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Lake Victoria Gold Ltd. (TSXV:LVG)(OTCQB:LVGLF)

NEWS

Lake Victoria Gold Completes Imwelo Area C Drill Program, Confirming Pit Expansion Potential and Advancing Project Toward Near Term Production

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – February 5, 2026) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce the completion of drilling and receipt of all analytical results from its recent drill program at the fully permitted Imwelo Gold Project in northern Tanzania’s Lake Victoria Goldfield. With permitting in place and key technical work programs now completed, Imwelo Area C is being systematically advanced toward construction readiness and initial production.

The program successfully confirmed down-dip continuity of mineralization below the current pit design and, importantly, defined new mineralized extensions to both the west and east of the planned open pit. These results materially strengthen confidence in the geological model and represent a key step in advancing Imwelo Area C toward final pit optimization and development planning.

Selected Highlights

IMWDR003: 3.56g/t Au over 1.21m from 83.04m, including 7.16g/t Au over 0.41m.
IMWDR007: 6.96g/t Au over 2.56m from 132.80m, including 65.02g/t Au over 0.25m.
IMWDR009: 11.88g/t Au over 1.33m from 169.75m, including 68.74g/t Au over 0.22m.
IMWDR011: 8.55g/t Au over 1.30m from 93.34m, including 20.77g/t Au over 0.31m.
IMWDR012: 2.49g/t Au over 2.56m from 79.20m, including 4.85g/t Au over 0.60m and 5.05g/t over 0.51m.
IMWDR013: 9.31g/t Au over 2.45m from 130.00m, including, 21.65g/t over 0.96m.
IMWDR016: 1.67g/t Au over 1.67m from 131.40m, including 2.15g/t over 0.55m.
IMWDR017: 11.19g/t Au over 0.90m from 91.80m, including 32.84g/t over 0.30m and 2.97g/t Au over 3.01m from 100.52m.

Management Commentary

Marc Cernovitch, President & CEO, commented: “These results further validate Imwelo as a near-term production asset. We have now demonstrated continuity of mineralization beyond the current pit design, both at depth and laterally, which strengthens confidence in the geological model underpinning our development plans. Importantly, the drilling has delivered the technical data required to advance final pit design, resource conversion, and mine planning. With each program, Imwelo continues to move from definition toward execution.”

Hendrik Meiring, Exploration Manager, added: “The geology is performing exactly as interpreted. We are seeing consistent mineralization, alteration, and structural continuity across multiple zones and to depth, including beyond 250 metres below surface. The confirmation of mineralization east and west of the current pit design further highlights the potential for resource growth and reinforces the robustness of the Area C mineralized system.”

Key Technical Takeaways

Resource conversion potential

Results mirror the grades and widths of holes that support the existing historical resource model, improving confidence in both Inferred-to-Indicated upgrades and the potential for increased Measured resource classification.

Depth extension:

Drilling confirmed mineralization down-dip along the entire pit design, with geological continuity now demonstrated to over 250 m vertical depth, compared to historical resource limits of ~200 m.
The completed holes provided and average vertical intersection depth of approximately 120m, more than double historical drilling intersection depth of approximately 50 m, providing new information below the previous modelled limits.

Lateral expansion (east and west):

IMWDR018 confirmed mineralization beyond the current eastern pit margin.
Drilling west of the interpreted NNE-trending structure has intersected new mineralization west of the fault zone, opening a new area for potential resource growth.

Footwall and hanging-wall zones:

Additional mineralized intervals outside the primary lode suggest potential to add internal ounces within the current design envelope.

Underground optionality:

Depth extensions and consistent structural continuity support ongoing evaluation of a potential underground development scenario beneath the planned shallow open pit.Twenty-one of the planned twenty-four holes were completed. Analysis was carried out by the MSA Laboratory in Geita and are summarized in Table 1 and illustrated in Figure 1, depicting drill locations relative to current pit designs.

Figure 1: Area C Current Pit Design and completed drilling with drill hole results viewed towards the North-East.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2214/282736_eab1397be4cf99b9_001full.jpg

Program Objectives Accomplished

Final pit design and geotechnical de-risking: Two dedicated geotechnical drill holes were completed, providing oriented core for detailed RQD logging and rock-mass characterization. The resulting data will support refinement of slope angles, wall support requirements, and ramp geometry, completing the in-pit geotechnical dataset required for final pit shell optimization.

Resource confidence & conversion: Infill drilling successfully closed gaps within the near-surface resource model, improving confidence in grade continuity and geometry. The Company anticipates meaningful conversion of Inferred material to Indicated classification and an increase in Measured resources within and potentially beyond the current pit design.

Resource growth: Step-out drilling at approximately 100 m and 200 m vertical depth, together with lateral extensions west of the interpreted north-northeast trending dyke/fault zone, intersected additional mineralization outside the current pit limits. These results highlight clear opportunities for future resource expansion.

Grade control readiness: Shallow drill holes completed during the program provide key data to support detailed grade control planning ahead of pre-stripping and the establishment of a pre-production ore stockpile.

Metallurgical validation: Representative samples of oxide, transitional, and fresh material have been selected for confirmatory metallurgical test work at a certified local laboratory. The results will be used to validate recoveries across material types and inform early mine sequencing and process optimization.

Collectively, the completion of these work programs materially advances Imwelo toward production readiness. Final pit design, geotechnical de-risking, grade control planning, and metallurgical validation are foundational inputs not only for mine construction, but also for project financing. The Company is advancing a funding strategy designed to minimize equity dilution and align capital with near-term cash flow generation, supported by the fully permitted status of the project and the strength of the underlying geology.

BHID	X	Y	Z	Azimuth	Dip	EOH	Sample type	Core size	From	To	m	g/t
IMWDR_003	377707	9679044	1185	190	-60	120.9	DD	NQ	73.40	73.85	0.45	0.72
IMWDR_003	377707	9679044	1185	190	-60	120.9	DD	NQ	78.15	78.45	0.30	0.41
IMWDR_003	377707	9679044	1185	190	-60	120.9	DD	NQ	83.04	84.25	1.21	3.56
IMWDR_003	377707	9679044	1185	190	-60	120.9	Included above		83.04	83.45	0.41	7.16
IMWDR_003	377707	9679044	1185	190	-60	120.9	DD	NQ	93.09	93.40	0.31	0.31
IMWDR_004	377979	9679090	1185	175	-60	150.6	DD	NQ	72.77	74.05	1.28	0.66
IMWDR_005	377979	9679150	1180	180	-60	231.6	DD	NQ	129.10	130.45	1.35	0.46
IMWDR_006	378460	9679017	1183	190	-60	81.8	RC	n/a	50.00	52.00	2.00	0.73
IMWDR_006	378460	9679017	1183	190	-60	81.8	RC	n/a	57.00	58.00	1.00	0.49
IMWDR_007	378051	9679125	1180	190	-60	210.8	DD	NQ	132.80	135.36	2.56	6.96
IMWDR_007	378051	9679125	1180	190	-60	210.8	Included above		134.64	134.89	0.25	65.02
IMWDR_007	378051	9679125	1180	190	-60	210.8	DD	NQ	150.80	153.55	2.75	1.96
IMWDR_008	378051	9679175	1180	190	-60	276.6	DD	NQ	228.85	230.40	1.55	1.41
IMWDR_009	378123	9679140	1180	190	-60	228.8	DD	NQ	136.70	143.00	6.30	0.62
IMWDR_009	378123	9679140	1180	190	-60	228.8	DD	NQ	169.75	171.08	1.33	11.88
IMWDR_009	378123	9679140	1180	190	-60	228.8	Included above		170.40	170.62	0.22	68.74
IMWDR_010	378084	9679145	1177	190	-60	199.3	DD	NQ	172.93	173.54	0.61	0.80
IMWDR_010	378084	9679145	1177	190	-60	199.3	DD	NQ	174.50	175.30	0.80	1.19
IMWDR_011	378190	9679115	1180	180	-60	220.6	DD	NQ	93.34	93.65	0.31	20.77
IMWDR_011	378190	9679115	1180	180	-60	220.6	DD	NQ	113.85	115.10	1.25	0.94
IMWDR_011	378190	9679115	1180	180	-60	220.6	DD	NQ	131.10	134.63	3.53	3.40
IMWDR_011	378190	9679115	1180	180	-60	220.6	Included above		131.45	132.75	1.30	8.55
IMWDR_012	378464	9679039	1180	190	-60	120.8	DD	NQ	74.50	76.05	1.55	1.60
IMWDR_012	378464	9679039	1180	190	-60	120.8	DD	NQ	79.20	81.76	2.56	2.49
IMWDR_012	378464	9679039	1180	190	-60	120.8	Included above		79.20	79.80	0.60	4.85
IMWDR_012	378464	9679039	1180	190	-60	120.8	Included above		80.25	80.76	0.51	5.07
IMWDR_013	378272	9679100	1180	190	-60	174.8	DD	NQ	113.72	114.33	0.61	0.88
IMWDR_013	378272	9679100	1180	190	-60	174.8	DD	NQ	130.00	132.45	2.45	9.31
IMWDR_013	378272	9679100	1180	190	-60	174.8	Included above		130.75	131.71	0.96	21.65
IMWDR_014	378197	9679057	1181	190	-60	80.0	DD	NQ	34.00	35.00	1.00	0.37
IMWDR_014	378197	9679057	1181	190	-60	80.0	DD	NQ	39.00	40.00	0.62	0.62
IMWDR_014	378197	9679057	1181	190	-60	80.0	DD	NQ	46.00	47.00	0.36	0.36
IMWDR_015	378362	9679130	1180	190	-60	160.6	DD	NQ	116.51	116.85	0.34	1.64
IMWDR_015	378362	9679130	1180	190	-60	160.6	DD	NQ	118.23	118.60	0.37	1.25
IMWDR_016	378352	9678926	1181	13	-48	151.2	DD	NQ	128.60	130.00	1.40	0.97
IMWDR_016	378352	9678926	1181	13	-48	151.2	DD	NQ	131.40	133.07	1.67	1.67
IMWDR_016	378352	9678926	1181	13	-48	151.2	Included above		132.52	133.07	0.55	2.15
IMWDR_017	378432	9679065	1180	190	-60	160.3	DD	NQ	91.80	92.70	0.90	11.19
IMWDR_017	378432	9679065	1180	190	-60	160.3	Included above		91.80	92.10	0.30	32.84
IMWDR_017	378432	9679065	1180	190	-60	160.3	DD	NQ	100.52	103.53	3.01	2.97
IMWDR_017	378432	9679065	1180	190	-60	160.3	DD	NQ	121.30	122.30	1.00	0.55
IMWDR_018	378432	9679115	1180	190	-60	240.8	DD	NQ	145.00	145.67	0.67	0.71
IMWDR_018	378432	9679115	1180	190	-60	240.8	DD	NQ	173.60	174.80	1.20	1.05
IMWDR_018	378432	9679115	1180	190	-60	240.8	DD	NQ	175.21	175.83	0.62	0.30
IMWDR_019	378064	9678985	1186	10	-50	162.8	DD	NQ	100.00	100.70	0.70	0.81
IMWDR_020	378209	9679092	1180	190	-60	141.5	DD	NQ	85.70	86.50	0.80	0.88
IMWDR_020	378209	9679092	1180	190	-60	141.5	DD	NQ	97.00	98.00	1.00	0.31
IMWDR_020	378209	9679092	1180	190	-60	141.5	DD	NQ	100.00	100.50	0.50	1.04
IMWDR_021	377660	9679053	1185	190	-60	138.8	DD	NQ	69.50	70.20	0.70	0.31
Total						3252.60					1.32	2.58

Notes:
Collar coordinates	Arc 1960 UTM 36S
Collar azimuth	Degrees – 0° is north
Collar dip	Degrees – negative is down
Sample type	DD – diamond drill
True thickness	True thickness is 0.66 of sample length
QAQC	Internal – every 20th sample is a Blank Sample, CRM & Duplicate sample. MSA Lab results all passed QAQC.
Sample core size	Split NQ core
Analytical procedure	MSA Laboratories (T) Limited – Geita, Chrysos PhotonAssay, International Standards ISO/IEC 17025 and ISO 9001

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.

Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

About Lake Victoria Gold (LVG):
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

The Company has a 100% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labor; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

LVG’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. LVG does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

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SOURCE Lake Victoria Gold Ltd.

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Lake Victoria Gold Advances Final Pit Design with Completion of Geotechnical and Specific Gravity Studies at Imwelo

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – January 26, 2026) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce the completion of field data collection for geotechnical studies supporting final open-pit designs at the Company’s Imwelo Project. In addition, specific gravity measurements were completed on selected drill holes covering the strike extent of the planned first production area at Area C. These studies represent a key step toward near-term production planning at the Company’s initial mining area.

Two dedicated geotechnical drill holes, IMWDR016 and IMWDR019, were completed. Specific gravity measurements were conducted on multiple rock types from core collected during the resource drilling campaign to support initial open-pit mining at Area C.

The resource infill and geotechnical program utilizes RC pre-collars with diamond-core tails to maximize geological, geotechnical, metallurgical, and mineralogical data to support final pit-shell optimization, processing design, and the evaluation of future underground mining potential.

Highlights

IMWDR016 and IMWDR019: Completed drilling to 150m and 163m depth, respectively. Geotechnical logging and data capture were completed, and samples have been submitted for rock strength characterisation laboratory testing.
The results will inform final pit designs for the start of production.
Approximately 200 core samples from the resource infill drilling program were measured for specific gravity of different rock types including laterite, saprolite, saprock and fresh rock.

Hendrick Mering, Exploration Manager, commented: “With the benefit of the latest infill drilling, geotechnical logging, and specific gravity measurements, the geological and structural picture at Area C has tightened up considerably. From an exploration and mine-planning perspective, the technical data strongly supports the concept of a single, continuous open pit covering the full mineralized trend, rather than multiple isolated pits.”

Key Technical Takeaways

Drilling core data has been logged and core samples submitted to laboratory for rock property testing.
Final pit designs are in progress, and current geological and geotechnical interpretations indicate the potential for optimization and consolidation of the previously modelled pit designs, subject to ongoing engineering work.
Geotechnical data capture included core from 21 completed resource infill drill holes.
Specific gravity measurements enabled accurate delineation of oxide, transitional (oxide ore), and fresh rock (sulphide ore) domains to support the updated mineral resource estimate and eventual ore classification during mining.

Marc Cernovitch, President & CEO, commented: “Completing these programs marks another clear step toward production at Imwelo. As we finalize pit designs at Area C, the project continues to transition from technical studies into the development phase, aligning with our strategy of advancing high-quality assets toward cash flow.”

Figure 1 North-east looking Area C current pit designs, completed resource drilling with dedicated two geotechnical holes (IMWDR016 & IMWDR019).

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Figure 2 Long section looking north, Area C with delineated ore type boundaries confirmed by specific gravity measurements and lithological logging.

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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.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

About Lake Victoria Gold (LVG):

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

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SOURCE Lake Victoria Gold Ltd.

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The Scarcity Premium: Investors Target High-Grade Systems in a $4,300 Market

Issued on behalf of Lake Victoria Gold Ltd.

VANCOUVER, BC, Dec. 19, 2025 /PRNewswire/ — EquityInsider.com News Commentary — Gold’s climb above $4,300/oz continues attracting attention to high-grade discoveries. Major new gold deposits remain rare, creating structural advantages for companies delivering exceptional grades at surface or shallow depths[1]. Among those capitalizing on this dynamic are Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF), Collective Mining Ltd. (NYSE: CNL) (TSX: CNL), Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF), and Tudor Gold Corp. (TSXV: TUD).

J.P. Morgan projects gold averaging $5,400/oz by Q4 2027, driven by sustained central bank demand and investor flows totaling 585 tonnes quarterly[2]. Declining ore grades industry-wide amplify the economic advantages of bonanza-grade systems, positioning high-grade developers to command valuation premiums as margins expand faster than peers operating lower-grade deposits[3].

Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has confirmed high-grade gold mineralization up to 35.45 g/t at its Tembo Project in northwestern Tanzania, with artisanal sampling validating priority drill targets ahead of a planned Q1 2026 program. The results come from eight active artisanal mining locations across the project, with the highest grades at Ngula 1 reinforcing its status as the company’s primary near-term target.

“With an LOI in place with Nyati, our focus has shifted decisively toward execution,” said Marc Cernovitch, President and CEO of Lake Victoria Gold. “We are moving from exploration to execution. The high-grade samples at surface confirm the system’s potential, while our engagement with Nyati Resources offers a tangible path to process that material. Our focus is squarely on defining the resource at Ngula 1 and finalizing a processing agreement that leverages existing infrastructure to minimize capital output.”

Additional notable results include 35.21 g/t and 12.94 g/t from Ngula 2, plus 22.68 g/t and 5.90 g/t from the previously under-drilled Mgusu Target. Mineralization is consistently associated with smokey-grey quartz veins hosted in sheared basalts, with visible pyrrhotite and pyrite sulphides aligned along multiple structural trends matching the company’s established geological model for the area.

