Latest news with #SimonBenstead
Cision Canada
05-06-2025
- Business
- Cision Canada
Gold Miners Lag the Bullion Boom -- But Not for Long, Say Wall Street Analysts
Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, June 5, 2025 /CNW/ -- Equity Insider News Commentary – Goldman Sachs analysts say central banks are driving the current gold bull market by purchasing roughly 80 metric tons per month — the equivalent of $8.5 billion at today's prices. With ongoing geopolitical instability and economic uncertainty, analysts like George Milling-Stanley of State Street Global Advisors argue that gold remains a compelling hedge. As bullion pushes toward new highs, momentum is starting to shift toward mining equities as well. A growing number of investors are now eyeing gold stocks like Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), i-80 Gold Corp. (NYSE-American: IAUX) (TSX: IAU), Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF), Franco-Nevada Corporation (TSX: FNV) (NYSE: FNV), and IAMGOLD Corporation (NYSE: IAG) (TSX: IMG). Despite the price surge in physical gold, Jefferies analysts note that many miners are still trading at historically low valuations — as if gold were stuck at $2,500 an ounce or lower. That disconnect, they say, may not last much longer. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is an emerging gold developer advancing a suite of development -stage assets in Tanzania, one of East Africa's most geologically prospective regions. With multiple project catalysts now in motion, the company is gaining attention as a junior to watch. A key near-term focus is its planned 3,000-meter reverse circulation (RC) drill program at Ngula 1, part of the larger Tembo Project located adjacent to Barrick's high-grade Bulyanhulu mine. Ngula 1 has already returned notable historical intercepts, including 28.57 g/t gold over 3 meters and 17.23 g/t over 4 meters. The current 45-hole campaign is targeting near-surface mineralization that could potentially support toll milling at a nearby third-party facility. If the program meets expectations, it may pave the way for a streamlined, low-capex production pathway leveraging local infrastructure. "This drilling campaign is part of our broader strategy to unlock the long-term value at Tembo," said Simon Benstead, Executive Director of Lake Victoria Gold. "While the near-surface potential at Ngula 1 presents an exciting opportunity for near-term production and cash flow, it also serves a larger purpose—supporting a non-dilutive path toward what we believe is a district-scale gold system. We're leveraging strategic infrastructure and partnerships to advance exploration while staying disciplined on capital allocation." In parallel with its drilling efforts, Lake Victoria Gold is advancing a proposed processing arrangement through a non-binding letter of intent (LOI) with Nyati Resources. Under the current framework, mineralized material from LVG's Mining Licences would be trucked to Nyati's 120-tonne-per-day processing plant, with an option to scale operations into a new 500-tpd facility which is expected to be commissioned in the coming months. To support the initiative, Nesch Mintech Tanzania has been brought in to assess the plant's readiness, evaluate metallurgical performance, and outline any necessary upgrades to support production goals. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." If proven viable, the proposed partnership could help advance Lake Victoria Gold's strategy of building a lean, capital-efficient gold operation. On-site processing may unlock early cash flow while also yielding critical geological data to refine future exploration. Though factors such as metallurgy, grade consistency, and permitting will need to be closely managed and always present risks, the phased structure provides a flexible alternative to conventional, high-cost development models. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration." Both the Ngula 1 drill campaign and the proposed Nyati processing partnership are part of Lake Victoria Gold's broader Tembo Project — a high-potential gold district that has already seen over US$28 million in exploration spending and more than 50,000 meters of drilling. Key zones like Nyakagwe Village and Nyakagwe East remain open along strike and at depth, with only a small portion of mapped structures drilled to date. This leaves considerable room for further discovery. Tembo is also anchored by a tier-one relationship: a milestone-driven contingent payment agreement with Barrick Mining Corp., valued at up to US$45 million depending on exploration outcomes. The deal reflects shared confidence that Tembo may host a district-scale gold system with long-term development potential. While Tembo remains the flagship, the most advanced asset in LVG's portfolio is Imwelo — a fully permitted gold project located near AngloGold Ashanti's Geita Mine. Imwelo is supported