Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>LVG provided a development update on its fully permitted Imwelo Gold Project, supporting the final placement of infrastructure ahead of construction.</li>
<li>Drill rigs are mobilizing to site ahead of a targeted 1,050m RC sterilization drill program starting next week.</li>
<li>Drilling is planned across the potential plant, accommodation, and stores area, with results feeding directly to the final site layout and engineering.</li>
</ul>


LVG provided a development update on its fully permitted Imwelo Gold Project, supporting the final placement of infrastructure ahead of construction.
Drill rigs are mobilizing to site ahead of a targeted 1,050m RC sterilization drill program starting next week.
Drilling is planned across the potential plant, accommodation, and stores area, with results feeding directly to the final site layout and engineering.


LVG: Continuing to Advance Imwelo Toward Production

<ul>
<li>LVG announced it secured a gold loan facility of up to ~US$25M, equivalent to 6,000oz of gold.</li>
<li>The facility will allow for accelerated Imwelo development and bridge the gap to full project financing.</li>
<li>LVG also announced a fully committed $3.0M non-brokered convertible debenture financing, which will help advance both Imwelo and Tembo.</li>
</ul>


LVG announced it secured a gold loan facility of up to ~US$25M, equivalent to 6,000oz of gold.
The facility will allow for accelerated Imwelo development and bridge the gap to full project financing.
LVG also announced a fully committed $3.0M non-brokered convertible debenture financing, which will help advance both Imwelo and Tembo.


<ul>
<li>LVG confirmed free-milling mineralization at Imwelo Area C with gold recoveries of up to ~97% via conventional gravity + cyanide leaching.</li>
<li>~84% of gold is directly cyanide-leachable, while ~42-47% is gravity recoverable, supporting early-stage recovery ahead of the CIL circuit.</li>
<li>Results were consistent with historical programs (2013, 2014, 2017), de-risking metallurgy as LVG moves forward with final plant design ahead of construction later this year.</li>
</ul>


LVG confirmed free-milling mineralization at Imwelo Area C with gold recoveries of up to ~97% via conventional gravity + cyanide leaching.
~84% of gold is directly cyanide-leachable, while ~42-47% is gravity recoverable, supporting early-stage recovery ahead of the CIL circuit.
Results were consistent with historical programs (2013, 2014, 2017), de-risking metallurgy as LVG moves forward with final plant design ahead of construction later this year.


LVG: Metallurgy Testwork Further De-Risks Imwelo

<ul>
<li>LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design.</li>
<li>Highlights included 9.31 g/t Au over 2.45m, 6.96 g/t Au over 2.56m, and 11.88 g/t Au over 1.33m, supporting pit expansion.</li>
<li>With key technical work now completed, results support final pit design to advance Imwelo toward construction in Q2-Q3/26 and production in 2027.</li>
</ul>


LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design.
Highlights included 9.31 g/t Au over 2.45m, 6.96 g/t Au over 2.56m, and 11.88 g/t Au over 1.33m, supporting pit expansion.
With key technical work now completed, results support final pit design to advance Imwelo toward construction in Q2-Q3/26 and production in 2027.


LVG: Completes Area C Drilling; Confirms Pit Expansion Potential

<ul>
<li>LVG is set to start construction on its Imwelo Project in Q2-Q3, with gold production expected in 2027.</li>
<li>The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other exploration potential at its Tembo Project.</li>
<li>The Company is actively looking for other opportunities within the region and has recently signed an LOI to process material at a 500tpd processing plant near its Tembo Mining License.</li>
</ul>


LVG is set to start construction on its Imwelo Project in Q2-Q3, with gold production expected in 2027.
The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other exploration potential at its Tembo Project.
The Company is actively looking for other opportunities within the region and has recently signed an LOI to process material at a 500tpd processing plant near its Tembo Mining License.


LVG: Re-Initiating Coverage; Gold Production in 2027

Canada

Lake Victoria Gold Ltd. provides exploration and mining services. The Company explores and develops gold projects in Tanzania and the rest of Africa.

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Lake Victoria Gold (LVG CN)

LVG: Continuing to Advance Imwelo Toward Production

LVG provided a development update on its fully permitted Imwelo Gold Project, supporting the final placement of infrastructure ahead of construction.

Atrium Research

LVG: Secures up to ~US$25M Gold Loan

LVG also announced a fully committed $3.0M non-brokered convertible debenture financing, which will help advance both Imwelo and Tembo.

Atrium Research

LVG: Metallurgy Testwork Further De-Risks Imwelo

LVG confirmed free-milling mineralization at Imwelo Area C with gold recoveries of up to ~97% via conventional gravity + cyanide leaching.

Atrium Research

LVG: Completes Area C Drilling; Confirms Pit Expansion Potential

LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design.

Atrium Research

LVG: Re-Initiating Coverage; Gold Production in 2027

The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other...

Atrium Research

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