Lake Victoria Gold is now advancing discussions with Nyati Resources regarding potential use of a 500 tonne-per-day carbon-in-pulp processing plant located on one of LVG’s Tembo mining licences, directly adjacent to Barrick’s Bulyanhulu Mine. The company is targeting the conclusion of a binding agreement in early 2026, which would establish a near-term production pathway from Tembo ahead of full-scale development at its flagship Imwelo Gold Project.

Tembo’s close-spaced drilling program at Ngula 1 is expected to commence in Q1 2026, targeting a 300-400m strike length that has returned consistently high-grade results in both historical drilling and recent artisanal sampling.

In parallel, the company continues advancing its fully permitted Imwelo Gold Project, located just 12kms from AngloGold Ashanti’s Geita Mine. Recent drill results from Area C have extended mineralization beyond current pit designs, with down-dip continuity now demonstrated to over 250m vertical depth.

Backing this dual-track strategy is exposure to potential US$45M in milestone payments from the company’s 2021 asset sale to Barrick’s Bulyanhulu operation. Financial runway is supported by a gold prepay facility with Monetary Metals and a C$11.52 million strategic investment from Taifa Group.

With drilling, processing agreements, and funding advancing in parallel, Lake Victoria Gold is building the operational platform to transition from explorer to producer.

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

CONTINUED… Read this and more news for Lake Victoria Gold at:
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In other industry developments and happenings in the market include:

Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) has reported significant high-grade gold results from 4,040.90m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji, with drilling focused on the Zone 5 area targeting down-dip extensions of the UR2 lode below current mine development levels.

Top results included 99.13 g/t gold over 3.3m from 136.4m depth, including sub-intervals of 459.05 g/t gold over 0.3m and 338.00 g/t gold over 0.5m, located approximately 60m below level 1084, along with 218.31 g/t gold over 1.2m from 109m depth, including 366.00 g/t gold over 0.6m.

The company intersected high-grade mineralization in 17 out of 22 drillholes, with most intercepts located within 20m to 60m below level 1084 and anticipated to be incorporated into the mine plan in the next three to twelve months. The deepest high-grade interval of 16.09 g/t gold over 1.0m was intersected approximately 125m below level 1084, representing approximately six additional levels of mining and indicating strong vertical continuity of high-grade structures in this part of the deposit.

Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) has significantly expanded the Apollo system at its Guayabales Project in Colombia by up to 450m through the serendipitous discovery of a new Hanging Wall Vein Zone, with highlight intercepts including 61.30m at 1.78 grams per tonne gold equivalent and 130.40m at 1.15 grams per tonne gold equivalent. The discovery increased Apollo’s interpreted northeast strike length by 43% to approximately 1,050m, with the system now measuring 1,050m by 400m width by 1,370m vertical extent.

“It’s time to reframe our view of Apollo—not merely as a mineralized breccia system, but as a much larger entity encompassing the breccia body and surrounding sheeted vein zones with the potential to extend strike lengths by hundreds of meters,” said Ari Sussman, Executive Chairman of Collective Mining. “Most exciting is the serendipitous discovery of mineralization in the Hanging Wall Vein Zone during directional drilling of mother holes, which were intended solely to establish kick-off points for testing the high-grade Ramp Zone at depth.”

The company plans an aggressive follow-up drilling campaign targeting the Hanging Wall Vein Zone commencing early Q1 2026 to rapidly expand and delineate this discovery. With $135 million in cash as of December 1, 2025, Collective Mining is fully funded for its planned 2026 program targeting up to 100,000 metres of additional drilling across ten active rigs.

Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) has reported initial drill results from its 2025 reverse-circulation program at the Sugarloaf Peak Project in Arizona, with mineralization intersected in all nine assayed drill holes covering 900m along strike and 800m in width. Highlights include 195.1m at 0.31 g/t gold, including 25.9m at 0.61 g/t gold in hole SP-25-09, an infill hole demonstrating excellent continuity from surface, and 109.7m at 0.31 g/t gold, including 16.8 m at 0.49 g/t gold in hole SP-25-11.

“We are pleased to confirm the expansion potential at Sugarloaf Peak,” said Duncan Middlemiss, President and CEO of Arizona Metals. “This is a very large mineralized system that our drilling has expanded, not only laterally but within the deposit. In particular, our drilling confirmed excellent continuity of mineralization, a real benefit in a bulk-mining open-pit scenario.”

The company has completed 5,186m of drilling in 25 holes to date, with assay results from 16 additional drill holes pending. Several drill holes extended mineralization 40-75m deeper than previous drilling, demonstrating vertical continuity of the system.

Tudor Gold Corp. (TSXV: TUD) has secured approximately $24.5 million through recent financings to advance its Treaty Creek Project in British Columbia’s Golden Triangle, targeting an updated mineral resource estimate in January 2026 that will guide development of a mid-size underground mine. The company’s 2025 drilling program intersected 2.31 g/t gold over 54m at the Goldstorm Deposit, including high-grade zones of 5.90 g/t gold and 343.00 g/t silver over 1.5m.

“With the closing of our recently announced financings, we have the financial strength to push ahead with what we believe is the most straightforward, economically attractive development path to gold production at Treaty Creek and the Golden Triangle – a mid-size underground mine with a small footprint,” said Joe Ovsenek, President and CEO of Tudor Gold. “An underground operation in the range of 10,000-tonnes-per-day targeting the higher-grade gold mineralization within the Goldstorm Deposit could be the accelerator for profitable production.”

The company expects to receive an underground exploration permit in 2026, which will enable year-round drilling to de-risk the Goldstorm Deposit and adjacent SC-1 Zone. Surface exploration in 2026 will target the Perfectstorm, CBS, and Eureka zones along the Sulphurets-Treaty Thrust Fault, with metallurgical test work results anticipated in Q1 2026.

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/

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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.cruxinvestor.com/posts/gold-stocks-the-2025-portfolio-game-changer

2. https://www.jpmorgan.com/insights/global-research/commodities/gold-prices

3. https://www.cruxinvestor.com/posts/gold-stocks-the-2025-portfolio-game-changer

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Lake Victoria Gold Reports High-Grade Artisanal Sampling Results (Up to 35.45 g/t Au) and Advances Development Planning at Tembo

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – December 18, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (the “Company” or “LVG”) reports results from a recent grab sampling program conducted at multiple active artisanal mining sites within its 100%-owned Tembo Project in northwestern Tanzania. The presence of ongoing artisanal activity across the licence area has highlighted several priority targets, with grab samples returning high-grade gold values of up to 35.45 g/t Au.

The sampling program was designed to assess gold mineralization associated with currently active artisanal mining operations within the Company’s granted Mining Licences and to refine drill targeting ahead of the upcoming Q1 2026 drill program.

Artisanal Grab Sampling Program

A total of eight active artisanal mining locations were visited and sampled. Grab samples were collected from exposed mineralized material at surface and within shallow workings. Two of the sampled locations are newly identified areas, while two others correspond to targets defined through earlier drill programs, several of which have seen limited or non-systematic drilling to date.

Notable results include:

Ngula 1 – up to 35.45 g/t Au and 12.94 g/t Au, confirming high-grade mineralization at LVG’s primary Tembo target and supporting its priority status for near-term drilling.
Ngula 2 – grab samples returning 35.21 g/t Au, 10.27 g/t Au and 10.30 g/t Au, reinforcing historical artisanal and exploration results.
Mgusu Target – previously under-drilled area returning values of 5.90 g/t Au, identifying a compelling new priority target.
Nyangomango – newly identified artisanal workings returning 7.86 g/t Au and 8.50 g/t Au.
Nyakagwe East – renewed artisanal activity returned 22.68 g/t Au and 3.16 g/t Au, supporting extensions of known mineralization to the northwest.

Geological Observations

Mineralization observed at sites returning elevated gold values is consistently associated with smokey-grey quartz veins hosted in sheared basalts, with visible pyrrhotite and pyrite sulphides. Active artisanal workings are aligned along multiple structural trends, including northeast, northwest, and east-west orientations, consistent with the Company’s established structural interpretation for the Tembo licence area. Based on these results, the Company has identified three priority drill targets that have not previously received sufficient drill coverage and warrant systematic follow-up.

The artisanal workings in the project area are in all cases covered by 4-10m of transported alluvium. They are consistently associated with linear magnetic anomalies that are either east-west, northwest or northeast trending. This fact highlights the prospectivity of the licences along these trends with gold mineralization associated with all three directions.

“The level of artisanal activity we’re seeing across Tembo is very encouraging and highlights several areas that have not been adequately tested by drilling in the past,” said Hendrick Mering, Exploration Manager “We now have multiple new targets that we’re keen to get back on the ground to drill, and these results reinforce our view that Tembo hosts a large, structurally controlled gold system with significant exploration upside.”

Exploration and Development Strategy

With the objective of advancing toward near-term production, LVG plans to undertake a close-spaced drilling program at Ngula 1, targeting a 300-400 metre strike length that has returned consistently high-grade results in historical drilling and artisanal sampling.

The Company has previously announced a non-binding letter of intent (“LOI”) with Nyati Resources (T) Limited (“Nyati”) in respect of potential gold processing arrangements at the Tembo Project. Building on this LOI, the Company is currently engaged in advanced discussions with Nyati regarding the potential utilization of the full capacity of an existing 500 tonne-per-day carbon-in-pulp (“CIP”) processing plant located on one of LVG’s Mining Licences.

These discussions are focused on establishing a toll-processing arrangement that could support a potential pathway toward near-term production from the Tembo Project, subject to the completion of confirmatory drilling, permitting, and the execution of a definitive agreement. The Company is targeting the conclusion of a binding agreement in early 2026.

The planned drilling program is expected to commence in Q1 2026.

“With an LOI in place with Nyati, our focus has shifted decisively toward execution,” said Marc Cernovitch, President & CEO. “We are moving from exploration to execution. The high-grade samples at surface confirm the system’s potential, while our engagement with Nyati Resources offers a tangible path to process that material. Our focus is squarely on defining the resource at Ngula 1 and finalizing a processing agreement that leverages existing infrastructure to minimize capital output.”

Sampling Methodology

Grab samples were collected from exposed mineralized material within active artisanal workings. Sample locations were georeferenced using handheld GPS equipment. The samples are intended to provide an indication of the presence of gold mineralization and to assist in refining drill targets. Grab samples are selective by nature and are not necessarily representative of the mineralization hosted on the property.

Sample ID	Locality	Easting UTM	Northing UTM	Description	Sample ID	Au ppm	Assay check with descrition
X6307	Ngula 1	436699.1124	9647469.747	Black smokey Quartz vein with sulphides mineralization and Chlorite alteration	X6307	39.45	TRUE
X6308	Ngula 1	436699.1123	9647469.747	Black smokey Quartz vein with minor Sulphides mineralization	X6308	12.944	TRUE
X6309	Ngula 2	436476.344	9648464.472	Black smokey Quartz vein with Strong disseminated sulphides mineralization	X6309	10.3	TRUE
X6302	Ngula 2	437365.1615	9648575.499	Qtz veining with disseminated sulphides on an active Artisinal Pit	X6302	35.209	TRUE
X6303	Ngula 2	437476.2711	9648575.56	Sheared fine grained Mafic Volcanic with Quartz veining strongly mineralised Sulphides	X6303	10.269	TRUE
X6318	Mgusu	437452.6869	9646564.238	Sheared fine grained Mafic Volcanic with Quartz veining strongly mineralised Sulphides	X6318	5.903	TRUE
X6333	Nyangomango	434348.9405	9643575.173	Black smokey Quartz with sulphide mineralization	X6333	8.502	TRUE
X6334	Nyangomango	434329.5052	9643561.124	Black smokey Quartz with sulphide mineralization	X6334	7.862	TRUE
X6314	Nyakagwe NE	437997.538	9645581.294	Brecciated Black smokey vein with Fe-rich mineralization veinlets	X6314	3.158	TRUE
X6315	Nyakagwe NE	437985.648	9645584.051	Oxidised Quartz vein mineralization Fe-rich alteration	X6315	22.682	TRUE

Notes
Grab Samples Coordinates	Arc 1960 UTM 36S
Sample Type	Grab sample
QAQC	Internal Lab MSALab
	MSA Laboratories (T) Limited – Geita, Chrysos
Analytical Procedure	PhotonAssay, International Standards ISO/IEC 17025 and ISO9001

Cautionary Statement Regarding Preliminary Development Concepts

The Company cautions that the assessment of potential development opportunities at the Tembo Project is at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such as a Feasibility Study. As such, there are significant technical and economic uncertainties that remain unresolved, including but not limited to metallurgical recoveries, grade continuity, mineability, permitting, processing capacity, capital and operating costs, and the availability of financing. Any reference to potential development scenarios is conceptual in nature and should not be construed as an indication that an economic or technical case has been established for mining at the Tembo Project.

Qualified Person

About Lake Victoria Gold (LVG):

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

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SOURCE Lake Victoria Gold Ltd.

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Lake Victoria Gold Announces Additional Drill Results at Imwelo, Extending Mineralization Below and to the East and West of the Current Pit Design

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – December 15, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce additional analytical results from the ongoing 4,000-metre drill program at the fully permitted Imwelo Gold Project in northern Tanzania’s Lake Victoria goldfield. Assays from nine new holes further confirm the down-dip continuation of the primary mineralized zone below the current pit design and, importantly, define extensions to both the west and east that had not been previously drill-tested.

The program utilizes RC pre-collars with diamond-core tails to maximize geological, geotechnical, metallurgical, and mineralogical data for final pit-shell optimization, processing design, and evaluation of future underground mining potential.

Highlights

IMWDR003: 3.56g/t Au over 1.21m from 83.04m including 7.16g/t Au over 0.41m;
IMWDR011: 8.55g/t Au over 1.30m from 93.34m including; 20.77g/t Au over 0.31m
IMWDR012: 2.49g/t Au over 2.56m from 79.20m;
IMWDR013: 9.31g/t Au over 2.45m from 130.00m including 21.65g/t over 0.96m;
IMWDR017: 11.19g/t Au over 0.90m from 91.8m including 32.84g/t over 0.30m and 2.97g/t Au over 3.01m from 100.52m;

Key Technical Takeaways

Depth extension:

Drilling continues to confirm mineralization down-dip along the entire pit design, with geological continuity now demonstrated to over 250 m vertical depth, compared to historical resource limits of ~200 m. Current holes average ~120 m depth, more than double historical drilling (~50 m), providing new information below the previous modelled limits.

Lateral expansion (east and west):

IMWDR012 confirms mineralization beyond the eastern pit margin.
Drilling west of the interpreted NNE-trending structure has intersected new mineralization west of the fault zone, opening a new area for potential resource growth

Footwall & hanging-wall zones: Additional mineralized intervals outside the primary lode suggest opportunities to add internal ounces within the current design envelope.

Resource conversion potential: Results mirror the grades and widths of holes that support the existing historical resource model, improving confidence in both Inferred-to-Indicated upgrades and the potential for increased Measured resource classification.

Underground optionality: Depth extensions and consistent structural continuity support ongoing evaluation of a potential underground development scenario beneath the planned shallow open pit.

To date, 16 of 24 planned holes have been completed. Assays have been received from MSA Laboratory (Geita) and are summarized in Table 1 (below) and Figure 1, illustrating drill locations relative to current pit designs.

The latest results confirm mineralization extends beyond 250 m vertically-well below the historical 200 m limit-and demonstrate lateral continuity to both the east and west of the current pit design. Additional footwall and hanging-wall intercepts further support resource growth and strengthen confidence in the geological model, indicating potential to expand the open-pit shell and evaluate future underground optionality.

Table 1 Summary Results of Assays Received

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Notes:
Collar coordinates	Arc 1960 UTM 36S
Collar azimuth	Degrees – 0° is north
Collar dip	Degrees – negative is down
Sample type	DD – diamond drill
True thickness	True thickness is 0.66 of sample length
QAQC	Internal – every 20th sample is a Blank Sample, CRM & Duplicate sample. MSA Lab results all passed QAQC.
Sample core size	Split NQ core
Analytical procedure	MSA Labaratories (T) Limited – Geita, Chrysos PhotonAssay, International Standards ISO/IEC 17025 and ISO 9001

Figure 1:
Area C Current Pit Designs, Current Drilling With Drill Hole Results Viewed Towards the North-East.

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Management Commentary

Marc Cernovitch, President & CEO, commented: “These results continue to validate our thesis for Imwelo. We are seeing meaningful extensions of mineralization both at depth and laterally beyond the current pit design, strengthening our confidence in the geological model and the long-term potential of Area C. Each new drill hole advances us toward a more robust development plan and reinforces the opportunity we see for Imwelo to become a scalable gold operation.”

Hendrick Mering, Exploration Manager, added: “The geology is confirming our interpretations. We are seeing strong quartz veining, alteration, and structural continuity across multiple zones along the known mineralized structures and to depth. The additional assays validate what we’ve observed in core and confirm that the resource remains open at depth. The down-dip potential below 250 metres and the continuation of the Area C mineralisation west and east of the current pit designs is particularly encouraging.”

