Gold Miners Chase Recovery Gains as Prices Hold Above $4,300
Lake Victoria Gold Ltd. reported metallurgical testwork results from its Imwelo Gold Project in Tanzania, identifying attrition scrubbing followed by desliming as the preferred pretreatment for clay-rich…
Editor's note: This article has been republished from its original version. Certain sections have been supplemented with a summary, key facts and answers to common questions, each drawn from and verified against the original release. Article also has sponsored disclosure at bottom. The original article can be viewed here.
VANCOUVER, BC, Sept. 24, 2026 /PRNewswire/ -- US Metal News News Commentary - The global gold ore market is projected to grow from approximately $16.01 billion in 2026 to about $23.3 billion by 2030, a compound annual growth rate of roughly 9.8%, according to a report from ResearchAndMarkets.com, which cites high-recovery extraction and advances in mining and refining technology among the drivers. With gold holding above $4,300 an ounce in September, below its January record but still near historic levels, the ounces a miner leaves in the tailings have become one of the most expensive line items in the business. Active Companies from around the markets with current developments this week include: Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K), AngloGold Ashanti plc (NYSE: AU), TRX Gold Corporation (NYSE American: TRX), Gold Fields Limited (NYSE: GFI), Harmony Gold Mining Company Limited (NYSE: HMY).
Fortune Business Insights measures the sector more broadly, estimating the global gold mining market at approximately $327.8 billion in 2026 and projecting growth to about $765.85 billion by 2034, a CAGR of roughly 11.19%. The figures are built on different scopes, but both point to an industry where the value of each recovered ounce has risen sharply.
That shifts attention to metallurgy. A few percentage points of recovery can decide whether a small open pit earns its capital back, and near-surface oxide and weathered ores, often the first material a new mine processes, can behave very differently from the fresh rock beneath them. Clay-rich weathered material in particular can slow leaching, trap gold in fine particles and complicate slurry handling if it is not treated correctly at the front of the plant.
Tanzania's Lake Victoria Goldfield is a case in point. The region hosts large operating mines run by major producers alongside a growing group of smaller developers and producers advancing open-pit projects, several of which have spent the past two years publicly reporting plant upgrades and metallurgical testwork aimed at lifting recoveries.
Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) Identifies Preferred Processing Route for Imwelo Near-Surface Mineralization
Attrition scrubbing followed by desliming identified as the preferred pretreatment route for clay-rich Area C material.
Mechanically agitated 24-hour gold extraction increased from 49.99% on as-received material to 84.54% on the pretreated fraction.
Bottle-roll testing returned recoveries of up to 88.15% at 48 hours on the pretreated fraction, versus 70.76% as received.
Approximately 26% of the gold reported to the +300 µm size fraction; average gravity recovery rose from 12.78% to 21.25%.
Settling time fell from 220 seconds to 130 seconds, with bed compaction rising from 50.56% to 65.09%.
Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) has reported results from metallurgical testwork on the shallow, highly weathered mineralization at Area C of its fully permitted Imwelo Gold Project in Tanzania's Lake Victoria Goldfield. The program, completed by Nesch Mintech Tanzania Limited, an independent laboratory in Mwanza, identified attrition scrubbing followed by desliming as the preferred pretreatment option for further optimization of the clay-rich material the Company expects to form an important component of initial Area C feed.
A total of 38 HQ whole-core samples weighing 120.34 kg were tested, with an average composite head grade of 3.80 g/t Au. The material was evaluated as received, deslimed, and attrition scrubbed followed by desliming. Under the preferred route, 24-hour agitated leach extraction rose to 84.54% and carbon-in-leach extraction to 85.02%. The Company notes that recoveries for the pretreated samples relate to the pretreated fractions and do not yet represent overall whole-ore plant recovery; the next phase of work will establish the mass and gold balance across the desliming circuit.
Grind testing showed improved extraction at finer grinds, but with more fines generated, and Nesch Mintech recommended optimizing the grind within the P80 75 to 106 µm range. The weathered-ore results complement LVG's March 18, 2026 program on transitional and fresh mineralization, which the Company reported demonstrated recoveries of up to approximately 96% to 97% using conventional gravity concentration and cyanide leaching.
