Lake Victoria Gold Initiates Land Compensation Program at Tembo Project

Lake Victoria Gold Limited has initiated a land compensation program at the Tembo Gold Project in Tanzania, marking the first such program at the site. The program, covering 111.32 acres, includes 88.51 acres within the company’s mining license area and 22.81 acres associated with primary mining licenses held by Nyati Resources.

The area targeted by the compensation program is directly over the Ngula 1 deposit, which hosts a significant portion of the company’s maiden mineral resource estimate. According to the company’s technical report, Ngula 1 contains 8.12 million tonnes grading 1.03 g/t Au for 267,900 ounces of contained gold, and 1.78 million tonnes grading 1.10 g/t Au for 62,700 ounces of contained gold. These figures represent the majority of the inferred and indicated mineral resources at the Tembo project.

Lake Victoria Gold has submitted an application to the Geita District Council to appoint statutory valuation officers to conduct the compensation process. The company aims to complete this process by early October 2026. The application also covers the Nyati primary mining license area, which is part of the broader land access strategy at Tembo.

The company’s approach to land access is based on its experience at the Imwelo Gold Project, where it has successfully completed similar statutory processes. Marc Cernovitch, President and CEO of Lake Victoria Gold, emphasized the importance of securing land access early to avoid delays in future work programs.

The compensation program also supports the company’s toll-milling arrangement with Nyati Resources (T) Limited. Nyati’s 500-tonne-per-day processing plant will process material from Tembo, including from Ngula 1. Securing land access across both the MIPCCL and Nyati license areas positions the company to advance this pathway toward near-term production at Tembo, alongside its ongoing resource-conversion work at Ngula 1.

The Tembo project is located adjacent to Barrick’s Bulyanhulu Mine and is part of Lake Victoria Gold’s focus on the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The company holds four contiguous mining licenses over the Tembo area, which span the Geita, Nyang'hwale, and Kahama districts.

The company’s approach to land access and community engagement is seen as a proactive measure to avoid potential delays and maintain transparency. “There is no urgency forcing this. That is exactly the point. Doing land access properly, through the district authorities and the statutory valuation process, takes as long as it takes, and the way you avoid that becoming a problem is to start it early and run it transparently,” Cernovitch added.

The company’s forward-looking statements emphasize the importance of this process, noting that delays in land access can be a significant source of project delays in the sector. By initiating the compensation program early, Lake Victoria Gold aims to ensure smooth progress in its exploration and development activities at the Tembo project.