Program Objectives

Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall support requirements, and ramp geometry; complete in-pit geotechnical domains for the final pit shells.
Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
Resource growth: Test down-dip extensions at ~100 m and ~200 m vertical depths and step-outs along strike to the west beyond the current pit limits.
Grade control readiness: Generate data to plan close spaced, shallow grade control drilling to support early mining and ROM stockpile development.
Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.

To support continuous updates, additional assays are pending from ongoing drilling and will be released as they become available.

About Lake Victoria Gold (LVG): Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

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Lake Victoria Gold Extends Mineralization Below Pit Shell at Imwelo; First Results Confirm Continuity to >250 m Depth

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – November 26, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to report the first analytical results from the ongoing 4,000 m drill program at the fully permitted Imwelo Gold Project, located in the Lake Victoria goldfield of northern Tanzania. Assays for the first five holes confirm down-dip extensions of the primary mineralized zone beneath the current open-pit design and highlight additional hanging-wall and footwall potential.

The program combines reverse-circulation (RC) pre-collars with diamond-core (DD) tails, reducing cost and cycle time while ensuring high-quality geological, geotechnical, and metallurgical data needed for final pit design and early mine planning.

Highlights From First Five Holes

Consistent grades and widths comparable to the modelled resource confirm continuity of the main mineralized lodes.
Mineralization demonstrated to >250 m vertical depth, extending beyond the historical resource limit.
Additional lodes intersected in the footwall and hanging wall, offering potential to expand future resource estimates.
Initial results support both resource conversion and resource growth objectives of the Area C program.

Similar grades to the drill holes that make up the resource, at similar widths, confirm the depth extension of the mineralisation. Encouraging intersections of additional mineralisation in the footwall and hanging wall of the primary modelled mineralisation achieved and geological continuity demonstrated to vertical depth of more than 250m below surface. The historical inferred mineral resource to a maximum depth of 200m below surface have been demonstrated to extend further down-dip thus far with the current assay results and will be demonstrated with the continued drilling on this program.

These results strengthen confidence in the geological model and indicate meaningful potential to extend the open-pit shell and evaluate future underground optionality beyond the planned shallow open pit operation.

Five from the planned twenty-four drill holes have been completed with assay results received from the MSA Laboratory in Geita. The results are summarised in the table 1 and figure 1 below.

Table 1 Summary results of first batch of assays received

BHID	X	Y	Z	Azimuth	Dip	EOH	Sample type	Core size	From	To	m	g/t	m.g/t
IMWDR_005	377979	9679150	1180	180	-60	231.60	DD	NQ	129.10	130.45	1.35	0.46	0.62
IMWDR_004	377979	9679090	1185	175	-60	150.60	DD	NQ	72.77	74.05	1.28	0.66	0.84
IMWDR_008	378051	9679175	1180	190	-60	276.60	DD	NQ	228.85	230.40	1.55	1.41	2.18
IMWDR_007	378051	9679125	1180	190	-60	210.80	DD	NQ	132.80	135.36	2.56	6.96	17.82
IMWDR_007	378051	9679125	1180	190	-60	210.80	Included above		134.64	134.89	0.25	65.02	16.25
IMWDR_007	378051	9679125	1180	190	-60	210.80	DD	NQ	150.80	153.55	2.75	1.96	5.38
IMWDR_009	378123	9679140	1180	190	-60	228.80	DD	NQ	136.70	143.00	6.30	0.62	3.89
IMWDR_009	378123	9679140	1180	190	-60	228.80	DD	NQ	169.75	171.08	1.33	11.88	15.80
IMWDR_009	378123	9679140	1180	190	-60	228.80	Included above		170.40	170.62	0.22	68.74	15.12
IMWDR_011	378190	9679115	1180	180	-60	220.60	DD	NQ	131.10	134.63	3.53	3.40	12.01
TOTAL						1319.00					2.58	2.83	58.53

Notes:
Collar coordinates	Arc 1960 UTM 36S
Collar azimuth	Degrees – 0° is north
Collar dip	Degrees – negative is down
Sample type	DD – diamond drill
True thickness	True thickness is 0.66 of sample length
QAQC	Internal – every 20th sample is a Blank Sample, CRM & Duplicate sample. MSA Lab results all passed QAQC.
Sample core size	Split NQ core
Type of analytical procedure	MSA Labaratories (T) Limited – Geita, Chrysos PhotonAssay, International Standards ISO/IEC 17025 and ISO 9001

Figure 1 Area C current pit designs, current drilling with drill hole results viewed towards the north-east.

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Management CommentaryMarc Cernovitch, President & CEO, commented: “These first results are exactly what we hoped to see as we advance Imwelo toward development. The drilling confirms that the mineralization continues beyond the limits of the current pit design, with additional lodes emerging in both the hanging wall and footwall. With assays now flowing, we expect steady news flow through year-end as we build the geologic and engineering foundation for construction.”

Hendrick Mering, Exploration Manager, added: “The geology is lining up exceptionally well with our expectations. We are seeing strong quartz veining, alteration, and structural continuity across multiple zones. These early assays validate what we’ve observed in core and confirm that the resource remains open at depth. The down-dip potential below 250 metres is particularly encouraging.”

Program Objectives

Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall support requirements, and ramp geometry; complete in-pit geotechnical domains for the final pit shells.
Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
Resource growth: Test down-dip extensions at ~100 m and ~200 m vertical depths and step-outs along strike to the west beyond the current pit limits.
Grade control readiness: Generate data to plan close spaced, shallow grade control drilling to support early mining and ROM stockpile development.
Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.

To support continuous updates, additional assays are pending from ongoing drilling and will be released as they become available.

Cautionary Note on Production DecisionAlthough 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.

Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

About Lake Victoria Gold (LVG):Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking InformationThis news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

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Lake Victoria Gold Announces Q3-2025 Exploration Update from Barrick on Tembo Area Licenses

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – November 24, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to provide an update on the Q3 2025 exploration activities conducted on the licenses (“the Project”) LVG sold to Bulyanhulu Gold Mine Limited (“Buly” or “Bulyanhulu”). Buly acquired six licences from LVG under an Asset Purchase Agreement signed in December 2021. Buly is a joint venture between Barrick Mining Corporation (“Barrick”) and the Government of Tanzania.

During the quarter, Bulyanhulu advanced the exploration program through a number of activities designed to refine geological and structural models and to evaluate the potential for discovering another Bulyanhulu-style mineralized system within the Tembo Inlier portfolio.

Q3 2025 Highlights

Completion of GAIP Geophysical Survey

Bulyanhulu completed 94 line-km of gradient array induced polarization (GAIP) surveying.
Results are being incorporated into updated structural and stratigraphic interpretations.

Aircore (AC) Drilling Initiated

A geochemical AC drilling program commenced late in the quarter at the Enze target.
To date, 2 fences of 19 holes totaling 419m have been completed out of a planned 945-hole, 30,750m, 18-fence program.
Early logging indicates a 15m regolith profile over basalt and felsic tuff sequences, including quartz-veined and moderately foliated argillite intercalations that host smokey-grey quartz veins and boxworks, presumably after sulphide.

Diamond and RC Drilling Planning

Planning advanced for diamond drill and RC drilling along the Itetemia trend.
Five diamond fences and four RC drilling fences are aimed at refining the stratigraphic understanding.
Drilling will focus on identifying and testing potential repetitions of the Reef 1 and Reef 2 horizons, targeting paleosurfaces and stratigraphic fold repetitions.
The drill program is planned to be completed in Q4 2025.

Project-to-Date Expenditures

As of September 30, 2025, cumulative project spending totals US$6,659,397 out of a proposed US$9,000,000 under the APA.

Figure 1. Plan view showing work programs conducted and planned in Q3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2214/275671_d658a994f4d7c896_002full.jpg

Strategic Context

Under the APA executed in 2022, LVG may receive up to US $45 million in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on these licences.

Management Comments

David Scott, Director & Managing Director Tanzania (Pr. Sci. Nat), stated: “The Q3 results from Barrick highlight a systematic and technically strong approach to unlocking the Tembo geology. The GAIP survey, the extensive aircore program, and the planned diamond and RC drilling all target the same core objective—vectoring toward Bulyanhulu-style mineralization within the Inlier. The combination of structural refinement and deeper drilling gives us increasing confidence in the potential for a significant discovery.”

Marc Cernovitch, President & CEO, added: “The continued progress by Barrick at Tembo reinforces the long-term potential of this highly strategic asset. Their work is helping to refine the geological picture across the Inlier and advance our collective understanding of the structures that host major gold systems in the region. With Imwelo moving toward development, Tembo provides Lake Victoria Gold with meaningful exploration upside and optionality within one of Africa’s most prolific gold belts.”

Next Steps

Bulyanhulu has indicated that:

AC drilling will continue through Q4-2025;
Diamond and RC drilling programs are expected to be completed in Q4 2025;
GAIP interpretations will guide refinement of drill targeting along priority structures within the Tembo Inlier.

LVG is also pleased to announce it has engaged the services of Atrium Research Corporation (“Atrium”), a leading company sponsored research firm. Atrium will publish various research reports on Company based on based on publicly available information, industry data, and discussions with management. Atrium will also host three recorded interviews with Company’s management team to present the investment case in an interview format. In exchange for its research services, Atrium will receive cash compensation in the amount of $3,500 per month for the services listed above. The services will be provided for 9 months beginning on November 24th, 2025. This engagement is subject to TSXV approval. Atrium and the Company are arm’s-length parties, and neither Atrium nor its insiders holds any shares or options to purchase shares in the issued and outstanding capital of the Company.

About Atrium Research
Atrium Research provides institutional quality company sponsored research on public equities in North America. Its investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Its research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, and an in-depth valuation analysis. Atrium Research is wholly owned and operated by its Co-Founders, Ben Pirie and Nicholas Cortellucci.

The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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Lake Victoria Gold Accelerates Drilling at Imwelo Area C with Second Rig Mobilization

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – October 31, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce the mobilization of a second multipurpose drill rig to fast-track drilling at the Company’s fully permitted Imwelo Gold Project in northwestern Tanzania.

Following the successful completion of the first three drill holes of the planned twenty-four-hole, 4,000-metre program at the Area C zone, the first two holes have been submitted for assay, with results expected next week. The second multipurpose rig is now being mobilized and will commence drilling in the coming days.

The additional rig will accelerate progress and enable LVG to complete the current program by the second week of December 2025.

Program Objectives

As outlined in the Company’s previous release, the Area C drill program is designed to:

Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall-support requirements, and ramp geometry; complete in-pit geotechnical domains for final pit shells.
Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
Resource growth: Test down-dip extensions at approximately 100 m and 200 m vertical depths and step-outs along strike to the west beyond current pit limits.
Grade-control readiness: Generate data to plan close-spaced, shallow grade-control drilling to support early mining and ROM stockpile development.
Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: “Momentum continues to build at Imwelo. We’ve completed three holes with assays pending on the first two, and with a second rig now on site, we’re moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness.”

“Drilling at Area C is progressing well, and we’re very encouraged by what we’re seeing in the core to date,” said Hendrick Mering, Exploration Manager for Lake Victoria Gold. “The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons. These early visual observations align well with expectations, and we look forward to confirming them through assay results next week.”

Assay results from the first holes are expected to be announced next week. The Company will provide ongoing updates as drilling progresses.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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Lake Victoria Gold Reports Continued Barrick Exploration Success at Tembo-Area Licences

Newsfile Corp.

Newsfile Corp

Vancouver, British Columbia–(Newsfile Corp. – October 24, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to provide an update on the Q2 2025 exploration activities conducted on the licenses LVG sold to Bulyanhulu Gold Mine Limited (“Buly”) (“the Project”). Buly acquired six licences from LVG under an Asset Purchase Agreement in 2022. Buly is owned by Twiga Minerals Corporation, a joint venture between Barrick Mining Corporation (“Barrick”) and the Government of Tanzania.

Exploration during Q2 2025 was focussed on testing with reverse circulation (RC) drilling the granite-greenstone contact in the northwest, interpreted to be prospective, and developing and planning an aircore (AC) drilling plan aimed at testing prospective areas considered to have a similar stratigraphic sequence to Bulyanhulu Mine, and a RC drilling program to test geochemical anomalies identified in previous AC drilling programs.

Q2 2025 Highlights

12 reverse-circulation (RC) holes drilled totaling 1,380 metres. Drilling tested the granite greenstone contact which had been identified in the previous AC drilling and was considered to be structurally favorable with possible dilation zones, and which returned anomalous Au in associated favorable geology.
Favourable geology confirmed – The drilling along the northwest trending contact intersected mafic metavolcanics (greenstone) and quartz porphyry dykes, which display weak to moderate deformation and have associated silica-sericite alteration, and localized disseminated pyrite and quartz veining, promising for gold mineralization.
Rock-chip samples from artisanal workings near zones of strong chlorite-sericite alteration, indicate the presence of potentially mineralized structures.

The results to date reinforce the geological continuity between the Bulyanhulu Mine and the Tembo Project area, validating LVG’s long-standing interpretation of the belt’s broader potential.

To view an enhanced version of this graphic, please visit:
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Strategic Context

Under the Asset Purchase Agreement executed in 2022, LVG may receive up to US $45 million in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on these licences.

Management Comments

Simon Benstead, Executive Chairman & CFO, stated: “We are encouraged to see Barrick’s sustained exploration momentum and technical validation across the Tembo-area licences. Their work continues to confirm the fertility of this part of the Lake Victoria Goldfields, where LVG remains a significant stakeholder through both our adjacent 100%-owned Tembo Project and the contingent upside tied to future discoveries.”

Marc Cernovitch, President & CEO, added: “Barrick’s methodical exploration is confirming the geological architecture we’ve interpreted on our licence area. As they advance, LVG benefits from both the direct geological insights and the potential for substantial contingent payments-creating a rare opportunity of value addition through a combination of near-term potential production development at Imwelo and the Tembo project, and discovery leverage through the Buly exploration.”

Next Steps

Barrick’s Q3 2025 program is focusing on ranking and prioritizing follow-up drill targets along the most prospective structural corridors defined by the Q2 results and earlier geochemical anomalies.

Qualified Person

Investor Relations Agreements

As previously announced on October 9, 2025, the Company has engaged SIDIS & Market IQ for investor relations and capital market advisory services, and has made filings with the Exchange regarding its investor relations contracts with SIDIS and Market IQ. The SIDIS contract is for a term of six months with a fee of $100,000 to be paid $50,000 on TSX.V approval and $10,000 each month thereafter. This contract is not renewable. The Market IQ contract is for a term of six months and is renewable on a month to basis. The fee for this contract is $100,000 payable on TSX.V approval of the contract.

About Lake Victoria Gold (LVG):

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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Lake Victoria Gold Presents in Red Cloud's Virtual Webinar Series

Newsfile Corp.

Newsfile Corp

Toronto, Ontario–(Newsfile Corp. – October 14, 2025) – Lake Victoria Gold (TSXV: LVG) is pleased to announce that the company is presenting a live virtual corporate update hosted by Red Cloud Financial Services on October 22nd, 2025 at 2:00 PM ET.

We invite our shareholders, and all interested parties to register for the webinar and participate in the live Q&A session at the end of the presentation moderated by Red Cloud.

The replay will be emailed out to all webinar registrants proceeding the event and will also be available on the Red Cloud website.

For more information and to register: https://redcloudfs.com/events/rcwebinar-lvg/.

GROWTH AND CONSOLIDATION IN TANZANIALake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

Commodities to be covered: Gold

About Lake Victoria Gold

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group.Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business. Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position, relationships and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick’s Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group.Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

About Red Cloud Financial Services Inc.

Red Cloud Financial Services Inc. is a globally focused capital markets advisory firm that provides a full range of executive strategy, media, marketing, and corporate access services. Our breadth of services combines with our significant knowledge of the junior mining industry combine for unique product offering. The company was founded by capital markets professionals with extensive experience in the junior mining industry.

For further information:

Lake Victoria Gold
Simon Benstead Executive Chairman
Marc Cernovitch CEO
416-721-1840 (Simon)
Sbenstead@lakevictoriaold.com

For additional information contact marketing@redcloudfs.com or visit:

www.redcloudfs.com
www.facebook.com/RedCloudFinancialServices
www.twitter.com/RedCloudFS
www.linkedin.com/company/red-cloud-financial-services-inc
www.youtube.com/c/RedCloudFinancialServicesInc
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SOURCE Red Cloud Financial Services

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Lake Victoria Gold Announces Imwelo Area C Drilling Underway: 4,000 m to Finalize Pit Design & Grow Ounces

Vancouver, British Columbia–(Newsfile Corp. – October 9, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce that drilling is underway on a 4,000-metre, multi-purpose program at the fully permitted Imwelo Gold Project in northwestern Tanzania. The first of approximately 24 planned holes has commenced at Area C, the location of the Company’s planned initial open pit at Imwelo.

The program integrates reverse-circulation (RC) pre-collars with diamond core (DD) tails to reduce cost and cycle time while capturing the geotechnical and geological data required for final pit design and mine scheduling.

