Gold Is Near Record Highs, The Slow Part Is Buying the Surface

VANCOUVER, BC, Sept. 16, 2026 /PRNewswire/ -- Equity Insider News Commentary - Record gold prices have done something specific to the development end of this industry. They have removed the excuse. Projects that did not work at $2,000 an ounce work now, and the question has shifted from whether a deposit is economic to how quickly anyone can actually get to it. TRX Gold realised an average of roughly $4,386 per ounce across its 2026 fiscal year, 46% above the prior year, on a mine in the same Tanzanian greenstone belt where several developers are now queuing. What the price does not shorten is the queue itself, and the least glamorous item in it is land. Before a rig turns on a deposit in Tanzania, somebody has to run a statutory valuation and compensation process with a district council, and that process takes as long as it takes. Active Companies from around the markets with current developments this week include: Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), TRX Gold Corporation (NYSE American: TRX), IAMGOLD Corporation (NYSE: IAG), Centerra Gold Inc. (NYSE: CGAU), and SSR Mining Inc. (NASDAQ: SSRM).

Land access is the most reliably underestimated line item in African mine development, and it is underestimated because it looks administrative. Under the Mining Act, Cap. 123 and Tanzanian land legislation, a company holding a mining licence does not thereby hold the right to occupy the surface. Occupants of the land are entitled to statutory compensation, assessed by a District Valuer and an Authorised Land Officer appointed by the district council. The process is defined, it is public, and it cannot be compressed by paying more.

What it can be is early. A developer that begins the valuation process while the deposit is still being drilled treats land access as a parallel workstream. A developer that begins it after a construction decision has been taken has put it on the critical path, where every week of council process is a week of idle capital. The difference between those two sequences does not appear in a resource statement, but it appears in a schedule.

That is the backdrop against which the following release should be read, and it is also why the wider cohort below is worth looking at. Every one of these companies is answering the same question in a different way: what actually stands between a gold ounce in the ground and a gold ounce in a pour.

Lake Victoria Gold Initiates First Land Compensation Programme at Tembo, Covering 111.32 Acres Over the Ngula 1 Deposit

• First land access programme initiated at Tembo, applying the same statutory process the Company has now run three times to completion at its Imwelo Gold Project.
• 111.32 acres covered, comprising 88.51 acres within the mining licence area held by the Company's Tanzanian subsidiary and 22.81 acres associated with primary mining licences held by Nyati Resources.
• The programme area sits directly over Ngula 1, the deposit that hosts the majority of the ounces in the Company's maiden Tembo Mineral Resource Estimate.
• Application submitted to Geita District Council requesting appointment of a District Valuer and an Authorised Land Officer to conduct the statutory valuation and compensation process.
• Completion of the compensation process targeted for early October 2026, a target that depends on the Council appointing officers and completing the exercise.

Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) announced that its wholly owned Tanzanian subsidiary, Mineral Industry Promotion and Consulting Company Limited, has formally initiated the Phase 1 land valuation and compensation programme at Ngula Village, covering the Ngula 1 deposit at the Tembo Gold Project. It is the first land access programme undertaken at Tembo.

The subsidiary has submitted a formal application to the District Executive Director of Geita District Council requesting that the Council undertake the statutory valuation and compensation exercise at Ngula Village, in accordance with the Mining Act, Cap. 123 and Tanzanian land legislation, with a copy provided to the Office of the District Commissioner. A corresponding application in respect of the Nyati primary mining licence area was submitted concurrently. Together the two cover 111.32 acres. The subsidiary holds four contiguous mining licences over Tembo, granted in 2025 for terms of up to ten years, spanning the Geita and Nyang'hwale districts of the Geita Region and the Kahama district of the Shinyanga Region.

The ground matters because of what sits under it. In the Company's maiden Mineral Resource Estimate for Tembo, effective 29 May 2026, Ngula 1 is estimated to contain Inferred Mineral Resources of 8.12 million tonnes grading 1.03 g/t gold for 267,900 ounces of contained gold and, reported separately, Indicated Mineral Resources of 1.78 million tonnes grading 1.10 g/t gold for 62,700 ounces. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Ngula 1 accounts for the majority of both the Inferred and the Indicated ounces in the Tembo estimate and is the near-term focus of the Company's work, including the infill drilling recommended in its technical report.

