Gold Mines Are Aging Out. Africa's Funded Developers Are Stepping Up

Issued on behalf of Lake Victoria Gold Ltd.

VANCOUVER, British Columbia, April 23, 2026 (GLOBE NEWSWIRE) — USANewsGroup.com News Commentary — Tanzania didn’t just quietly show up on the global gold map. Mining investment there climbed to $9.79 billion in 2024, pulling in nearly three-quarters of all foreign capital going into key sectors^[1]. And the buyers haven’t backed off: the World Gold Council expects central banks to purchase roughly 850 tonnes of gold in 2026, matching last year’s historically elevated pace and keeping prices firm for developers already in build mode^[2]. Five names are already positioned: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF), TRX Gold (NYSE-A: TRX) (TSX: TRX), Gold Fields (NYSE: GFI), Montage Gold (TSX: MAU) (OTCQX: MAUTF), and Galiano Gold (NYSE-A: GAU) (TSX: GAU).

The World Gold Council now warns that global mine output is hitting a wall, with most major producers guiding 2026 production declines as old reserves drain faster than new deposits can be found, permitted, and built^[3]. This structural shift creates a window for funded developers in proven belts: majors like BHP are now running exploration workshops across Zambia, South Africa, Namibia, and Angola, validating Africa as the jurisdiction where near-term production gets rewarded^[4].

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) just secured a binding term sheet for a gold loan facility worth up to US$25 million from Monetary Metals, backed by up to 6,000 ounces of gold. Alongside that, the company locked in a fully committed $3.0 million convertible debenture led by a long-term major shareholder. Together, those two deals hand Lake Victoria Gold near-term working capital and a funded path to production at its Imwelo Gold Project in Tanzania.

The gold loan is non-dilutive. Repayment comes in gold ounces, not cash, so the facility scales naturally with output. The convertible debenture carries a 5.0% annual interest rate, converts at $0.31 per share, and includes half-warrants exercisable at $0.40. The structure is built to push the project forward without flooding the market with new shares.

“This financing allows us to immediately accelerate work programs on the ground at Imwelo and advance key initiatives across both Imwelo and Tembo without delay,” said Marc Cernovitch, CEO of Lake Victoria Gold. “With capital now in place, our focus is on execution, progressing engineering, advancing site activities, and moving Imwelo toward development. At the same time, the Monetary Metals facility provides a clear pathway to larger-scale project financing, supporting our objective of bringing Imwelo into production.”

The financing arrives as Lake Victoria Gold is moving on several fronts across its Tanzanian portfolio. The country’s government has formally announced it has begun incorporating its statutory 16% free carried interest in the Tembo mining licences, a required regulatory step that signals the project is advancing through the established framework. The company is also finalizing a binding agreement with Nyati Resources, a well-established Tanzanian mining operator, to begin toll milling at Tembo. That deal would let Lake Victoria Gold process material through an existing facility, opening a route to early cash flow without heavy upfront capital spending.

At Imwelo, metallurgical testing has confirmed gold recovery rates of up to approximately 97% using conventional methods. A completed drill program at Area C returned grades including 11.88 g/t gold over 1.33 metres, and geotechnical studies have supported a consolidated single open pit design. At Tembo, surface sampling returned grades up to 35.45 g/t gold.

Lake Victoria Gold holds a 100% interest in both projects, counts Barrick Gold among its strategic investors, and has a management, director, and strategic partner group that collectively owns more than 60% of outstanding shares.

NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.

Read this and more news for Lake Victoria Gold at:

https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

In other industry developments and happenings in the market include:

TRX Gold (NYSE-A: TRX) (TSX: TRX) recently reported robust metallurgical results and a significant expansion of its processing plant scope at the Buckreef Gold Project in Tanzania, moving beyond the scope outlined in the May 2025 PEA.

“The continued positive metallurgical results and recently improved recovery rates at our operations have provided us with a much better understanding of the deposit,” said Stephen Mullowney, CEO of TRX Gold. “This combined with the ability to develop a much larger processing plant alongside anticipated higher gold prices going forward, has led us to significantly increase the scope of the Buckreef Gold expansion.”