Program Objectives

Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall support requirements, and ramp geometry; complete in-pit geotechnical domains for the final pit shells.
Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
Resource growth: Test down-dip extensions at ~100 m and ~200 m vertical depths and step-outs along strike to the west beyond the current pit limits.
Grade-control readiness: Generate data to plan close-spaced, shallow grade-control drilling to support early mining and ROM stockpile development.
Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.

Marc Cernovitch, President & CEO, commented: “Kicking off drilling at Area C is a tangible step toward first production at Imwelo. This program is designed to tighten our final pit design, convert ounces where appropriate, and set up grade-control so that once construction begins we can move quickly into pre-strip and stockpiling. With a low-capex build plan and a fully permitted project, each metre drilled reduces risk and advances Imwelo along the development path.”

Program Design & First Hole

Shallow infill: Eight holes will target gaps near the eastern and western pit margins and one central area, with intersections planned at approximately 25 m and 50 m vertical depth to tighten lateral pit boundaries.
Depth extensions: Thirteen holes are planned on ~100 m section spacing to test the mineralized lodes at approximately 150 m and 200 m below surface, with the objective of upgrading classification down-dip and assessing the case for a future underground phase following the open-pit operation (currently envisioned at ~18-24 months of pit life).
Western step-outs: Three holes are positioned west of a north-northeast-trending dyke-filled fault that truncates Area C at its western end; the structure is interpreted to offset mineralization 50-70 m to the north. These holes will test for continuity across the displacement.
Hanging wall/foot wall potential: All holes are designed to drill completely through the existing modelled zone to evaluate additional hanging wall and footwall lodes not included in the current historical resource and pit design.

First hole — IMWRD_005: Drilling has commenced on IMWRD_005, designed to intersect the Area C mineralization at ~120 m vertical depth near the western end of the zone. The hole is planned as an RC pre-collar to ~80 m, followed by a ~150 m DD tail to a projected final depth of ~230 m.

Context – select historical results (Area C, western end):

IMWRC-037: 2.0 m @ 5.06 g/t Au from 15 m and 6.8 m @ 14.6 g/t Au from 33.2 m
IMWRC-038: 2.0 m @ 7.5 g/t Au from 22 m

Notes: Intervals are down-hole lengths; true widths are unknown. Source: Measured Group Pty Ltd., Geology and Resource Estimate Report – Imwelo Project, Tanzania, May 2017.

Seth Dickinson, B.E. (Mining), Chief Operating Officer, added: “We’ve engineered this campaign to answer the last technical questions: slope angles, ramp geometry, and continuity down-dip and to the west. By combining RC with diamond tails we keep costs down without compromising core data quality. The work also builds the dataset we need for grade-control design and early mining, while testing the deeper potential that could support a follow-on underground phase.”

Program Highlights (what to watch):

Western step-outs: Test continuity across the dyke-fault; success could extend the open-pit shell to the west.
Down-dip holes (~100 m & ~200 m): Target resource conversion (Inf→Ind) and evaluate underground potential beneath Area C.
Geotech core: Oriented DD for slope angles/ramp geometry to finalize pit design parameters.
Met test work: Composites across oxide/transition/fresh to confirm recoveries and fine-tune early mine scheduling.

The Company expects to provide periodic updates on drilling progress and initial assay results once received and validated under LVG’s QA/QC protocols.

Investor Relations Engagements
Lake Victoria Gold Ltd. has retained Market IQ Media Group Incorporated (“MIQ”) & Sidis Holdings (“SIDIS”) to provide investor relations and capital markets advisory services. The engagements are for an initial term of 6 months, renewable by mutual agreement, and may be terminated by either party on 30 days’ notice. MIQ & SIDIS will receive a fee of $100,000 each. MIQ & SIDIS are arm’s length to the Company. To the Company’s knowledge, MIQ & SIDIS do not own or control any securities of the Company. The engagements are subject to acceptance by the TSX Venture Exchange.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Building the Starter Pit: Lake Victoria Gold Mobilizes Drill Rig at Imwelo's Area C

Vancouver, British Columbia–(Newsfile Corp. – October 1, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to announce the commencement of a 4,000-metre, multi-purpose drilling campaign at the Area C zone of its fully permitted Imwelo Gold Project in northwestern Tanzania. The program is designed to support short-term production readiness, resource expansion and conversion, and final pit design optimization. This campaign forms a key component of LVG’s strategy to initiate a low-capex open-pit operation at Imwelo, with future underground development to be evaluated as part of ongoing high-grade exploration and resource growth.

Mobilization of the first rig is underway this week, with drilling scheduled to commence October 6, 2025. A second rig has been ordered to accelerate the program and is expected to mobilize in the coming weeks.

Strategic Context
The Imwelo Project, located just 12 km from AngloGold Ashanti’s Geita Gold Mine, is fully permitted under a 10-year mining license. Backed by a simple development plan and metallurgical recoveries >90%, the Company is targeting first gold within 12 months of commencement of construction.

Area C is the first zone planned for production and has an average grade of 3.7 g/t Au. It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Previous intercepts include:

2 m @ 5.06 g/t Au from 15 m and 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC-037)
7 m @ 3.22 g/t Au from 27 m (IMRC-014)
2 m @ 7.5 g/t Au from 22 m (IMWRC-038)

Reported intercepts are down-hole lengths; true widths are unknown. (Source: Measured Group Pty Ltd., Geology and Resource Estimate Report — Imwelo Project, Tanzania, May 2017.)

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: “By mobilizing now and adding a second rig, we’re advancing Imwelo on two fronts—short-term production readiness and resource growth potential. This drill program is designed to tighten mine scheduling, validate pit and slope design, and test down-dip and western extensions at Area C.”

Program Highlights

Strike extensions. Step-outs to the west will test continuity across the interpreted fault. Geophysics and mapping indicate mineralization may be offset rather than terminated beyond the current pit limits; these holes will assess continuity and potential expansion of the open-pit resource envelope.
Depth extensions. Historical drilling at Area C has, on average, tested only to ~45 metres. The planned holes are designed to intersect mineralization at ~100 m and ~200 m down-dip. If mineralization continues at depth as interpreted, results could improve confidence, support potential resource expansion, and help progress the case for future underground targeting of higher-grade zones.
Geotechnical work. Select diamond holes will be oriented for structural logging. Data will be used to update geotechnical domains and slope designs for Area C’s final pit shells.
Metallurgical work. Representative core will be composited for confirmatory testing, with an emphasis on the transition horizon to inform recovery assumptions and early-stage mine scheduling.

Seth Dickinson, P.Eng., Chief Operating Officer, added: “This program is about turning plans into mine-ready decisions—validated pit design and targeted step-outs for potential growth. With two rigs, we expect steady results that support a disciplined transition toward production at Imwelo.”

Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer 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.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Building the Starter Pit: Lake Victoria Gold Mobilizes Drill Rig at Imwelo's Area C

2 m @ 5.06 g/t Au from 15 m and 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC-037)
7 m @ 3.22 g/t Au from 27 m (IMRC-014)
2 m @ 7.5 g/t Au from 22 m (IMWRC-038)

Reported intercepts are down-hole lengths; true widths are unknown. (Source: Measured Group Pty Ltd., Geology and Resource Estimate Report — Imwelo Project, Tanzania, May 2017.)

Program Highlights

Strike extensions. Step-outs to the west will test continuity across the interpreted fault. Geophysics and mapping indicate mineralization may be offset rather than terminated beyond the current pit limits; these holes will assess continuity and potential expansion of the open-pit resource envelope.
Depth extensions. Historical drilling at Area C has, on average, tested only to ~45 metres. The planned holes are designed to intersect mineralization at ~100 m and ~200 m down-dip. If mineralization continues at depth as interpreted, results could improve confidence, support potential resource expansion, and help progress the case for future underground targeting of higher-grade zones.
Geotechnical work. Select diamond holes will be oriented for structural logging. Data will be used to update geotechnical domains and slope designs for Area C’s final pit shells.
Metallurgical work. Representative core will be composited for confirmatory testing, with an emphasis on the transition horizon to inform recovery assumptions and early-stage mine scheduling.

Qualified Person
The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268455

SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Reaches Agreement in Principle with Government of Tanzania on Free Carried Interest Framework

Vancouver, British Columbia–(Newsfile Corp. – September 18, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“Lake Victoria Gold” or the “Company“) is pleased to announce that its Tanzanian subsidiary, Tembo Gold (T) Limited (“Tembo“), has reached an agreement in principle with the Government of Tanzania on the major issues surrounding the Government’s statutory free carried interest in the Imwelo Gold Project.

The statutory negotiation meeting was held on September 10, 2025, in Arusha, Tanzania, and attended by Marc Cernovitch, President & CEO of Lake Victoria Gold, accompanied by legal and financial advisors from Velma Law & Crowe, alongside the Government Negotiation Team from the Ministry of Minerals. The meeting was productive and resulted in agreement in principle on the central issues, including the Government’s free carried interest in mining projects as required by Tanzanian law.

Tanzania’s Mining Participation Framework
Under Tanzania’s Mining Act (Cap. 123) and the Mining (State Participation) Regulations, 2022, the Government is entitled to a minimum 16% non-dilutable free carried interest in all gold mining projects. This ensures that the people of Tanzania participate directly in the ownership of their natural resources.

In addition to equity ownership, the fiscal regime includes:

A 6% royalty on gold production, plus a 1% export levy;
A 4% reduced royalty rate when minerals are refined within Tanzania; and
A requirement that 20% of production be refined and sold in-country, with the Bank of Tanzania purchasing that portion at market prices.

These measures are designed to maximize local beneficiation, strengthen national gold reserves, and ensure that Tanzanians share equitably in the benefits of mining.

Formation of a Joint Venture Company
As part of the process, Lake Victoria Gold and the Government will establish a new joint venture company (“JVCo“) to hold and operate the Imwelo Mining Licence. The JVCo structure, governed by a Framework Agreement and Shareholders’ Agreement, provides a transparent and durable foundation for collaboration between the Company and the Government.

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: “Reaching agreement in principle with the Ministry of Minerals marks an important milestone for Lake Victoria Gold and for Tanzania. The Government’s participation ensures that the Imwelo Project will be developed in alignment with national priorities, including responsible mining, in-country refining, and long-term value creation for all stakeholders. While final approvals and details remain to be completed, this first step lays the groundwork for a constructive partnership through the new joint venture company. We look forward to working alongside the Government of Tanzania to bring Imwelo into production responsibly and efficiently.”

Simon Benstead, Executive Chairman of Lake Victoria Gold, added: “This agreement in principle is a transformative development for Lake Victoria Gold. With the recent closing of our financing, the Company is well-positioned to advance the Imwelo Project toward construction and production. We are excited to move forward in partnership with the Government of Tanzania and to deliver on our goal of building a responsible, cash-flowing gold operation in the near term.”

With this agreement in principle, Lake Victoria Gold has cleared one of the most significant regulatory hurdles on the pathway to production. The Company now moves forward with strengthened alignment with the Government of Tanzania, a financing platform in place, and a clear roadmap toward construction and near-term cash flow from Imwelo. This milestone substantially de-risks the project and sets the stage for long-term value creation for both shareholders and the people of Tanzania.

The agreement in principle remains subject to review and approval at higher levels of the Tanzanian Government, as well as the finalization of detailed terms. Lake Victoria Gold will disclose the final agreed terms once a binding agreement has been executed.

About Lake Victoria Gold:
Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the terms and completion of the Private Placement, the payment of finder’s fees and issuance of finder’s securities, the anticipated closing date and the planned use of proceeds for the Private Placement. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain regulatory approval for the Private Placement, the state of equity markets in Canada and other jurisdictions, market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Secures Updated Environmental Approval, Strengthening Development Pathway at Imwelo

Vancouver, British Columbia–(Newsfile Corp. – August 21, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to announce that the Tanzanian National Environment Management Council (“NEMC”) has approved the updated Environmental and Social Management Plan (“ESMP”) for the Imwelo Gold Project, located in the Geita Region of northwestern Tanzania.

The ESMP update was undertaken to reflect changes since the original study completed in 2013, which formed the basis for the issuance of the project’s Environmental Impact Assessment (EIA) Certificate and Mining Licence (ML538) in 2014. NEMC’s approval confirms that Imwelo remains fully compliant with environmental and social standards, and that the project can advance under its existing permits.

The updated ESMP outlines mitigation measures for potential environmental and social impacts and establishes commitments for ongoing community engagement, progressive mine rehabilitation, and transparent monitoring of water, waste, and tailings facilities.

Management CommentaryMarc Cernovitch, President & CEO of Lake Victoria Gold, stated: “Approval of the updated ESMP is a significant milestone for Imwelo, reinforcing that the project is environmentally sound and socially responsible. Combined with the foundation provided by the 2021 Pre-Feasibility Study, Imwelo represents a rare opportunity for near-term gold production in Tanzania with modest capital requirements, strong expansion potential, and the potential to generate cash flow that will support our broader growth strategy across the Lake Victoria Goldfield.”

Seth Dickinson, Chief Operating Officer of Lake Victoria Gold, commented: “With the updated environmental approval, our team is focused on the practical steps to bring Imwelo into production. The project benefits from a straightforward mine plan, proven metallurgy, and proximity to existing regional infrastructure. Our upcoming drilling and site works are designed to ensure a smooth transition from planning into construction and, ultimately, first gold within a short development timeline.”

Strategic ContextThe Imwelo Project, located just 12 km from AngloGold Ashanti’s Geita Gold Mine, is fully permitted under a 10-year mining license. Supported by a straightforward development plan, positive metallurgical recoveries (>90%), and a 2021 JORC-compliant Pre-Feasibility Study (“PFS”), the Company is targeting first gold within 12 months of commencing construction.

Area C is the first zone planned for development and has an average grade of 3.7 g/t Au. It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Notable historical intercepts include:

2m @ 5.06 g/t Au from 15m and 6.8m @ 14.6 g/t Au from 33.2m (IMWRC-037)
7m @ 3.22 g/t Au from 27m (IMRC-014)
2m @ 7.5 g/t Au from 22m (IMWRC-038)

Reported intercepts are downhole lengths; true widths are unknown. Source: Measured Group Pty Ltd, Geology and Resource Estimate Report – Imwelo Project, Tanzania (May 2017).

Project Highlights

Permits & Readiness – Fully permitted under Mining Licence ML538/2015, with a 10-year renewal and formal transfer completed in November 2024.
Pre-Feasibility Study (PFS) – A JORC-compliant PFS completed in 2021 by Measured Group provides the project’s technical and economic foundation, including mine design, mine planning, scheduling, reserve estimation, and cost modeling.
Historical Resource – Measured: 42,000 oz at 3.15 g/t; Indicated: 95,700 oz at 1.95 g/t; Inferred: 153,900 oz at 1.53 g/t;
Exploration & Engineering – Over 28,000 metres of historical drilling, with a 7,750 metre drilling campaign planned to commence shortly to advance grade control, resource conversion, and pit optimization.
Development Pathway – Designed as a low-capex starter open-pit mine at Area C, with long-term upside through underground potential at depth.
Infrastructure & Local Engagement – Preparatory works include ball mill refurbishment, tailings and water storage planning, and phased land compensation. Strong community engagement and progressive rehabilitation are embedded within the ESMP.
Partnerships – Strategic and operational support secured from Taifa Group, Tanzania’s leading mining contractor, providing execution capability and local validation.
Funding – LVG has executed a non-binding term sheet, providing a gold prepay financing facility to fund pre-production activities at Imwelo. This innovative structure allows LVG to access non-dilutive capital directly linked to future gold output, strengthening the Company’s balance sheet while minimizing shareholder dilution.

The Imwelo ProjectThe Imwelo Project is a gold project located in northern Tanzania, immediately west of the Geita Gold Mine of AngloGold Ashanti. The project is held under a 3.85 km² mining licence (ML538/2015) and is subject to a 2% royalty to a previous owner.

An updated JORC-compliant pre-feasibility study was completed in 2021 by Measured Group Pty Ltd of Australia, incorporating mine design, planning, scheduling, reserve estimation, and cost modeling. The project resource comprises seven mineralized zones, with gold hosted in quartz-vein shear systems amenable to open-pit mining. Mineralization remains open along strike and at depth, with drilling to date only testing to an average of ~50m below surface.

The Company believes Imwelo offers significant “blue-sky” potential to expand the mineralized footprint and ultimately define a current mineral resource and reserves to extend mine life.

Historical Resource EstimateThe following historical mineral resource estimate is derived from “Geology and Resource Estimate Report – Imwelo Project, Tanzania, Lake Victoria Gold Limited”, prepared by Measured Group Pty Ltd (May 31, 2017) in accordance with the 2012 JORC Code:

Classification	Cutoff Grade Au g /tonne	Tonnes	Gold Grade g/tonne	Ounce Gold
Measured	0.50g/t	414,000	3.15	42,000
Indicated	0.50g/t	1,530,300	1.95	95,700
Inferred	0.50g/t	2,781,500	1.56	153,900

(Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report – Imwelo Project, Tanzania, Lake Victoria Gold Limited, May 2017)

The above noted Historical Resource Estimate dated 31 May 2017 is the last historical mineral resource estimate on the Project and no more recent data is available to the Company. The Historical Resource Estimate is based on a detailed review completed by LVG and Measured Group Pty Ltd. of local conditions. It has incorporated LVG’s view of long-term metal prices, foreign exchange and cost assumptions, plus mining and metallurgy performance to select cut-off grades and physical mining parameters. The cut-off grade is based on a gold price of US$1,500 and an 88% metallurgical recovery is assumed in the calculation of the cut-off grade.

