Lake Victoria Gold Advances Imwelo Phase 3 Land Programme Toward Final Approval and Compensation
TSXV: LVG | OTCQB: LVGLF | FRA: E1K
Lake Victoria Gold Limited announced that the statutory disclosure stage of the Phase 3 land valuation and compensation programme at its fully permitted Imwelo Gold Project in Chato District, Geita Region, Tanzania has been completed, according to the company.
The company stated that a large majority of Project Affected Persons ("PAPs") have signed the full statutory valuation documentation and are now positioned for compensation following completion, verification and approval of the final valuation report.
Key Highlights
- Disclosure meetings completed on September 7 and 8, 2026, with PAPs, Chato District authorities and the Imwelo Village Executive Office.
- Large majority of PAPs have completed and signed the required statutory valuation documentation, positioning them for compensation following final valuation approval.
- Approximately five weeks from programme commencement to completion of disclosure, which the company states reflects coordination among government authorities, community leadership and landholders.
- Programme scope expanded at the request of certain landholders, allowing the company to secure additional land that it anticipates may be required for future Project development.
- Final valuation report now being prepared by the government valuation team for endorsement by the Government Chief Valuer.
Disclosure Meeting and Site Verification
According to the company, the Phase 3 programme was announced on July 31, 2026 and commenced on August 1, 2026. Following field valuation, property inspection and land measurement, statutory disclosure meetings with PAPs were held on September 7 and 8, 2026 under the supervision of village leadership including the Village Executive Officer, and the Chairman of the village and hamlet.
During disclosure, each participating landholder was presented with the verified record of their property, provided the opportunity to confirm its accuracy and formally acknowledge the assessment prior to finalisation of the valuation, according to the company.
At the request of some PAPs, the site was revisited on September 8 to verify additional acreage and affected parties identified during the process.
PAPs completing disclosure signed the required statutory documentation, including the entry permit for inspection, property inspection form, Land Form No. 69, disclosure form and land measurement form. Completion of this step allows the company to proceed toward compensation following final valuation approval. The government valuation team continues to engage directly with the remaining PAPs, according to the company.
Programme Scope Expanded
The company stated that during the disclosure process, some landholders requested that Lake Victoria Gold acquire their properties in full, including portions outside the original Phase 3 programme boundary, as the remaining areas would have been insufficient to support their existing livelihoods. The company agreed to the requests.
According to the company, in addition to addressing the circumstances of the affected landholders, the expanded programme secures land that the company anticipates may be required as Imwelo develops, reducing the potential need for a separate land acquisition process in the future.
Statutory Process and Next Steps
Land valuation and compensation associated with mining operations in Tanzania is conducted through a prescribed statutory process involving landholders, local government authorities and qualified government valuers, according to the company. Compensation for disturbance of the rights of lawful occupiers of land in connection with mining operations is governed by the Mining Act, Cap. 123. The valuation framework and applicable allowances are established under the Land Act, Cap. 113, the Village Land Act, Cap. 114 and related regulations.
The company stated that the valuation is undertaken by registered government valuers and, under the Valuation and Valuers Registration Act, 2016 and the Valuation and Valuers (General) Regulations, 2018, the resulting valuation report is subject to endorsement by the Office of the Chief Government Valuer within the Ministry of Lands, Housing and Human Settlements Development before compensation is paid.
The government valuation team is now preparing the final Phase 3 valuation report. Once completed, the report will proceed through the required endorsement process, following which compensation can be made to eligible PAPs who have completed the required documentation. The company stated it will provide a further update as the programme advances.
Management Commentary
Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: "Land access is one of the areas where mining projects can lose significant time. At Imwelo, we have now completed three successive land programmes, and the process continues to demonstrate the value of a clear regulatory framework, effective coordination with government authorities and constructive engagement with the local community. The Phase 3 programme moved from commencement to disclosure in approximately five weeks, and that reflects the work of the officials, valuers, community leaders and landholders involved. We also responded when two families asked us to acquire their entire parcels because the land that would otherwise have remained was not sufficient to support their livelihoods. We believe that was the appropriate outcome for the families and for the Project. It is the standard of engagement we intend to maintain throughout Imwelo's development and across our operations."
Strategic/Operational Context
According to the company, with the disclosure stage now complete, Lake Victoria Gold continues to advance the remaining land, infrastructure and development activities required to move Imwelo toward construction. The company stated that the Phase 3 programme expands its available project footprint and supports planned accommodation, workshop and related site infrastructure, while providing additional flexibility for future development. The company continues to advance these workstreams in parallel as it prepares Imwelo for the next stage of development.
The company included a cautionary note stating that although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure, according to the company. Risks identified by the company include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.
The scientific and technical information contained in the press release was reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the company.
What to Watch Next
- Completion, verification and approval of the final Phase 3 valuation report by the government valuation team.
- Endorsement of the valuation report by the Government Chief Valuer.
- Compensation to eligible PAPs who have completed the required documentation, following final valuation approval.
- A further update from the company as the programme advances.
About Lake Victoria Gold
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.
The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a JORC Compliant 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.
LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and strategic partnership with Taifa Group.
Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.
ArcStone Financial Pulse Team
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