by a 2021 Pre-Feasibility Study and stands out as a strong candidate for phased development. To help fund its advancing strategy, Lake Victoria Gold has secured multiple non-dilutive financing channels. A gold prepay agreement with Monetary Metals allows the company to draw on the cash value of up to 7,000 ounces tied to future production. Separately, a C$3.52 million investment from Taifa Group — part of a larger C$11.52 million multi-stage financing — has further strengthened the company's balance sheet. As part of that transaction, former Taifa CEO Richard Reynolds joined the board, bringing valuable in-country operating experience. With drill rigs soon turning at Ngula 1, plant evaluations underway, and capital sources secured, Lake Victoria Gold is steadily positioning itself for a transition into production. Its development strategy is incremental by design — focused on limiting upfront capital exposure, unlocking early-stage returns, and using those gains to accelerate exploration. In an industry often dominated by high-cost development paths, LVG is charting a different course — one that offers potential for lower-risk, modular growth in a proven gold district. In other industry developments and happenings in the market include: i-80 Gold Corp. (NYSE-American: IAUX) (TSX: IAU) has closed its previously announced US$11.1 million concurrent private placement, issuing 22.24 million units priced at US$0.50 each. This follows a US$173 million bought deal financing that closed earlier in May, bringing total gross proceeds to approximately US$184 million. The capital will be used to support the company's Nevada-focused development plan and broader recapitalization strategy. "At Granite Creek Underground, i-80 Gold's first gold project to ramp up, we are making good progress in our dewatering efforts, addressing groundwater inflows by enhancing our pumping capacity and upgrading the water treatment infrastructure," stated Richard Young, President and CEO of i-80 Gold. "These improvements should allow us to ramp-up to steady state of gold output in the second half of 2025." Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) produced 33,252 ounces of gold during Q1 2025 at an AISC of $1,286 per ounce and sold 32,076 ounces at $2,068 per ounce, generating $19.2 million in operating cash flow. "We are pleased with the strong start to 2025 with solid production and cost performance in Q1," said Patrick Downey, President and CEO of Orezone Gold. "We remain on track to deliver our 2025 production and cost guidance while progressing key initiatives including the grid power connection and Bomboré expansion drilling." Orezone maintained its full-year production guidance and expects major cost reductions once the Phase III grid connection is completed in Q3. Meanwhile, expansion drilling at Bomboré delivered promising near-mine results to support future growth. Franco-Nevada Corporation (TSX: FNV) (NYSE: FNV) has acquired a cornerstone royalty on the Côté Gold Mine, operated by IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) and Sumitomo, for $1.05 billion in cash. "We are pleased to add this new cornerstone gold royalty to our extensive portfolio in Ontario," said Paul Brink, President & CEO of Franco-Nevada. "Their team has developed an excellent new operation with an extensive Resource endowment that has high potential to continue expanding." The 7.5% gross margin royalty covers nearly the entire resource base and is expected to generate $67 million annually at IAMGOLD's midpoint production guidance and a $3,200 gold price. Franco-Nevada praised the modern design and expansion potential of the Côté operation, which includes autonomous equipment and potential mill capacity growth to 20 Mtpa. "We are pleased to welcome our new partner Franco-Nevada to the Côté Gold Mine as we continue to ramp up one of Canada's largest and longest-life gold mines," said Renaud Adams, President and CEO of IAMGOLD. "The value upside of the Côté Gold Mine is further supported by the rapidly growing Gosselin zone which we intend to incorporate into an updated mine plan next year." As part of the deal, IAMGOLD and Sumitomo may repurchase up to 50% of the royalty in two tranches. Franco-Nevada will fund the transaction with existing capital and continues to generate $275–$300 million in quarterly free cash flow. Equity Insider [email protected] (604) 265-2873 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. is owned by Media Corp. ("BAY"). BAY has been paid a fee for Lake Victoria Gold Ltd. advertising and digital media from a shareholder of the Company (333,333 unrestricted shares). There may 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 "BAY" 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 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; 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 any 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.