A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources or mineral reserves. The Company is not treating the Historical Resource Estimate as current, but believes it to be relevant to assessing the merits of the project. Significant work-including additional drilling, sampling, and data verification-will be required before a current mineral resource can be defined under NI 43-101 standards.

Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

About Lake Victoria Gold (LVG):Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead Executive Chairman & CFOPhone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc CernovitchCEO & DirectorPhone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking InformationThis news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations,

including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Issues Shares to Pay Debenture Interest

Vancouver, British Columbia–(Newsfile Corp. – July 23, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) announces that further to its news release dated July 3rd 2025 the Company, having received TSX Venture Exchange approval, has issued to debenture holders an aggregate of 228,872 common shares in the capital of the Company (the “Shares“) at a price of $0.195 per Share, as determined in accordance with the terms of the $750,000 of convertible debentures issued on July 26, 2024 and August 8, 2024. The issuance of shares satisfies the Company’s obligation to pay an aggregate of $44,630 in interest accrued on the convertible debentures up to June 30th 2025.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: the completion of transaction and obtaining regulatory approval for the transaction. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: receipt of all regulatory approvals; the state of financing availability; the volatility of metal prices and LVG’s common shares; actual exploration or development plans and costs differing materially from the Company’s estimates; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Provides Update on Nyati Plant Construction and Progress Toward Binding Agreement

Vancouver, British Columbia–(Newsfile Corp. – July 18, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to provide an update on the construction progress of the gold processing facility owned by Nyati Resources (T) Limited (“Nyati”) in Tanzania, and on the advancement of negotiations toward a binding agreement.

David Scott, Managing Director Tanzania & Director of LVG, commented following a recent site visit: “It was impressive to see the scale and quality of construction firsthand. The Nyati team has delivered a well-engineered plant with strong attention to detail across all critical circuits. With commissioning just weeks away, the site is clearly in the final stages of readiness. This facility will play a key role in enabling our development strategy at Tembo and beyond.”

Background on the Nyati Processing Facility

Nyati Resources operates a fully permitted gold processing facility located on one of Tembo’s Mining Licenses. The site includes an operating 120 tonne-per-day carbon-in-pulp (CIP) plant and is nearing completion of a second, much larger 500+ tpd unit. Once fully commissioned, total capacity is expected to exceed 600 tpd. The project benefits from existing infrastructure, including grid power, standby generation, a constructed tailings facility, on-site lab, and administrative support. The new plant is designed for scalable toll milling and third-party ore purchases, with features such as dual regrind mills and high-capacity leach tanks aimed at maximizing recoveries and operational flexibility.

Construction Progress Nearing Commissioning

Construction at the Nyati plant is advancing steadily toward commissioning, which is expected to begin within 4-6 weeks. Final site preparations and equipment testing are currently underway.

The run-of-mine (ROM) pad is being filled with low grade base material awaiting delivery of mineralized material to be used for commissioning.
The primary crushing circuit — including feed bins, gyratory grizzly, jaw crushers, and conveyors — has been fully installed.
The secondary crushers, feed bins, chutes, and double-deck screen systems are nearing completion.
Mill feed bins and belt weightometers are installed and connected to twin primary ball mills.
Regrind mills, hydrocyclone cluster, and the full leach circuit — including carbon handling, cyanide dosing, pumps, and agitators — are in place.
Grid electrical supply is operational; standby generation has been installed to ensure continuity during outages.
All motors, pumps, and instrumentation are undergoing final dry testing.

For recent images of Nyati Processing facility, please click on following link: https://lakevictoriagold.com/projects/tembo-gold-project/nyati-processing-facility/

Advancing Toward a Binding Agreement

Lake Victoria Gold and Nyati Resources are in advanced stages of negotiating a binding agreement that will formalize the strategic partnership initially outlined in the executed Letter of Intent, as announced on May 1st, 2025. The proposed agreement is expected to provide LVG with exclusive rights to mill and process ore through the Nyati facility, support the development of its nearby mining licenses, and outline capital contributions and revenue sharing provisions.

Marc Cernovitch, President & CEO of Lake Victoria Gold, stated: “The progress at Nyati represents a key milestone in our broader strategy to unlock the value of our Tanzanian assets through smart, capital-efficient development. Partnering with a facility that’s near commissioning allows us to accelerate production timelines while maintaining focus on exploration and growth. As we move toward a definitive agreement, we’re laying the groundwork for a scalable platform that can support both near-term cash flow and long-term shareholder value.”

Cautionary Statement Regarding Preliminary Development Concepts

Grant of RSUs

The Company also announces that it has granted an aggregate of six million five hundred thousand restricted share units (“RSUs”) to certain directors, officers, and consultants pursuant to its Omnibus Equity Incentive Plan. The RSUs will vest in accordance with the terms of the plan and applicable award agreements, and are subject to the approval of the TSX Venture Exchange, as required.

The scientific and technical content of this news release 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 Director and Officer of the Company.

About Lake Victoria Gold (LVG):

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: the completion of transaction and obtaining regulatory approval for the transaction. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: receipt of all regulatory approvals; the state of financing availability; the volatility of metal prices and LVG’s common shares; actual exploration or development plans and costs differing materially from the Company’s estimates; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold to Issue Shares to Pay Debenture Interest

Vancouver, British Columbia–(Newsfile Corp. – July 3, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) announces that under the terms of the $750,000 of convertible debentures issued on July 26, 2024 and August 8, 2024, it has elected to satisfy its obligation to pay an aggregate of $44,630 in interest accrued on the convertible debentures up to June 30th 2025 by issuing to such debenture holders an aggregate of 228,872 common shares in the capital of the Company (the “Shares“) at a price of $0.195 per Share, as determined in accordance with the debenture terms.

The issuance of the Shares is subject to the approval of the TSX Venture Exchange.

The Company is also pleased to confirm that, further to news release of May 1, 2025 the exclusivity period under the May 1, 2025 Letter of Intent with Nyati Resources (T) Limited has been extended by an additional 45 days to allow both parties to complete due diligence and finalize definitive joint venture agreements.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: the completion of transaction and obtaining regulatory approval for the transaction. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: receipt of all regulatory approvals; the state of financing availability; the volatility of metal prices and LVG’s common shares; actual exploration or development plans and costs differing materially from the Company’s estimates; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Launches Multi-Purpose Drill Program at Imwelo Area C to Support Mine Readiness

Vancouver, British Columbia–(Newsfile Corp. – June 25, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce a 7,750 metre, multi-purpose drilling campaign at the Area C zone of its fully permitted Imwelo Gold Project in northwestern Tanzania. The program is designed to support short-term production readiness, resource conversion, and final pit design optimization, with completion targeted for Q3 2025. This campaign forms a key component of LVG’s strategy to initiate a low-capex open-pit operation at Imwelo, with future underground development to be evaluated as part of ongoing high-grade exploration and resource growth.

Strategic ContextThe Imwelo Project, located just 12 km from AngloGold Ashanti’s Geita Gold Mine, is fully permitted under a 10-year mining license. Backed by a simple development plan and metallurgical recoveries >90%, the Company is targeting first gold within 12 months of commencement of construction.

2m @ 5.06 g/t Au from 15m and; 6.8m @ 14.6 g/t Au from 33.2m (IMWRC-037)
7m @ 3.22 g/t Au from 27m (IMRC-014)
2m @ 7.5 g/t Au from 22m (IMWRC-038)

Reported intercepts are downhole lengths; true widths are unknown. (Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report – Imwelo Project, Tanzania, May 2017

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: “We’ve designed this program to maximize Imwelo’s short-term production readiness while extending the upside case. The drill data will help us finalize early mine scheduling, validate pit design, and potentially unlock high-grade extensions. With Area C now fully defined as our initial production zone, we’re making meaningful progress toward becoming Tanzania’s next gold producer.”

Program Highlights:

Grade Control Drilling (3,750m RC):Designed on a 10×10 metre grid to a vertical depth of 20 metres, this work will define the initial ore/waste interface across the planned Area C open pit. The results will provide critical input for the early-stage mine plan and ore scheduling.

Strike & Depth Extension Drilling (2,500m RC + 1,500m DD): Strike Extension Drilling (2,500m RC):This portion of the program will test extensions along strike to the west of Area C. Faulting identified in previous drilling suggests the mineralized zone may continue beyond the currently defined limits. These holes are designed to assess the continuity and potential expansion of the open pit resource envelope. Depth Extension Drilling (1,500m DD): The deepest drilling at Area C to date has only reached approximately 70 metres. This diamond drilling will test the ore zone at depths of 100 and 200 metres, aiming to upgrade existing Inferred resources and evaluate the potential for future underground development targeting high-grade zones at depth.

Geotechnical & Metallurgical Work:Select diamond drill holes will support slope stability assessments for the final pit shell design, while additional core samples will be collected for confirmatory metallurgical test work. These inputs are essential to the final engineering and plant commissioning process.

Seth Dickinson, P. Eng., Chief Operating Officer, added: “We’ve optimized this program to deliver multiple layers of value-from detailed grade control to geotech validation and deeper exploration. The step-out and depth targets are especially compelling given the structural complexity we’ve seen to the west. The team is focused on accelerating toward a clean construction start with maximum technical confidence.”

The Imwelo ProjectThe Imwelo Project is gold project located in northern Tanzania immediately to the west of Geita Gold Mine of Anglogold Ashanti. An updated pre-feasibility study (“PFS”) was completed in 2021 by Measured Group Pty Ltd of Australia, incorporating mine design, mine planning, scheduling, reserve estimation and costing. The 3.85km2 Project is held under a Tanzanian mining licence ML538/2015. The Project is subject to a 2% royalty to a previous owner. The ML is fully permitted for mine construction and production to commence. The Project resource comprises seven mineralized locations that have been drilled and includes 42,000oz Au measured mineral resources at 3.15g/t, 95,700oz Au indicated mineral resources at 1.95g/t and 153,900oz inferred mineral resources at 1.53g/t for a total 291,600oz Au (the “Historical Resource Estimate”). Further information on the Historical Resource Estimate can be found below. The gold occurs as typical quartz vein shear hosted gold deposits suitable for open pit mining. The Project ML provides ‘bluesky’ potential. Drilling to date has only been down to 80m below surface. A number of areas were not drilled as they were not accessible at the time, and extensions to the known mineralisation remain untested, both along strike and certainly downdip. The Company anticipates it may define a current mineral resource on the Project and, eventually, mineral reserves that will allow expansion of production and extension of the mine life; however, there is no assurance that further exploration will result in the definition of current mineral resources or mineral reserves.

The Historical Resource Estimate is derived from a report entitled “Geology and Resource Estimate Report – Imwelo Project, Tanzania, Lake Victoria Gold Limited” dated May 31, 2017 (the “Report”) prepared by Measured Group Pty Ltd. The Historical Resource Estimate presented in the Report was carried out in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 Edition) prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. The Report includes the following

Historical Resource Estimate: Historical Mineral Resource Estimate

Classification	Cutoff Grade Au g /tonne	Tonnes	Gold Grade g/tonne	Ounce Gold
Measured	0.50g/t	414,000	3.15	42,000
Indicated	0.50g/t	1,530,300	1.95	95,700
Inferred	0.50g/t	2,781,500	1.56	153,900

(Source: MEASURED GROUP PTY LTD (MG) Geology and Resource Estimate Report – Imwelo Project, Tanzania, Lake Victoria Gold Limited, May 2017)

A qualified person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and the Company is not treating the Historical Resource Estimate as current mineral resources or mineral reserves. The Company believes that the Historical Resource Estimate is relevant to an appraisal of the merits of the Project and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration, and there is no guarantee that the results obtained will reflect the historical estimate. In order to verify the Historical Resource Estimate to a current mineral resource estimate, the Company will need to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report. Significant data compilation, drilling, sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current mineral resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Scott is a Director and Officer of the Company.

About Lake Victoria Gold (LVG):Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

On Behalf of the Board of Directors of the Company,Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon BensteadExecutive Chairman & CFOPhone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc CernovitchCEO & DirectorPhone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking InformationThis news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Positioned to Benefit as Barrick Expands 2025 Drill Campaign

Vancouver, British Columbia–(Newsfile Corp. – June 12, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to provide an update on exploration activities conducted during Q1 2025 by Bulyanhulu Gold Mine Limited (“Buly”), a joint venture between Barrick Mining Corporation (“Barrick”) and the Government of Tanzania. These activities form part of the US$9 million exploration expenditure commitment made by Buly as part of the Asset Purchase Agreement (“APA”) signed in December 2021, under which Buly acquired six non-core prospecting licenses from LVG. In addition to the US$6M upfront consideration received, LVG retains exposure to future exploration success through contingent payments of up to US$45 million tied to gold discoveries on the Project.

To date, over US$5.56 million has been spent under the APA-representing more than 60% of the agreed exploration commitment. With the program now entering its final phases, Buly is expected to ramp up exploration activity substantially through early 2026. This includes additional drilling to meet the full US$9 million obligation. While only 360 metres of diamond drilling were completed in Q1-focused on refining the geological model-LVG anticipates more extensive drill campaigns in the coming quarters as Barrick intensifies efforts to unlock the Project’s discovery potential.

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented:

“While Buly’s exploration work provides valuable long-term upside, our immediate focus is on advancing Tembo and Imwelo toward production in 2025 & 2026 respectively. These are high-conviction assets under our direct control, and we’re committed to delivering near-term cash flow and operational milestones. At Tembo, we believe the project holds district-scale discovery potential-supported by its geological continuity with Bulyanhulu and over 50,000 metres of historical drilling. The APA adds further optionality, giving shareholders meaningful exposure to new discoveries without diverting capital or management attention. It’s a structure that aligns well with our disciplined strategy: prioritize near-term production, retain exploration upside, and build long-term value.”

David Scott, Pr. Sci. Nat., Director for Lake Victoria Gold, added:

“The geological model continues to improve with each program. What excites us is the emerging alignment between Buly’s recent drill results and the structural framework we are seeing throughout our Tembo Project. The intersection of multiple zones of shear deformation, mafic-felsic lithological contacts, and associated sulphide-bearing quartz veins, provide ideal settings for mineralization, such as hosting the Bulyanhulu deposits. These are the kinds of environments where significant gold systems are formed, and they remain largely untested across much of the property.”

With the completion of the Q1 diamond holes, total drilling conducted by Buly under the APA now exceeds 33,200 metres-comprising approximately 24,583 metres of aircore (1,878 holes), 8,091 metres of reverse circulation (68 holes), and 611.5 metres of diamond drilling (4 holes). These earlier programs helped define key structural corridors and prioritize the most prospective zones, laying the foundation for a more aggressive drilling campaign later in 2025.

Q1 2025 Exploration Summary

During Q1 2025, Buly completed three diamond drill holes totaling 360 metres, targeting geochemical and geological anomalies identified in the previous quarter. The program was designed to refine the geological model and guide future drill targeting. Drilling intersected a range of lithologies including sheared mafic volcanics, felsic tuffs, and argillites, with notable zones of hydrothermal alteration and structurally significant quartz veining. Of particular interest were zones of quartz-pyrite-pyrrhotite mineralization exceeding 3%, deformation and fluid activity at key basalt-tuff contacts, and evidence of multi-phase structural deformation including NE-SW, E-W, and NW-SE trending features, fold hinges, and parasitic folding.

These results confirm a structurally complex and geologically fertile environment consistent with other productive gold systems in the Lake Victoria Goldfields. Buly is currently advancing a ranking exercise to guide the next phase of drill testing.

Strategic Exposure to Future Discoveries

Under the terms of the APA, Lake Victoria Gold is entitled to receive up to US$45 million in contingent payments tied to future gold resource discoveries on the Project. The sliding-scale structure provides for US$20 per ounce on the first one million ounces, US$10 per ounce on the second million, and US$5 per ounce on the next three million ounces. This arrangement enables LVG to retain meaningful exposure to exploration success without committing additional capital.