There is a second reason the programme covers both licence areas. The release ties it to the Company's previously announced toll-milling arrangement with Nyati Resources (T) Limited, under which Nyati's 500-tonne-per-day processing plant would process material from Tembo, including from Ngula 1. Securing orderly land access across both the subsidiary's and Nyati's licence areas is what positions that pathway to advance. Readers should note that the toll-milling arrangement remains subject to confirmatory drilling, permitting, financing and the execution of a definitive agreement, and that no definitive agreement has been executed.

"We are taking the playbook that has worked at Imwelo and applying it at Tembo, starting at Ngula 1 because that is where our resource is concentrated and where our next phase of work is directed. There is no urgency forcing this. That is exactly the point. Doing land access properly, through the district authorities and the statutory valuation process, takes as long as it takes, and the way you avoid that becoming a problem is to start it early and run it transparently. We have the community and the district engaged from day one, and we intend to keep it that way," commented Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold.

The line worth pausing on is the one about there being no urgency forcing it. A land programme announced under schedule pressure reads as a company reacting to a problem. The same programme announced eighteen months before it could possibly matter reads as sequencing. Whether that discipline holds is a question the early October target will answer, and it is the only hard date in the release.

Read this and more news on the sector at: http://Equity-Insider.com

In other industry developments and happenings in the market this week include:

TRX Gold Corporation (NYSE American: TRX) reported record fourth quarter and full year gold production on September 14, 2026, delivering 8,173 ounces in the quarter, up 28% year over year, and a record 29,650 ounces for fiscal 2026, a 57% increase and at the top end of its 25,000 to 30,000 ounce guidance range. It realised a fourth quarter average market gold price of approximately $4,233 per ounce and a record full year average of approximately $4,386 per ounce, 46% above the prior year.

TRX is the most directly relevant operating reference in this group because it runs the Buckreef Gold Project in the same Tanzanian greenstone belt, with an established open pit and a 2,000 tonne per day plant. During fiscal 2026 it drilled approximately 175 holes for 14,500 metres, and it executed a final contract for a new SAG and ball mill in early fiscal Q4 with completion estimated over the next 12 to 18 months. It is a producer of materially greater scale and stage than a developer running its first land programme, and is named as sector context rather than as a comparable.

IAMGOLD Corporation (NYSE: IAG) reported second quarter 2026 production of 188,100 ounces and adjusted EBITDA of $507.3 million on August 6, 2026, keeping it on track for full year guidance of 720,000 to 820,000 ounces. President and Chief Executive Renaud Adams pointed to a net cash position and $1.3 billion in liquidity, with nearly $150 million returned to shareholders in the quarter.

IAMGOLD is included for a reason specific to this story. Its Essakane mine in Burkina Faso is the clearest listed example of how the operating environment around a West African asset, rather than the orebody itself, drives cost and risk. The Company has disclosed that security incidents and increased government financial pressure have raised security and logistics costs and could affect future operations and cash repatriation. Country and community conditions are an operating variable that a resource statement does not capture, which is precisely the point of doing land access work early and formally.

Centerra Gold Inc. (NYSE: CGAU) reported second quarter 2026 results on July 28, 2026, with gold production of 70,727 ounces and copper production of 13.1 million pounds, raising full year gold guidance to 260,000 to 290,000 ounces. The Company completed $50 million of share buybacks in the quarter and the board approved up to $200 million of repurchases for 2026, alongside a quarterly dividend, with $451 million in cash and total liquidity above $1 billion.

President and Chief Executive Paul Tomory described a quarter of strong operational execution across the portfolio, with Mount Milligan in line with plan and a strong first half at Öksüt driving the guidance increase. Centerra is useful here as the self-funded end of the spectrum: an operator with two producing mines carrying a development pipeline from cash flow. It is a fundamentally different proposition from a single-project developer and its results are not indicative of any developer's prospects.

SSR Mining Inc. (Nasdaq: SSRM) reported second quarter 2026 net income and adjusted net income attributable to shareholders of $137.0 million, or $0.66 per diluted share, with operating cash flow of $115.6 million and free cash flow of $50.3 million. Quarterly production was 101,959 gold equivalent ounces at all-in sustaining costs of $2,622 per payable ounce, with first half production of 211,873 gold equivalent ounces tracking full year guidance of 450,000 to 535,000 ounces on a second-half weighted profile.

The board declared a quarterly dividend of $0.03 per share paid on September 11, 2026. SSR is included as a reminder of what all-in sustaining costs look like at an established multi-asset producer in the current price environment, and of how much of a record gold price is absorbed before it reaches the margin line. It operates in different jurisdictions at a different scale and is not a comparable of the profiled company.

