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I 80 GOLD CORP
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The Builder’s Market: 5 Gold Stocks Transitioning to Cash Flow

Issued on behalf of Lake Victoria Gold Ltd.

2025-12-31 07:20 ET - News Release

VANCOUVER, British Columbia, Dec. 31, 2025 (GLOBE NEWSWIRE) -- EquityInsider.comNews Commentary — Gold developers are racing to advance construction decisions as record producer margins create a once-in-a-generation window to build mines, with all-in sustaining costs averaging $1,600 per ounce against gold hitting new records above $4,400^[1]. Major projects from British Columbia to Mexico are securing permits and finalizing engineering to capitalize on the strongest economics the industry has seen in decades^[2]. Among the companies executing on this narrow window of opportunity are Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), i-80 Gold Corp. (NYSE-A: IAUX) (TSX: IAU), McEwen Inc. (NYSE: MUX) (TSX: MUX), Lundin Gold Inc. (TSX: LUG) (OTCQX: LUGDF), and G2 Goldfields Inc. (TSX: GTWO) (OTCQX: GUYGF).

With 97% of gold producers operating with positive margins, even at significantly lower gold prices than current levels, the financial case for new mine construction has never been more compelling^[3]. Analysts note that gold developers are capitalizing on short payback periods and robust internal rates of return, with declining real yields and sustained central bank demand providing a structural tailwind that extends well beyond typical commodity cycles^[4].

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has confirmed high-grade gold mineralization up to 35.45 g/t at its Tembo Project in northwestern Tanzania, validating priority drill targets ahead of a planned Q1 2026 program. The results came from eight active artisanal mining locations, with the strongest grades at Ngula 1 confirming it as the company's primary near-term target.

"We are moving from exploration to execution," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "The high-grade samples at surface confirm the system's potential, while our engagement with Nyati Resources offers a tangible path to process that material. Our focus is squarely on defining the resource at Ngula 1 and finalizing a processing agreement that leverages existing infrastructure to minimize capital output."

Additional high-grade results included 35.21 g/t and 12.94 g/t from Ngula 2, plus 22.68 g/t and 5.90 g/t from the under-drilled Mgusu Target. Mineralization appears in smokey-grey quartz veins within sheared basalts, matching the company's geological model for the area.

Lake Victoria Gold is now finalizing discussions with Nyati Resources to access a 500 tonne-per-day processing plant located on one of LVG's Tembo licences, directly beside Barrick's Bulyanhulu Mine. The company expects to finalize a binding agreement by early 2026, creating a near-term production pathway from Tembo ahead of full development at its flagship Imwelo Gold Project.

The Tembo drilling program at Ngula 1 begins in Q1 2026, targeting a 300 to 400 meter strike length that has delivered consistently high grades in both historical drilling and recent sampling.

Meanwhile, LVG continues advancing Imwelo, located just 12 kilometers from AngloGold Ashanti's Geita Mine. Recent drill results from Area C extended mineralization beyond current pit designs, with continuity now demonstrated to over 250 meters depth.

Supporting this strategy is exposure to potential US$45 million in milestone payments from the company's 2021 asset sale to Barrick's Bulyanhulu operation. Funding is backed by a gold prepay facility with Monetary Metals and a C$11.52 million strategic investment from Taifa Group.

With drilling, processing agreements, and funding advancing together, Lake Victoria Gold is building the platform to move from explorer to producer.

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

CONTINUED… Read this and more news for Lake Victoria Gold at:
https://equity-insider.com/2025/04/14/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

In other industry developments and happenings in the market include:

i-80 Gold Corp. (NYSE-A: IAUX) (TSX: IAU) has announced refurbishment plans for its Lone Tree Plant in Northern Nevada with a capital cost estimate of $412 million, plus $18 million in capital spares, featuring nameplate capacity of 2,268 tonnes per day with integrated pressure oxidation and carbon-in-leach circuits. The engineering study highlights a potential short payback period of 12 to 24 months depending on grade and gold price, with commissioning anticipated at the end of 2027.

