The Drills Were Just the Beginning. Now the Ground Is Moving at Imwelo.

Issued on behalf of Lake Victoria Gold Ltd.

Phase 1 earthworks have commenced at Tanzania's Imwelo Gold Project. The access road is being upgraded, the plant pad is being prepared, and the construction camp is nearly commissioned. The gap between permitted project and mine under construction is closing fast.

VANCOUVER, BC, July 28, 2026 /CNW/ -- Equity-Insider.com News Commentary - There is a meaningful difference between a company that says construction is coming and a company that has heavy equipment on site moving dirt. Lake Victoria Gold Ltd. crossed that line on July 28, 2026. Phase 1 earthworks have commenced at the Imwelo Gold Project in Tanzania's Lake Victoria Goldfield, with access-road upgrades and plant-site preparation underway simultaneously, and the construction camp nearing completion and commissioning. It is a modest announcement in length, but the words 'earthworks have commenced' carry weight that months of planning documents and permitting updates cannot match. They mean that Imwelo is no longer a project advancing toward construction. It is a project under construction.

Companies mentioned: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), Endeavour Mining plc (LSE: EDV) (TSX: EDV) (OTCQX: EDVMF), Perseus Mining Limited (ASX: PRU) (TSX: PRU), Shanta Gold Limited (LSE: SHG) (OTCQB: SAAGF), Gold Fields Limited (NYSE: GFI) (JSE: GFI)

Key Takeaways

• Phase 1 earthworks commenced. Access-road upgrades and initial plant-site preparation are underway, with the earthmoving fleet mobilized and sourcing arrangements for road and earthworks materials established with Tanzanian authorities.
• Construction camp nearing completion. Water storage and power generation are installed, plumbing is complete, electrical installation is advancing, and modular and tented accommodation is being progressively outfitted.
• Build-once camp design saves capital. The construction camp has been designed to transition directly into the permanent operations mine camp, eliminating duplicated expenditure and supporting disciplined capital deployment.
• Tanzanian-led execution maintained. CECL, a 100% Tanzanian-owned EPCM contractor, remains the primary commercial lead, with Sutton Consulting providing international technical support -- aligning with Tanzania's local content framework.
• Barrick and Taifa backing in place. Barrick Mining holds a direct equity position in LVG. Tanzania's largest mining contractor, Taifa Mining, is committed to conducting all contract mining and civil works at Imwelo.

What Phase 1 Earthworks Actually Means

The Phase 1 earthworks program covers two parallel workstreams. The first is access-road repair and upgrading to support reliable movement of heavy equipment and project materials. The second is plant-site preparation, comprising clearing and grubbing, stripping and stockpiling topsoil for future rehabilitation, development and compaction of the plant pad, construction of sound berms, and excavation of reticulation trenches. The earthmoving fleet is now on site undertaking these activities.

The construction camp itself is a more significant milestone than it might initially appear. Most junior mining companies build a construction camp, then build a separate permanent operations camp when production begins. LVG's camp has been designed to skip that duplication entirely: the infrastructure accommodating the construction workforce will remain in service during operations. That is a direct capital efficiency decision, avoiding repeated expenditure and reflecting the practical, capital-conscious approach that CEO Marc Cernovitch has described as the model for Imwelo's development.

"Imwelo is moving beyond planning and mobilization into visible, sequenced site execution," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are establishing the infrastructure in the order the Project requires, while ensuring that early investments, including the camp, continue to serve Imwelo through construction and into operations. This practical, capital-conscious and Tanzanian-led approach is the model we intend to carry through the next stages of Project development."

The Structure Behind the Execution

The Imwelo execution structure is worth understanding in detail because it reflects a deliberate strategy to align commercial, regulatory, and technical interests from the ground up. CECL, a 100% Tanzanian-owned qualifying Indigenous Tanzanian Company, serves as the primary EPCM contractor and Tanzanian commercial lead. Sutton Consulting International provides international technical support. LVG's own mobilized on-site project team coordinates field activities, equipment utilization, contractor interfaces, and development sequencing.

This structure is not simply a compliance exercise. Tanzania's local content regulations require meaningful Tanzanian participation in mining project delivery, and a Tanzanian-led EPCM structure, anchored by a company with the CECL's registrations across the National Environment Management Council, the Engineers Registration Board, and the Department of Water Resources, positions Imwelo to advance regulatory interfaces more efficiently than a structure that attempts to retrofit local content compliance after the fact.

The strategic partners behind the project reinforce that positioning. Taifa Group, through its wholly owned subsidiary Taifa Mining, Tanzania's largest mining contractor with over 30 years of experience and established relationships with Barrick, AngloGold Ashanti, Petra, and De Beers, has agreed to conduct all contract mining and civil works at Imwelo and to obtain an equity stake in LVG. Barrick Mining Corporation has made a direct equity investment in the company. Management, directors, and strategic partners together own more than 60% of shares outstanding.

The Lake Victoria Goldfield Names Investors Are Watching

Lake Victoria Gold is advancing Imwelo within one of the most productive gold belts in Africa, against a backdrop of accelerating development activity across the region. The companies operating in and around the Lake Victoria Goldfield and broader East African gold sector help frame the context and scale of the opportunity.

