Lake Victoria Gold Ltd.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because two documented threats to the company itself are present: the auditor flagged a material uncertainty about its ability to continue as a going concern in its report of April 23, 2026, and C$3.32 million of cash as of June 30, 2026, lasts a little over two quarters at the second-quarter burn rate — well under four, just as construction of a mine begins. Neither announced source of money, the gold loan nor the HOB placement, had closed at the time of writing. Yellow would only be defensible once one of them actually funds; then the big operational question would remain whether Imwelo can operate profitably without a feasibility study. This rating has nothing to do with the share price: at a lower price the financing situation would be exactly the same. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Since July 2026, Lake Victoria Gold has been preparing a gold mine at its permitted Imwelo project in Tanzania, and since August 2026 its neighboring Tembo project has had a first resource of 579,800 ounces. Construction is proceeding without a feasibility study and without reserves, with C$3.3 million in cash (June 30, 2026) and a going-concern paragraph from the auditor. The gold loan of about US$25 million was not committed at the end of August; HOB Energy’s C$27.2 million is so far a non-binding term sheet that, on closing, would raise the share count by almost half and give HOB far-reaching say. The market value was about C$68.9 million on October 23, 2026. Not investment advice.
Project progress
Imwelo holds a mining licence and, according to the company, is fully permitted. Earthworks have been under way since July 28, 2026, the access road has been repaired, and the camp was substantially complete on September 3, 2026. Metallurgy shows recoveries of up to roughly 96 to 97 percent for the deeper ore.
Confidence level of the deposit
There are no reserves and no feasibility study. The Imwelo estimate of 291,600 ounces is not current under the Canadian standard; Tembo has had a resource of 579,800 ounces since August 11, 2026, almost 83 percent of it in the least certain “inferred” category.
Financial strength
As of June 30, 2026, the company held C$3,316,346 in cash, against about C$1.56 million of outflows in the second quarter. Auditor D&H Group LLP flagged a material uncertainty about its ability to continue as a going concern on April 23, 2026.
Funding the build
According to the MD&A, the gold loan of about US$25 million was not committed as of August 28, 2026. The C$27.2 million HOB financing announced October 20, 2026, is a non-binding term sheet with an outside closing date of November 30, 2026.
Dilution and control
The share count rose from 107.1 million at the end of 2024 to 202.5 million on August 28, 2026. The HOB plans would add up to 107.4 million more shares and a major shareholder with about 29 percent, three of seven board seats and approval rights.
Worth Noting
This analysis was triggered by wallstreet-online’s list of the most discussed and searched stocks (October 2026), a German retail-investor portal — not by a scanner hit. We track the company under its home listing LVG on the TSX Venture Exchange (internally LVG.TO); the U.S. symbol LVGLF and the Frankfurt symbol E1K refer to the same stock.
Lake Victoria Gold is not an SEC reporting company. All company figures come from the Canadian mandatory documents (SEDAR+), retrieved from the financial-reports page of its investor-relations site: interim statements and MD&A as of 06/30/2026 (dated 08/28/2026, not reviewed by the auditor) and as of 03/31/2026, consolidated financial statements 2023 to 2025 and news releases through 10/20/2026. The statements as of 09/30/2026 were not yet available on 10/25/2026.
Possible mix-up: until December 2023 the company was called Tembo Gold Corp. The “Old LVG” in the financial statements is a private Australian Lake Victoria Gold Ltd., from which the listed company bought the Imwelo project in February 2025.
All amounts in Canadian dollars unless marked as U.S. dollars. Conversions from U.S. to Canadian dollars use the rate stated in the interim statements as of 06/30/2026 (1 Canadian dollar = 0.70 U.S. dollars).
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
Last price: 0.34 C$ (As of: October 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Sector comparison: Basic Materials
| Company | Market cap (C$B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lake Victoria Gold Ltd. LVG.TO | 0.1 | – | – | – | 0.0 | – | – |
| Neo Performance Materials Inc NEO.TO | 1.3 | 2,750.0 | – | – | 20.3 | 2.4 | – |
| Heliostar Metals Ltd HSTR.TO | 0.7 | 17.1 | – | – | 35.2 | – | – |
| GoldMining Inc GOLD.TO | 0.3 | – | – | – | 0.0 | – | – |
| Mogotes Metals Inc. MOG.TO | 0.2 | – | – | – | 0.0 | – | – |
| Aurania Resources Ltd ARU.TO | 0.0 | – | – | – | 0.0 | – | – |
| Median of companies shown | 0.3 | – | – | – | 0.0 | – | – |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Quarters
Quarterly Figures
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Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2025: Q3 | – | – | 0 | – | – | -1 | -1 |
| 2025: Q4 | – | – | 0 | – | – | -4 | -4 |
| 2026: Q1 | – | – | 0 | – | – | -1 | -1 |
| 2026: Q2 | – | – | 0 | – | – | -1 | -2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
AI classification
AI Rating
Sonderfall kanadische Gesellschaft mit Heimatnotierung an der TSX Venture Exchange ohne SEC-Periodenberichte — ausgewertet wurden die eigenen Abschlüsse samt Lagebericht (MD&A) nach National Instrument 51-102. Belegt ist ein operativer KI-Einsatz in der Exploration: Für das Tembo-Projekt ließ das Unternehmen ab dem vierten Quartal 2020 von GoldSpot Discoveries mit „artificial intelligence computing technology“ alle Bohr- und Geodaten neu auswerten; daraus entstanden 54 priorisierte Bohrziele, deren Abarbeitung der Lagebericht für 2024 (Stand 30.04.2025) als laufend beschreibt. Eine KI-Umsatzquelle gibt es nicht — das Unternehmen erzielt überhaupt keinen Umsatz —, und eine Bedrohung des Geschäftsmodells durch KI ist nicht erkennbar. In den Lageberichten für 2025 sowie zum 31.03. und 30.06.2026 kommt KI nicht mehr vor; der Einsatz ist damit belegt, aber punktuell und älteren Datums.
