Tanzanian Mining Commission Approves Transfer of Mining License to Canadian Gold Company!

With effect from October 30, 2024, the Tanzanian Mining Commission has approved the transfer of the Imwelo Mining License (“ML”) to Tembo Gold Tanzania Limited, a wholly-owned subsidiary of Lake Victoria Gold Ltd. (TSX-V: LVG; FRA: E1K). Concurrent with the transfer, the authorities have extended the license by 10 years to 2035. With the transfer of the Imwelo mining license, LVG is well positioned to intensify its exploration, site preparation and development activities. LVG is in advanced negotiations for non-dilutive financing options to fully fund the CAPEX portion of the development costs for the Imwelo Project.

Completion of the acquisition of the Imwelo Project is formally subject to final approval by the TSX Venture Exchange. Upon satisfaction of the remaining conditions to the acquisition and the completion of the final engineering design of the Imwelo Project, the next tranche of the Taifa Group equity participation will be triggered, further supporting the development of the project. Pursuant to the existing August 2023 agreement between LVG and Taifa, Taifa will increase its equity participation in LVG by an additional 16 million units. The price per unit has been set at C$0.24, which would result in Lake Victoria Gold receiving C$3,840,000 in gross proceeds. Each unit will consist of one common share of LVG and one common share purchase warrant of LVG exercisable for a period of two years at a price of C$0.26 per share. Upon closing of this investment, LVG will enter into an additional mining services contract with Taifa pursuant to which Taifa will provide mining services to LVG’s project.

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Tanzanian Mining Commission approves transfer of Imwelo Mining License to Lake Victoria Gold!

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According to §34b WpHG and §48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, clients or employees of GOLDINVEST Consulting GmbH hold shares in Lake Victoria Gold and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. In addition, there is a contractual relationship between Lake Victoria Gold and GOLDINVEST Consulting GmbH, which involves GOLDINVEST Consulting GmbH reporting on Lake Victoria Gold. This is another clear conflict of interest.