Lake Victoria Gold Confirms up to Approximately 97% Gold Recovery and Free-Milling Metallurgy at the Imwelo Gold Project

Core Viewpoint - Lake Victoria Gold Ltd. has announced positive metallurgical test results from the Imwelo Gold Project, indicating high gold recoveries and supporting the project's advancement towards near-term production in Tanzania's Lake Victoria Goldfield [2][19]. Metallurgical Test Results - The testwork confirms that mineralization at Imwelo is largely free-milling, with gold recoveries of approximately 96-97% using conventional gravity concentration and cyanide leaching [2][11]. - The results indicate that about 84% of gold is directly cyanide-leachable, confirming the deposit's non-refractory nature [15][12]. - A strong gravity recoverable gold component of approximately 42-47% was confirmed across multiple test programs [11][12]. Project Development Implications - The metallurgical results significantly de-risk the development pathway for the Imwelo Project, supporting robust project economics and relatively low processing risk [5][8]. - The results align closely with earlier metallurgical programs conducted in 2013, 2014, and 2017, providing a strong technical foundation for final plant design [7][19]. - The project is positioned as a low-risk, near-term gold production opportunity in one of Africa's most prolific gold districts [9][19]. Processing Characteristics - The results support a conventional gravity and carbon-in-leach (CIL) processing flowsheet, which is widely used in the region and expected to provide robust gold recoveries [17][12]. - The Bond Work Index testing returned a value of approximately 22.9 kWh/t, indicating moderate grinding energy requirements typical for deposits in the Lake Victoria Goldfield [18]. Management Commentary - The President & CEO of Lake Victoria Gold emphasized that these metallurgical results represent a significant milestone in advancing Imwelo toward production, confirming the strong gravity recoverable gold component and excellent cyanide recoveries [6][19].