Lake Victoria Gold Ltd (LVG) AI Stock Analysis

• Market Cap: C$58.55M
• Dividend Yield: N/A
• Average Volume (3M): 406.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: N/A
• EPS Growth: 40.00%
• Country: CA
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 195,158,330
• 10 Day Avg. Volume: 367,931
• 30 Day Avg. Volume: 406,457
• PEG Ratio: -0.71
• Price to Book (P/B): 3.37
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -21.76
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$0.50
• Price Target Upside: 72.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$0.26 ▼(-8.97% Downside)

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow requiring funding). Offsetting this, technicals show a clear uptrend (though overbought), and recent corporate updates have been positive around exploration results and a potential near-term production plan.

Positive Factors

Low financial leverage

Very low trailing debt-to-equity (~0.07) provides durable financial flexibility for an exploration-stage miner. Lower leverage reduces bankruptcy and interest burdens, enabling the company to pursue exploration and development steps without immediate heavy debt servicing constraints.

Positive exploration and near-term production pathway

Documented high-grade results and drilling extensions enhance the long-term resource upside, while toll-processing discussions and a private placement represent a structural push toward near-term production. Together these reduce timeline risk and improve the project’s path to revenue generation.

Improving cash burn trend

A narrowing operating cash outflow versus prior years signals management progress in cost control and capital allocation. This trend extends runway and reduces near-term funding pressure, improving the odds of advancing exploration or development without immediate dilutive financing.

Negative Factors

Pre-revenue, persistent net losses

Being pre-revenue with multi-year net losses means the business model remains unproven at scale and value creation depends entirely on exploration success and project development. This fundamental state raises execution risk and makes long-term viability contingent on hitting production milestones.

Negative operating and free cash flow

Sustained negative operating and free cash flow forces reliance on external capital to fund exploration and operations. Over a multi-month horizon, this creates structural dilution or refinancing risk and can delay development timelines if financing conditions change or capital is not secured.

Negative ROE and equity increases implying dilution

Materially negative ROE indicates current capital deployment destroys shareholder value. The substantial rise in equity versus the prior year implies ongoing issuance to fund operations, a structural dilution risk that can impair per-share economics until the company achieves positive returns or production.

Lake Victoria Gold Ltd Business Overview & Revenue Model

Company Description

Lake Victoria Gold Ltd., a junior mineral exploration company, engages in the acquisition and exploration of mineral properties in Tanzania. The company primarily explores for gold deposits. Its flagship project is the Tembo gold property covering an area of 32 square kilometers located in the Lake Victoria goldfield district in northwest Tanzania. The company was formerly known as Tembo Gold Corp. and changed its name to Lake Victoria Gold Ltd. in December 2023. Lake Victoria Gold Ltd. was incorporated in 1937 and is based in Vancouver, Canada.

How the Company Makes Money

The company makes money primarily through the extraction and sale of gold. Its revenue model focuses on mining operations where gold is extracted from the earth, processed, and then sold in the form of gold bars or other gold products to various markets and buyers. LVG may also engage in partnerships with other mining companies or enter into joint ventures to enhance production capacity and share resources. Additionally, fluctuations in gold market prices and the company's efficiency in production and cost management play a significant role in its earnings.

Lake Victoria Gold Ltd Financial Statement Overview

Summary

Early-stage profile with no revenue and persistent net losses, plus negative operating and free cash flow implying continued reliance on external funding. Balance sheet leverage is low (supporting flexibility), but materially negative ROE and ongoing cash burn keep financial strength constrained.

Income Statement

The company is still pre-revenue (revenue is 0 across all provided periods), with persistent operating losses. Losses remain large in TTM (Trailing-Twelve-Months) (net loss of ~2.9M) and were also sizable in 2024 (~3.2M) and 2023 (~2.9M), indicating continued cash burn to fund exploration/overhead. While the TTM net loss is modestly better than 2024, the lack of revenue and ongoing negative earnings keep profitability quality weak and visibility limited.

