Lake Victoria Gold

What Lake Victoria Gold does

Lake Victoria Gold Ltd. is a publicly traded junior gold developer (TSX Venture Exchange: LVG; OTCQB) headquartered in Vancouver, Canada, with all of its operating activity in Tanzania. The company's stated focus is the advancement of the fully permitted Imwelo Gold Project, an open-pit gold mining project located in the Lake Victoria Goldfield of northwestern Tanzania approximately 12 km west of AngloGold Ashanti's Geita Gold Mine. A second 100%-owned project, the Tembo Project, sits earlier in the development pipeline. The company was founded in 2006, currently employs between 1 and 10 people, and is pre-revenue, targeting first gold production in 2027.

The company's core technology is conventional mineral processing: gravity concentration combined with cyanide leaching in a carbon-in-leach (CIL) circuit. Metallurgical testwork has validated recoveries of up to approximately 97%, with roughly 84% of gold directly cyanide-leachable (confirming free-milling, non-refractory mineralization) and a gravity-recoverable component of 42-47%. A 2026 drill program at Imwelo Area C completed 21 of 24 planned holes, confirming down-dip mineralization continuity and identifying extensions west and east of the planned open pit. Sterilization drilling is underway to support final infrastructure placement ahead of construction.

Lake Victoria Gold operates a sales-led business model targeting the sale of gold doré to international gold buyers, refiners, and commodity traders through standard market channels once production commences. Revenue mechanics are entirely forward-looking and contingent on achieving the 2027 production target. Capital is sourced through a US$25 million gold loan facility from Monetary Metals & Co. (15% interest, repayable in gold ounces) and a C$3.83 million convertible debenture. Strategic backers include Barrick Gold (equity investment) and Taifa Group (Tanzania's largest mining contractor, mining services partnership). The customer base is unbuilt and the segment strategy is horizontal: commodity-offtake rather than enterprise contracts.

Name

Lake Victoria Gold

Legal name

Lake Victoria Gold Ltd.

Website

https://lakevictoriagold.com

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

1–10 employees

Short description

Lake Victoria Gold is a Vancouver-based, publicly traded junior gold developer advancing the fully permitted Imwelo Gold Project in Tanzania's Lake Victoria Goldfield toward first gold production in 2027 using conventional gravity and CIL processing.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold mining
• Mineral exploration
• Gold production
• Mining development
• Gold extraction

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Gold Production and Sales: Pre-revenue mining development company advancing toward gold production. Revenue will be generated through the sale of extracted gold dore from the Imwelo Gold Project. The company has secured financing including a US$25 million gold loan facility repayable in gold ounces matching the project's future production profile.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Lake Victoria Gold is a junior gold developer advancing two gold projects in Tanzania's Lake Victoria Goldfield: the fully permitted Imwelo Gold Project (open-pit gold mine targeting first production in 2027) and the Tembo Project. The Imwelo project uses conventional gravity concentration and cyanide leaching (CIL) processing with metallurgical testwork confirming up to approximately 97% gold recovery. The company is pre-revenue and intends to generate future revenue through sale of extracted gold dore to international buyers and refiners.

Product overview

Lake Victoria Gold is a gold mining and development company advancing two gold projects in Tanzania's Lake Victoria Goldfield: the fully permitted Imwelo Gold Project targeting first gold production in 2027, and the Tembo Project in earlier-stage development. The Imwelo Project uses conventional gravity and carbon-in-leach (CIL) processing with confirmed recovery rates of approximately 97%, while the company has secured funding including a US$25 million gold loan facility and C$3.8 million convertible debenture financing for development.

Differentiator

Problem solved

Functional benefit

Products and services

• Imwelo Gold Project A fully permitted open-pit gold mining project located in northwestern Tanzania's Lake Victoria Goldfield, approximately 12 km west of AngloGold Ashanti's Geita Gold Mine. The project uses conventional gravity concentration and cyanide leaching processing with metallurgical recovery rates of up to approximately 97%, targeting first gold production in 2027.
• Tembo Project

Quantifiable outcome

• 97% gold recovery rate using conventional gravity concentration and cyanide leaching
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered major and minor.

• Taifa GroupmajorStrategic or Co-development Partner · 17 June 2026Strategic partnership with Tanzania's largest mining contractor for the Imwelo Gold Project. Taifa Group provides mining contractor services supporting construction and future production operations.
• Nyati ResourcesminorStrategic or Co-development PartnerNegotiations ongoing with Nyati Resources for near-term development of the Tembo Project, potentially including a toll-milling agreement. Tanzania's government has formally begun incorporating its statutory 16% free-carried interest in the Tembo mining licences.
• Vectis CapitalminorGTM or Marketing PartnerEngaged for investor relations services at a cost of US$30,000 for an initial three-month term to manage communications and relationships with the investment community.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Shanta Gold: Single-asset gold producer in Tanzania with the New Luika mine in the Lupa Goldfield. Directly comparable as a Tanzania-focused gold producer with similar geology and jurisdiction dynamics, though further along the production curve than Lake Victoria Gold.
• Perseus Mining: Mid-tier African gold producer with the Edikan mine in Ghana and operations also spanning West and East Africa. Comparable as a multi-asset Africa-focused gold producer, with a more mature operating profile but similar jurisdictional exposure.
• Helio Resource Corporation: Junior gold explorer historically active in Tanzania with the SMP Gold Project in the Lupa Goldfield. Comparable as a smaller-cap Tanzania-focused gold developer, though at an earlier stage than Lake Victoria Gold's Imwelo asset.
• Kilo Goldmines: Junior gold explorer with assets in the Democratic Republic of Congo. Comparable as a small-cap African gold developer, though operating in a different jurisdiction with different risk profile.

Broad incumbents

• AngloGold Ashanti: Major gold producer operating the Geita Gold Mine in the Lake Victoria Goldfield, just 12 km from Lake Victoria Gold's Imwelo Project. Highly relevant as the geological neighbor validating the district's prospectivity, though much larger and diversified globally.
• Barrick Gold: One of the world's largest gold miners and an equity backer of Lake Victoria Gold's Imwelo Project. Operates the Bulyanhulu and North Mara mines in Tanzania, validating the jurisdiction and serving as both a peer and a strategic shareholder.
• Endeavour Mining: Senior African gold producer with multiple mines including operations in West Africa and recently in Côte d'Ivoire and Senegal. Relevant as a comparable Africa-focused mid-tier gold producer with broader geographic diversification than Lake Victoria Gold.
• B2Gold: Mid-tier gold producer with operating mines in Mali, Namibia, and the Philippines. Comparable as a multi-jurisdiction gold producer with African operational exposure, though more advanced along the development curve.
• IAMGOLD: Mid-tier gold producer with the Essakane mine in Burkina Faso and development projects across West Africa and Canada. Comparable as a gold producer with African exposure and a development pipeline.

Others

• Equinox Gold: Multi-asset gold producer with operations primarily in the Americas and Brazil. Relevant as a comparable intermediate gold producer transitioning from developer to producer, though with limited direct African overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/lakevicgold
• LinkedInlinkedin.com/company/tembogold

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lake Victoria Gold