Qualified Person

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead Executive Chairman & CFOPhone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc CernovitchCEO & DirectorPhone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Plans Strategic Resource Drilling Campaign at Ngula 1 to Support Processing JV

Vancouver, British Columbia–(Newsfile Corp. – May 29, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company“) is pleased to announce that will undertake a 3,000m reverse circulation (RC) drilling program within a recently granted mining licence (April 9, 2025) at Ngula 1, to delineate and evaluate a shallow resource. The goal is to establish sufficient resource to provide mineralized material to feed the recently announced (May 1, 2025) opportunity to process near-surface material in a third party processing facility located within 3.5km of this prospect. Ngula 1 has returned numerous promising gold intersections in several previous drilling campaigns (January 31, 2023). Selected shallow intersections include*:

TDD0004: 3.13g/t Au over 25.89m from 41.00m, including 4.46g/t Au over 2.60m, 5.05g/t Au over 0.50m, 2.02g/t Au over 0.50m, and 9.38g/t Au over 6.30m.
TRC0013: 17.23g/t Au over 4.00m from 19.00m.
TRC0003: 3.76g/t Au over 2.00m from 21.00m; 28.57g/t Au over 3.00m from 54.00m; and 5.28g/t Au over 4.00m from 72.00m.
TDD0160: 5.22g/t Au over 1.93m from 107.18m and 2.73g/t Au over 1.54m from 116.39m.
TRC0001: 2.87 g/t Au over 3.00m from 27.00m, 1.76 g/t Au over 3.00m from 46.00m, and 12.87 g/t Au over 3.00m from 84.00m
TDD0133: 2.37g/t Au over 1.00m from 35.00m.
TDD0161: 1.64g/t Au over 3.07m from 54.43m.
TRC0002: 2.58g/t Au over 2.00m from 8.00m; 2.74g/t Au over 1.00m from 36.00m; and 1.29g/t Au over 5.00m from 52.00m.
TDD0158: 17.60g/t Au over 1.48m from 31.12m.
TDD0126: 1.80g/t Au over 6.46m from 25.00m.
TDD0157: 1.59g/t Au over 1.15m from 40.34m.
TRC0014: 1.62g/t Au over 1.00m from 52.00m.

David Scott, Pr. Sci. Nat., Managing Director Tanzania & Director of Lake Victoria Gold: “Ngula 1 demonstrates strong geological continuity and consistent high-grade mineralization over multiple campaigns. The structural complexity, folding patterns, and repeated shear-hosted zones are exactly the kind of setting we associate with significant gold systems in the Lake Victoria Goldfield. This close-spaced RC program will give us the data density needed to move from exploration success toward a resource, and potentially, production.”

Strategic Context

While the proposed small-scale mining joint venture at Tembo offers a near-term opportunity to generate cash flow, it is best viewed as a steppingstone rather than the end goal. The true value of Tembo lies in its significant exploration potential, given its strategic location immediately adjacent to Barrick’s Bulyanhulu Mine and the geological continuity observed between the two properties. To date, over 50,000 meters of drilling have been completed, testing less than 15% of the known structural targets across the 32 km² project area. Multiple high-grade intercepts have been returned, and the structural setting remains highly prospective for the discovery of a large-scale, high-grade gold system. The interim JV strategy could allow LVG to bridge its operational and exploration budgets in a non-dilutive manner, while continuing to advance Tembo toward what the Company believes could be a district-scale gold resource.

Simon Benstead, Executive Director of Lake Victoria Gold, commented: “This drilling campaign is part of our broader strategy to unlock the long-term value at Tembo. While the near-surface potential at Ngula 1 presents an exciting opportunity for near-term production and cash flow, it also serves a larger purpose-supporting a non-dilutive path toward what we believe is a district-scale gold system. We’re leveraging strategic infrastructure and partnerships to advance exploration while staying disciplined on capital allocation.”

Ngula 1

The Ngula 1 belt of deformed and metamorphosed basaltic extrusive lithologies with a known 800m strike across a width of 100-150m, hosts multiple sub-parallel east-west trending gold-bearing shear structures. These are interpreted as the northern and southern limbs of a tight isoclinal fold structure. The upcoming drilling program will focus on a 300-metre strike length of the southern zone, where previous disclosed RC and diamond drilling (DD) returned significant gold values.

The program will target the southern structural zone using a grid of drill holes spaced 20 meters apart along strike and downdip, with alternating tiers offset by 10 meters. Drilling will test depths of 10 m, 30 m, and 50 m below surface across 45 holes, covering a 300-metre strike. Each hole will be extended a minimum of 25 meters beyond the first structural intersection. Total planned drilling is approximately 3,000 meters.

Upon completion of the program and receipt of analytical results, appropriately blended composite samples will be submitted for gold deportment and metallurgical testing, including leach diagnostics and gravity recovery. A proposal for this test work is pending.

Preliminary discussions with drilling contractors are underway.

*Note: Widths represent drill intersection widths not corrected for borehole inclination and dip of the geological zone. True widths have not been determined. The borehole inclination of 60deg and sub vertical dip of the structures suggests that the true width will be approximately 86% of the intersected width. No capping of high-grade values has been applied to the assay results.

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Announces Results of the Annual and Special Meeting of Shareholders

Vancouver, British Columbia–(Newsfile Corp. – May 8, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (“LVG” or the “Company“) is pleased to announce that it has formally engaged Nesch Mintech Tanzania Limited to conduct an independent commissioning audit and technical due diligence of the gold processing plant owned by Nyati Resources (T) Limited (“Nyati“). This work supports LVG’s evaluation of a proposed joint venture with Nyati, focused on regional gold processing and development in Tanzania.

This announcement follows LVG’s recent press releases dated April 9, 2025, outlining the successful conversion of the Tembo Project’s Prospecting License into four 10-year Mining Licenses, and May 1, 2025, summarizing the key commercial terms of a proposed joint venture between Lake Victoria Gold, Nyati Resources, and MIPCCL. These milestones reflect the Company’s continued progress toward unlocking near-term development potential while leveraging strategic partnerships and existing infrastructure.

The proposed joint venture aims to integrate gold-bearing material from Primary Mining Licenses and LVG’s Tembo Mining Licenses (“MLs“) with Nyati’s processing infrastructure. A privately operated 120 tpd carbon-in-pulp plant has recently been commissioned on a Processing License located within one of Tembo’s MLs, with a second, larger unit under construction. Once complete, combined capacity is expected to reach 620 tpd. The JV would consolidate these assets under a new special purpose vehicle jointly owned by LVG, Nyati, and the Government of Tanzania (16% free-carried), creating a centralized, scalable hub for near-surface gold processing in the region.

Commissioning of the new processing unit is scheduled to take place in June 2025, and Nesch Mintech’s audit will coincide with this milestone to provide an independent assessment of the plant’s readiness and performance.

The scope of work to be undertaken by Nesch Mintech includes:

Verification of nameplate production capacity and gold recovery efficiency
Review of equipment performance and process stability
Assessment of metallurgical accounting systems and sampling protocols
Identification of bottlenecks and opportunities for optimization
Delivery of a detailed audit report with findings and actionable recommendations

This technical evaluation is intended to support LVG’s assessment of the operational readiness and long-term viability of the plant. The engagement includes both on-site inspection and off-site data analysis, culminating in a final report that will inform LVG’s ongoing joint venture discussions.

“Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity,” said Marc Cernovitch, President & CEO of Lake Victoria Gold.

About Nesch Mintech Tanzania Limited
Founded in 2014 and headquartered in Mwanza, Tanzania, Nesch Mintech Tanzania Limited is a privately-owned company specializing in mineral testing, metallurgical analysis, and process engineering. The company was established to address challenges in the mining sector related to the credibility and integrity of mineral test results, which are critical for investment decision-making.

Nesch Mintech is accredited by the Southern African Development Community Accreditation Services (SADCAS) under ISO/IEC 17025:2005 for minerals testing, demonstrating technical proficiency and the ability to produce precise and accurate test and analysis of minerals.

The company’s services include:

Process Innovation
Metallurgical Pilot Plants
Process Engineering
Metallurgical Test Works
Analytical Services
On-Site Metallurgy Services

Nesch Mintech has expanded its services beyond Tanzania to Uganda, Burundi, the DRC, and Kenya, following its ISO/IEC 17025 accreditation in 2017.

Simon Benstead, Executive Director of Lake Victoria Gold, added: “This audit is an important milestone as we advance this most compelling near-term gold development opportunity. By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant’s performance and move confidently toward execution.”

The audit will commence in parallel with plant commissioning activities and is expected to be completed in early Q3 2025.

Cautionary statement regarding preliminary development concepts:
The Company cautions that the assessment of potential development opportunities at the Tembo project is at a preliminary stage and is not based on a mineral resource estimate or any economic analysis such as a feasibility study. As such, there are significant technical and economic uncertainties that remain unresolved, including, but not limited to, metallurgical recoveries, grade continuity, mineability, permitting, processing capacity, capital and operating costs, and the availability of financing. Any reference to potential development scenarios is conceptual in nature and should not be construed as an indication that an economic or technical case has been established for mining at the Tembo project.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Engages Nesch Mintech for Commissioning Audit of Nyati Gold Processing Plant

Vancouver, British Columbia–(Newsfile Corp. – May 7, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (“Lake Victoria Gold” or the “Company“) is pleased to report that at the Annual and Special Meeting of Shareholders of the Company (the “Meeting“) held on May 7, 2025, the shareholders elected Marc Cernovitch, Simon Benstead, David Scott, Frank Högel, Seth Dickinson, Dean Comand and Richard Reynolds as directors of the Company.

Shareholders also passed ordinary resolutions to appoint D&H Group LLP, Chartered Professional Accountants, as auditor of the Company, and approve a new 10% rolling omnibus equity incentive plan (the “Equity Incentive Plan“). The Equity Incentive Plan, which is subject to final acceptance by the TSX Venture Exchange, allows for the issuance of incentive stock options, deferred share units, performance share units, restricted share units, stock appreciation rights and stock purchase rights (collectively the “Awards“). The maximum number of shares reserved for issuance on exercise of all the Awards granted under the Equity Incentive Plan shall not exceed 10% of the issued and outstanding common shares as at the date of grant of any Award.

Following the Meeting, the directors appointed Marc Cernovitch as Chief Executive Officer of the Company, Simon Benstead as Executive Chairman and Chief Financial Officer, David Scott as Managing Director Tanzania, Seth Dickinson as Chief Operating Officer and Nick DeMare as Corporate Secretary.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

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SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Ltd. Announces Signing of Letter of Intent for Proposed Small Scale Development at Tembo Project

Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (“Lake Victoria Gold” or the “Company“) is pleased to announce that its wholly-owned subsidiary, Mineral Industry Promotion and Consulting Company Limited (“MIP“), has entered into a non-binding Letter of Intent (“LOI“), dated May 1, 2025, with Nyati Resources (T) Limited (“Nyati“) to evaluate a potential small-scale gold development opportunity at the Company’s Tembo Project in northern Tanzania.

The proposed initiative builds on Lake Victoria Gold’s strategy to generate early operational insights and near-term value from within its 100%-owned Tembo Mining Licences, which have seen over USD $28 million in historical exploration. The LOI outlines a framework for MIP and Nyati to negotiate the terms of a new gold-focused joint venture, leveraging Nyati’s processing infrastructure alongside potential mineralized material from the Tembo Project and nearby Primary Mining Licences (“PMLs“). A new special purpose vehicle (“SPV“) is contemplated as the operating entity, structured to accommodate the Government of Tanzania’s 16% free carried interest under current mining regulations. The SPV has not yet been formed and its creation remains subject to further due diligence and the execution of definitive agreements.

Highlights of the Proposed Joint Venture:

Assets and Infrastructure: Nyati would contribute an existing 120 tonnes per day (tpd) gold processing plant, a 500tpd processing plant currently under construction, and associated infrastructure, including tailings facilities and surface rights.
Capital Commitment: Nyati is in the process of raising up to USD $5 million in working capital financing to fund resource development activities and initial operational ramp-up.
Mineralized Material Supply: MIP would supply mineralized material from its Mining Licences (“MLs”) and work collaboratively with Nyati to consolidate additional PMLs as appropriate.
Operations and Management: MIP would be responsible for day-to-day operations, appointment of technical personnel, optimization of plant throughput and recovery rates, and the engagement of qualified operating and mining contractors.
Profit Sharing: A preliminary net profit-sharing arrangement (after 16% government caried interest) proposing an 85% allocation to MIP and 15% to Nyati is under consideration, subject to completion of due diligence and negotiation of final terms.
Due Diligence: Nyati will provide MIP with access to all relevant plant documentation, production data, and regulatory approvals to facilitate a complete due diligence review.

The parties have agreed to a 60-day exclusivity period to finalize definitive agreements.

Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: “We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania. This proposed partnership aligns with our strategy of unlocking near-term value while continuing to advance our core exploration assets.”

This announcement follows the Company’s April 24, 2025 press release, which disclosed MIP’s evaluation of near-term gold development opportunities using existing regional processing infrastructure from both MLs and PMLs. The proposed joint venture with Nyati represents a potential vehicle to implement that strategy, subject to further due diligence, engineering studies, and the successful negotiation of definitive agreements.

Cautionary Statement Regarding Preliminary Development Concepts

Investor Relations Engagement:

Effective May 1, 2025, the Company has engaged 1000724287 Ontario Ltd., an Ontario corporation, to serve as its Investor Relations Advisor (the “IRA”) for an initial term of three months. Under the terms of the agreement, the IRA will receive total compensation of CAD$50,000 for the initial term. The Company will also pay approved expenses related to this engagement. Any expenses in excess of CAD$750 must be preapproved.

The investor relations campaign will encompass a diverse and strategic mix of marketing initiatives including, owned media, social media and short-form video content, paid advertising strategies, partner/ subcontractor syndication, and targeted outreach across stock-specific platforms.

The engagement will be led by Mr. Tyler Troup, Managing Director of the IRA. Mr. Troup brings over 16 years of investor relations experience and has successfully supported several hundred venture-stage public companies across eight stock exchanges in seven countries, helping them broaden their shareholder base and attract growth capital.

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon BensteadExecutive Chairman & CFOPhone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:
Simon Benstead Executive Chairman & CFOPhone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc CernovitchCEO & DirectorPhone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250381

SOURCE Lake Victoria Gold Ltd.

Lake Victoria Gold Evaluates Small-Scale Development Concept at Tembo Project

Vancouver, British Columbia–(Newsfile Corp. – April 24, 2025) – Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (“LVG”, or the “Company”) is pleased to provide an update on its wholly owned Tembo Project in northern Tanzania, where the Company is evaluating a small-scale mining and processing opportunity aimed at generating early cash flow to support its broader exploration strategy. The initiative involves assessing the potential to extract and process near-surface material using existing local infrastructure. The Company cautions that this initiative is at a preliminary stage and is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As such, there is increased uncertainty and a higher risk of economic or technical failure associated with this process.

Project Overview and Opportunity:

The Tembo Project hosts multiple high-potential targets, with significant near-surface gold intersections already confirmed at Ngula 1, Nyakagwe East, and Nyakagwe Village.
Extensive artisanal mining historically occurred across the property, including shallow open-pit and underground workings, as well as surface eluvial gold extraction. The Company cautions that such historical work is not NI 43-101 compliant and has not been verified by a Qualified Person.
A privately operated Carbon-in-Pulp (CIP) plant has recently been commissioned in the area, with a second unit under construction. Once operational, combined capacity is expected to reach up to 620 tonnes per day (~30 tph). This facility is situated on a Processing Licence (PCL) located within one of Tembo’s MLs.
LVG, through its local subsidiary, MIPCCL, holds a Joint Venture interest in 20 Primary Mining Licences (PMLs) adjacent to its MLs, offering multiple potential ore sources.
The owner of the PCL has expressed an interest in forming a joint venture with MIPCCL to mine and process material from both the MLs and PMLs. A non-binding Letter of Intent is currently being prepared to guide ongoing discussions.

Management Commentary

“This potential partnership could represent a unique opportunity to establish early, low-capital-cost production from Tembo while continuing to unlock the district’s exploration upside,” said Marc Cernovitch, President and CEO of Lake Victoria Gold. “We remain committed to advancing Tembo through both strategic exploration and disciplined project development.”

Simon Benstead, Executive Chairman and CFO, commented: “Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside. Evaluating this small-scale production opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration. We believe this approach aligns well with our disciplined strategy and our commitment to responsible, phased development in Tanzania.”

Cautionary Statement Regarding Preliminary Development Concepts

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Provides Update on Tembo Project Following Mining License Conversion

Vancouver, British Columbia–(Newsfile Corp. – April 9, 2025) – Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (“LVG”, or the “Company”) is pleased to announce an important milestone in the advancement of its Tembo Project, located in the Lake Victoria Goldfield of northern Tanzania, following the successful conversion of its Prospecting License into four Mining Licenses (MLs)

This milestone marks a significant advancement in LVG’s strategy to unlock the potential of Tembo, which has already benefited from over USD $28 million in exploration expenditures, including 50,000 meters of diamond and RC drilling. The conversion from a Prospecting License to four Mining Licenses grants LVG the legal right to develop and produce from the Tembo Project. Key provisions include that each Mining License (ML) is valid for 10 years, with the option of a further 10-year renewal.

“The approval of our Mining Licenses is a pivotal step forward for the Tembo Project,” said Marc Cernovitch, President & CEO. “We have always believed in the district-scale potential of this asset. With tenure now secured for the next 10 years, we can focus on evaluating the most efficient development options to unlock maximum shareholder value. This is a transformational moment for the Company and its stakeholders.”

