Author: Atrium Research September 24, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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LVG’s weathered-ore metallurgical testwork identified attrition scrubbing plus desliming as the preferred treatment route for the clay-rich, near-surface material within Area C at its Imwelo Gold Project.
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The route lifted 24-hour gold extraction from agitated-leach testing from 49.99% on as-received material to 84.54%, with bottle-roll recovery of up to 88.15% on the pretreated fraction.
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Pretreatment also improved gravity recovery (12.78% to 21.25%) and slurry handling, and complements the March 2026 program that returned ~96-97% recoveries on deeper transitional and fresh material.
This morning, Lake Victoria Gold (LVG:TSXV, LVGLF:OTCQB) reported results from the weathered-ore metallurgical program at Area C, the planned initial mining area at its fully permitted Imwelo Gold Project, identifying attrition scrubbing followed by desliming as the preferred pretreatment route for the clay-rich near-surface material. In plant-simulating agitated-leach testing, 24-hour gold extraction rose from 49.99% on as-received material to 84.54% after pretreatment, with bottle-roll recovery reaching 88.15% on the pretreated fraction. We are maintaining our BUY rating and target price of $0.65/share on Lake Victoria Gold.
Pretreatment materially improves the metallurgical response. Across the three conditions tested, attrition scrubbing plus desliming delivered the strongest result, with 24-hour agitated-leach extraction of 84.54% (vs. 49.99% as received and 62.10% deslimed), 48-hour bottle-roll recovery of 88.15% (vs. 70.76% and 76.84%), and CIL recovery of 85.02%. The gold is also amenable to gravity separation, with ~26% reporting to the +300µm size fraction and average gravity-recoverable gold rising from 12.78% to 21.25% after pretreatment, supporting further evaluation of gravity recovery ahead of cyanidation. Additionally, scrubbing and desliming improved slurry handling, cutting settling time from 220 to 130 seconds and lifting bed compaction to 65.09%. The program ran 38 HQ whole-core samples (120.34kg) at a composite head grade of 3.80 g/t Au.
The samples came from Area C’s high-grade drilling, with the whole-core drawn from the shallow holes reported in our August note (read here). Grind testing showed extraction improves at finer sizes but generates more fines, and the recommended approach is to optimize within a P80 75-106µm range rather than selecting the finest grind, alongside advancing attrition scrubbing and desliming into the next phase. The reported recoveries relate to the pretreated fractions and do not yet reflect overall whole-ore plant recovery, with the next stage establishing the mass and gold balance across the desliming circuit.
Our Take This news marks another important step for LVG as it continues to construct and advance the fully permitted Imwelo Project toward production. Notably, today’s positive metallurgical testwork was performed on near-surface ore at Area C, which is currently the planned initial mining area. By largely derisking the processing portion of this mining phase, we are more confident in LVG’s ability to bring this operation into production with limited issues. We continue to monitor the various ongoing initiatives the Company is pursuing throughout this construction and development phase.
Catalysts
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Tembo Project – Nyati Toll Milling Agreement & Drill Results – Q3/26
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Tembo Project – Barrick Progress & Drilling Results – Ongoing
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Imwelo Construction Commencement – Q3/26
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