Metallurgical test work returned recovery rates of 89% to 92%, above the 88% assumed in the PEA. Based on these results, TRX Gold has specified a SAG/ball mill combination of 3,500+ tonnes per day for the new processing plant, exceeding the PEA’s 3,000 tpd assumption. The existing 2,000 tpd plant will continue operating in parallel following upgrades expected to be completed in Q4 2026. An updated PEA incorporating the revised processing capacity is expected in Q4 2026.

Gold Fields (NYSE: GFI) has reaffirmed its commitment to Ghana and provided an update on the Damang mine transition, with the scheduled transfer of ownership to the Government of Ghana set for April 18, 2026.

“Gold Fields has had the privilege of operating in Ghana for more than 30 years and we are proud of the partnerships that we have built with the Government of Ghana and our host communities over that time,” said Mike Fraser, CEO of Gold Fields. “We remain committed to contributing to Ghana’s mining sector and to maintaining solid relationships with our stakeholders, and look forward to continuing our long-standing presence and impact in the country for many years to come.”

Gold Fields has invested approximately US$5.0 billion in the Damang and Tarkwa mines and contributing US$2.9 billion to the Ghana fiscus in taxes, royalties, and dividends since 2000. Mining at Damang was restarted in May 2025 following a 12-month lease extension, and a detailed feasibility study was delivered to the government in December 2025. The company’s Ghanaian operations employ more than 7,000 people, 99% of whom are Ghanaian nationals.

Montage Gold (TSX: MAU) (OTCQX: MAUTF) has announced an updated Mineral Resource Estimate for the Koné and Gbongogo Main deposits at its Koné Project in Côte d’Ivoire, alongside a construction update confirming the project remains on-budget and ahead of schedule.

“We are pleased with our continued progress to unlock exploration value at the Koné project, where construction remains on-budget and ahead of schedule with the first gold pour expected in late Q4-2026 through the oxide circuit,” said Martino De Ciccio, CEO of Montage Gold. “The updated Mineral Resource Estimate further enhances the quality of the project.”

Koné Measured and Indicated Resources increased by 142,000 ounces to 4.63 Moz at an average grade of 0.69 g/t gold, a 21% grade improvement. Gbongogo Main Indicated Resources increased by 223,000 ounces to 783,000 ounces at 1.51 g/t gold. The overall Koné project M&I total increased by 671,000 ounces to 5.88 Moz at 0.77 g/t gold. A 56,000-metre grade control program, covering approximately the first 18 months of planned production, has been completed to further derisk the ramp-up. First gold pour through the oxide circuit is expected in late Q4 2026.

Galiano Gold (NYSE-A: GAU) (TSX: GAU) delivered a mineral reserve update highlighted by maiden underground mineral resources at its Nkran and Abore deposits, totaling 3.4 Mt of Indicated resources at 2.74 g/t for 303,000 ounces and 6.5 Mt of Inferred resources at 2.52 g/t for 525,000 ounces. Total Proven and Probable Mineral Reserves stand at 47.5 Mt at 1.29 g/t for 1.97 million ounces gold at the Asanko Gold Mine in Ghana.

“The maiden underground Mineral Resources at Nkran and Abore represent a new and meaningful growth avenue for Galiano, marking a clear inflection point for the Company,” said Matt Badylak, President and CEO of Galiano Gold. “With significant potential to expand resources at depth and along strike, we see a compelling opportunity to extend mine life, further convert resources into reserves, and unlock long term value.”

Mill throughput is expected to rise approximately 15% in FY 2026, supporting a forecast 25% production increase versus FY 2025, with Nkran positioned to drive annual output well above 200,000 ounces once in full production by early 2029. Galiano targets adding 1.0 to 1.5 million ounces to combined resources and reserves over the next two to three years.

FURTHER READING:
https://usanewsgroup.com/2025/04/02/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

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DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. (“BAY”) There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company. Cautionary Note on Production Decision: The Company has not completed a feasibility study on the Tembo Project that establishes mineral reserves demonstrating economic and technical viability. Any decision to advance the Project toward production, including through potential toll milling or other third-party processing arrangements, is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure.

There is no certainty that any production decision will be made or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, metallurgical performance, availability and terms of processing arrangements with third parties, capital and operating cost estimates, funding availability, and operational, regulatory, permitting, and other risks.

This is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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