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Article Sources:

• Lake Victoria Gold Limited, "Lake Victoria Gold Initiates First Land Compensation Programme at Tembo, Covering 111.32 Acres Over the Ngula 1 Deposit," September 2026 (programme scope, statutory basis, Ngula 1 resource figures, Nyati toll-milling arrangement, Marc Cernovitch commentary, Qualified Persons).
• IAMGOLD Corporation, "IAMGOLD Reports Second Quarter 2026 Results," August 6, 2026, and the Company's 2025 annual disclosure regarding Essakane.
• Public disclosures and filings of the referenced companies.

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This article is being distributed by Equity Insider, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Lake Victoria Gold Limited for Lake Victoria Gold advertising and digital media services. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Lake Victoria Gold Limited. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. MEL and its owners, operators, directors, and affiliates own shares of Lake Victoria Gold Limited, and reserve the right to buy and sell, and will buy and sell, shares of Lake Victoria Gold Limited at any time without further notice, commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Lake Victoria Gold Limited and may liquidate their shares, which could have a negative effect on the price of the stock. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This document is governed by the laws of Ireland. Cautionary Note Regarding Mineral Resources and Production Decisions: Inferred Mineral Resources are estimated with a lower level of confidence than Indicated Mineral Resources, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded through continued exploration. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the Tembo Project and no Mineral Reserves have been estimated. Any decision to commence production at Tembo would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure. The toll-milling arrangement with Nyati Resources (T) Limited remains subject to confirmatory drilling, permitting, financing and the execution of a definitive agreement, and no assurance is given that any definitive agreement will be executed or that any production will occur. Statements regarding the appointment of a District Valuer and an Authorised Land Officer by Geita District Council, the early October 2026 target for completion of the Phase 1 land valuation and compensation programme, completion of the statutory process in respect of both licence areas, future work programmes at Ngula 1 including infill drilling, and the potential for near term production at Tembo are forward-looking and may not occur as described. Adjacent Property Disclaimer: Mineralization hosted on adjacent or nearby properties, including the Bulyanhulu Mine, is not necessarily indicative of mineralization on the Tembo Project. Geological comparisons and structural interpretations are interpretive, and there is no certainty that additional drilling will result in the discovery, conversion or growth of Mineral Resources. Qualified Persons: The technical report supporting the Company's maiden Mineral Resource Estimate for Tembo was prepared by independent Qualified Persons Noleen D. Pauls (M.Sc., Pr. Sci. Nat., FGSSA) and Dean Richards (B.Sc. (Hons), Pr. Sci. Nat., MGSSA) of Obsidian Consulting Services, each a Qualified Person as defined under NI 43-101 and independent of the Company, with the Mineral Resource Estimate prepared by Mr. Richards. The scientific and technical information in the Company's news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by NI 43-101. Mr. Scott is a Director and Officer of the Company and is therefore NOT independent of the Company. Please refer to the Company's filings on SEDAR+ at www.sedarplus.ca for the assumptions and risk factors associated with its disclosure. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the Company's releases. References to TRX Gold Corporation, IAMGOLD Corporation, Centerra Gold Inc. and SSR Mining Inc. are provided solely as market and sector context. None of them is a peer, competitor, or financial comparable of Lake Victoria Gold Limited. They are at materially different stages of development and scale, operate different assets in different jurisdictions, and their production, reserves, resources, costs, guidance, dividends, buybacks and share performance are not indicative of Lake Victoria Gold Limited's prospects. Lake Victoria Gold Limited is a pre-revenue exploration and development company. No partnership, affiliation, sponsorship, or endorsement is implied, and none of the companies named has any involvement in Lake Victoria Gold Limited, this article, or its distribution. Financial and operating figures attributed to the referenced companies are as disclosed by those companies in their own releases and filings and have not been independently verified by the publisher. Gold price levels cited are as of the dates stated, are volatile, and past performance does not guarantee future results. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected", "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including delays in the appointment of statutory valuation officers or in the conduct of the valuation and compensation process by Geita District Council, changes in the position of the Council, the District Commissioner or other government authorities, the outcome of discussions regarding development and production commencement milestones, the Company's relationship with and rights in respect of land held by Nyati Resources, land access and community relations risks generally, and other risks identified in the Company's filings on SEDAR+ at www.sedarplus.ca. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. 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