Tanzania Gold Developer Hits 28.71 g/t Au at Planned Starter Pit, Launches Weathered-Ore Met Program
Research Report

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Disclosures for Atrium Research, Lake Victoria Gold, August 27, 2026

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On August 27, 2026, Ben Pirie and Nicholas Cortellucci, CFA, of Atrium Research reiterated a BUY rating and a CA$0.65 price target onLake Victoria Gold Ltd. (LVG:TSX.V; LVGLF:OTCQB; E1K:FSE), implying a 106% return to target from the August 27, 2026, share price of CA$0.32, following the release of high-grade, near-surface drill results and the launch of a metallurgical program at Area C, the planned initial open-pit mining area at the company's fully permitted Imwelo Gold Project in Tanzania.

Shallow, High-Grade Drilling at Area C

Lake Victoria Gold reported assay results from recent HQ diamond drilling at Area C, headlined by 28.71 grams per tonne (g/t) gold over 2.75 meters from 21.0 meters in hole IMWDR029 and 12.20 g/t gold over 4.5 meters from 32.0 meters in hole IMWDR028. Both intercepts sit within the highly weathered saprolitic and quartz-vein material that characterizes the area, with individual quartz-vein samples grading as high as 142.90 g/t and 124.83 g/t gold.

Additional results included 0.96 g/t gold over 2.5 meters from 21.9 meters in IMWDR031, incl. 3.73 g/t over 0.4 meters, and 0.70 g/t gold over 1.0 meter from 13.0 meters in IMWDR024. The eight HQ holes total 225 meters across roughly 240 meters of strike. Four of them — IMWDR025, IMWDR026, IMWDR027, and IMWDR030 — intersected voids where historical artisanal miners had already removed the shallow mineralized zone.

Metallurgical Testwork on Weathered Ore

Whole-core samples from all eight holes have been submitted to a laboratory to characterize the clay-rich, near-surface material and determine whether clay removal through scrubbing and screening will be required. The program tests three treatment conditions: untreated whole ore as a baseline, washing and desliming, and attrition scrubbing followed by desliming. Gravity recovery and cyanide leaching are being assessed across the relevant routes, supported by grind-sensitivity testwork at P80 of 125, 106, and 75 microns. The work builds on March results that confirmed free-milling metallurgy and recoveries of up to approximately 96-97% on transitional and fresh sulphide material.

The shallow weathered zone at Area C locally extends to roughly 40-60 meters depth and is expected to be free-dig, though its clay content changes how it behaves. The objective is to establish whether front-end clay-handling equipment materially improves performance before the final plant design is fixed, informing recovery, treatment rate, equipment selection, and capital scope.

Advancing Toward Construction

Area C is being progressed on several fronts simultaneously, including detailed pit design, grade-control planning, process optimization, and site development. Phase 1 earthworks have commenced, covering access-road improvements and preparation of the plant-site footprint, while the site camp and supporting infrastructure continue to advance. Once the weathered-ore testwork is complete, the company will select its preferred front-end treatment route, integrate it into the final flowsheet and plant design, then continue grade-control drilling and finalize the Area C pit design and production schedule.

Investment Case and Estimates

Atrium highlighted a clear path to production at the fully permitted Imwelo Project, now advancing through construction toward first gold in 2027, underpinned by high-grade, shallow ore at Area C. The analysts also pointed to the Tembo Project, a defined resource of approximately 580,000 ounces of gold adjacent to Barrick Mining Corp.'s (ABX:TSX; B:NYSE) Bulyanhulu Mine, with a potential near-term toll-milling route via Nyati and retained Barrick contingent payments of up to US$45 million. Additional support comes from exploration upside across the portfolio — Imwelo offers mine-life extension potential, and Tembo's 34 square kilometer package hosts 39 ranked targets that remain open along strike and at depth — as well as an experienced management team and strategic partners holding a combined ~39% of shares.

Atrium models no gold production in 2025A or 2026E, rising to 8,700 ounces in 2027E, generating net revenue of CA$38.7 million, cash flow of CA$8.9 million, and CFPS of CA$0.04, at cash costs of US$1,409 per ounce and AISC of US$2,033 per ounce. The firm's valuation places NAV at US$147.2 million, equating to 0.36x P/NAV and 8.2x 2027E P/CF. Market data cited in the note included 232.1 million fully diluted in-the-money shares, a market capitalization of CA$73.1 million, pro forma cash of CA$4.5 million, debt of CA$1.4 million, an enterprise value of CA$70.0 million, and an average daily TSXV volume of 375,900 shares.

Risks

The note carries forward-looking statements that involve risks and uncertainties, including competition, market demand and management's ability to correctly forecast financial estimates, with readers directed to the risk factors section of the company's MD&A. Atrium also disclosed that it receives cash compensation from Lake Victoria Gold for nine months of research coverage and that the report was disseminated on behalf of the company, while retaining full editorial control over its research content. Project-specific considerations include the presence of historical artisanal mining voids across half the drill holes and the unresolved question of whether clay-handling equipment will be needed at the plant's front end.

Analyst Outlook and Catalysts

The analysts wrote that the metallurgical work removes "one of the last major process unknowns" ahead of final plant design and reflects the sequenced execution that has de-risked the low-capex build at every stage. With Phase 1 earthworks underway and the new results feeding directly into pit design and plant configuration, they see Imwelo on track to deliver first gold in 2027 and expect continued progress to draw investor attention "as LVG transitions from developer to producer."

Upcoming catalysts identified in the note include a Nyati toll milling agreement and drill results at Tembo in Q3/26, ongoing Barrick progress and drilling results at Tembo, and commencement of construction at Imwelo in Q3/26.

Lake Victoria Gold is a gold exploration and development company listed on the TSX Venture Exchange, focused on growth and consolidation in the Lake Victoria Goldfield in Tanzania. Shares were cited at CA$0.32, implying a 106% return to Atrium's CA$0.65 target.