RE: Lake victoria gold.26 Mar 2026 23:13
Was 3.8% but now...
"As of March 2026, Atlas Metals Group PLC (LSE: AMG) does not own 3.8% of the Lake Victoria Gold Project. Their holding has been significantly diluted to approximately 1.1% of the project's operator, Lake Victoria Gold Ltd. (TSXV: LVG).
Ownership Calculation
According to Atlas Metals' 2025 Annual Report and recent share registry data:
Total LVG Shares Outstanding: Approximately 195,317,218 shares.
Atlas Metals' Position: Atlas holds roughly 2.2 million shares (held as an "Indirect Investment").
Current Stake: This equates to a 1.13% interest in the public company that owns 100% of the project.
Why the 3.8% figure is outdated
The 3.8% (or 3%) figure was a historical marker from late 2024. Over the last year, Lake Victoria Gold issued a massive amount of new equity to fund development, specifically:
Strategic Dilution: Large investments from the Taifa Group (16 million shares) and Barrick Gold (5.5 million shares) pushed minority holders like Atlas further down the cap table.
Corporate Shift: Atlas Metals (formerly MetalNRG) has shifted its primary focus to the Gold Ridge Project in Arizona, maintaining its LVG stake as a passive, non-core investment valued at approximately £458,000"