Lake Victoria Gold closed the second tranche of its non-brokered private placement of unsecured convertible debentures, raising C$3.83 million and proposing an upsized total of C$5 million pending exchange approval. Each debenture bears 5% semi-annual cash interest, matures in 36 months, is convertible at C$0.30 per share, and includes warrants exercisable at C$0.40. Concurrently, the company advanced a binding term sheet for a US$25 million gold loan facility with repayment in gold ounces to minimize equity dilution and align with Imwelo’s future production.

Sterilization drilling at the fully permitted Imwelo Gold Project commenced on May 12, 2026, to confirm suitability of infrastructure and waste placement areas. As of the latest update, eight of 21 planned boreholes (411 m of 1,050 m, or 39%) have been completed, with work continuing through May and June to support final site layout, detailed engineering, pit design and geotechnical studies.

Imwelo, located 12 km west of AngloGold Ashanti’s Geita mine, has full construction and production permits and a JORC-compliant pre-feasibility study showing up to 97% gold recovery. With financing in place and engineering work progressing, the company targets construction start in late 2026 and first gold production in 2027, marking a key inflection toward near-term output.