Imwelo Gold Project Joint Venture

planned

Lake Victoria Gold's Tanzanian subsidiary, Tembo Gold (T) Limited, has reached an agreement in principle with the Government of Tanzania for the government's 16% non-dilutable free carried interest in the Imwelo Gold Project. The agreement includes a 6% royalty on gold production plus a 1% export levy, a reduced 4% royalty rate for minerals refined within Tanzania, and a requirement that 20% of production be refined and sold in-country. A new joint venture company will be established to hold and operate the Imwelo Mining Licence, providing a foundation for collaboration between the company and the government.