Exploration and Development Progress

To date, over $28 million has been invested in exploration at Tembo, with a primary focus on three high-priority targets:

Ngula 1: A 250m-wide zone with multiple subparallel mineralized shear structures, extending at least 600m in strike length, open at depth and along strike. Drill intercepts include;
- 3.13 g/t Au over 25.89m
- 8.50 g/t Au over 5.14m
- 22.18 g/t Au over 15.00m, and
- 8.17 g/t Au over 11.05m.
Nyakagwe Village: Featuring multiple south-dipping mineralized structures over a 600m strike length, with drill results such as:
- 78.1 g/t Au over 1.00m
- 24.72 g/t Au over 1.45m
- 16.57 g/t Au over 3.55m
- 27.88 g/t Au over 3.88m
- and 12.96 g/t Au over 5.54m.
Nyakagwe East: A 300m-wide zone with quartz veining and sulphide mineralization, returning grades including:
- 6.5 g/t Au over 7.46m
- 19.1 g/t Au over 3.00m
- 10.25 g/t Au over 3.50m
- 9 .73 g/t Au over 3.40m and
- 8.44 g/t Au over 1.30m.

The results of historical and recent drilling campaigns confirm the open-pit and underground potential and the presence of high-grade gold mineralization, with structural modeling continuing to enhance resource targeting.

With the Mining Licenses secured, LVG is actively evaluating multiple development pathways, including:

Near-Term Production Opportunities
- Several areas within the four MLs contain shallow high-grade mineralization suitable for potential development.
- Nearby third-party processing facilities offer the opportunity to fast-track production.
- A review is underway to determine the most efficient development plan, including the potential for a further standalone processing facility in the medium term.
Exploration Upside and Resource Growth
- A new RC drilling program is being planned to convert historical high-grade intersections into resources.
- The GoldSpot study (see Press Release) identified 38 priority exploration targets, highlighting the district-scale potential of Tembo.
- Future fieldwork, including pitting, trenching, and shallow RAB drilling, will continue to test the anomalies and targets with the potential to host additional gold mineralization.
Strategic Partnerships and Transactional Upside

Given the Tembo Project’s close proximity to Barrick Gold’s Bulyanhulu Mine, LVG continues to evaluate strategic and corporate transactions that could unlock shareholder value and accelerate development. Discussions, including potential joint ventures or funding partnerships, are ongoing and could provide the capital and expertise needed to advance the project more rapidly.

A strong foundation for such partnerships was laid in December 2021 (See Press Release), when LVG (formerly Tembo Gold Corp.) completed a strategic transaction with Bulyanhulu Gold Mine Limited (“Buly”), a joint venture between Barrick Gold Corporation and the Government of Tanzania. LVG sold six non-core prospecting licenses adjacent to the Bulyanhulu Mine for USD $6 million in cash, plus up to USD $45 million in contingent payments tied to future discoveries of up to 5 million ounces of gold. The terms include $20/oz on the first million ounces discovered, $10/oz on the second million, and $5/oz on subsequent ounces.

This transaction not only provided non-dilutive capital to advance the Tembo Project, but also preserved significant upside exposure to exploration success on the divested ground. It further demonstrated the strategic importance of LVG’s land position and the strong interest from major operators in the region.

Simon Benstead, Executive Chairman of Lake Victoria Gold, commented: “We believe Tembo represents a rare opportunity to define a new gold camp in one of Tanzania’s most historically productive districts. With multiple exploration and development levers available to us, and a supportive regulatory environment, we’re committed to responsibly unlocking the full value of this high-potential asset.”

The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a “Qualified Person” with the ability and authority to verify the authenticity and validity of the data.

About Lake Victoria Gold (LVG):

The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick’s 20Moz Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project west of AngloGold Ashanti’s Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Welcomes Richard Reynolds to Its Board of Directors in Connection with Taifa Group Strategic Partnership

Vancouver, British Columbia–(Newsfile Corp. – April 3, 2025) – Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) (“LVG”, or the “Company”) is pleased to announce the appointment of Richard Reynolds to its Board of Directors. Mr. Reynolds brings over three decades of experience in mining, infrastructure, logistics, and commercial development, with a strong track record of success across East Africa and the UAE.

Mr. Reynolds’ appointment marks an important step in strengthening LVG’s strategic partnership with Taifa Group and Taifa Mining & Civils Ltd., Tanzania’s leading mining and civil works contractor. In his current role, he reports directly to the Chairman of Taifa Group, providing strategic oversight and support in the evaluation and development of new business opportunities. While not involved in day-to-day operations, he plays a central role in guiding growth initiatives, fostering partnerships, and supporting market expansion across the Group.

Previously, as Chief Executive Officer of Taifa Mining & Civils Ltd., Mr. Reynolds was instrumental in shaping the company’s mining operations and delivering large-scale projects throughout the region. His leadership in the mining sector and deep operational expertise will be critical in advancing LVG’s Imwelo Gold Project toward production.

The LVG-Taifa Group partnership marks a significant milestone in the development of the Imwelo Gold Mine, bringing together technical expertise, financial strength, and operational capabilities to accelerate project execution. Taifa Group’s extensive experience in contract mining, infrastructure development, and equipment management will be crucial in optimizing Imwelo’s mining operations, reducing costs, and maximizing efficiency.

Marc Cernovitch, President & CEO of LVG, commented: “We are excited to welcome Richard to the LVG Board. His appointment underscores the importance of our partnership with Taifa Group and reinforces our commitment to unlocking the full potential of our Tanzanian Gold Projects. Richard’s leadership in the African business sector, coupled with his expertise in infrastructure and project finance, makes him a key asset as we transition LVG from exploration company into a development one.”

Beyond his role at Taifa Group, Mr. Reynolds holds several other non-executive directorships across the transport, logistics, and agricultural sectors. His previous leadership experience includes serving as a director of major companies in the telecommunications, rail, and construction industries.

Mr. Reynolds holds a Bachelor of Technology in Quantity Surveying, along with National and Higher National Diplomas in Building and Quantity Surveying. He has also completed executive training in infrastructure financing and project finance, positioning him as a leading expert in large-scale project execution.

With this appointment, LVG is poised to leverage Taifa Group’s resources, operational expertise, and mining capabilities to fast-track the development of Imwelo and establish LVG as a key player in Tanzania’s gold sector.

Pursuant to an agreement dated April 1, 2025 , the Company has engaged Baystreet.ca Media to provide certain digital advertising and marketing services focused on introducing the Company to a broader audience. In exchange for providing these services, Baystreet will receive an upfront payment of USD$40,000 . The agreement with Baystreet is for a two month term commencing on approximately April 2, 2025. The Company will not issue any securities to Baystreet as compensation for its marketing services.

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Update on Exploration of Licences Adjacent to the Tembo Project Acquired by Barrick

Vancouver, British Columbia–(Newsfile Corp. – March 12, 2025) – Lake Victoria Gold (TSXV: LVG) (“LVG”, or the “Company”) is pleased to provide an update on the Q3 and Q4 2024 exploration activities conducted by Bulyanhulu Gold Mine Limited (“Buly”), a partnership between Barrick Gold Corporation (“Barrick”) and the Government of Tanzania, on the licenses LVG sold to Buly in 2022 (“the Project”).

Buly continues to advance exploration at the Project, targeting extensions of Bulyanhulu-style mineralization. A combination of aircore drilling (AC), geochemical screening and reverse circulation (RC) drilling has refined target areas, confirming the prospectivity of key geological structures.

Q3 & Q4 2024 Highlights

Enze Prospect Development: Aircore geochemical and geological screening continued throughout Q3 and Q4, further developing geological and geochemical signatures that support the potential for Bulyanhulu-style extensions beneath transported regolith.
RC Drilling at Ngula & Enze: A new RC drilling program commenced in Q3, targeting potential mineralization associated with 2023 geochemical anomalies at Ngula. Drilling continued into Q4, intersecting mafic units, felsic volcanic tuffs, and argillite at key mafic/tuff contacts.
Geological Observations: The drilling campaign successfully confirmed the proposed geological model, characterized by basalt, tuff, and argillite formations along the basalt-tuff contacts, as well as quartz feldspar porphyry intrusions.
Structural Indicators: Localized moderate-strong shearing, quartz veins, and up to 1% pyrite were observed, aligning with interpreted geophysical structures, further validating the prospectivity of the project area.
Gold Anomalies Identified:
- Enze Prospect: RC drilling identified gold anomalies within basalts and felsic tuffs along moderate strain zones, supporting further drilling in Q2-Q4 2025.
- Ngula Prospect: Follow-up RC drilling beneath previously defined geochemical anomalies did not yield significant gold mineralization.
Potential for Satellite Deposits: The progression of aircore and geochemical screening in Q4 expanded the geochemical and geological footprint, identifying new targets with potential for additional satellite deposits.
Cumulative Project Expenditure: Expenditure to date by Barrick is approximately US$4, 157,000 through the end of Q4-2024, towards the US$9,000,000 expenditure obligation due over the 4-year period.

Q3 & Q4 Drilling Summary

Q3 & Q4 2024 Drilling Statistics
Drilling Type	Total Holes Drilled	Total meters Drilled
AC	1,005	13,217
RC	63	8,091

Strategic Upside – Potential Contingent Payments from Barrick

The Project remains strategically positioned near Barrick’s Bulyanhulu Gold Mine. Under the terms of the Asset Purchase Agreement, LVG holds the potential to receive up to $45 million in contingent payments from Barrick, dependent on future discoveries of mineral ounces.

Simon Benstead, Executive Chairman & CFO, commented:
“As Buly advances its exploration efforts, we are excited by the potential scale of the the Project. With systematic drilling, Buly is unlocking key geological structures that may host significant mineralization. Additionally, the potential for up to $45 million in contingent payments from Barrick underscores the value of our project and our strategic partnership.”

Marc Cernovitch, President & CEO of Lake Victoria Gold, added:
“We are pleased with the progress Buly is making at the Project and remain optimistic about the increasing geological evidence of gold mineralization. The Buly team is dedicated to further exploration in 2025, with a strong focus on expanding known anomalies and targeting high-priority structures.”

Next Steps & 2025 Exploration Outlook

Building on the results from 2024, Buly is preparing for an expanded exploration program in 2025, which includes:

Follow-up RC drilling at Enze to further define and expand known gold anomalies.
Additional geochemical screening to identify new high-priority targets.
Geophysical data integration to refine mineralization models and enhance drill targeting.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the development costs of the Imwelo project, the closing of the acquisition of the Imwelo Project and the concurrent financing, including the satisfaction of the closing conditions thereunder, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the acquisition and financing. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Announces the Completion of Its Acquisition of the Imwelo Mining License and $3,520,000 Concurrent Private Placement

Vancouver, British Columbia–(Newsfile Corp. – February 28, 2025) – Lake Victoria Gold Ltd. (TSXV: LVG) (“LVG” or the “Company“) is pleased to announce that it has completed the acquisition (the “Acquisition“) of mining licence ML 538/2015 comprising the Imwelo gold project located in Tanzania (the “Imwelo Project“) through the Company’s wholly-owned subsidiary Tembo Gold Tanzania Limited (the “Purchaser“), as initially announced in the Company’s press release dated August 10, 2023. Pursuant to the terms of the licence purchase agreement dated August 9, 2023, as amended, among the Company, the Purchaser, Lake Victoria Gold Limited (the “Vendor“), and the Vendor’s subsidiary Tanzoz Mineral Limited, the Purchaser acquired a 100% interest in the Imwelo Project in consideration for Cdn$5,500,000 consisting in the issuance of 24,064,723 common shares in the capital of the Company (each, a “Share“) to the Vendor at a deemed issue price of Cdn$0.22 per Share and US$148,148 cash. In connection with the Acquisition, Seth Dickinson, the Managing Director of the Vendor, was appointed as Chief Operating Officer and as a director of the Company.

Concurrently with the completion of the Acquisition, the Company has closed its non-brokered private placement of 16,000,000 Shares with a related entity of Taifa Mining and Civils Limited (“Taifa“) owned by Rostam Aziz, at a price of Cdn$0.22 per Share for gross proceeds to the Company of Cdn$3,520,000 (the “Private Placement“). In connection with the Private Placement, the Company entered into a mining service contract with Taifa, in which Taifa will provide mining services on the Company’s properties. The Company also entered into an investor rights agreement with the subscriber in which they will have the right, as long as it maintains ownership of, or control or direction over, more than 10% of the outstanding Shares, to participate in subsequent financings of the Company to maintain its ownership position and to nominate one member to the Company’s board of directors. The Company obtained disinterested shareholder approval by written consent to the creation of Taifa and its associates and affiliates (“Taifa Group“) as a new control person of the Company.

Simon Benstead, Executive Chairman & CFO said, “This milestone represents a pivotal moment for Lake Victoria Gold and its shareholders. Completing the acquisition of the Imwelo Mining License and solidifying our strategic partnership with Taifa Group reflects the steadfast commitment and perseverance of our team and partners. We thank our shareholders for their patience and support and are focused on advancing the project to deliver meaningful results and value for all stakeholders.”

Marc Cernovitch, CEO, President & Director said, “The acquisition of the Imwelo Mining License and our strengthened relationship with Taifa represent a strategic step forward for Lake Victoria Gold. This is not just about adding assets-it’s about executing our vision to build a significant gold producer in Tanzania. With the right team, partners, and capital in place, we are focused on operational execution and delivering results. We appreciate the confidence and patience shown by our shareholders and partners, and we are excited about the opportunities ahead.”

See the Company’s press releases dated August 10, 2023, September 22, 2023, November 7, 2023, November 30, 2023, January 18, 2024, March 12, 2024, May 8, 2024, June 27, 2024, July 18, 2024, August 7, 2024, September 4, 2024 and November 7, 2024 for further information regarding the Acquisition and the Private Placement. The Shares issued pursuant to the Acquisition and the Private Placement are subject to a four-month hold period expiring on June 29, 2025 in accordance with applicable securities laws. The Acquisition and the Private Placement are subject to the final approval of the TSX Venture Exchange.

Early Warning Disclosure for the Vendor

The Vendor, a private Australian company, acquired 24,064,723 Shares pursuant to the Acquisition, representing more than 10% of the issued and outstanding Shares. Accordingly, the Vendor is providing the following disclosure pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103“).

Immediately prior to the completion of the Acquisition, the Vendor did not own, or have control or direction over, any securities of the Company. Immediately after the closing of the Acquisition and the Private Placement, the Vendor beneficially owns, and has control and direction over, 24,064,723 Shares, representing approximately 16.33% of the outstanding Shares on an undiluted basis.

The Shares were acquired by the Vendor for investment purposes only, and in the future, the Vendor may acquire additional securities of the Company, dispose of some or all of the existing securities it holds or will hold, subject to the certain escrow release conditions, or may continue to hold its current position, depending on market conditions, reformulation of plans and other relevant factors.

The Shares issued to the Vendor are subject to escrow in accordance with the terms of an escrow agreement with the Company, on the escrow release conditions outlined below:

1/3 of the Shares released from escrow upon commercial production being achieved on the Imwelo Project;
1/3 of Shares (1/2 of remaining Shares) released 6 months after commercial production is achieved on the Imwelo Project; and
1/3 of Shares (all remaining Shares) released 12 months after commercial production is achieved on the Imwelo Project.

If commercial production on the Imwelo Project is not achieved within three years from the closing of the Acquisition, the remaining escrowed Shares will be released to the Vendor. During the escrow period, the Company retains voting rights over the escrowed Shares in accordance with the terms of a voting trust agreement entered into with the Vendor.

An early warning report will be filed by the Vendor pursuant to NI 62-103 on SEDAR+ at www.sedarplus.ca under the profile of the Company. To obtain a copy of the early warning report, please contact Marc Cernovitch, Chief Executive Officer of the Company, at the Company’s address at Suite 1305 – 1090 W. Georgia St, Vancouver, BC V6E 3V7, British Columbia, Canada or by telephone at +1 604-685-9316.

Early Warning Disclosure for Rostam Aziz

Rostam Aziz indirectly acquired 16,000,000 Shares pursuant to the Private Placement through a wholly-owned company, representing more than 10% of the issued and outstanding Shares. Accordingly, Mr. Aziz is providing the following disclosure pursuant to NI 62-103.

Immediately prior to the completion of the Private Placement, Mr. Aziz did not own, or have control or direction over, any securities of the Company. Immediately after the closing of the Private Placement and the Acquisition, Mr. Aziz beneficially owns, and has control and direction over, 16,000,000 Shares, representing approximately 10.86% of the outstanding Shares on an undiluted basis.

The Shares were acquired by Mr. Aziz for investment purposes only, and in the future, Mr. Aziz may acquire additional securities of the Company, dispose of some or all of the existing securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulation of plans and other relevant factors. Taifa, another company controlled by Rostam Aziz, entered into a binding letter of intent with the Company dated August 8, 2023 in which Taifa agreed to a financing commitment totalling Cdn$11,520,000 to be completed in three stages, of which the Private Placement was the first stage. Mr. Aziz intends to acquire additional securities of the Company under the financing commitment. For further information, see the Company’s press release dated August 10, 2023.

