Published: March 25, 2026 |

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Lake Victoria Gold released an update on its Tembo Project in northwestern Tanzania, following recent engagement with the Tanzanian Mining Commission regarding implementation of the government’s statutory participation.

The company’s Tanzanian subsidiary has received formal notice from the Mining Commission initiating the process to incorporate the government of Tanzania’s 16 percent non-dilutable free carried interest in the Tembo mining licenses, in accordance with the Mining Act and associated regulations.

In response, the company has commenced the process and is actively engaging with the government to implement this participation framework and advance the project toward development.

“The initiation of the government participation process is an important and positive step for Tembo, reflecting continued progress within Tanzania’s established regulatory framework. At the same time, we are nearing completion of a binding agreement with Nyati Resources, which has the potential to enable near-term production and cash flow,” said Marc Cernovitch, president and CEO of Lake Victoria Gold.

“Advancing these workstreams in parallel positions Tembo to transition from an exploration-stage asset toward development in a capital-efficient manner,” added Cernovitch.

Formal implementation of Tanzania’s statutory 16 percent free carried interest has been initiated, representing a standard and important step in advancing mining projects toward development. The company is in advanced-stage negotiations toward a binding agreement with Nyati Resources, to support near-term development and processing. The proposed Nyati partnership is expected to support toll milling and potential early-stage production.

The government participation process is a well-defined and customary component of Tanzania’s mining framework and represents a key step in transitioning Tembo toward development.

Importantly, this regulatory milestone is being advanced in parallel with near-term production planning, positioning Tembo to move forward on multiple fronts:
• Regulatory alignment and project de-risking
• Execution of a binding development partnership with Nyati
• Advancement toward potential initial gold production and cash flow
• Ongoing exploration to expand the broader resource base

This integrated approach supports a phased development model, where early production has the potential to fund future growth and unlock additional value across the Tembo project area.

Lake Victoria Gold is a rapidly growing gold exploration and development company. Leveraging its unique position and experience, the company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania. The company has a 100 perent interest in the Tembo project located adjacent to Barrick’s Bulyanhulu Mine. The company also holds a 100 percent interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. The company has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors, and partners owning more than 60 percent of the shares.

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