View the full file — quotes, sources, reviewed filings
„During Q4/2020 the Company signed a cooperation agreement with GoldSpot Discoveries Corp. (“Goldspot”). In terms of this agreement GoldSpot applied the experience and knowledge of their team of multidisciplinary geoscientists and data scientists and artificial intelligence computing technology to re-interpret all available data within the Tembo licences and the goldfield area in proximity to the Tembo Project."
Im vierten Quartal 2020 unterzeichnete die Gesellschaft eine Kooperationsvereinbarung mit GoldSpot Discoveries Corp. („Goldspot“). Im Rahmen dieser Vereinbarung setzte GoldSpot die Erfahrung und das Wissen seines Teams aus fachübergreifenden Geowissenschaftlern und Datenwissenschaftlern sowie KI-Rechentechnik ein, um sämtliche verfügbaren Daten innerhalb der Tembo-Lizenzen und des Goldfeldes in der Nähe des Tembo-Projekts neu auszuwerten.
Lagebericht (MD&A) für das Geschäftsjahr 2024 · 2025-04-30 · View SEC filing
„These studies identified and prioritised 54 targets, of which 38 are located on the Company’s single PL, and exploration planning and execution of the recommendations on these existing targets is ongoing."
Diese Studien identifizierten und priorisierten 54 Ziele, von denen 38 auf der einzigen Prospektionslizenz der Gesellschaft liegen; die Explorationsplanung und die Umsetzung der Empfehlungen zu diesen bestehenden Zielen laufen.
Lagebericht (MD&A) für das Geschäftsjahr 2024 · 2025-04-30 · View SEC filing
„Using multidisciplinary data driven science, artificial intelligence and machine learning by Goldspot to generate and prioritise targets, optimising outcomes and exploration expenditure has confirmed and quantified numerous high potential targets."
Der Einsatz fachübergreifender datengetriebener Wissenschaft, künstlicher Intelligenz und maschinellen Lernens durch Goldspot zur Erzeugung und Priorisierung von Zielen, um Ergebnisse und Explorationsausgaben zu optimieren, hat zahlreiche Ziele mit hohem Potenzial bestätigt und beziffert.
Projektseite „State-of-the-Art Exploration“ (Tembo), Unternehmenswebsite · 2026-10-25 · View SEC filing
Filings Reviewed: Zwischenabschluss und Lagebericht (MD&A) zum 30.06.2026 — keine KI-Fundstelle 2026-08-28 · Zwischenabschluss und Lagebericht (MD&A) zum 31.03.2026 — keine KI-Fundstelle 2026-05-27 · Konzernabschluss und Lagebericht (MD&A) für das Geschäftsjahr 2025 — keine KI-Fundstelle 2026-04-23 · Lagebericht (MD&A) für das Geschäftsjahr 2024 — GoldSpot-Kooperation mit KI-Auswertung 2025-04-30 · Pressemitteilung vom 20.10.2026 (Finanzierung HOB Energy) — keine KI-Fundstelle 2026-10-20
Rated on October 25, 2026 · How the Rating Is Built
The company
About the Company
Lake Victoria Gold Ltd. ist ein Gold-Explorations- und Entwicklungsunternehmen mit Sitz in Vancouver (Kanada), gegründet 1937 in Ontario und bis Dezember 2023 unter dem Namen Tembo Gold Corp. tätig. Die Gesellschaft hält zu 100 Prozent zwei Projekte im Lake-Victoria-Goldfeld im Nordwesten Tansanias: das Imwelo-Goldprojekt mit der Bergbaulizenz ML 538/2015 westlich der Geita-Mine und das Tembo-Projekt mit vier Bergbaulizenzen neben der Bulyanhulu-Mine. Das Unternehmen erzielt keine Umsätze und hat keine Mineralreserven; für Tembo liegt seit August 2026 eine erste Mineralressource nach NI 43-101 vor. Die Aktie notiert an der TSX Venture Exchange (LVG), außerbörslich in den USA am OTCQB (LVGLF) und in Frankfurt. Berichtswährung ist der kanadische Dollar, das Geschäftsjahr endet am 31. Dezember.
- ISIN
- CA5109151012
Data as of: October 25, 2026 · symbol.source_foreign
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.