Tembo covers 32 km² of land in the Sukumaland Greenstone Belt, directly adjacent to the Bulyanhulu mine (Barrick). With > 50,000 m of drilling, several target zones (Ngula 1, Nyakagwe) have been identified. License status has been extended to four MLs – secured for the next 10 years. A JV or LOI aims for small-scale production.
Note: This page is regularly updated to provide you with the latest developments.
What is the Tembo Project?
A 100% project (32 km²) in the Sukumaland Greenstone Belt near Bulyanhulu (20 Moz). Over 50,000 m of drilling (DC, RC, DD) confirm promising structures and wide zones. Latest milestones: conversion to four mining licenses and LOI for small-scale production.
How does the Barrick partnership work?
Barrick acquired six prospecting licenses under a 2021 Asset Purchase Agreement, paying US$9M, has already conducted > US$5.6M in exploration, and can pay up to US$45M upon discovery. Lake Victoria retains full control over Tembo simultaneously.
What is the plan for 2025–2026?
The goal is a staggered project advancement: small-scale production via LOI/JV, parallel strategic drilling at Ngula 1, Tembo, and Imwelo, all driving towards near-term production in 2025–2026.
How does the company finance itself?
Financing through multi-tranche programs (C$11.5M with Taifa Group), gold pre-pay term sheet (up to 7,000 oz pre-purchase), cash support through license sales (US$6M), and contingent payments (up to US$45M).
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