium Research, reiterated a BUY rating and CA$0.50 target price on Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE), implying 85% upside from the June 23, 2026, closing price of CA$0.27, following the completion of a sterilization drill program at the company's fully permitted Imwelo Gold Project in Tanzania. The analysts view the program as another derisking step as Imwelo advances toward construction.

Sterilization Drilling Clears Construction Footprints

The program confirmed that the proposed process plant and accommodation/man-camp footprints are clear of significant gold mineralization, allowing construction to proceed without burying potentially economic ore. Sterilization drilling is a standard pre-construction practice used to verify that no economically significant mineralization sits beneath permanent infrastructure. In total, 23 holes were completed — 12 beneath the proposed process plant and 11 beneath the proposed accommodation/man-camp area. Results were interpreted alongside the regional total magnetic intensity survey, which confirmed that the known mineralized trend lies south of and clear of the planned infrastructure. Drilling also identified a continuous 3–5m clay horizon across the plant area, providing input for foundation and civil design. The work supports Phase 1 construction preparations — including site clearing, access road upgrades, and camp installation — as the company advances EPCM planning and infrastructure procurement.

Leadership and Financing Updates

On June 16, LVG strengthened its Tanzanian team by appointing Joseph Ntiga as Acting CFO, Tanzania, and Cosmas Tungaraza as Compliance Officer, adding senior mining finance experience and expertise in local content, regulatory reporting, and tenement administration.

On the financing side, the company closed a non-brokered convertible debenture financing across two tranches for aggregate gross proceeds of CA$3.8M, comprising a first tranche of roughly CA$3.5M (closed May 11) and a second tranche of about CA$300K (closed May 20). The debentures bear interest at 5% per annum, mature 36 months from issuance, and are convertible at CA$0.30/share.

Geotechnical Results Support Area C Pit Design

The sterilization work follows a geotechnical review reported on May 7 that fed the pit slope design at Area C. The nine-hole program — involving core logging, sampling, laboratory testing, and preliminary slope stability analysis — confirmed "strong to very strong rock" at depth, with basalt, porphyritic basalt, and granite returning UCS values of up to roughly 166 MPa, supporting potentially steeper slopes in fresh rock.

The oxidized saprock zone extending to about 60m requires more conservative slope angles. Importantly, near-surface oxide material is expected to be "free-digging without blasting," supporting lower early-stage mining costs and helping offset flatter slope angles. These parameters are being incorporated into a revised Area C pit design.

Valuation, Outlook, and Risks

Atrium highlights a clear path to production at the fully permitted Imwelo project, with construction expected in 2026 and first gold targeted for 2027. The firm models 2027E gold production of 8.7 Koz, net revenue of CA$38.7M, cash flow of CA$8.8M, cash costs of US$1,378/oz, and AISC of US$2,002/oz. Against a NAV of US$155.6M, LVG trades at 0.28x P/NAV and 7.1x 2027E P/CF, with a market capitalization of CA$62.7M and an enterprise value of CA$59.5M. Beyond Imwelo, the analysts point to asymmetric upside from the Tembo project, where a partnership with Barrick carries up to US$45M in contingent cash payments tied to exploration success, with targets adjacent to Barrick's 12Moz Bulyanhulu Mine.

Management and strategic partners hold a combined ~39% of shares. Key catalysts include ongoing Barrick progress and drilling results at Tembo and Imwelo construction commencement in Q3/2026. Investors should note that LVG remains a pre-production developer subject to construction, financing, and execution risk, and that Atrium is receiving cash compensation from Lake Victoria Gold for nine months of research coverage, with the report disseminated on the company's behalf.