"The Lone Tree Plant is a cornerstone asset within phase one of i-80 Gold's development plan," said Richard Young, President and CEO. "Refurbishing the Lone Tree Plant marks a major step forward in our goal of creating a mid-tier gold producer by enabling us to transition from toll-milling to an owner-operator processing model. This change is expected to significantly increase margins and free cash flow generation."

The refurbished plant will process refractory material from i-80 Gold's three high-grade underground mines: Granite Creek, Archimedes, and Cove. Transitioning from toll-milling to owner-operated processing is expected to reduce current processing costs to approximately one third, resulting in an estimated margin increase of $1,000 to $1,500 per ounce of gold.

McEwen Inc. (NYSE: MUX) (TSX: MUX) has secured approval for the extension of its Environmental Impact Assessment for the El Gallo Mine from the Mexican government, clearing the way for Phase 1 Mill Construction to begin mid-2026 with first gold pour targeted for mid-2027. Phase 1 is expected to produce approximately 20,000 gold equivalent ounces annually once commercial production is achieved, with production coming from reprocessing material from the historical leach pad.

The company has purchased the ball mill which is onsite at the mine and has commenced work on Phase 2 involving production from the project's in-situ silver deposits which could extend El Gallo's life well beyond the initial 10 years. Remaining capital costs to complete construction are estimated at $25 million, with historical silver resources totaling 53.1 million ounces in the Measured and Indicated categories and 31 million ounces in the Inferred category for areas not currently mined.

Lundin Gold Inc. (TSX: LUG) (OTCQX: LUGDF) has announced 2026 guidance targeting 475,000 to 525,000 ounces of gold production at its Fruta del Norte mine with cash operating costs of $900 to $960 per ounce and AISC of $1,110 to $1,170 per ounce at an assumed gold price of $4,000. The company is launching an $85 million exploration campaign featuring 133,000 metres of drilling—the largest program in Lundin Gold's history—with a development decision on Fruta del Norte South expected in H1 2026 and a mine to mill expansion decision beyond 5,500 tonnes per day expected in H2 2026.

"2026 marks an important step forward for Lundin Gold as we continue to unlock the full potential of Fruta del Norte and its extensions," said Jamie Beck, President and CEO of Lundin Gold. "With increased throughput to 5,500 tonnes per day, sustained free cash flow generation, and the largest exploration program in our history, we are positioning the Company for long-term growth. At the same time, we remain committed to delivering strong returns to shareholders through our dividend policy."

The company expects to continue paying a fixed quarterly dividend of $0.30 per share plus a variable dividend based on at least 50% of normalized free cash flow after deducting the fixed quarterly dividend. With strong near-mine exploration success achieved to date combined with the anticipated inclusion of the Fruta del Norte South deposit into the long-term mine plan, the operation is positioned to potentially increase processing capacity beyond the current 5,500 tonnes per day.

G2 Goldfields Inc. (TSX: GTWO) (OTCQX: GUYGF) has delivered a maiden PEA for its Oko Gold Project in Guyana, outlining a combined open pit and underground operation with a 14-year life producing an average of 281,000 ounces annually at industry-leading all-in sustaining costs of $1,137 per ounce from years 2 through 11. The study demonstrates robust economics with an after-tax NPV of $2.6 billion and 39% IRR at $3,000 per ounce gold, supported by high-grade resources totaling 1.6 million ounces at 3.24 g/t gold in the Indicated category and 1.9 million ounces at 3.31 g/t in Inferred.

"This PEA places the Oko Project firmly within one of the most attractive development projects globally," said Daniel Noone, CEO of G2 Goldfields. "The PEA demonstrates the Project has the potential to generate very significant annual production at an average AISC cost of US$1,137/oz and is hosted in mining-friendly Guyana which actively promotes the development of large-scale gold mining."

The project requires initial capital of $664 million including contingencies, with the company planning to file its Environmental Social Impact Assessment in Q1 2026 and expects to receive a temporary environmental permit within 24 months. G2 continues drilling at multiple near-mine targets with visible gold mineralization, positioning the district for potential resource expansion as the company advances toward feasibility and construction decisions.

Article Source: https://equity-insider.com/2025/04/14/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

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