Mr. Simon Benstead reports

LAKE VICTORIA GOLD ACCELERATES DRILLING AT IMWELO AREA C WITH SECOND RIG MOBILIZATION

Lake Victoria Gold Ltd. has mobilized 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 24-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 Lake Victoria Gold 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 and 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 and 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 downdip extensions at approximately 100-metre and 200-metre vertical depths and stepouts 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 (run-of-mine) 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 and chief executive officer 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 modelled 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 continuing updates as drilling progresses.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by David Scott, PrSciNat, 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 Ltd.

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging its 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-per-cent interest in the Tembo project, which has over 50,000 metres of drilling and is located adjacent to Barrick's Bulyanhulu mine. The company also holds a 100-per-cent 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 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

Lake Victoria Gold has assembled a highly experienced team with a record of developing, financing and operating mining projects in Africa, with management, directors and partners owning more than 60 per cent 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.

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