Issued on behalf of Lake Victoria Gold Ltd.

With production potentially as soon as 12 months away, Barrick and Tanzania’s richest man already onboard, discovery-scale exploration upside, and no cheap paper, Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) may be the next East African gold breakout story.

Gold is moving, and not like usual. This time is different.

It’s hitting new all-time highs; recently blasting through $3,000 per ounce, for the first time ever[1]… And it’s not done climbing.

Experts in the sector are pointing towards the “very sharp, steep trajectory” at which central banks are buying up gold bullion—and predicting the result will be $4,000-per-ounce gold, or more.[2]

These central banks know something retail investors are just starting to figure out:

We’re not just in a gold bull market. We’re in a gold reshuffling.

And when normally gold’s role as a safe haven follows US dollar volatility, this time things are a bit different.

BOTH the US dollar and gold are rising on current geopolitical risks[3]

This is rare. Incredibly rare.

It’s also a signal that investors—especially critical thinking ones—are repositioning.

But here’s the part many retail investors miss:

The real upside isn’t in bullion. It’s in the equities.

Specifically, the right kind of gold stock.

Not a bloated large-cap with flat production.
Not a flaky exploration flyer with no cash.

But a small-cap company on the edge of a major shift.

One that’s moving from explorer… to producer.

When the valuation floor rises, and investors who got in early don’t just get upside… They get leverage.

In this report we believe we’ve identified the perfect candidate.

Lake Victoria Gold (LVG) (TSXV:LVG) (OTCQB:LVGLF)

Lake Victoria Gold (LVG) (TSXV:LVG) (OTCQB:LVGLF) isn’t on most radars. That’s NOT by accident.

It’s been quietly positioning for over a year.

Securing permits, finalizing partnerships, and locking in a rare capital structure that leaves nothing on the table for paper flippers.

And now with funding commitments in place, construction is about to start, and first gold production is potentially less than 12 months away.

Seriously.

If you want to see a vote of confidence in this plan, look no further than the world’s second largest gold miner (Barrick Gold) that’s already on the cap table. So is the most powerful businessman in the country it operates in.

And yet, despite these two parties having infinitely more resources to perform due diligence in the project, this company still trades below where both of them bought in.

This is the kind of setup smart money looks for: Right before a junior becomes a producer, and more importantly… right before the rest of the market catches up.

In this special report, we’re going to break it all down.

You’ll see why Lake Victoria Gold (TSXV:LVG) (OTCQB:LVGLF) may be the next TRX Gold.

How its strategic position in East Africa could drive a full rerate.
And why Barrick Gold may already have a bigger plan in mind.

If you’ve been looking for a real gold story in a real bull market… This is the one to watch.

Scroll down for the full breakdown, on why NOW is the perfect time for LVG to begin its breakout story.

Top 7 Reasons to Put Lake Victoria Gold (TSXV:LVG) (OTCQB:LVGLF) on Your Radar TODAY

Production Is Less Than 12 Months Away

Flagship asset Imwelo is fully permitted and construction underway.
A 10-year mining license is secured.
The water tank is built.
A deposit on the ball mill has been made.
And a term sheet signed for 7,000-ounce gold pre-pay deal has the project nearly fully funded.

Backed by the Most Powerful Man in Tanzanian Mining

Rostam Aziz—Tanzania’s richest man—isn’t just investing.
His company, Taifa Mining, is the principal mining contractor to the mine.
They’re the go-to partner for AngloGold, De Beers, Petra… and Barrick.
This is the highest level of local support a mine can get.

Barrick Is Already a Shareholder

The world’s #2 gold producer owns 5.5 million shares of LVG.
They bought in at $0.27 per share.
They’re also exploring right next door at Bulyanhulu.
LVG still holds up to $45 million in contingent payments if Barrick hits on sold ground.

Tembo Adds Pure Exploration Torque

Located directly adjacent to a 20-million-ounce Tier 1 gold mine.
Over 50,000 meters of drilling with standout results like 22.18 g/t over 15m (Ngula 1), 78.1 g/t over 1.00m (Nyakagwe Village) and 25.00 g/t over 0.42m within 8.44 g/t over 1.30m (Nyakagwe East).
Represents a second vector of upside—discovery potential alongside production.
With the majors already watching next door, Tembo could become a highly strategic asset.