Balance Sheet

Leverage is relatively low, with TTM (Trailing-Twelve-Months) debt-to-equity around 0.07, which provides financial flexibility versus many early-stage peers. The key concern is profitability and value creation: return on equity is meaningfully negative (about -27% TTM and worse in 2024), reflecting continuing losses against the equity base. Equity has increased substantially versus 2024 (suggesting funding/issuance), which supports solvency but can dilute shareholders if losses persist.

Cash Flow

Cash generation remains weak, with negative operating cash flow in TTM (Trailing-Twelve-Months) (~-0.5M) and negative free cash flow (~-1.25M), meaning the business still depends on external financing. Cash burn appears improved versus 2023–2024 (operating cash outflow narrowed), but free cash flow is still negative and spending requirements remain evident. Free cash flow is larger than the accounting loss in TTM, highlighting that cash use remains heavy despite the reported net loss.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-41.73K	0.00	-29.49K	-27.59K	-25.13K	-26.89K
EBITDA	-2.70M	-3.02M	-2.88M	-2.14M	-1.89M	-1.69M
Net Income	-2.86M	-3.25M	-2.94M	-3.30M	-1.90M	-1.73K
Balance Sheet
Total Assets	19.90M	8.90M	7.43M	7.18M	7.58M	6.74M
Cash, Cash Equivalents and Short-Term Investments	3.91M	31.39K	627.11K	2.26M	650.48K	47.17K
Total Debt	1.02M	1.00M	345.20K	353.50K	44.00K	77.42K
Total Liabilities	4.42M	3.84M	1.18M	1.12M	563.61K	563.81K
Stockholders Equity	15.48M	5.06M	6.26M	6.07M	7.02M	6.18M
Cash Flow
Free Cash Flow	-1.25M	-782.49K	-4.07M	-7.05M	-1.64M	-1.77M
Operating Cash Flow	-501.48K	-775.96K	-2.17M	-4.67M	-1.49M	-1.55M
Investing Cash Flow	-2.32M	-884.08K	-1.90M	4.42M	-142.38K	-225.17K
Financing Cash Flow	6.03M	1.06M	2.47M	2.14M	2.24M	1.81M

Lake Victoria Gold Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:LVG, the sentiment is Positive. The current price of 0.29 is above the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.24, and above the 200-day MA of 0.20, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 60.01 is Neutral, neither overbought nor oversold. The STOCH value of 69.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:LVG.

Lake Victoria Gold Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AMQ	54 Neutral	C$116.08M	-104.17	-8.75%	―	―	―
LVG	53 Neutral	C$58.55M	-14.08	-27.62%	―	―	40.00%
LVX	49 Neutral	C$68.91M	-12.99	-42.27%	―	―	28.32%
RPX	48 Neutral	C$70.59M	-6.09	-133.51%	―	―	47.21%
IVS	45 Neutral	C$61.50M	-20.07	-3699.15%	―	―	-2000.00%
GLDC	45 Neutral	C$53.08M	-6.35	-38.12%	―	―	-592.74%

Lake Victoria Gold Ltd Corporate Events

Lake Victoria Gold Advances Imwelo Toward Development With Key Geotechnical Work Completed

Lake Victoria Gold Ltd. has completed key geotechnical field data collection and specific gravity studies at its Imwelo Project’s Area C, advancing the final open-pit mine design for the project’s planned initial production area. Two dedicated geotechnical drill holes and approximately 200 core samples from resource infill drilling were used to characterize rock strength and density across multiple rock types, enabling more accurate pit-shell optimization, ore domain delineation, and support for an updated mineral resource estimate. The new data indicate potential to consolidate previously modeled pits into a single continuous open pit, marking a significant step in moving Imwelo from technical studies into the development phase and supporting the company’s strategy of progressing the project toward production, while acknowledging that no feasibility study has yet been completed and that development still carries elevated technical and economic risks.

The most recent analyst rating on (TSE:LVG) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.

Lake Victoria Gold Grants 1 Million Stock Options to Investor Relations Consultants

Lake Victoria Gold Ltd. has granted a total of 1,000,000 stock options to investor relations consultants SIDIS Holdings and Market IQ Media Group at an exercise price of $0.20 per share for a three-year term under its stock option plan. The option grants, which remain subject to TSX Venture Exchange approval, are tied to existing investor relations agreements and are intended to better align the interests of these external consultants with those of shareholders, underscoring the company’s effort to strengthen its capital markets profile as it advances its Tanzanian gold projects.

The most recent analyst rating on (TSE:LVG) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.

Lake Victoria Gold Pays Debenture Interest in Shares to Preserve Cash

Lake Victoria Gold Ltd has issued 148,885 common shares at a price of $0.30 per share to its convertible debenture holders, settling approximately $44,666 in accrued interest on $750,000 of debentures outstanding as of December 31, 2025. The share-based interest payment, made following TSX Venture Exchange approval, underscores the company’s continued use of equity to manage its financing obligations as it advances key Tanzanian gold assets toward development, a move that modestly dilutes existing shareholders while preserving cash for exploration and project build-out.

The most recent analyst rating on (TSE:LVG) stock is a Hold with a C$0.28 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.

Lake Victoria Gold to Settle Debenture Interest Through Share Issuance

Lake Victoria Gold Ltd. has elected to pay C$44,665.64 in interest accrued on its C$750,000 of convertible debentures, issued in mid-2024, by issuing 148,886 common shares at a deemed price of C$0.30 per share, subject to TSX Venture Exchange approval. The move allows the Tanzania-focused gold developer to preserve cash while modestly diluting existing shareholders, reflecting a balance between maintaining liquidity for project advancement at Tembo and Imwelo and meeting its financing obligations as it progresses toward potential near-term production.

The most recent analyst rating on (TSE:LVG) stock is a Hold with a C$0.29 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.

Lake Victoria Gold Reports High-Grade Tembo Samples and Moves Toward Near-Term Production Plan

Lake Victoria Gold has reported high-grade grab sample results from artisanal mining sites across its Tembo Project in Tanzania, with assays reaching up to 35.45 g/t gold at Ngula 1 and similarly strong grades at Ngula 2, Nyakagwe East, Nyangomango and the Mgusu target. These results, which align with key structural trends and confirm the presence of a robust, structurally controlled gold system, have led the company to define new priority drill targets and to plan a close-spaced drilling program at Ngula 1 over a 300–400 metre strike length, starting in the first quarter of 2026. In parallel, Lake Victoria Gold is in advanced discussions with Nyati Resources to finalize a toll-processing agreement that would utilize an existing 500 tonne-per-day CIP plant on one of its licences, potentially providing a near-term pathway to production at Tembo and signaling a strategic shift from pure exploration toward execution and development.

Lake Victoria Gold Expands Mineralization at Imwelo Project

Lake Victoria Gold Ltd has announced additional drill results from its ongoing 4,000-metre drill program at the Imwelo Gold Project in Tanzania. The results confirm the extension of mineralization beyond the current pit design, both vertically and laterally, suggesting potential for resource growth and future underground mining. This development enhances the company’s geological model and could lead to increased resource classification, impacting its operational strategy and stakeholder interests.

Lake Victoria Gold Extends Mineralization at Imwelo Project

Lake Victoria Gold Ltd has announced promising initial results from its ongoing 4,000-meter drill program at the Imwelo Gold Project in Tanzania. The first five holes have confirmed the extension of mineralization beyond the current open-pit design to depths greater than 250 meters, indicating potential for both resource conversion and growth. These findings suggest the possibility of expanding the open-pit shell and exploring future underground mining options, which could significantly impact the company’s operations and market positioning.

The most recent analyst rating on (TSE:LVG) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.

Lake Victoria Gold Reports Q3 2025 Exploration Progress on Tembo Licenses

Lake Victoria Gold Ltd announced an update on its Q3 2025 exploration activities for the licenses sold to Bulyanhulu Gold Mine Limited, a joint venture between Barrick Mining Corporation and the Government of Tanzania. The exploration program, aimed at discovering a Bulyanhulu-style mineralized system, includes a GAIP geophysical survey, aircore drilling, and planning for diamond and RC drilling. The progress highlights the potential for significant gold discoveries, reinforcing the strategic value of the Tembo area and offering exploration upside for Lake Victoria Gold within Africa’s gold-rich regions.

The most recent analyst rating on (TSE:LVG) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Lake Victoria Gold Ltd stock, see the TSE:LVG Stock Forecast page.