Lake Victoria Gold Secures Updated Environmental Approval, Strengthening Development Pathway at Imwelo

Core Viewpoint - Lake Victoria Gold Ltd. has received approval from the Tanzanian National Environment Management Council for the updated Environmental and Social Management Plan for the Imwelo Gold Project, allowing the project to advance under existing permits [1][2]. Project Overview - The Imwelo Gold Project is located in the Geita Region of northwestern Tanzania, near AngloGold Ashanti's Geita Gold Mine, and is fully permitted under a 10-year mining license [5][9]. - The updated Environmental and Social Management Plan (ESMP) includes mitigation measures for environmental and social impacts, community engagement, and monitoring commitments [3][4]. Management Commentary - The approval of the updated ESMP is seen as a significant milestone, confirming the project's environmental soundness and social responsibility [4]. - The management team is focused on practical steps to bring the Imwelo project into production, leveraging a straightforward mine plan and existing regional infrastructure [4]. Strategic Context - The project aims for first gold production within 12 months of commencing construction, supported by a positive Pre-Feasibility Study completed in 2021 [5][17]. - The average grade of the first development zone, Area C, is reported at 3.7 g/t Au, with historical intercepts indicating high-grade potential [6][8]. Historical Resource Estimate - The historical resource estimate includes 42,000 ounces measured at 3.15 g/t, 95,700 ounces indicated at 1.95 g/t, and 153,900 ounces inferred at 1.53 g/t [12]. - The resource estimate is based on a detailed review and is relevant for assessing the project's merits, although it is not classified as current [13]. Development Pathway - The project is designed as a low-capex starter open-pit mine, with potential for underground expansion [8][11]. - Preparatory works include ball mill refurbishment and planning for tailings and water storage, with strong community engagement embedded in the ESMP [15]. Partnerships and Funding - Strategic support has been secured from Taifa Group, a leading mining contractor in Tanzania, which will provide execution capability for the project [19]. - The company has executed a non-binding term sheet for a gold prepay financing facility to fund pre-production activities, minimizing shareholder dilution [15].