A Share Structure Built for a Rerate

No warrants.
No cheap paper.
Over 80% of shares are held by insiders, partners, and long-term hands.
Management owns stock and built the cap table to reward execution—not hype.

Tanzania Is the New Epicenter for African Gold

West Africa is getting riskier.
East Africa, especially Tanzania, is attracting the majors.
The country has 60 years of stable democracy, English common law, and pro-mining policies.
TRX Gold proved it’s possible to go from zero to cash flow here. LVG is next.

Nobody’s Watching—Yet

LVG intentionally stayed quiet while locking down permits and financing.
Now, it’s ready to move.
Barrick and Taifa are already in.
Gold is over $3,000.
And this stock is still flying below the radar.

A Rare, Undiscovered Gold Producer in the Making

Until now Lake Victoria Gold has made a conscious decision to stay quiet while it handled the real work, such as securing permits, landing high-level partners, negotiating major financing, and de-risking the project… step by step.

They weren’t chasing newsletter hype. They were building.
And now, that quiet phase is officially over.

LVG is moving forward—with construction started and production in sight. This isn’t just another junior hoping to raise more money. It’s one of the rare few actually becoming a gold producer.

And that’s where this story shifts from speculation… to execution.

In fact, LVG looks a lot like TRX Gold did in its early days. TRX proved it was possible to build a mine in Tanzania, pour gold, and re-rate from a microcap to over $300 million in market cap. It went from sub-$0.20 to over $1.30 a share.

TRX built its production base just 20 kilometers south of LVG.

They followed the same open pit to underground plan. They moved fast, executed cleanly, and attracted major attention.

But here’s where LVG has a clear edge: Its share structure is tighter; Its insider ownership is stronger; And its partners may be even more powerful.

Where TRX showed what was possible… LVG is now showing what’s next.

Why East Africa Is the New Epicenter of African Gold

For decades, West Africa was the hotbed for gold investment—Mali, Burkina Faso, Ghana, Côte d’Ivoire. But lately, something’s shifted.

A wave of political instability and military coups has made West Africa harder to justify for institutional capital. ESG concerns, resource nationalism, and safety risks are climbing.

Majors are quietly repositioning. And East Africa is emerging as the next chapter. At the center of that shift is Tanzania.

Tanzania: A Stable, Pro-Mining Nation

Tanzania has more than 60 years of peaceful democratic governance, follows English common law, and is quickly becoming one of the most mining-friendly regimes in Africa.

The country is making an aggressive push to grow its gold sector, and Barrick Gold’s over US$4 billion in contributions to Tanzania’s economy continue to contribute to the story.[4]

And the results are showing.

The Majors Are All In

Barrick Gold has designated Tanzania as home to its flagship “Tier 1” assets.
Its Bulyanhulu and North Mara mines are two of the highest-grade gold producers in the region.

In 2023 alone, Barrick invested over $600 million in Tanzania.

AngloGold Ashanti is expanding its footprint in the country. So are smaller producers like Shanta Gold and TRX Gold.

Why?

Because Tanzania’s geology is vastly underexplored. Its greenstone belts are the same age and type as West Africa’s—but have seen only a fraction of the drilling.

This is true “elephant country,” and the herd is still largely hidden.

TRX Gold Proved It’s Possible

TRX Gold, just 20 kilometers south of Lake Victoria Gold, showed that it’s possible to go from junior to producer right here. Its Buckreef project is now pouring gold.

The stock re-rated as it hit key milestones—without needing to exit the country or change jurisdictions. Investors took notice.

Now the question isn’t whether East Africa can deliver gold… It’s which company will be next.

Why This Matters for LVG

Lake Victoria Gold is next in line. Its Imwelo and Tembo projects sit right in the heart of the Lake Victoria Goldfields.

It’s adjacent to Barrick, strategically backed by Taifa Mining, and advancing fast.

Imwelo — Fully Permitted, Shovel-Ready, Cash Flow potentially in 12 Months

Some gold juniors are still trying to get permits—Lake Victoria Gold already has one.