An early warning report will be filed by Mr. Aziz pursuant to NI 62-103 on SEDAR+ at www.sedarplus.ca under the profile of the Company. To obtain a copy of the early warning report, please contact Marc Cernovitch, Chief Executive Officer of the Company, at the Company’s address at Suite 1305 – 1090 W. Georgia St, Vancouver, BC V6E 3V7, British Columbia, Canada or by telephone at +1 604-685-9316.

About Lake Victoria Gold:

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol “LVG”. Leveraging our unique position and experience, the Company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria Goldfield in Tanzania.

The Company has a 100% interest in the Tembo project which has over 50 thousand meters of drilling and is located adjacent to Barrick’s 20Moz Bulyanhulu Mine. The Company recently (August 10, 2023 and August 29, 2023) announced the acquisition of two deposits that support our objective of accretive growth and consolidation. The Imwelo project and Dora project both have potential for significant growth.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration and development plans with respect to the Imwelo Project and contract work on the Imwelo Project by Taifa. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: obtaining receipt of all regulatory approvals; the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Announces Completion of 10-Year Renewal and Transfer of Imwelo Mining License

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2024) – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (“LVG” or the “Company”) is pleased to announce that the Tanzanian Mining Commission has officially completed the 10-year renewal and authorization to transfer the Imwelo Mining License (“ML”) to LVG, indirectly through its wholly-owned subsidiary Tembo Gold Tanzania Limited. This significant milestone secures LVG’s long-term rights to the Imwelo Project and provides a solid foundation for the Company’s growth and development strategy within the Lake Victoria Goldfield region. The completion of the acquisition of the Imwelo project remains subject to certain conditions, including the final approval of the TSX Venture Exchange, the completion of the first tranche of the financing involving Taifa Mining and Civils Limited as described in the Company’s press release dated August 10, 2023, and certain other customary conditions precedent, which are expected to be completed in short order.

Securing Long-Term Development Potential
With the renewed and transferred license now in place, subject to completion of the outstanding conditions described above, LVG intends to proceed with its development and operational plans for the Imwelo Project. This achievement marks a pivotal step in LVG’s efforts to expand its asset base and strengthen its foothold in Tanzania, reaffirming the Company’s commitment to responsible and sustainable mining practices in the region.

Marc Cernovitch, CEO & Director, commented: “This renewal and transfer of the Imwelo Mining License solidifies our foundation for long-term growth within the Lake Victoria Goldfield. This achievement underscores our commitment to building a sustainable, high value mining operation and creating significant value for all stakeholders. We are now set to advance our development plans with confidence and look forward to fully realizing the potential of the Imwelo Project.“

Advanced Funding Negotiations
LVG is in advanced negotiations with non-dilutive funding sources to fully fund the CAPEX portion of the development costs for the Imwelo Project. These discussions align with LVG’s commitment to creating shareholder value while advancing the project responsibly. Additionally, with the final transfer of the Imwelo Mining License about to be completed, the next tranche of equity investment from Taifa Group will be triggered following the completion of the remaining conditions for the acquisition and final engineering on the Imwelo Project further supporting the development of the project.

Rostam Aziz, Chairman of Taifa Group, commented: “We are pleased to support LVG in securing the Imwelo Project’s long-term future. This license renewal represents a critical milestone, perfectly aligning with our aggressive growth strategy in the Lake Victoria Gold Field. Our partnership with LVG is grounded in a shared vision of sustainable development, and we are eager to move forward with the next investment phase to realize the project’s full potential. We look forward to supporting LVG as it makes substantial contributions to Tanzania’s mining sector.”

Advancing the Imwelo Project
With the transfer of the Imwelo Mining License, LVG is well-positioned to intensify its exploration, site preparation, and development activities following the completion of the remaining conditions for the acquisition. The Company intends to execute on its plans for infrastructure development, resource expansion, and production optimization, all while maintaining high environmental and social standards.

Simon Benstead, Executive Chairman & CFO of the Company, added: “The successful transfer of the Imwelo license is pivotal for our strategic objectives. With this in place, we are poised to advance our operational plans and drive growth and consolidation in Tanzania. We are grateful for the support of the Tanzanian authorities and look forward to contributing positively to local communities and delivering value to all stakeholders as we bring the Imwelo Project into production.“

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the acquisition of the Imwelo project, the concurrent financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Update on Exploration of Licences Adjacent to the Tembo Project Acquired by Barrick

Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Lake Victoria Gold (TSXV: LVG) (“LVG”, or the “Company”) is pleased to provide an update on the Q1 and Q2 2024 exploration activities conducted by Bulyanhulu Gold Mine Limited (“Buly”), a partnership between Barrick Gold Corporation (“Barrick”) and the Government of Tanzania, on the licenses LVG sold to Buly in 2022.

Q1-Q2 Exploration Highlights:

Rainy Season Impacts: The first quarter was significantly hampered by an exceptionally wet season, delaying field operations. Despite this, multi-element assay results from the previous Q4 RAB drilling campaign were received and a partial review was completed. These preliminary results showed promising anomalous gold values along geophysical linear features, which are believed to be geological contacts. Associated smokey quartz veining suggests a geological setting similar to that of Bulyanhulu, indicating gold mineralization potential.

Resumption of Fieldwork: Fieldwork resumed in Q2 with the deployment of two drill rigs to the northwest area of the licenses. The focus was on the Kalemero prospect area, targeting potential extensions of the Bulyanhulu mineralized system under transported regolith. Early results from this drilling confirm the presence of basalt, tuff, argillite, and quartz feldspar porphyry. Notable findings include localized moderate to strong shearing, quartz veining, and minor pyrite sulphide mineralization, which align with interpreted geological linear features. This drilling phase is crucial in validating the geological settings and identifying targets for potential satellite orebodies.

Future Drilling Plans: Additional RC drilling is scheduled for Q3 to further assess potential mineralization within the Ngula prospect area

Expenditures to date:

	Date From	Date To	Expenditure Proposed	Expenditure Actual
Year 1	22 April 2022	21 April 2023	$1,000,000	$687,500
Year 2	22 April 2023	21 April 2024	$2,000,000	$960,226
Year 3	22 April 2024	21 April 2025	$3,000,000	$451,418
Year 4	22 April 2025	21 April 2026	$3,000,000
Total			$9,000,000	$2,099,144

David Scott, Managing Director Tanzania and Geological Advisor stated: “The geological structures encountered in Buly’s current drilling phase are promising and show similarities to those found in productive areas of the Bulyanhulu mine. The presence of strong shearing and quartz veining within these structures is particularly encouraging, as these are good indicators of potential gold mineralization. Our technical team is excited about the results we are expecting in the next quarter, which will help further define the potential scope and scale of mineralization within these licenses.”

Marc Cernovitch, CEO & Director, commented: “Despite the challenges posed by the weather in Q1, and Buly’s slower than anticipated expenditures the exploration activities are starting to make progress. The promising results from the recent drill campaigns not only demonstrate the potential continuity of the mineralized zones but also bolster our confidence in the region’s geological prospectivity. As we move forward, our focus remains on leveraging these insights to enhance shareholder value and further solidify our position in the region. We are enthusiastic about the upcoming drilling in Q3 and are optimistic about the potential for Buly to uncover new, significant mineral deposits as they accelerate activity on the ground.”

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation, including: future exploration plans with respect to the Imwelo Project, gold production on the Imwelo Project and the timing thereof, the terms of the Acquisition and the Financing, contract work on the Imwelo Project by Taifa Mining, entering into a joint venture agreement and shareholder agreement with the Tanzanian government and the terms and timing thereof, the closing of the Acquisition and the Financing, including the satisfaction of the closing conditions thereunder and the expected timing thereof, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the Acquisition and Financing and the Tanzania Fair Competition Commission for the Acquisition. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the Acquisition, the Financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Announces Submission of Final Documentation for 10-Year Renewal and Transfer of Imwelo Mining License

Vancouver, British Columbia–(Newsfile Corp. – September 4, 2024) – Lake Victoria Gold (TSXV: LVG) (“LVG”, or the “Company”) is pleased to announce that all required documentation has been successfully submitted to the Tanzanian Mining Commission for both the 10-year renewal of the Imwelo Mining License (“ML“) and the transfer of the mining license to LVG.

This submission includes updated Mining, Environmental, and Closure Plans, along with the necessary commitments to commence development within 90 days and the payment of the license renewal fee. These submissions represent the final steps in securing the long-term rights to the Imwelo Project, ensuring LVG’s ability to continue its development and operations within the highly prospective Lake Victoria Goldfield region.

Update on Closing Process

The Company has completed due diligence, received shareholder approval and obtained conditional TSX Venture Exchange approval. Additionally, LVG has received the Tax Clearance Certificate from the Tanzanian Revenue Authority (“TRA“) for the acquisition of the ML. With all required documentation now submitted to the Tanzanian Mining Commission for both the 10-year renewal and transfer of the ML, the closing of the Imwelo acquisition is expected to be completed by the end of Q3 2024

Key Milestone for Imwelo Project

Marc Cernovitch, CEO & Director, commented: “We are very pleased to have completed the submission of all required documentation for both the renewal and transfer of the Imwelo Mining License. This represents a critical milestone in our strategy to advance the Imwelo Project and further strengthen our presence in Tanzania. We are now focused on the next steps as we await the final approvals, which will allow us to move forward with our development plans.”

Positioning for Growth

With these submissions, LVG is poised to begin the next phase of its growth strategy in the Lake Victoria Goldfield. The renewed and transferred license will provide the foundation necessary for LVG to intensify its exploration and development activities at Imwelo, contributing to the Company’s long-term success in the region.

Simon Benstead, Executive Chairman & CFO of the Company, added: “The completion of these submissions underscores our commitment to responsible and sustainable mining practices. We are excited to move forward with the Imwelo Project and remain dedicated to delivering value to our shareholders, partners, and stakeholders as we work towards completing the final steps of the transfer and renewal process.”

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the Acquisition, the Financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Announces 10-Year Renewal of Imwelo Mining License

Vancouver, British Columbia–(Newsfile Corp. – August 7, 2024) – Lake Victoria Gold Ltd. (TSXV: LVG) (“LVG”, or the “Company”) – is pleased to announce that Tanzoz Minerals Ltd.’s (“TML“) application to the Tanzanian Mining Commission for a 10-year renewal of the Imwelo Mining License (“ML“) has been accepted subject to certain conditions. TML is required to submit updated Mining, Environmental, and Closure Plans, commit to commence development within 90 days, as well as pay the license renewal fee within 30 days for the renewal to become effective. These documents are being finalized, as well as the documentation required for transfer of the ML from TML to LVG, and are expected to be submitted and the fee paid in the coming days. This renewal secures the Company’s rights to continue developing and operating the Imwelo Project, reinforcing LVG’s commitment to advancing its strategic initiatives within the Lake Victoria Goldfield region.

Securing Long-term Growth and Development

Marc Cernovitch, CEO & Director, commented: “We are thrilled to have received the 10-year renewal for the Imwelo Mining License, a testament to our strong relationship with Tanzanian authorities and our dedication to sustainable mining practices. This renewal allows us to execute our long-term vision for the Imwelo Project, ensuring continued growth and development in the Lake Victoria Goldfield. We are eager to advance our mining operations and realize the full potential of this promising project.“

Operational Advancements and Future Plans

Simon Benstead, Executive Chairman & CFO of the Company, stated: “The 10-year renewal of the Imwelo Mining License is a pivotal achievement for LVG, providing the stability and certainty needed to push forward with our ambitious plans. We are grateful for the continued support from our shareholders, partners, and stakeholders, as we work towards maximizing the value of our assets in Tanzania. This renewal not only strengthens our position in the region but also enhances our ability to deliver sustained value to our shareholders.“

About Lake Victoria Gold (LVG):

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: sbenstead@lakevictoriagold.com

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the Acquisition, the Financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

Lake Victoria Gold Announces Receipt of Tax Clearance Certificate for Imwelo Project Acquisition

Vancouver, British Columbia–(Newsfile Corp. – July 18, 2024) – Lake Victoria Gold Ltd. (TSXV: LVG) (“LVG”, or the “Company”) – is pleased to announce that it has received the Tax Clearance Certificate from the Tanzanian Revenue Authority (“TRA“) for the acquisition of the Imwelo Mining License (“ML“). This significant milestone marks the final requirement for the transfer of the Imwelo Mining License to LVG by the Tanzanian Mining Commission.

Key Milestone Achieved

Marc Cernovitch, CEO & Director, commented: “We are thrilled to have received the Tax Clearance Certificate from the TRA, which allows us to make our final submissions to the Mining Commission and complete the acquisition of the Imwelo project. This is a critical step forward in our strategy to grow and consolidate our assets in the Lake Victoria Goldfield. Preparation of our submission to the Mining Commission is currently being finalized and expected to be delivered in the coming days.“

Next Steps and Financial Implications

With the acquisition of the Imwelo Mining License now imminent, LVG is set to advance its development plans for the project. Upon transfer of title and final approval from the TSX Venture Exchange (TSXv), the company intends to proceed with site preparations, infrastructure development, and initial mining activities at Imwelo. Additionally, the Company continues to advance negotiations with several other debt and equity partners to secure full financing for the complete development of the Imwelo project and anticipates making further announcements in this regard shortly.

Simon Benstead, Executive Chairman & CFO of the Company, stated: “Receiving the Tax Clearance Certificate is a pivotal step for LVG. It allows us to finalize the Imwelo acquisition and move forward with our development plans. This milestone reflects our dedication to expanding our operations and achieving significant progress in Tanzania. We appreciate the unwavering support and patience of our shareholders, partners, and stakeholders as we work towards our shared goals.“

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, Pharmaceuticals and Leather) has entered into an agreement with the Company to obtain an equity stake in the Company and through its wholly owned subsidiary Taifa Mining (a wholly Tanzanian owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have maintained long and successful relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

On Behalf of the Board of Directors of the Company,

Simon Benstead
Executive Chairman & CFO

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: mcernovitch@lakevictoriagold.com

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG’s control, including risks associated with or related to: the completion of the Acquisition, the Financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company’s estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG’s reputation; and other risks disclosed in the Company’s public filings.

About Lake Victoria Gold Ltd.

Lake Victoria Gold is a junior gold exploration and development company listed on the TSXV under the symbol LVG The Company is principally focused on growth and consolidation in the Lake Victoria Goldfield in Tanzania.

The Company has a 100% interest in the Tembo Gold Project, located adjacent to the Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo Project which is a fully permitted gold project located approximately 12 km from the Geita Gold Mine. With historical resource estimates and a 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. projects in Africa.

THE TEMBO PROJECT

The Tembo Project is adjacent to one of the giant gold deposits in the Sukumaland Greenstone Belt, Bulyanhulu Mine (operated by Barrick), that has a total resource of > 20 million ounces of gold (including historical mined, current reserve and resource). The inner arc of this greenstone belt is also host to the Buck Reef Mine of TRX Gold Corporation and the Tuluwaka Gold Mine, formerly a Barrick operation.

The Tembo Project consists of four mining licences covering an area of ~32sq.km.

EXPLORATION

A total of US$28mm has been spent to date on exploration on the Tembo Project. From the substantial and comprehensive body of work that has been developed, the Company has focused on three targets Ngula 1, Nyakagwe Village and Nyakagwe East. All three targets have shown to comprise multiple (up to eight), subparallel shear structures hosting gold mineralization within broad shear zones up to 250m wide, interpreted as interconnecting, anastomosing shears. The structures are noted to persist along strike and dip but gold grades and widths are noted to fluctuate due to pinch and swell of the gold-bearing veins.

Prior exploration data acquired over a period of more than ten years has recently been re-processed; and reinterpreted to identify and prioritize compelling targets warranting further focused follow-up including drilling, and required follow-up drilling to develop resources on existing drill targets.

THE IMWELO GOLD PROJECT

The Imwelo Gold Project is located in the Lake Victoria Goldfield within the Geita Greenstone belt (one of the largest and longest operating gold deposits in East Africa). Just 12km east, is Anglogold Ashanti’s +9M oz Au Geita Gold Mine.

EXPLORATION SUMMARY

Total of 28,000m drilled to date
LVG has spent AUD12M since 2012
Geological mapping, pitting and data validation
Geophysical Surveys – magnetic and IP
Three Metallurgical tests completed – 90% recovery
Two previous sets of JORC (2012) resource estimates and prefeasibility studies 2015 and 2017, updated 2021
Environmental studies and certification completed, and ML granted
Completed Land compensation for initial Mining area

Detailed design and costs of tailings dam, process plant, infrastructure and access updated mid-2022

The Project resource comprises seven mineralized locations that have been drilled and includes:

42,000 OZ AU measured mineral resources at 3.15g/t
95,700 OZ AU indicated mineral resources at 1.95g/t
153,900 OZ AU inferred mineral resources at 1.53g/t
291,600 OZ AU
HISTORICAL RESOURCE ESTIMATE

EXCHANGE:
TSXV
Symbol: LVG

EXCHANGE:
OTCQB
Symbol: LVGLF

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