It will flash LVR CLB shortly after reaching MAN TOGA and transitioning into the go-around FMS phase if you are above thrust reduction altitude.
In fact did an ATC-directed intermediate altitude go-around from about 3000 feet a few weeks ago. Brought thrust levers to TOGA then immediately two clicks back to CLB, and did indeed see LVR CLB flash however briefly during the transition.
ALT* will also trigger LVR CLB if it engages prior to thrust reduction altitude, such as is likely to see in a visual circuit.