The Imwelo project is fully permitted. A 10-year mining license was granted by the Tanzanian government late last year.[5]

Construction has already started. A 300,000-liter water tank is built. Site infrastructure is underway. The long-lead ball mill has been secured and is being refurbished.[6]

Imwelo isn’t just drill holes on paper.
It’s a mine in progress.

Historical Resource Estimate: 291,600 Ounces

The Imwelo project benefits from significant prior investment. Two earlier pre-feasibility studies were completed under JORC compliant Australian operators.

That work outlined a historical mineral resource of 291,600 ounces of gold across measured, indicated, and inferred categories.

🚨 KEY WORD: HISTORICAL 🚨

Here’s the compliant language:
This estimate is considered historical in nature and does not conform to the standards required by National Instrument 43-101. A Qualified Person has not done sufficient work to classify the historical estimate as current, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Investors should not rely on this estimate for investment decisions.

Okay, so now that we’ve addressed that, Lake Victoria Gold is now taking the steps to validate and expand this work. The current updated drilling campaign is designed to bring the resource into current modern-day COMPLIANCE, and unlock the next phase of mine planning and economic modeling.

From Dirt to Gold in 12 Months

The full construction timeline is expected to take about one year, and the countdown has already started.

The contractor is in place. Site activity is underway. This is not a 5-year dream.
Imwelo is about to be built.

And it may be pouring its first gold in twelve months, with commissioning scheduled in May 2026.

BLUE SKY BONUS: Tembo — The Hidden Giant with Discovery-Scale Potential

While Imwelo is the near-term production engine for Lake Victoria Gold, Tembo represents the blue-sky upside.

In Swahili, “Tembo” means elephant, and that’s what LVG is still looking for… the ELEPHANT.

And with Imwelo underway, this elephant hunt will be underpinned by the solid foundation of cash flow along the way.

Located directly adjacent to the 20-million-ounce Bulyanhulu Mine, Tembo sits on the same prolific gold-bearing structures—and the geology doesn’t stop at the fence line.

The project has over 50,000 meters of historical drilling, with standout intercepts including:

18 g/t Au over 15.00m (Ngula 1 Target)
1 g/t Au over 1.00m (Nyakagwe Village Target)
25.00 g/t Au over 0.42m within 8.44 g/t over 1.30m (Nyakagwe East Target)

These are not speculative targets. They are high-grade zones with proven continuity that remain open at depth and along strike.

Tembo delivers the exploration firepower that most producers lack—giving LVG a powerful dual-path story:

Imwelo for near-term cash flow

Tembo for long-term resource expansion and optionality

And with Barrick operating just next door, the upside includes more than just drill results—it includes strategic optionality and potential corporate interest.

LVG is not just building a mine. It’s staking a long-term position in one of the most prospective gold corridors in East Africa.

Unique Financing Model — Fully Funded Without Toxic Dilution

What’s one of the biggest risks in junior mining? Dilution.

Far too often, juniors use the same strategy: Raise capital. Issue cheap shares. Repeat.

It destroys value for long-term investors.

But Lake Victoria Gold (TSXV:LVG) (OTCQB:LVGLF) did things differently.

Taifa Stepped In with a C$11.5M Investment[7]

Not a single massive lump sum. But a three-tranche strategic investment based on clear project milestones.[8]

This structure keeps the project funded and on track—without flooding the market with cheap paper.

Then Came the Gold Loan

Lake Victoria Gold signed a Term Sheet with Monetary Metals, a bullion-backed finance firm.
Under the agreement, LVG can borrow 7,000 ounces of gold to fund construction.[9]

Instead of fiat debt, investors lend bullion directly. The company repays in gold, after production begins.

It’s a rare model—non-dilutive and fully aligned with gold bulls. It’s brilliant, and surprising that more companies aren’t already doing this.

Now Nearly Fully Funded

Between the Taifa investment, the Monetary Metals gold loan….

Lake Victoria Gold is positioned as essentially funded for construction of the Imwelo mine.

No toxic convertibles. No predatory warrants. No endless private placements.

A Clean, Investor-First Structure

There are zero warrants outstanding. No legacy seed paper.

