Lake Victoria Gold Secures Financing for Imwelo Mine with Gold Forward Sale

Lake Victoria Gold Ltd. has announced a strategic move to fund the Imwelo mine in Tanzania by selling 7,000 ounces of future gold production. This forward sale, valued at approximately US$12 million, is anticipated to cover the necessary capital expenditures to bring the mine into production. A non-binding term sheet for this prepaid forward agreement was signed with Monetary Metals & Co. on November 30, 2024.

The financing structure is non-dilutive and aims to align with the company's cash flow and production plans. The Imwelo project's comparatively low capital requirement of $12 million makes it well-suited for this financial strategy. The recent transfer of the Imwelo mining license by the Tanzanian government is a significant milestone that facilitated this agreement.