Category: 3. Business

Explaining Strong Credit Growth in Brazil Despite High Policy Rates

By Swarnali A. Hannan, Daniel Leigh, and Rui Xu

October 9, 2025

Higher income and fintech expansion boosted credit growth, even as monetary policy remained effective

At 15 percent, Brazil’s monetary policy interest rate (called Selic) is one of the highest among major economies. Yet in 2024, bank credit grew by 11.5 percent and corporate bond issuance rose by 30 percent.

This credit expansion—in the face of high policy rates—benefited many individuals, households, and companies. But it also raised questions about the effectiveness of monetary policy itself. In other words, why did the central bank’s efforts to cool down the economy, by making financing more expensive, seem not to be working?

Our analysis, in the context of Brazil’s latest yearly economic review (the Article IV consultation), shows that concerns have been largely unwarranted and that monetary policy transmission in Brazil remains effective. Indeed, recent data indicates that credit growth is starting to slow down.

So, what exactly has been happening? Even as monetary policy was doing its job as intended, we saw two other factors playing a critical role: strong income growth and the country’s success in expanding financial inclusion. These factors boosted the demand for credit and its supply. 

A committed central bank

Brazil’s was the first major central bank to hike rates during the pandemic. After a period of easing, it started a new tightening cycle in September 2024. These decisions have been appropriate and guided by the need to bring inflation and inflation expectations down to its 3 percent target.

The country’s twelve-month inflation rate reached 5.1 percent in August, down slightly from the previous month, but still well above target this year. Inflation expectations are also projected to stay above target over an eighteen-month horizon. This explains the rise in policy rates since the pandemic, in line with standard inflation-targeting principles.

How effective is monetary policy transmission?

To gauge the effectiveness of Brazil’s monetary policy tightening, our report estimates how changes in the central bank’s policy interest rate pass through to bank lending rates paid by households and businesses.

We find that a 1 percentage point increase in the policy rate raises lending rates by around 0.7 percentage point after four months. To raise average lending rates in the economy by one percentage point, the monetary policy rate must increase by about 1.4 percentage points, since roughly 40 percent of total credit is comprised of government-directed loans that are less responsive to policy rate changes.

The analysis also suggests that since 2020, corporate lending rates have become more responsive to changes in the basic rate. This may in part result from the 2018 reform of Brazil’s large development bank, BNDES, which aligned its lending rates with long-term market rates. Bank-level analysis shows corporate loans adjust faster than consumer loans, likely due to tighter margins and more experienced borrowers. In turn, payroll-backed consumer loans are the least responsive because of rate caps.

What drove credit growth

Although Brazil’s monetary policy is working, credit growth has been strong over the past few years. This was due to both cyclical factors and structural changes. On the cyclical side, Brazil’s economy has grown faster than expected, with low unemployment and rising incomes driving higher credit demand.

Moreover, Brazil has been making significant structural changes that have increased financial inclusion and credit availability.

The rapid expansion of fintech lenders gave more people access to credit. In 2024, digital banks and other fintech lenders accounted for a quarter of the credit card market and over 10 percent of non-payroll personal loans. Increased competition reduced banking-sector concentration and lowered average lending rates of incumbent banks. In addition, bond-market financing for corporates as a share of GDP tripled in the last decade, driven by tax-exempt debentures. All these factors supported credit growth.

With a 15 percent basic rate, Brazil’s central bank has administered a strong dose of monetary tightening to temper credit growth and return inflation and expectations to target. New loan volumes have been falling since April, further suggesting that the treatment is working. More broadly, Brazil’s economy is showing signs of moderation amid tight monetary and fiscal policies and elevated global policy uncertainty. Overall, our research shows that concerns about the lack of effectiveness of monetary are proving to be largely unwarranted and that monetary policy transmission in Brazil remains active.

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Daniel Leigh is IMF mission chief for Brazil, Swarnali A. Hannan is a deputy division chief in the IMF’s Western Hemisphere Department, and Rui Xu is an economist in the Monetary and Capital Markets Department

Forward-Looking Statements

This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ”may,” “will,” “seek,” “continue,” “aim,” “anticipate,” “target,” “projected,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” “achieve” or other terminology or words of similar meaning. These statements are based on the current beliefs and expectations of CDB Aviation’s management and are subject to significant risks and uncertainties. Actual results and outcomes may differ materially from those expressed in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

About Azerbaijan Airlines (“AZAL”)

AZAL holds the prestigious 4-Star Skytrax rating and has repeatedly been named Best Regional Airline in Central Asia and the CIS at the Skytrax World Airline Awards. As an IATA member, the airline continues to expand its network, drive digital innovation, and enhance passenger comfort. With a modern fleet that meets ICAO standards and an expanding route network, AZAL provides top-level service while strengthening Azerbaijan’s position in the global aviation market. Sustainable development is a cornerstone of AZAL’s strategy.

The airline is a signatory of the UN Global Compact, publishes its ESG commitments, and participates in IATA’s CO₂ Connect and IEnvA programs, reinforcing its position as a reliable and responsible partner in the international aviation industry. www.azal.az/en

About CDB Aviation

CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”) a 40-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is one of the world’s largest development finance institutions. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.

CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero

Pakistan’s startup ecosystem continued to attract investor interest during the third quarter of 2025, securing $15.2 million across six disclosed deals

The amount is a steep drop from $58 million in Q2, according to a new report by Invest2Innovate (i2i). The quarter’s biggest raise came from Trukkr, which bagged $10 million in a mixed equity and debt round.

It was followed by BusCaro’s $2 million hybrid deal, Myco’s $1.5 million Web3 raise, Metric’s $1.3 million fintech seed round, and ScholarBee’s $350,000 convertible note. Smaller but notable funding came from Pakhtun Wardrobe, which raised $31,000 in equity.

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Additionally, three startups from the i2i Scale accelerator secured undisclosed funding rounds, bringing the total to nine deals, making it the busiest quarter since late 2024.

Unlike past quarters dominated by single mega deals, Q3 reflected greater diversity in both sectors and deal sizes. Activity spanned logistics, mobility, fintech, Web3, edtech, fashion, and digital health, signaling a maturing ecosystem. Logistics led with Trukkr’s raise, followed by mobility and fintech.

A key trend this quarter was the rise of hybrid financing models. Out of six disclosed deals, four — Trukkr, BusCaro, Myco, and ScholarBee — combined equity, debt, or convertible notes. Only Metric and Pakhtun Wardrobe closed traditional equity rounds.

This marks a significant shift from earlier quarters, where pure equity deals dominated. Founders are now opting for more flexible funding structures that minimize dilution, while investors are testing models that balance protection and long-term upside — an indicator of a maturing investment landscape.

Q3 also sustained the positive momentum for women-led or co-founded startups. Following MedIQ’s $6 million raise in Q2, the trend highlights growing gender diversity, even if deal sizes remain smaller than male-led ventures.

Investor participation was balanced in volume but uneven in value. Local investors — including Accelerate Prosperity, Salt Ventures, i2i Ventures, and several angel investors — backed early-stage rounds like BusCaro, ScholarBee, and Pakhtun Wardrobe.

In contrast, international investors such as Yango Ventures (UAE), Daman Investments (UAE), Cartography Capital (US), 500 Global (US), A-Typical Ventures (Qatar), Plus VC (Abu Dhabi), and Tim Draper (US) dominated larger deals, accounting for most of the disclosed capital.

While global confidence in Pakistani founders remains strong, analysts say building deeper local growth capital is essential for long-term sustainability.

The report concludes that six startups made up nearly all disclosed funding this quarter, showcasing the country’s ability to produce investable ventures across multiple sectors.

However, it also points to a persistent gap — the ecosystem needs more mid-sized rounds to bridge the space between small seed tickets and large Series A investments.

Tesla is being investigated by the US government after reports the firm’s self-driving cars had broken traffic laws, including driving on the wrong side of the road and not stopping for red lights.

It said it was aware of 58 reports where the electric cars had committed such violations, according to a filing from the National Highway Traffic Safety Administration (NHTSA).

An estimated 2.9 million cars equipped with full self-driving tech will fall under the investigation.

Tesla, whose boss Elon Musk recently became the world’s first half-trillionaire, has been approached for comment.

The NHTSA’s preliminary evaluation will “assess the scope, frequency, and potential safety consequences” of the “Full Self-Driving (Supervised)” mode.

In this mode – which costs extra for Tesla owners – the cars can make lane changes and turns, but drivers must always be alert to take over at any time.

According to the NHTSA report, there were six crashes caused by cars stopping at a traffic light before setting off while the light was still red.

Four of the crashes resulted in injuries.

The traffic authority said Tesla had taken action “to address the issue” of cars going through red lights at a particular intersection in Maryland, where the problem repeatedly occurred.

The agency will also investigate reports of vehicles going into the opposite lane when making a turn.

It said some of the reported incidents gave “little notice to a driver or opportunity to intervene”.

Tesla is already facing an investigation from the NHTSA over the cars’ door locking mechanisms, after cases where children were reportedly trapped inside Model Y cars.

In some instances, car owners chose to smash the windows to let them out.

Tesla recently unveiled cheaper models of two of its most popular cars, as it tries to compete with cheaper electric vehicles often made by Chinese companies.

Its boss Elon Musk was formerly a close ally of President Donald Trump before a public falling-out earlier in the year.

In July, he announced the formation of a new political party, the America Party, in an attempt to rival the Republicans and Democrats.

The following sentence might make a globalist cry out for joy: A toy that is manufactured by a Chinese company in Vietnamese factories, designed by a Dutch artist in Belgium, inspired by indie toy culture in Hong Kong, and made viral thanks to a Thai K-pop star, has turned into the biggest Gen-Z cultural trend of 2025.

That abomination of a sentence is the story of Labubu, the creepy-cute stuffed monster that swept the world this summer. You must have seen the trend by now, but most people are still unaware of the global, decade-long story that led up to it. Last week, I published a feature story about my journey into the heart of Labubu, how this cultural mania moment was created, and where it may go from here.

It’s an inherently international story, but it’s not the first time we’ve seen it. Think about how the world fell for Pokemon Go or Kpop bands like BTS and Blackpink. These are all examples of regional cultural powerhouse industries successfully finding global audiences for their work. What’s new about Labubu, however, is that it’s the first time a Chinese company was able to engineer this level of success and cultural impact.

Sure, there are always coincidences at work for a success of this scale, but the more I reported on this story, the more I also realized the historical and economic reasons why Labubu, and the toy company behind it, Pop Mart, ended up in this place. In many ways, it resembles other Chinese tech companies that went from counterfeit producers to international name brands, moving up the value chain as they transformed manufacturing experience into valuable technological knowhow.

The story of Labubu begins in Hong Kong in the 1970s and early ‘80s, when the city became a manufacturing hub for toys. From Mattel and Disney to Japan’s Bandai, almost every major toy company was outsourcing production to factories in Hong Kong, due to the low labor costs there.

Howard Lee, the founder of a Hong Kong toy studio called How2Work, told me how that period of history shaped his childhood. “Many parents would go to factories and come home with outsourced gig work like hand painting toys at home,” he says. It was also easy for people to buy toys with cosmetic or functional imperfections from the factories directly, so a generation of children like Lee grew up with relatively easy access to flawed dolls and other toys, which made them yearn more for the better ones they couldn’t afford.

Almost 75,000 farmed salmon have escaped into open water in Loch Linnhe in the Highlands after a fish farm was damaged by Storm Amy.

Operator Mowi said a net on a pen at its Gorsten farm was torn during the severe weather.

The fish farm company said it was investigating the incident.

Scottish Greens MSP Ariane Burgess and charity WildFish Scotland said the escaped fish could pose a risk to wild salmon.