Associated Press
22-05-2025
- Business
- Associated Press
As Majors Hit Their Stride, Contrarian Capital Eyes Gold's Next Wave
USA News Group News Commentary Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, May 22, 2025 /PRNewswire/ -- USA News Group News Commentary – While institutional headlines have focused on record-setting quarters from the world's biggest gold producers, a quieter opportunity may be forming in their wake. Capital is beginning to rotate down the value chain, with seasoned investors eyeing select juniors and mid-tiers that haven't yet priced in $3,300 gold —or the possibility of $3,500, as Goldman Sachs now forecasts. With the TSX nearing all-time highs and central banks continuing to build gold reserves, the stage may be set for a catch-up trade in developers and emerging producers. Among the gold stocks seeing renewed interest are Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Majestic Gold Corp. (TSXV: MJS) (OTCPK: MJGCF), and Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF). Jefferies recently noted that many gold equities are still trading at valuations more in line with $2,500 gold, even as fundamentals improve and development timelines shorten. For investors willing to look beyond the majors, this disconnect could represent one of the more asymmetric setups in the sector today. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is building momentum in Tanzania by exploring a low-capex pathway to near-term development. The company recently engaged Nesch Mintech Tanzania—an independent, highly regarded metallurgical and process engineering firm—to evaluate a local processing plant that could accelerate gold recovery while minimizing upfront spend. This follows a non-binding LOI with Nyati Resources, signaling early alignment on a phased development model. Nesch's review will determine the plant's readiness, potential gold recovery rates, and what targeted improvements could optimize output. 'Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity,' said Marc Cernovitch, President and CEO of Lake Victoria Gold. 'We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania.' Should the partnership proceed, Lake Victoria Gold would start trucking mineralized material from its 100%-owned Mining Licences to Nyati's existing 120-ton-per-day plant, with potential to expand into a new 500-ton-per-day facility nearing completion. Combined, the two sites offer the foundation for a centralized processing hub—creating a streamlined, low-CAPEX development model with room to scale. For LVG, it represents a faster potential path to revenue with limited capital exposure. 'This audit is an important milestone as we advance this most compelling near-term gold development opportunity,' said Simon Benstead, Executive Director of Lake Victoria Gold. 'By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution.' While still early in its development cycle and not yet supported by a formal resource estimate or Feasibility Study, the proposed initiative offers LVG a rare chance to validate its geology through live processing of mineralized materials. As with any small-scale operation, risks around grade variability, metallurgy, permitting, and financing remain. But if the plan works, it could fast-track initial cash flow and create a self-funded path for continued exploration. The Nyati agreement also builds on LVG's earlier move to evaluate small-scale development scenarios at its Tembo Project—located immediately adjacent to Barrick's high-grade Bulyanhulu mine. Tembo has already seen more than US$28 million in historical exploration, with over 50,000 metres of drilling defining multiple high-potential zones. Key targets like Ngula 1, Nyakagwe Village, and Nyakagwe East remain open along strike and at depth—pointing to meaningful long-term upside as the district continues to attract attention. 'Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside,' said Benstead. 'Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration.' Lake Victoria Gold is steadily aligning capital, partnerships, and permitting to bring its Tanzanian portfolio into focus. While the high-potential Tembo Project remains the company's long-term exploration driver, its fully permitted Imwelo Project is currently in the lead as the most construction-ready asset. Backed by a 2021 Pre-Feasibility Study and located near AngloGold Ashanti's Geita Mine, Imwelo offers a clear path toward near-term development. To help move things forward, LVG signed a non-binding gold prepay term sheet with Monetary Metals in late 2024. The agreement provides upfront, non-dilutive capital in exchange for a portion of future production—tying repayment directly to output and reducing balance sheet risk. The structure supports access to value equivalent to up to 7,000 ounces of gold, with funds designated for early development and construction activity. Additional backing came in early 2025 through a C$3.52 million investment from Taifa Group, part of a larger C$11.52 million multi-stage financing. Alongside the capital, LVG welcomed former Taifa CEO Richard Reynolds to its board—bringing seasoned regional insight and operational depth. Looking ahead, the company also maintains a milestone-based earn-in agreement with Barrick worth up to US$45 million, contingent on future exploration success at Tembo. With plant evaluations underway, a potential joint venture on the table, and multiple funding mechanisms in play, Lake Victoria Gold is shaping up as a serious contender among East Africa's next wave of junior gold developers. CONTINUED… Read this and more news for Lake Victoria Gold at: In other industry developments and happenings in the market include: GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) generated $17.6 million in revenue in Q2 2025 from 555,511 silver equivalent ounces sold at Parral, producing $5.1 million in operating cash flow and increasing its cash position to $78.3 million. The average realized silver price was $31.70 per ounce, with a cash cost of $17.85 and AISC of $22.98 per ounce—supporting healthy project-level margins. 'Parral continued to generate significant cash flow for the Company during the quarter, providing operating cash flow of $5 million which is exceeding our spending at Los Ricos and corporate costs, and increased our cash balance by $2 million at quarter end,' said Brad Langille, President and CEO of GoGold Resources Inc. 'With our bought deal financing completed in April, this gives us an approximately $135 million cash balance today putting us in a very strong financial position to execute on Los Ricos South.' McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) produced 24,131 GEOs in Q1 2025 and reaffirmed full-year guidance of 120,000 to 140,000 GEOs, with stronger output expected in the second half. Production at Gold Bar and San José was in line with seasonal expectations, while operations at Fox were impacted by labor and weather-related challenges. With $68.5 million in cash and $61.1 million in working capital at quarter-end, the company remains well-capitalized following a recent $110 million convertible note issuance. A major turning point will come in July with the release of the Los Azules feasibility study, which will shift McEwen Copper's impact from expense to capital asset on the balance sheet. Back in March, Majestic Gold Corp. (TSXV: MJS) (OTCPK: MJGCF) reported strong full-year 2024 results, generating $71 million in revenue and $20.5 million in net income—up 68% from 2023. The company produced nearly 32,000 ounces of gold and ended the year with $100.7 million in cash, while paying out a dividend yielding over 10%. 'As we move into 2025, we expect an increase in gold production at the SJG Mine beginning in Q3 2025 and continuing into FY2026, driven by the completion of the SJG open-pit expansion project,' said Stephen Kenwood, CEO of Majestic Gold. 'With the recent acquisition of a 52% interest in the Mujin Gold Project, we will also begin consolidating Mujin's operations into the Company as of March 1, 2025.' With the SJG expansion expected to complete in Q2 2025 and a new 52% stake in the Mujin Gold Project, Majestic is positioning for meaningful growth. Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) produced 28,688 ounces of gold in Q1 2025, generating $82.7 million in revenue and $44.2 million in adjusted EBITDA. 'The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices,' said Patrick Downey, President and CEO of Orezone Gold. 'Production and costs were in line with expectations with annual guidance being maintained.' With $102 million in cash and construction of its hard rock expansion now 45% complete, the company remains on track for a production boost later this year. Backed by strong cash flow and a well-received financing, Orezone is also evaluating a potential fast-track of Phase II's Stage 2. Article Source: CONTACT: USA NEWS GROUP [email protected] (604) 265-2873 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 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 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; 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 any 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. Logo - View original content to download multimedia: SOURCE USA News Group
Cision Canada
22-05-2025
- Business
- Cision Canada
As Majors Hit Their Stride, Contrarian Capital Eyes Gold's Next Wave