Endeavour Mining plc (LSE: EDV) (TSX: EDV) (OTCQX: EDVMF)

Endeavour is the largest gold producer in West Africa and one of the most active mine builders on the continent, providing the clearest benchmark for what disciplined African gold development looks like at scale. In Q1 2026, the company reported record adjusted EBITDA of $880 million and free cash flow of $613 million, both up 29% over the prior quarter, alongside a net cash position of $405 million. Endeavour realized $4,810 per ounce of gold sold in the quarter. The company's definitive feasibility study for the Assafou project in Cote d'Ivoire outlined 320,000 ounces of annual production at an AISC of $1,026 per ounce over the first eight years of a 16-year mine life, with an after-tax NPV of $5.1 billion. As the continent's leading gold builder, Endeavour demonstrates what gold at record prices does to the cash generation profile of a well-run African gold operation -- and illustrates the prize that disciplined developers like LVG are working toward.

Perseus Mining Limited (ASX: PRU) (TSX: PRU)

Perseus is the most directly relevant peer to LVG's development story: it is actively building the Nyanzaga Gold Project in the same Lake Victoria Goldfield where Imwelo is situated, approximately 60 kilometres southwest of Mwanza. Perseus committed approximately US$523 million to Nyanzaga, holds 80% alongside a 20% Government of Tanzania interest, and is targeting first gold in Q1 2027. As of June 2026, Perseus had injected more than TZS 457.7 billion into Tanzania's economy through local goods and services procurement, taxes, and employee salaries, with the project approximately 50% complete and more than 3,600 workers on site. All carbon-in-leach tanks are at full height, mill installation has started, two tailings storage facility embankments are complete, and the resettlement programme institutions are finished. Perseus's Nyanzaga construction trajectory is the most direct available real-time precedent for what LVG's Imwelo build-out is working toward -- from earthworks and camp commissioning through to first gold production in the same regional goldfield.

Shanta Gold Limited (LSE: SHG) (OTCQB: SAAGF)

Shanta Gold is the closest pure-play Tanzanian gold producer peer to LVG, operating two producing mines in Tanzania: the New Luika Gold Mine in the Songwe District of Southwestern Tanzania and the Singida Gold Mine in Central Tanzania, alongside the West Kenya Project. With approximately $150 million in annual revenue and a market capitalization of approximately US$195 million, Shanta represents the operational and commercial destination for a Tanzanian gold developer that successfully transitions from construction to production. The company's experience navigating Tanzania's regulatory environment, managing community relations across multiple districts, and operating profitably in the country's gold sector provides the most relevant peer context for evaluating LVG's own path from earthworks to first pour.

Gold Fields Limited (NYSE: GFI) (JSE: GFI)

Gold Fields is a major global gold producer and a compelling benchmark for what institutional-grade African gold mining looks like in the context of the current gold price environment. The company operates across South Africa, Ghana, Australia, Chile, and Canada, and its Q1 2026 results demonstrated the power of elevated gold prices for a diversified gold operator. Gold Fields' disciplined approach to capital allocation, its track record of building mines on budget and on schedule across multiple jurisdictions, and its consistent investor communication make it the aspirational benchmark for African gold operators at every stage of the development spectrum. These companies are referenced to illustrate the sector only and do not imply any partnership, endorsement, affiliation, or comparable financial performance.

What to Watch

The near-term construction calendar at Imwelo is clear: completing and commissioning the construction camp, advancing the access-road upgrade and plant-pad preparation, completing topsoil stripping, berm construction and reticulation trenching, and continuing detailed engineering, procurement, and construction sequencing. Each of those milestones, as it is achieved, narrows the distance between a project under earthworks and a project in production.

The gold loan facility with Monetary Metals, structured as a loan of up to 6,000 ounces at current prices approximating US$25 million, continues to advance through Tanzanian regulatory approval and notification workstreams. Closing that facility would provide a substantial portion of Imwelo's construction funding on non-dilutive, gold-denominated terms. The timeline for that closure is a key financial milestone alongside the physical construction progress.

For investors who track the conversion of fully permitted African gold projects into producing mines, the earthworks that commenced at Imwelo on July 28, 2026 mark the beginning of the most consequential phase in the project's history.

CONTINUED... Learn more about Lake Victoria Gold Ltd. at: https://lakevictoriagold.com

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Article Sources

• Lake Victoria Gold Ltd. -- "Lake Victoria Gold Commences Phase 1 Earthworks at Fully Permitted Imwelo Gold Project" (July 28, 2026; earthworks commencement, camp status, CECL/Sutton EPCM structure, CEO Marc Cernovitch quote, near-term activity plan, build-once camp design; TSXV: LVG, OTCQB: LVGLF, FSE: E1K).
• Endeavour Mining plc -- Q1 2026 results (April 30, 2026; record EBITDA $880M, FCF $613M, both +29% QoQ; net cash $405M; realized $4,810/oz; Assafou DFS: 320koz/yr at $1,026/oz AISC, after-tax NPV $5.1B; LSE: EDV, TSX: EDV, OTCQX: EDVMF).
• Perseus Mining Limited -- Nyanzaga Gold Project construction update (June 30, 2026; TZS 457.7B injected into Tanzania economy; project ~50% complete; 3,600+ workers on site; CIL tanks at full height; mill installation started; two TSF embankments complete; first gold Q1 2027; US$523M committed; 80% Perseus / 20% Government of Tanzania; ASX: PRU, TSX: PRU).
• Shanta Gold Limited -- New Luika Gold Mine (Songwe District, SW Tanzania) and Singida Gold Mine (Ikungi Region, Central Tanzania); West Kenya Project; approximately $150M annual revenue; market cap approximately US$195M; LSE: SHG, OTCQB: SAAGF.
• Gold Fields Limited -- major global gold producer; South Africa, Ghana, Australia, Chile, Canada operations; Q1 2026 results; disciplined capital allocation and African mine-building track record; NYSE: GFI, JSE: GFI.

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