High winds during last weekend’s storm caused power cuts and also damaged sub-sea cables that bring internet services to Shetland and Tiree.

Mowi said it regretted the escape of fish into Loch Linnhe, a sea loch in Lochaber.

A spokesperson said: “Initial investigations indicate that the intense weather conditions caused mooring anchors to drag, and this brought the pen net into contact with a flotation pipe subsequently causing a tear.

“Despite challenging conditions, Mowi swiftly informed the relevant authorities, including local fisheries stakeholders and is now undertaking a full investigation.”

Ms Burgess said: “The escaped fish pose a serious threat to Scotland’s wild salmon.

“When farmed salmon breed with wild fish, it weakens the wild population and reduces their chances of survival.

“Every escape adds to the pressure on our already depleted wild salmon populations.”

WildFish Scotland has also raised concerns around farmed and wild salmon breeding.

It described the incident as one of the biggest in recent years.

The Scottish government said it was committed to working with industry, conservation groups and communities to ensure fish farming had a “sustainable and prosperous” future.

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Equity Insider News Commentary
Issued on behalf of Lake Victoria Gold Ltd.

VANCOUVER, BC, Oct. 9, 2025 /PRNewswire/ — Equity InsiderNews Commentary — Gold’s historic breach of $4,000 per ounce Tuesday marked the culmination of a remarkable year that has seen the precious metal gain approximately 50%—the strongest annual performance in more than four decades^[1]. The rally has triggered a powerful rotation into gold mining equities, with funds focused on miners delivering 114% returns year-to-date and drawing $5.4 billion in third-quarter inflows alone, the largest quarterly influx since the depths of the 2009 financial crisis^[2]. Despite the stunning rally, technical analysts note that the sector remains widely under-owned, with gold mining stocks still trading at valuations that imply bullion prices near $2,500^[3], creating what many see as a disconnect that could drive further gains across producers and developers, including Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), TRX Gold Corporation (NYSE-American: TRX) (TSX: TRX), Arras Minerals Corp. (TSXV: ARK) (OTCQB: ARRKF), Red Pine Exploration Inc.  (TSXV: RPX) (OTCQB: RDEXF), and Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI).

Goldman Sachs added fuel to the bullish sentiment Monday by raising its forecast to $4,900 per ounce by mid-2026^[4], with other analysts now describing $5,000 gold as a “certainty” rather than a speculative target, driven by concerns over Federal Reserve independence, geopolitical instability, and accelerating central bank purchases^[5]. With gold companies generating record free cash flow at current prices—yet trading at forward earnings multiples below their ten-year averages—the mining sector appears positioned to benefit from both continued metal price appreciation and long-overdue valuation expansion.

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has commenced drilling at Area C, the highest-grade zone within its fully permitted Imwelo Gold Project in Tanzania, marking a critical inflection point in the company’s path toward near-term production.

The first of approximately 24 planned holes is now drilling as part of a 4,000-metre program designed to finalize pit design, upgrade resource confidence, and test extensions at the priority starter pit. The company is using a cost-efficient drilling approach that captures the technical data required for final mine scheduling while keeping cycle times short.

“Kicking off drilling at Area C is a tangible step toward first production at Imwelo,” said Marc Cernovitch, President and CEO of Lake Victoria Gold. “This program is designed to tighten our final pit design, convert ounces where appropriate, and set up for grade-control drilling so that once construction begins we can move quickly into pre-strip and stockpiling.”

The drilling targets several key goals: finalizing pit design with detailed engineering data, upgrading the confidence level of existing historical gold resources, testing for additional gold beyond currently defined zones, preparing operational mining plans, and optimizing gold recovery rates.

The first hole is testing Area C mineralization at approximately 120 metres depth near the western end of the zone, going deeper than previous drilling. Historical results from this area returned 6.8 metres at 14.6 g/t gold at 32 m and and 2.0 metres at 7.5 g/t from 22m.demonstrating high potential production-grade mineralization.

“We’ve engineered this campaign to answer the last technical questions: slope angles, ramp geometry, and continuity down-dip and to the west,” said Seth Dickinson, Chief Operating Officer of Lake Victoria Gold. “By combining RC with diamond tails we are keeping costs down without compromising core data quality.”

The drilling launch follows LVG having recently reached a pivotal agreement in principle with the Government of Tanzania on the government’s statutory minimum 16% free carried interest, satisfying a principal regulatory requirement. Combined with environmental approval of the Updated Environmental and Social Management Plan, the regulatory framework is now effectively in place to advance toward construction.

Located just 12 kilometers from AngloGold Ashanti’s flagship Geita mine, Imwelo holds a 10-year renewable mining license with metallurgical recoveries exceeding 90%—meaning 90 cents of every dollar of gold in the rock can in principle be extracted and sold. Perhaps more importantly, Lake Victoria Gold targets first gold within 12 months of breaking ground.

Financial momentum continued building in September, after LVGofficially closed an oversubscribed $6 million financing and an about to close $2 million concurrent private placement. Proceeds support work programs satisfying conditions for a pre-paid forward purchase facility with Monetary Metals funding mine construction capital.

Beyond Imwelo, the Tembo Project offers additional optionality through a planned 3,000m drilling program at Ngula 1, where historic intercepts of 28.57 g/t gold over 3 metres demonstrate toll milling potential. The company also maintains exposure to up to US$45 million in contingent  milestone payments from the 2021 asset sale to Barrick’s Bulyanhulu operation.

The timing of drilling commencement could hardly be more strategic. With gold breaking through $4,000 per ounce for the first time in history, Lake Victoria Gold is mobilizing equipment at a fully permitted project in one of Africa’s premier gold districts at precisely the moment when high-grade ounces command maximum value. As regulatory clearances align with exceptional metal prices and active field programs across two projects, LVG has positioned itself at the intersection of technical de-risking and unprecedented market opportunity.

NOTE: For a Cautionary Note on Production Decision, please see the Disclaimer below.

CONTINUED… Read this and more news for Lake Victoria Gold at:  
https://equity-insider.com/2025/04/14/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

In other industry developments and happenings in the market include:

TRX Gold Corporation (NYSE-American: TRX) (TSX: TRX) achieved record quarterly results at its Buckreef Gold project in Tanzania, with production and sales of 6,404 and 6,977 ounces of gold respectively in Q4 2025, representing a 37% production increase over Q3 2025. The company benefited from an average gold price of approximately $3,350 per ounce during the quarter, with its working capital ratio improving from 0.8 to 1.2 and cash balance reaching $7.8 million by August 31, 2025.

“We’re very pleased with the positive trajectory and record gold production achieved at Buckreef Gold this quarter as the Company benefited from access to higher grade ore following successful completion of our scheduled strip campaign earlier in the year,” said Stephen Mullowney, CEO of TRX Gold. “Our short-to-medium term priorities remain the same – continue to expand and upgrade processing capacity in line with our PEA, continue advancing exploration in key areas, and strengthen our liquidity.”

TRX Gold has commenced procurement of near-term plant enhancements including a thickener, elution plant upgrades, and additional slurry oxidation capacity to improve gold recoveries. The company’s run-of-mine stockpile has grown to an estimated 15,162 ounces of contained gold as of August 31, 2025, while it fully repaid approximately $3.0 million in short-term borrowings during the quarter.

Arras Minerals Corp. (TSXV: ARK) (OTCQB: ARRKF) has delivered exceptional results from its Berezski East Target at the Elemes Project in Kazakhstan, with hole EL25019 intersecting 457.5 meters grading 0.63 g/t gold-equivalent starting at surface, including 231.0 meters grading 0.98 g/t gold-equivalent and 91 meters grading 1.77 g/t gold-equivalent. The discovery of copper sulfides and broad zones of potassic alteration indicates the target may be situated on the margin of a larger porphyry copper-gold system.

