Lake Victoria Gold commissions independent review of future joint venture partner Nyati

In preparation for a planned joint venture with local partner Nyati Resources Limited in Tanzania, Lake Victoria Gold Ltd. (TSXV: LVG; FRA: E1K) has commissioned a detailed due diligence review of Nyati’s gold processing facility. The review will be conducted by Nesch Mintech Tanzania Limited, an engineering firm operating since 2014 and accredited by the Southern African Development Community Accreditation Services (SADCAS) in accordance with ISO/IEC 17025:2005 for mineral testing. The review will commence in parallel with the plant’s commissioning work and is expected to be completed in early Q3 2025.

The planned joint venture aims to utilize Nyati’s processing infrastructure to process gold-bearing material from LVG’s Tembo mining licenses. Nyati owns a privately operated 120 tpd CIP plant within one of the Tembo mining licenses. The plant was recently commissioned. A second, larger plant is under construction. Upon completion, total capacity is expected to reach 620 tpd. Commissioning of the new processing plant is already planned for June 2025. The joint venture would consolidate these assets under a new special purpose vehicle jointly owned by LVG, Nyati, and the Government of Tanzania (16% free of charge), creating a centralized, scalable hub for near-surface gold processing in the region.

Nesch Mintech will independently assess the plant’s operational readiness and performance. This includes reviewing the nominal production capacity and gold recovery, reviewing plant performance and process stability, evaluating metallurgical accounting systems and sampling protocols, identifying bottlenecks and optimization opportunities, and preparing a detailed audit report with findings and actionable recommendations.

This technical evaluation will support LVG in assessing the operational readiness and long-term profitability of the plant. The contract includes both on-site inspections and off-site data analysis and will result in a final report that will be incorporated into LVG’s ongoing joint venture discussions.

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