The Gold Mine That Barrick Bought Into, a Billionaire Backed, and the Market Still Hasn't Found

LVG, KGC, FNV, WPM, and EQX as the Gold Supercycle Enters Its Most Profitable Phase

Issued on behalf of Lake Victoria Gold Ltd.

Companies mentioned in this article: Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Kinross Gold (NYSE: KGC) (TSX: K), Franco-Nevada (TSX: FNV) (NYSE: FNV), Wheaton Precious Metals (NYSE: WPM) (TSX: WPM), Equinox Gold (NYSE: EQX) (TSX: EQX)

Key Takeaways:

• Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has confirmed 97% gold recovery at its fully permitted Imwelo Gold Project using conventional processing -- eliminating one of the biggest risks in mine development and validating a path toward near-term production.
• Barrick Gold owns 5.5 million LVG shares at C$0.27 and Tanzanian billionaire Rostam Aziz has an investment commitment of C$11.52 million he currently owns 16,000,000 shares C$0.22 -- and the stock still trades below both entry prices.
• Gold has surpassed $5,400 per ounce in 2026, with industry gross margins approaching 70% and major producers generating record free cash flow.
• Kinross Gold, Franco-Nevada, Wheaton Precious Metals, and Equinox Gold are all benefiting from the supercycle -- but the market hasn't yet repriced the junior developers sitting on permitted, production-ready assets.

VANCOUVER, BC, March 20, 2026 /CNW/ -- Equity-Insider.com -- Something unusual is happening in the gold market. The metal is above $5,400. The majors are generating 70% gross margins. Free cash flow records are being shattered every quarter. And yet, scattered across the junior gold landscape, there are fully permitted projects with defined resources, proven metallurgy, and strategic backers -- that trade as if gold were still at $1,800.

The disconnect isn't rational. It's structural. Retail capital chases the names it already knows. Institutional capital moves slowly into juniors. And the result is a window -- one that historically closes fast -- where the companies closest to production trade at fractions of what their ounces are worth in the ground.

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) sits squarely in that window. The company's Imwelo Gold Project in Tanzania is fully permitted, has just confirmed 97% metallurgical recovery using conventional processing, and sits 12 kilometers from AngloGold Ashanti's Geita Mine in one of Africa's most established gold districts. The people who know this ground best -- Barrick Gold and Tanzania's wealthiest mining operator -- have already put their money in.

The metallurgy is the headline. Testwork confirmed that Imwelo's gold is free-milling: 84% directly cyanide-leachable, 42-47% gravity-recoverable, and approximately 97% total recovery through a conventional gravity and carbon-in-leach flowsheet. That's the kind of metallurgy that de-risks an entire project because it means the gold comes out cleanly, predictably, and cheaply using equipment that every mine builder on earth understands.

"These metallurgical results represent an important milestone in advancing the fully permitted Imwelo Project toward production," said Marc Cernovitch, President and CEO. "Importantly, the results are highly consistent with earlier metallurgical programs completed in 2013 and 2014, which significantly increases our confidence in the deposit's processing characteristics."

The drill program adds depth. Twenty-one holes at Area C confirmed mineralization extending beyond the current pit design, with highlights of 11.88 g/t over 1.33 meters and 9.31 g/t over 2.45 meters. At Tembo, artisanal sampling has returned grades up to 35.45 g/t, and a processing agreement is being finalized for a 500 tonne-per-day plant on LVG's own mining licences adjacent to Barrick's Bulyanhulu.

The sector context makes this even more compelling. Kinross Gold (NYSE: KGC) has rallied over 50% in six months. Franco-Nevada (NYSE: FNV), the largest royalty and streaming company in gold, provides exposure to over 100 producing assets with margins that software companies would envy. Wheaton Precious Metals (NYSE: WPM) continues to expand its streaming portfolio, locking in future production at fixed costs while gold prices soar past $5,400. And Equinox Gold (NYSE: EQX) delivered a transformational 2025 with record production of 922,827 ounces, $2.71 billion in gold revenue, and $1.1 billion in debt reduction. Capital is flowing to gold at every level of the value chain.

But the repricing of juniors always lags. And for Lake Victoria Gold -- with permits in hand, metallurgy confirmed, drill results expanding the resource, and two of the most credible backers in the Tanzanian gold sector already on the register -- that lag looks like it's running out of time.

For more information on Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), visit lakevictoriagold.com

NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.

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SOURCES:

1. Gold Price Record, March 2026 -- https://www.cbsnews.com/news/price-of-gold-today-march-2-2026/
2. Equinox Gold 2025 Annual Results -- https://www.equinoxgold.com/investors/ 
3. J.P. Morgan Gold Forecast -- https://www.jpmorgan.com/insights/global-research/commodities/gold-prices

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