Lake Victoria Gold Provides Update on Nyati Plant Construction and Progress Toward Binding Agreement

Core Viewpoint - Lake Victoria Gold Ltd. is advancing the construction of the Nyati processing facility in Tanzania and is in negotiations for a binding agreement to formalize a strategic partnership with Nyati Resources [1][8]. Group 1: Construction Progress - The Nyati processing facility includes a 120 tonne-per-day carbon-in-pulp (CIP) plant and a second larger unit with a capacity of over 500 tonnes per day, aiming for a total capacity exceeding 600 tonnes per day once fully commissioned [3]. - Construction is nearing completion, with commissioning expected to begin within 4-6 weeks, and final site preparations and equipment testing are currently underway [4]. - Key components of the facility, including the primary and secondary crushing circuits, mill feed bins, and leach circuit, have been installed and are undergoing final testing [7]. Group 2: Strategic Partnership - Lake Victoria Gold and Nyati Resources are in advanced negotiations for a binding agreement that will grant LVG exclusive rights to mill and process ore at the Nyati facility, supporting the development of nearby mining licenses [8]. - The proposed agreement will outline capital contributions and revenue sharing provisions, enhancing LVG's operational capabilities [8]. Group 3: Management Insights - The Managing Director of Tanzania, David Scott, highlighted the impressive scale and quality of the construction, indicating that the facility will be crucial for LVG's development strategy [2]. - The President & CEO of Lake Victoria Gold, Marc Cernovitch, emphasized that the progress at Nyati represents a key milestone in unlocking the value of Tanzanian assets through efficient development [9].