“Drillhole EL25019 has delivered an exceptional high-grade gold-copper intercept from surface, confirming Berezski East’s strong potential to host broad zones of high-grade mineralization,” said Tim Barry, CEO of Arras Minerals. “When we look at the area between Berezski Central and Berezski East, we continue to see the potential for continuity and scale.”

The company has completed detailed magnetotellurics and gravity surveys and will commence a high-density top-of-bedrock drill program in the coming weeks. Preliminary gravity survey results reveal a pronounced gravity low coincident with copper-gold mineralization at Berezski Central, with a second gravity low identified immediately northeast of the latest high-grade intercept, supporting the interpretation of a mineralized porphyry system.

Red Pine Exploration Inc. (TSXV: RPX) (OTCQB: RDEXF) has announced high-grade drilling results from its near-surface program at the Wawa Gold Project in Ontario, with hole SD-25-573 returning 7.76 g/t gold over 15.49 meters including 84.20 g/t gold over 1.00 meter. The company has completed 69 drill holes totaling 24,531.19 meters and has received all gold assay results needed for an updated independent mineral resource estimate currently underway by WSP Canada Inc. for disclosure in a pending preliminary economic assessment.

“We are excited by these near surface drill results that continue to identify higher grades within the Jubilee Shear Zone,” said Michael Michaud, President and CEO of Red Pine. “With the drilling for the updated mineral resource estimate now completed, we are moving forward to completing a preliminary economic assessment in the first half of 2026.”

Metallurgical, geotechnical, and baseline work is underway to support permitting, while the company’s next drill phase to further expand near-surface gold mineralization is set to begin shortly. With funding in place to complete the preliminary economic assessment, Red Pine is advancing toward production in what management describes as a strong gold price environment.

Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) delivered production of 72,462 gold equivalent ounces for the third quarter of 2025 from its three operating mines in West Africa and Latin America, maintaining consistent performance with 71,229 gold equivalent ounces in Q2 2025. The Séguéla Mine in Côte d’Ivoire produced 38,799 ounces of gold during the quarter at an average head grade of 3.01 g/t gold with 91.4% recovery, representing a 1% increase over the previous quarter.

The company’s Lindero Mine in Argentina delivered its highest quarterly production of the year with 24,417 ounces of gold, benefiting from a 5% higher gold grade and improved recovery from the leach pad. Fortuna has successfully completed its tailings storage facility expansion at Séguéla, providing capacity at current throughput rates until August 2029, while optimization of the crushing circuit at Lindero achieved average throughput of 1,061 tonnes per hour, 8% above the 2024 average.

Article Source: https://equity-insider.com/2025/04/14/with-funding-commitments-in-place-a-gold-mine-is-being-built-and-this-stock-is-still-under-0-20/

CONTACT:

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DISCLAIMER:  Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as 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 recommendation to buy or sell any security. We hold no investment licenses and are thus 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. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). This article is being distributed for Baystreet.ca media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. (“BAY”) There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. 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 to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY 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 any further notice commencing immediately and ongoing. We also expect further compensation as 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, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company Cautionary Note on Production Decision: The Company cautions that it has not completed a feasibility study on the Imwelo Project that establishes mineral reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and a higher risk of economic and technical failure associated with the Company’s production decision. In particular, there is no certainty that the planned low-capex open-pit operation will be economically viable or that planned production will occur as anticipated. Risks include, but are not limited to, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational or permitting risks.; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. 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 our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the 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 likely lose some or all of the investment.

SOURCES CITED

1. https://www.cnbc.com/2025/10/07/gold-4000-record.html
2. https://www.reuters.com/world/asia-pacific/funds-investing-gold-miners-bask-record-prices-2025-10-07/ 
3. https://seekingalpha.com/article/4828325-sgdj-reassessing-the-stunning-junior-gold-miners-rally 
4. https://www.kitco.com/news/article/2025-10-07/goldman-sachs-now-sees-4900-gold-q2-2026-rising-etf-and-steady-central-bank 
5. https://www.ibtimes.co.uk/gold-price-wall-street-analysts-claim-5000-gold-now-certainty-fed-independence-fears-grip-1746866

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