Gold Miners Tap Streams, Convertibles and Gold Loans to Fund Growth

VANCOUVER, BC, Sept. 30, 2026 /PRNewswire/ -- Canada News Group News Commentary - The global gold market was valued at US$291.68 billion in 2024 and is projected to reach US$400 billion by the end of 2030, a compound annual growth rate of 6.51% over 2025 to 2030, according to Virtue Market Research. How that growth gets financed is shifting, as producers and developers lean on streams, royalties, convertible bonds and gold-denominated loans alongside conventional equity and bank debt. Active Companies from around the markets with current developments this week include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), Wheaton Precious Metals Corp. (NYSE: WPM), OR Royalties Inc. (NYSE: OR), Harmony Gold Mining Company Limited (NYSE: HMY), and Caledonia Mining Corporation Plc (NYSE American: CMCL).

The supply side helps explain why capital keeps chasing new ounces. GlobalData forecasts global gold production growing at a compound annual rate of just 0.9% to reach 141.6 million ounces by 2030, a slow build against demand that continues to be led by the official sector. Central banks bought a net 288.9 tonnes in the second quarter of 2026, a 62% year-over-year increase and the strongest second quarter on record, and gold-backed ETFs took in $18 billion in August, the second-largest monthly inflow on record, according to the World Gold Council.

Prices have been less cooperative in the short run. Benchmark gold slipped about 3% to roughly US$4,149 an ounce on Monday and is down about 6.6% over the past month as Treasury yields rose and rate-hike expectations built, though it remains around 8% higher year over year, according to Trading Economics. For developers, that kind of volatility tends to show up in financing terms before it shows up in cash flow, which is one reason structures that share metal-price exposure with the capital provider have gained ground.

Tanzania offers a live example of a gold economy scaling quickly. Gold exports rose 37.4% to US$5.67 billion in the year to July 2026, making up 47.4% of goods export earnings, according to the Bank of Tanzania, and newer projects in the Lake Victoria Goldfield sit alongside established operations such as Barrick's Bulyanhulu Mine and AngloGold Ashanti's Geita Gold Mine.

Lake Victoria Gold Initiates First Land Compensation Programme at Tembo Over the Ngula 1 Deposit, Following a Maiden NI 43-101 Resource Next to Bulyanhulu

• Maiden NI 43-101 Mineral Resource Estimate at Tembo: Inferred 13.33 Mt at 1.12 g/t Au for 480,100 ounces and Indicated 2.69 Mt at 1.16 g/t Au for 99,700 ounces.
• Higher-grade component at a 1.00 g/t cut-off of 331,700 Inferred ounces at 2.15 g/t and 68,600 Indicated ounces at 2.00 g/t.
• First land access programme at Tembo covers 111.32 acres directly over the Ngula 1 deposit, with completion targeted for early October 2026.
• Proposed toll-milling arrangement with Nyati Resources' 500-tonne-per-day plant advancing as a potential capital-efficient route to near-term production.
• At the separate Imwelo Gold Project, a gold loan facility of up to 6,000 ounces of gold, approximately US$25 million, is structured to be repaid in gold.

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) is a Vancouver-based gold exploration and development company focused on Tanzania's Lake Victoria Goldfield. It holds a 100% interest in the Tembo Project, adjacent to Barrick's Bulyanhulu Mine, and a 100% interest in the fully permitted Imwelo Gold Project, west of AngloGold Ashanti's Geita Gold Mine.

On August 11, the Company announced the maiden NI 43-101 Mineral Resource Estimate for Tembo, with an effective date of May 29, 2026. The estimate covers three near-surface deposits, Ngula 1, Nyakagwe Village and Nyakagwe East, reported within conceptual open-pit shells at a 0.25 g/t cut-off using a gold price of US$2,400/oz. It was prepared by independent Qualified Persons Noleen D. Pauls and Dean Richards of Obsidian Consulting Services.

Grade strengthens materially as the reporting cut-off rises. At 1.00 g/t, the estimate retains 4.79 Mt at 2.15 g/t for 331,700 Inferred ounces and 1.07 Mt at 2.00 g/t for 68,600 Indicated ounces, and at 1.50 g/t it holds 2.27 Mt at 3.18 g/t for 232,100 Inferred ounces. These sensitivity figures are subsets of the stated resource, not separate estimates. Ngula 1 hosts approximately 56% of the Inferred ounces and 63% of the Indicated ounces and is the focus of a planned close-spaced drilling program of approximately 4,000 to 5,000 metres on a 20 m by 20 m pattern.