Approximately 80% of shares are in strong hands—held by management, insiders, and long-term aligned investors.

The stock is trading in the $0.16 to $0.18 range.

That’s below Taifa’s entry price of $0.22, and well below Barrick’s $0.27 buy-in.

This isn’t a trade… It’s a setup.

The kind that serious investors look for—Before the rerate begins.

A Deep Bench — Barrick Vets, Seamless Operators, and Mining Veterans

With over 200 years of collective mining and capital markets success, Lake Victoria Gold has done this before—on the ground, in Africa, and inside world-class gold camps.

Marc Cernovitch – CEO & Director

Capital markets strategist.
25+ years helping small and mid-cap companies secure financing, execute M&A, and scale growth.
He’s been the engine behind multiple public market success stories across resources and tech.

Simon Benstead – Executive Chairman & CFO

Former institutional trader at Merrill Lynch and BMO Capital Markets.
Built resource-focused equity desks and managed capital for the biggest names in the business.
Now he’s LVG’s largest individual shareholder—with skin in the game and a deep Rolodex.

Seth Dickinson – COO & Director

Built mines. Operated mines. Delivered ahead of schedule.
He developed Imwelo under its prior Australian owner—now he’s back to finish the job.
Holds a First Class Mine Manager’s ticket for open pit and underground operations.

David Scott – Managing Director, Tanzania

A Tanzanian veteran with over 40 years in African geology. 22 years in-country.
Former Technical Services Manager for Barrick Gold at the Bulyanhulu Mine, directly next to Tembo.

Ian Stalker – Senior Advisor

Led the turnaround of K92 Mining, growing it from a $2M acquisition into a C$2B success.
Has raised over $700M for mining projects.
Built and operated mines for Gold Fields, Ashanti, and more.

Others Worth Watching

Hendrik Meiring – former senior geologist for Ivanhoe, Barrick, and Endeavour
Frank Hoegel – European capital markets and asset management specialist
Bob Foster – renowned exploration geologist with 40+ years across Africa
Emma Priestley – mining engineer, former Lonrho & GoldStone CEO with deep African operations experience

The Barrick Angle — And Why This Looks Like a Classic Takeout Setup

Barrick Gold doesn’t take passive positions. When they write a check, they have a reason.

They now own 5.5 million shares of Lake Victoria Gold, bought at $0.27 per share.[10]

That’s above the current market price… And well above where most retail investors can buy in today.

Tembo Sits Right Next Door to Bulyanhulu

This isn’t metaphorical proximity.

The Tembo project shares a literal border with Barrick’s Bulyanhulu Mine—a 20-million-ounce deposit and one of the highest-grade gold mines in the world.

The geology continues across the fence line. And the trend that made Buly famous cuts straight into Tembo.

That makes Tembo the most obvious bolt-on acquisition candidate in the region.

And Barrick’s Already Exploring the Ground

In 2022, Lake Victoria Gold sold six licenses to Barrick.

In return, Barrick agreed to fund up to US$9 million in exploration and pay up to US$45 million in contingent payments based on new discoveries.[11]

The earnout works on a sliding scale:

$20/oz for the first million ounces
$10/oz for the second
$5/oz for the next three million

That’s a long-term earn-in… and a strong incentive. LVG still owns the upside—without spending the drilling budget.

Barrick Doesn’t Waste Bullets

They’re the world’s top gold miner for a reason. They don’t gamble. They don’t take flyers.

And they don’t build relationships they don’t plan to grow.

They’ve picked their partner in this region. It’s Lake Victoria Gold.

And when you factor in that Rostam Aziz—Tanzania’s richest man and political insider—is helping build Imwelo? Then factor in the “have your cake and eat it too” element of discovery-scale potential from Tembo?

This starts to look a lot like a staged takeover.

A Setup That’s Hard to Ignore

World-class asset next to Bulyanhulu
Strategic earn-in with upside triggers
Equity position already taken
Shared history through team members
Local buy-in at the highest level

If Lake Victoria Gold hits its milestones…
And Imwelo pours first gold as planned…
While Tembo provides the exploration upside…
There’s only one logical acquirer.
And they’re already on the cap table… Barrick Gold.