"We designed this program to answer a practical engineering question: how should we treat the clay-rich material expected early in the Area C mining sequence? The results give us a clear preferred processing direction, with scrubbing and desliming materially improving gold extraction and slurry handling," said Marc Cernovitch, President & CEO of Lake Victoria Gold. "Combined with the strong recovery profile already established for the deeper transitional and fresh material, we now have a much stronger metallurgical basis for advancing Imwelo's process design. This is another important step in moving the Project from engineering into execution."
The metallurgical program follows LVG's August 27, 2026 announcement of near-surface drill results from Area C, including 28.71 g/t Au over 2.75 metres from 21.00 metres in IMWDR029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in IMWDR028. That drilling was designed to intersect the weathered zone, which previous geotechnical work identified as extending locally to approximately 40 to 60 metres depth, and to supply whole core for testing ahead of detailed mine planning and process design.
Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) is a gold exploration and development company focused on growth and consolidation in Tanzania's Lake Victoria Goldfield. The Company holds a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine, and a 100% interest in the Tembo project, located adjacent to Barrick's Bulyanhulu Mine. Taifa Mining, Tanzania's largest mining contractor, is to conduct the contract mining and civil works for Imwelo.
There are several risks associated with the Company's plans. The reported recoveries are laboratory results on pretreated fractions and do not yet represent overall whole-ore plant recovery; gold reporting to the slimes fraction or other process losses could result in lower overall recovery. Imwelo has been the subject of JORC-compliant studies that are not current under NI 43-101, and no feasibility study establishing mineral reserves has been completed, so any production decision carries increased uncertainty and a higher risk of economic and technical failure. Development also depends on financing, contractors and regulatory approvals. Readers should review the Company's disclosure at www.sedarplus.ca and the forward-looking statements in its releases.
Read this and more news from around the sector at: U.S. Metal News
(TSXV: LVG ) (OTCQB: LVGLF ) ( FSE : E1K) is a gold exploration and development company focused on growth and consolidation in Tanzania's Lake Victoria Goldfield.
In other industry developments and happenings in the market this week include:
AngloGold Ashanti plc (NYSE: AU) operates the Geita Gold Mine in the Lake Victoria goldfields of northwestern Tanzania, one of the flagship assets in a portfolio of roughly ten operations across eight countries. The company released its second quarter 2026 earnings on July 31, 2026, and declared an interim dividend of US$0.72 per share, paid September 4, 2026.
On its second quarter call, management said the company generated 36% year-over-year growth in free cash flow per share and said it remains focused on its operational catalysts, cost management and its share buyback program. AngloGold Ashanti has also been increasing capital spending at Geita to support expansion and operational projects.
TRX Gold Corporation (NYSE American: TRX), which operates the Buckreef Gold project in Tanzania, recently announced record preliminary fourth quarter fiscal 2026 gold production of 8,173 ounces, up 28% year over year, and record annual production of 29,650 ounces, an increase of 57%, at the top end of its 25,000 to 30,000 ounce guidance range.
TRX Gold's recent results show what plant work can do in the same goldfield. In its third quarter results, the company reported record plant throughput and said plant upgrades lifted recovery to 84.9%, while metallurgical testwork supports a new 3,500 tonne-per-day SAG and ball mill intended to run alongside its upgraded 2,000 tonne-per-day plant.
Gold Fields Limited (NYSE: GFI) recently reported profit attributable to owners of the parent of US$1,855 million, or US$2.07 per share, for the six months ended June 30, 2026, compared with US$1,027 million, or US$1.15 per share, a year earlier. Attributable production rose 12% to 1.267 million ounces, and adjusted free cash flow more than doubled to US$2.225 billion.
The company raised its interim dividend and expanded its top-up shareholder return program to US$1.25 billion. Management pointed to the ramp-up of Salares Norte in Chile, which produced 337,000 ounces in the half, while all-in sustaining costs rose 13% to US$1,893 per ounce on higher royalties, stronger local currencies and inflation, including in Ghana.
Harmony Gold Mining Company Limited (NYSE: HMY) recently reported results for the year ended June 30, 2026, with group gold production of 1,429,551 ounces, in line with guidance, and all-in sustaining costs of US$2,195 per ounce, also within guidance. The company said it met gold production guidance for the eleventh consecutive financial year.
Harmony is also known as a leader in gold tailings retreatment, one of the clearest examples of how improved processing can extract value from material once treated as waste. Following its acquisition of the CSA mine, the company reported 18,207 tonnes of copper production as it builds out a diversified gold and copper business.
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Frequently Asked Questions
What did Lake Victoria Gold's metallurgical testing show for the Imwelo project?
Attrition scrubbing followed by desliming was identified as the preferred pretreatment route for clay-rich Area C material, with 24-hour agitated leach extraction rising to 84.54% and carbon-in-leach extraction to 85.02% on pretreated samples, compared to 49.99% extraction on as-received material.
What was the gold grade in the samples tested at Lake Victoria Gold's Imwelo project?
A total of 38 HQ whole-core samples weighing 120.34 kg were tested, with an average composite head grade of 3.80 g/t Au.
Does Lake Victoria Gold's metallurgical result represent full plant recovery?
No; the company notes that recoveries for the pretreated samples relate to the pretreated fractions and do not yet represent overall whole-ore plant recovery, with the next phase of work to establish the mass and gold balance across the desliming circuit.
What recent drill results were reported from Lake Victoria Gold's Area C?
Near-surface drill results announced on August 27, 2026 included 28.71 g/t Au over 2.75 metres from 21.00 metres in IMWDR 029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in IMWDR 028.
What is Lake Victoria Gold's Imwelo project status?
Imwelo is a fully permitted gold project in Tanzania's Lake Victoria Goldfield; however, no feasibility study establishing mineral reserves has been completed, and any production decision carries increased uncertainty and higher risk of economic and technical failure.
Who conducted the metallurgical testwork for Lake Victoria Gold's Imwelo project?
Nesch Mintech Tanzania Limited, an independent laboratory in Mwanza, completed the metallurgical program.
Source
Originally distributed via PR Newswire: Gold Miners Chase Recovery Gains as Prices Hold Above $4,300
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Qualified Person: The scientific and technical information in Lake Victoria Gold Ltd.'s release was reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a Director and Officer of the Company and is therefore not independent.
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.
Cautionary Note Regarding Metallurgical Results: The recoveries described in this publication are laboratory-scale results on composite samples. Recoveries for the deslimed and attrition-scrubbed and deslimed samples relate to the respective pretreated fractions and do not represent overall whole-ore plant recovery, which has not yet been established. There is no assurance that further testwork will reproduce these results or that they will be achieved at plant scale. Drill intercepts cited are drilled lengths and may not represent true widths.
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. This document is governed by the laws of Ireland.
References to AngloGold Ashanti plc, TRX Gold Corporation, Gold Fields Limited and Harmony Gold Mining Company Limited are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Lake Victoria Gold Ltd., none of them is involved in this publication, their results are not indicative of Lake Victoria Gold Ltd.'s prospects, and no partnership, affiliation, or endorsement is implied. References to nearby mines are for regional and geological context only. Market-size figures cited from ResearchAndMarkets.com and Fortune Business Insights are third-party global projections and do not represent revenue addressable by Lake Victoria Gold Ltd.
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Forward-Looking Statements: This publication 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 under applicable Canadian securities laws. Forward-looking statements can be identified by words such as "expects," "anticipates," "intends," "plans," "may," "will," "could," "should," "believes," "estimates," "potential" and similar expressions, and include, without limitation, statements regarding the advancement of the preferred pretreatment route, further metallurgical testwork, the establishment of overall gold recovery, the incorporation of results into process and plant design, the mining sequence at Area C, and the advancement of the Imwelo Gold Project toward construction and production. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including metallurgical and geological variability, the availability of financing, contractor and supply-chain risks, commodity prices, regulatory approvals, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law.