The resource covers only three target areas on a 34 km² property where a 2020 integrated study by GoldSpot Discoveries Corp. identified and ranked 39 exploration targets, across four granted mining licences. Barrick's December 2021 acquisition of six of the Company's non-core licences, for US$6 million in cash plus up to US$45 million in ounce-based contingent payments, leaves LVG with continued exposure to that ground, although those payments depend on exploration and development success by Bulyanhulu Gold Mine Limited, which is outside the Company's control.

On September 16, the Company initiated the Phase 1 land valuation and compensation programme at Ngula Village, the first land access programme undertaken at Tembo. The programme covers 111.32 acres, 88.51 acres within the mining licence area of LVG's wholly owned Tanzanian subsidiary and 22.81 acres associated with primary mining licences held by Nyati Resources, and completion is targeted for early October 2026. The programme also supports the proposed toll-milling arrangement under which Nyati's 500-tonne-per-day processing plant would process material from Tembo, including Ngula 1, subject to confirmatory drilling, permitting, financing and the execution of a definitive agreement.

Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold, commented: "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."

Tembo runs as a second track alongside Imwelo, the Company's fully permitted near-term development priority, and the financing behind Imwelo reflects the broader shift in how developers are raising capital. LVG has announced a gold loan facility with Monetary Metals & Co. of up to 6,000 ounces of gold, approximately US$25 million, structured to be repaid in gold rather than cash, together with a convertible debenture financing that was later upsized to $5 million. On September 24, the Company also identified a preferred processing route for Imwelo's near-surface weathered material, with attrition scrubbing and desliming lifting 24-hour gold extraction on the pretreated fraction from 49.99% to 84.54% in agitated-leach testing.

There are several risks associated with the Company's plans. The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for Tembo, no Mineral Reserves have been estimated, and Mineral Resources do not have demonstrated economic viability. Inferred Mineral Resources carry a lower level of confidence, and it cannot be assumed that any part will be upgraded. The Nyati toll-milling arrangement is not yet a definitive agreement, land compensation timing depends on district authorities, and mineralization at Bulyanhulu is not necessarily indicative of mineralization at Tembo. At Imwelo, JORC-compliant studies are not current under NI 43-101 and any production decision would not be based on a feasibility study of mineral reserves. Financing remains subject to its terms and conditions. Readers should review the Company's filings under its profile on SEDAR+ at www.sedarplus.ca.

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

Wheaton Precious Metals Corp. (NYSE: WPM) reported in its second quarter 2026 MD&A that, effective April 1, 2026, it receives a combined 67.5% of all silver produced from Antamina, up from the 33.75% delivered under the pre-existing Glencore silver stream, with the transaction funded in part through a new $1.5 billion two-year term loan. Net debt stood at $1.9 billion at June 30, and 2026 attributable production guidance remains 860,000 to 940,000 gold equivalent ounces.

Streams are also showing up on new African builds. Wheaton's first quarter report noted that Montage Gold anticipates first gold pour through the oxide circuit at its Koné project in late Q4 2026, with the hard-rock comminution circuit on track for Q2 2027. Subsequent to the second quarter, Wheaton made an additional $44 million upfront payment related to its El Domo stream, and the company hosted an Investor Day webcast on September 16 led by President and CEO Haytham Hodaly.

OR Royalties Inc. (NYSE: OR) reported a 62% year-over-year increase in second quarter 2026 revenues and cash flows from operations, with 96.8% of revenues converting to cash margin, and said its royalty, stream and other interests grew to $1.48 billion at June 30 from $1.14 billion at year-end 2025. The company has continued share repurchases under its normal course issuer bid and raised its quarterly dividend by 18% in May to US$0.065 per share.

On September 23, OR Royalties provided an asset portfolio briefing highlighting first gold production at Cuiú Cuiú and imminent gold production at Amulsar. Earlier in the year, the company closed an additional 1.0% net smelter return royalty on the Namdini project at the end of March, funded from cash on its balance sheet.

Harmony Gold Mining Company Limited (NYSE: HMY) reported record results for the financial year ended June 30, 2026, with revenue up 34% to R99.2 billion, adjusted free cash flow up 54% to a record R17.1 billion and headline earnings per share up 87% to 4,363 SA cents. The company met its gold production guidance for the eleventh consecutive financial year, and a final dividend of 750 SA cents per share brought the total FY26 payout to a record R8.1 billion.

Harmony has also turned to the convertible market, launching a US$500 million guaranteed senior unsecured convertible bond offering due 2031 this month, with issuance scheduled for September 29, 2026. CEO Beyers Nel presented the company's gold and copper strategy at Mining Forum Americas on September 28.

Caledonia Mining Corporation Plc (NYSE American: CMCL) is assembling a layered funding package for its Bilboes gold project in Zimbabwe, which is set to become its second operating mine. The company has raised US$150 million in gross proceeds from 5.875% convertible notes and bought put options locking in a minimum gold price of US$3,500 per ounce over 3,000 ounces a month from January 2026 through December 2028, a hedge designed to underpin cash receipts from its Blanket Mine through the peak Bilboes investment period and support lenders' willingness to provide credit.

With its second quarter results, Caledonia cut 2026 group capital expenditure guidance to US$103.3 million from US$178.9 million on clearer timing for long-lead equipment deposits at Bilboes, said Zimbabwean bank approvals cover more than half of a targeted US$150 million interim facility, and noted due diligence is continuing on a US$300 million project finance facility. The company held a Capital Markets Day in New York on September 16 to set out its Bilboes development and funding strategy.

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DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by Canada News Group, 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 Ltd. for Lake Victoria Gold Ltd. 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 Ltd.. 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. Market Equities and its owners, operators, directors, and affiliates own shares of Lake Victoria Gold Ltd., and reserve the right to buy and sell, and will buy and sell, shares of Lake Victoria Gold Ltd. 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 Ltd. 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. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. The scientific and technical information relating to Lake Victoria Gold Ltd. referenced in this article has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101 and a registered member of the South African Council for Natural Scientific Professions (SACNASP). Mr. Scott is a Director and Officer of Lake Victoria Gold Ltd. and is therefore not independent of the Company. The Tembo Mineral Resource Estimate 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 independent of the Company. Cautionary Note on Production Decision: Although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The Company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. Any decision to commence production is not based on a feasibility study of mineral reserves and therefore involves increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks. The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the Tembo Project, no Mineral Reserves have been estimated at Tembo, and any decision to commence production at Tembo, including through the proposed toll-milling arrangement with Nyati Resources (T) Limited, 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. Cautionary Note Regarding Mineral Resources: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 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. Grade-tonnage figures at higher cut-offs are subsets of the stated Mineral Resource and do not represent separate Mineral Resource estimates. The potential receipt of contingent payments from Bulyanhulu Gold Mine Limited depends on exploration and development success outside the Company's control. Metallurgical recoveries referenced in this article are laboratory results on selected samples; recoveries reported for pretreated fractions do not represent overall whole-ore plant recovery and are not a guarantee of commercial plant performance. Drill intercepts are selected results, are not necessarily representative of the mineralization on the property as a whole, and are reported as down-hole lengths; true widths have not been determined. The gold loan facility and convertible debenture financing referenced in this article are subject to their respective terms and conditions, and there is no assurance any facility will be drawn in full. Further information is available under the Company's profile on SEDAR+ at www.sedarplus.ca. References to Wheaton Precious Metals Corp., OR Royalties Inc., Harmony Gold Mining Company Limited and Caledonia Mining Corporation Plc are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Lake Victoria Gold Ltd., their results are not indicative of Lake Victoria Gold Ltd.'s prospects, none of them is involved in or has reviewed this article, and no partnership, affiliation, or endorsement is implied. References to AngloGold Ashanti's Geita Gold Mine and Barrick's Bulyanhulu Mine, and to their proximity to the Company's projects, are provided for regional and geological context only; mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Company's properties. Barrick holds an equity position in Lake Victoria Gold Ltd. and is therefore a shareholder of the Company rather than a comparable company; Barrick is not a tagged company in this article and has no involvement in it. Monetary Metals & Co., Nyati Resources (T) Limited and Taifa Group are counterparties or partners of the Company and are referenced for that reason only. Market-size figures cited in this article are third-party projections that may not be realized and do not represent revenue or addressable market expectations for Lake Victoria Gold Ltd.. Eagle Eye Disclosure: 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. Forward-Looking Statements: This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include, without limitation, statements regarding the Tembo Mineral Resource Estimate and its potential conversion and growth; the planned close-spaced drilling program at Ngula 1; the completion and timing of the Ngula Village land valuation and compensation programme; the proposed toll-milling arrangement with Nyati Resources (T) Limited and the potential for near-term production at Tembo; the potential receipt of contingent payments; the advancement of the Imwelo Gold Project; and the availability of the Monetary Metals gold loan facility and other financing. These forward-looking statements are based on the opinions and assumptions of management of Lake Victoria Gold Ltd. as disclosed in its public releases, and on the publisher's interpretation of that information, and are subject to risks including the volatility of gold prices and of Lake Victoria Gold Ltd.'s shares; the availability of financing on acceptable terms; the ability to reproduce laboratory results at plant scale; delays in construction, land access, permitting or contractor performance; the ability to negotiate and execute definitive agreements, including with Nyati Resources (T) Limited; regulatory, fiscal, community and political risks in Tanzania, including the statutory Government free-carried interest; the uncertainty of mineral resource estimates; and the risks inherent in exploration, development and mining. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Forward-looking statements in this publication are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. The publisher undertakes no obligation to update any forward-looking statement, except as required by law.

SOURCE Canada News Group