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.

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.

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" 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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