Fully Permitted Gold Project Clears Construction Hurdle

Sponsored:

Thursday, July 2, 2026

As gold prices hold near historically strong levels, investors continue looking beyond producers to companies advancing fully permitted projects toward construction. For developers, each engineering, financing, and execution milestone can meaningfully reduce project risk while bringing potential production closer to reality.

Shares of Lake Victoria Gold Ltd. (TSX-V: LVG) (OTCQB: LVGLF) are drawing attention Thursday after the company formalized a Tanzanian led Engineering, Procurement and Construction Management, or EPCM, team for its fully permitted Imwelo Gold Project, moving the project a step closer to construction.

The company's wholly owned Tanzanian subsidiary has appointed City Engineering Company Ltd. as primary EPCM contractor, working alongside Sutton Consulting International as international technical support partner. The structure received approval from Tanzania's Mining Commission on June 29 and complies with the country's Mining Local Content Regulations.

The new framework brings engineering, procurement planning, infrastructure design, mine planning support, and construction preparation under a single coordinated delivery model. Current work includes process plant optimization, geotechnical and hydrogeological studies, tailings and water infrastructure design, procurement support, and construction quality assurance.

President and Chief Executive Officer Marc Cernovitch described the approval as an important milestone in preparing Imwelo for construction, emphasizing the company's commitment to developing the project within Tanzania's local content framework while pairing domestic engineering leadership with international mining expertise.

City Engineering Company is a 100% Tanzanian owned engineering and environmental services firm with capabilities spanning geotechnical investigation, water resources, environmental services, and project management. Sutton Consulting brings extensive African mine development experience, including process plant design, mine planning, and EPCM management. As primary contractor, CECL holds the lead role as a qualifying Indigenous Tanzanian Company, while Sutton provides specialist technical review supported by an embedded knowledge transfer program.

Project advancement continues alongside financing activity, including the previously announced term sheet for a gold loan facility of up to approximately US$25 million with Monetary Metals, subject to customary conditions and regulatory approvals. Separately, the company closed the third and final tranche of its convertible debenture financing, bringing total proceeds to more than C$4.16 million. Those funds support engineering, mine planning, infrastructure preparation, and active field programs at Imwelo.

Lake Victoria Gold views Imwelo as a near term development opportunity within Tanzania's prolific Lake Victoria Goldfield, where it also holds the Tembo exploration project adjacent to Barrick's Bulyanhulu Mine. Management continues advancing the project toward construction while strengthening both its engineering capacity and financial position.

In Thursday morning trading, shares of LVG are up 5.8% to C$0.275, while the company's U.S. listed shares, LVGLF, are down 3.0% to $0.1861.

Sponsored: