Aspiring gold producer Lake Victoria Gold (TSXV: LVG; OTCQB: LVGLF; FRA: E1K) is further expanding its strategic partnership with Tanzania’s leading mining and construction company, Taifa Mining Civils Ltd. As the company announces today, Richard Reynolds has been newly appointed to Lake Victoria’s board. As Chief Executive Officer of Taifa Mining Civils Ltd., Reynolds played a key role in shaping the company’s mining activities and implementing major projects in Tanzania. In his current position, he reports directly to the Chairman of the Taifa Group, Rostam Aziz, and provides strategic oversight and support in evaluating and developing new business opportunities.
Although not involved in day-to-day operations, he plays a central role in steering growth initiatives, fostering partnerships, and supporting market expansion within the group. The Taifa Group is a conglomerate with interests in mining, telecommunications, oil and gas, agriculture, pharmaceuticals, and leather, among others. Taifa Mining will henceforth carry out all contract mining and construction work for Lake Victoria Gold’s Imwelo project.
Mr. Reynolds brings over three decades of experience in mining, infrastructure, logistics, and commercial development, with a strong track record in East Africa and the United Arab Emirates. In addition to his role with the Taifa Group, Mr. Reynolds holds several other non-executive positions in transportation, logistics, and agriculture. His previous leadership experiences include serving as a director of major companies in the telecommunications, railway, and construction industries. His leadership skills in the mining sector and comprehensive operational expertise will be crucial in advancing LVG’s Imwelo Gold Project towards production.
“We are pleased to welcome Richard to the LVG board. His appointment underscores the importance of our partnership with the Taifa Group and reaffirms our commitment to realizing the full potential of our Tanzanian gold projects. Richard’s leadership in the African corporate sector, coupled with his expertise in infrastructure and project financing, makes him a valuable asset in transforming LVG from an exploration company into a development company,” commented Marc Cernovitch, President and CEO of LVG.
About Lake Victoria Gold (LVG)
Lake Victoria Gold holds a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. Based on historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, making it a near-term development opportunity.
Additionally, the company holds a 100% interest in the Tembo Project, which encompasses over 50,000 meters of drilling and is located adjacent to Barrick’s 20-million-ounce Bulyanhulu mine. Management, directors, and partners hold more than 60% of Lake Victoria Gold’s shares. In early April 2025, Rostam Aziz’s personal shareholding, the owner of the Taifa Group, was disclosed on the Canadian insider platform www.sedi.ca. Following the completion of the initial financing of C$3,520,000, Aziz holds 16,000,000 LVG shares, representing approximately 10% of the company. According to a binding Letter of Intent from April 2023, two further financing rounds are planned, which would increase Taifa’s stake to 26%.
Figure 1: The current excerpt from the insider platform Sedi.ca shows that Rostam Aziz has held 16 million LVG shares since April 1, 2025.
Conclusion: The appointment of Richard Reynolds to the board of Lake Victoria sends a strong signal to the market. Taifa Mining, the leading private mining company in Tanzania, now has a seat at the table for all decisions regarding the planned gold production at the Imwelo project and beyond. Richard Reynolds will act as a representative of the major entrepreneur Rostam Aziz, who owns the Taifa Group. It is no coincidence that Reynolds’ joining the board occurs immediately after Rostam Aziz legally acquired the first 10 percent of Lake Victoria. Taifa is not known for dwelling on minor matters. The company is the preferred contractor for most mines in Tanzania and maintains long-standing and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. Richard Reynolds will immediately utilize his operational expertise, Taifa Group’s mining capabilities, and, not least, access to capital to accelerate the development of Imwelo. The shared goal of Lake Victoria Gold and Taifa is to establish LVG as a significant player in the Tanzanian gold sector.