VANCOUVER, BC, May 22, 2025 /CNW/ -- USA News Group News Commentary – While institutional headlines have focused on record-setting quarters from the world's biggest gold producers, a quieter opportunity may be forming in their wake. Capital is beginning to rotate down the value chain, with seasoned investors eyeing select juniors and mid-tiers that haven't yet priced in $3,300 gold —or the possibility of $3,500, as Goldman Sachs now forecasts. With the TSX nearing all-time highs and central banks continuing to build gold reserves, the stage may be set for a catch-up trade in developers and emerging producers. Among the gold stocks seeing renewed interest are Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Majestic Gold Corp. (TSXV: MJS) (OTCPK: MJGCF), and Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF). Jefferies recently noted that many gold equities are still trading at valuations more in line with $2,500 gold, even as fundamentals improve and development timelines shorten. For investors willing to look beyond the majors, this disconnect could represent one of the more asymmetric setups in the sector today. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is building momentum in Tanzania by exploring a low-capex pathway to near-term development. The company recently engaged Nesch Mintech Tanzania —an independent, highly regarded metallurgical and process engineering firm—to evaluate a local processing plant that could accelerate gold recovery while minimizing upfront spend. This follows a non-binding LOI with Nyati Resources, signaling early alignment on a phased development model. Nesch's review will determine the plant's readiness, potential gold recovery rates, and what targeted improvements could optimize output. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." Should the partnership proceed, Lake Victoria Gold would start trucking mineralized material from its 100%-owned Mining Licences to Nyati's existing 120-ton-per-day plant, with potential to expand into a new 500-ton-per-day facility nearing completion. Combined, the two sites offer the foundation for a centralized processing hub—creating a streamlined, low-CAPEX development model with room to scale. For LVG, it represents a faster potential path to revenue with limited capital exposure. "This audit is an important milestone as we advance this most compelling near-term gold development opportunity," said Simon Benstead, Executive Director of Lake Victoria Gold. "By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution." While still early in its development cycle and not yet supported by a formal resource estimate or Feasibility Study, the proposed initiative offers LVG a rare chance to validate its geology through live processing of mineralized materials. As with any small-scale operation, risks around grade variability, metallurgy, permitting, and financing remain. But if the plan works, it could fast-track initial cash flow and create a self-funded path for continued exploration. The Nyati agreement also builds on LVG's earlier move to evaluate small-scale development scenarios at its Tembo Project—located immediately adjacent to Barrick's high-grade Bulyanhulu mine. Tembo has already seen more than US$28 million in historical exploration, with over 50,000 metres of drilling defining multiple high-potential zones. Key targets like Ngula 1, Nyakagwe Village, and Nyakagwe East remain open along strike and at depth—pointing to meaningful long-term upside as the district continues to attract attention. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration." Lake Victoria Gold is steadily aligning capital, partnerships, and permitting to bring its Tanzanian portfolio into focus. While the high-potential Tembo Project remains the company's long-term exploration driver, its fully permitted Imwelo Project is currently in the lead as the most construction-ready asset. Backed by a 2021 Pre-Feasibility Study and located near AngloGold Ashanti's Geita Mine, Imwelo offers a clear path toward near-term development. To help move things forward, LVG signed a non-binding gold prepay term sheet with Monetary Metals in late 2024. The agreement provides upfront, non-dilutive capital in exchange for a portion of future production—tying repayment directly to output and reducing balance sheet risk. The structure supports access to value equivalent to up to 7,000 ounces of gold, with funds designated for early development and construction activity. Additional backing came in early 2025 through a C$3.52 million investment from Taifa Group, part of a larger C$11.52 million multi-stage financing. Alongside the capital, LVG welcomed former Taifa CEO Richard Reynolds to its board—bringing seasoned regional insight and operational depth. Looking ahead, the company also maintains a milestone-based earn-in agreement with Barrick worth up to US$45 million, contingent on future exploration success at Tembo. With plant evaluations underway, a potential joint venture on the table, and multiple funding mechanisms in play, Lake Victoria Gold is shaping up as a serious contender among East Africa's next wave of junior gold developers. In other industry developments and happenings in the market include: GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) generated $17.6 million in revenue in Q2 2025 from 555,511 silver equivalent ounces sold at Parral, producing $5.1 million in operating cash flow and increasing its cash position to $78.3 million. The average realized silver price was $31.70 per ounce, with a cash cost of $17.85 and AISC of $22.98 per ounce—supporting healthy project-level margins. "Parral continued to