A Sector-Wide Opportunity That Few Are Watching Yet

When Lake Victoria Gold announced its acquisition of Imwelo back in late 2023…

Gold was trading around $2,000 an ounce. Today, it’s over $3,000.[12]

That’s a full $1,000/oz swing in the company’s favor.

And yet?

The stock is still trading under $0.20.

Meanwhile, M&A Activity Is Heating Up Across Africa

Major producers are racing to secure ounces in safer jurisdictions.
West Africa is bleeding capital due to rising political risk.
East Africa is now the smart-money move.

In just the past 18 months:

BHP invested $100 million in Tanzania’s Kabanga Nickel Project
Perseus Mining bought OreCorp for access the Nyanzaga gold project which began feasibility studies mid-2024[13]
Barrick has invested $4.25 billion into Tanzania so far[14]

Key Takeaways for Investors

✅ Near-Term Production Potential Is Real
Imwelo is fully permitted with construction underway.
First gold is expected in less than 12 months.

✅ Strategic Partnerships Are Locked In
Mining contracted to Taifa Mining, operated locally, and aligned with Barrick Gold.
Political, technical, and execution risks are dramatically reduced.

✅ A Clean Cap Table Built for Growth
No warrants. No free paper.
80% of shares held by insiders and long-term holders.

✅ Tanzania Is the New African Gold Hub
Capital is fleeing West Africa.
Tanzania is stable, pro-mining, and full of underexplored gold belts.

✅ Undervalued, Undiscovered, and Unfolding Fast
Still trading below Barrick’s and Taifa’s entry prices.
The market hasn’t caught on yet.

✅ Exploration Upside Could Drive the Next Rerate

Tembo sits beside a 20Moz Tier 1 mine and has returned high-grade hits in historical (non-43-101) drilling.
It gives LVG blue-sky potential—layered on top of its near-term production path.

Stay Ahead of the Market

Lake Victoria Gold (TSXV:LVG) (OTCQB:LVGLF) is executing quietly—for now.

But construction is underway, milestones are stacking up, exploration upside is planned, and when first gold is poured, the market will notice.

Don’t wait for the headlines.

Sign up below to get timely updates on news releases, drill results, development milestones, and insider commentary.

This is your chance to follow a gold story before the street catches on.

Get on the list and stay one step ahead.

[Sign Up for LVG Updates]

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Baystreet.ca Media Corp. (“BMC”). BMC has been paid a fee for Lake Victoria Gold Ltd. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Lake Victoria Gold Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of BMC own shares of Lake Victoria Gold Ltd. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by BMC has been approved by Lake Victoria Gold Ltd.; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

SOURCES CITED:

[1] https://www.bloomberg.com/news/articles/2025-03-14/gold-breaks-through-3-000-as-trump-turbocharges-record-rally

[2] https://www.mining.com/gold-price-could-reach-4000-on-central-bank-demand-says-doublelines-gundlach/

[3] https://www.equiti.com/sc-en/news/market-news/dollar-and-gold-rise-on-geopolitical-risks/

[4] https://africanreview.com/mining/barrick-gold-drives-tanzania-s-mining-growth

[5] https://lakevictoriagold.com/lake-victoria-gold-announces-completion-of-10-year-renewal-and-transfer-of-imwelo-mining-license/

[6] LVG Toronto March 2025 Presentation

[7] https://lakevictoriagold.com/with-the-support-of-new-strategic-partner-taifa-group-tembo-to-change-name-and-reposition-for-growth-and-consolidation-in-tanzania/

[8] https://lakevictoriagold.com/lake-victoria-gold-announces-the-completion-of-its-acquisition-of-the-imwelo-mining-license-and-3520000-concurrent-private-placement/

[9] https://lakevictoriagold.com/lake-victoria-gold-signs-term-sheet-for-up-to-7000-ounces-gold-pre-pay-forward-purchase-facility/

[10] LVG Q1 2025 Toronto March2025 Presentation

[11] https://lakevictoriagold.com/update-on-exploration-of-licences-adjacent-to-the-tembo-project-acquired-by-barrick/