What you need to know: • Progress at the Imwelo Project is continuing with the final step before the official transfer of the mining license underway, and other preparatory work at site is proceeding. • Barrick Gold continues to invest substantial capital into the surrounding Tembo licenses which excites us as LVG will share in Barrick’s exploration success (see initiation report here for more details). • We value LVG at $0.45/share representing 150% upside. This morning, Lake Victoria Gold (LVG:TSXV) provided an update on the Imwelo and Tembo Properties. The Imwelo Property continues to make progress with the transferring of the mining license which will mark a major milestone in LVG’s pivot to project development and gold production. At the Tembo Property, Barrick Gold has been active in its exploration activities around the property continuing to reflect its commitment to thorough exploration across the six claims it purchased from LVG in 2021. We are maintaining our BUY rating and $0.45/share target price on Lake Victoria Gold Ltd. Imwelo As previously announced on March 12th, the Tanzanian Fair Competition Commission (FCC) approved the acquisition of the ML538/2015 from Tanzoz Minerals Limited. Concurrently, the Tanzania Revenue Authority is in the process of assessing the capital gain tax due on this transaction, with a decision expected shortly. This tax assessment and payment is the final step before the official transfer of the mining license and also triggers the second tranche of investment from TAIFA Group. LVG stated that it is in advanced stages with a number of debt and equity groups that will fund the construction and development of Imwelo. LVG has continued to make significant progress since late last year developing Imwelo and preparing it for the final construction decision. Some of these items include preparatory earthworks and infrastructure development, clearing and stockpiling topsoil at the tailings facility and open pit, and the longest lead item, the ball mill, is on order with the deposit paid and its refurbishment underway. Compensation for landowners for the second open pit mining area is nearing completion and the project's water supply is being secured with the completion of a 300,000L water tank. The construction timeline remains on track with completion expected ~12 months following the closing of the acquisition and financing.