generate significant cash flow for the Company during the quarter, providing operating cash flow of $5 million which is exceeding our spending at Los Ricos and corporate costs, and increased our cash balance by $2 million at quarter end," said Brad Langille, President and CEO of GoGold Resources Inc. "With our bought deal financing completed in April, this gives us an approximately $135 million cash balance today putting us in a very strong financial position to execute on Los Ricos South." McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) produced 24,131 GEOs in Q1 2025 and reaffirmed full-year guidance of 120,000 to 140,000 GEOs, with stronger output expected in the second half. Production at Gold Bar and San José was in line with seasonal expectations, while operations at Fox were impacted by labor and weather-related challenges. With $68.5 million in cash and $61.1 million in working capital at quarter-end, the company remains well-capitalized following a recent $110 million convertible note issuance. A major turning point will come in July with the release of the Los Azules feasibility study, which will shift McEwen Copper's impact from expense to capital asset on the balance sheet. Back in March, Majestic Gold Corp. (TSXV: MJS) (OTCPK: MJGCF) reported strong full-year 2024 results, generating $71 million in revenue and $20.5 million in net income—up 68% from 2023. The company produced nearly 32,000 ounces of gold and ended the year with $100.7 million in cash, while paying out a dividend yielding over 10%. "As we move into 2025, we expect an increase in gold production at the SJG Mine beginning in Q3 2025 and continuing into FY2026, driven by the completion of the SJG open-pit expansion project," said Stephen Kenwood, CEO of Majestic Gold. "With the recent acquisition of a 52% interest in the Mujin Gold Project, we will also begin consolidating Mujin's operations into the Company as of March 1, 2025." With the SJG expansion expected to complete in Q2 2025 and a new 52% stake in the Mujin Gold Project, Majestic is positioning for meaningful growth. Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) produced 28,688 ounces of gold in Q1 2025, generating $82.7 million in revenue and $44.2 million in adjusted EBITDA. "The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices," said Patrick Downey, President and CEO of Orezone Gold. "Production and costs were in line with expectations with annual guidance being maintained." With $102 million in cash and construction of its hard rock expansion now 45% complete, the company remains on track for a production boost later this year. Backed by strong cash flow and a well-received financing, Orezone is also evaluating a potential fast-track of Phase II's Stage 2. 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 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 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; 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 any predictions and actual results. Always consult a licensed investment professional before making any investment decision. 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Yahoo
07-05-2025
- Business
- Yahoo
Lake Victoria Gold Announces Results of the Annual and Special Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) ("Lake Victoria Gold" or the "Company") is pleased to report that at the Annual and Special Meeting of Shareholders of the Company (the "Meeting") held on May 7, 2025, the shareholders elected Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, Seth Dickinson, Dean Comand and Richard Reynolds as directors of the Company. Shareholders also passed ordinary resolutions to appoint D&H Group LLP, Chartered Professional Accountants, as auditor of the Company, and approve a new 10% rolling omnibus equity incentive plan (the "Equity Incentive Plan"). The Equity Incentive Plan, which is subject to final acceptance by the TSX Venture Exchange, allows for the issuance of incentive stock options, deferred share units, performance share units, restricted share units, stock appreciation rights and stock purchase rights (collectively the "Awards"). The maximum number of shares reserved for issuance on exercise of all the Awards granted under the Equity Incentive Plan shall not exceed 10% of the issued and outstanding common shares as at the date of grant of any Award. Following the Meeting, the directors appointed Marc Cernovitch as Chief Executive Officer of the Company, Simon Benstead as Executive Chairman and Chief Financial Officer, David Scott as Managing Director Tanzania, Seth Dickinson as Chief Operating Officer and Nick DeMare as Corporate Secretary. About Lake Victoria Gold (LVG): Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our 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% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. LVG 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% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick Gold and recent strategic partnership with Taifa Group.
