Mr. Simon Benstead reports

LAKE VICTORIA GOLD CONFIRMS UP TO APPROXIMATELY 97% GOLD RECOVERY AND FREE-MILLING METALLURGY AT THE IMWELO GOLD PROJECT

Lake Victoria Gold Ltd. has released the results of metallurgical test work completed on drill core samples from its recently completed drill program at Area C of the Imwelo gold project in northern Tanzania's Lake Victoria goldfield.

The test work confirms that mineralization at Imwelo is largely free milling, with laboratory results demonstrating gold recoveries of up to approximately 96 to 97 per cent using conventional gravity concentration and cyanide leaching. The results derisk the metallurgical profile of the Imwelo project and support the company's strategy of advancing the project toward near-term gold production in Tanzania's Lake Victoria goldfield.

Highlights:

• Up to approximately 97-per-cent gold recovery demonstrated through bottle-roll cyanide leaching tests;
• Strong gravity recoverable gold component (approximately 42 to 47 per cent) confirmed across multiple test programs;
• Free-milling mineralization: approximately 84 per cent of gold directly cyanide leachable;
• High downstream recoveries: approximately 95-per-cent recovery from gravity tails cyanidation;
• Metallurgical consistency: results confirm findings from earlier test programs completed in 2013, 2014 and 2017.

These results further support the company's continuing engineering and mine planning work as Imwelo advances toward near-term gold production.

Why these results matter

The metallurgical results significantly derisk the development pathway for the Imwelo project.

Key implications include:

• Simple processing route: Results confirm that gold can be recovered through a conventional gravity and carbon-in-leach (CIL) circuit, one of the most widely used and reliable gold processing methods globally.
• High recoveries: Test work demonstrates overall recoveries of up to approximately 96 to 97 per cent, which is considered strong for open-pit gold deposits.
• Free-milling mineralization: Diagnostic leach testing shows the majority of gold is directly cyanide leachable, confirming the deposit is largely non-refractory.
• Early gravity recovery: The presence of a strong gravity recoverable gold component means a significant portion of gold may be recovered early in the processing circuit, which can enhance operating efficiency and reduce processing risk.
• Consistency with historical work: Results align closely with earlier metallurgical programs completed in 2013, 2014 and 2017, including strong recoveries from fresh mineralization at Area C, increasing confidence in expected plant performance.

High gold recoveries, combined with a simple gravity-CIL processing flow sheet support robust project economics and relatively low processing risk -- key attributes commonly associated with successful open-pit gold operations. Deposits exhibiting strong gravity recoverable gold and high cyanide recoveries are widely regarded as among the most straightforward types of gold deposits to process, as they can be treated using conventional processing circuits deployed globally.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "These metallurgical results represent an important milestone in advancing Imwelo toward production. The test work confirms that the mineralization is largely free milling, with a strong gravity recoverable gold component and excellent cyanide recoveries of up to approximately 97 per cent.

"Importantly, the results are highly consistent with earlier metallurgical programs completed in 2013, 2014 and 2017, significantly reducing processing risk and providing a strong technical foundation for final plant design.

"Deposits that combine simple metallurgy, strong gravity recovery and high cyanide recoveries are widely recognized as among the most attractive development opportunities in the gold sector. These characteristics support conventional processing flow sheets, predictable recoveries and efficient advancement toward production.

"With Imwelo located in the heart of Tanzania's Lake Victoria goldfield, these results reinforce its position as a low-risk, near-term gold production opportunity in one of Africa's most prolific gold districts."

Metallurgical test program

The metallurgical test program was conducted by Nesch Mintec Tanzania Ltd., an independent laboratory, using representative composite samples derived from drill core collected during the company's recent drilling program at Area C of the Imwelo project.

Samples were selected to reflect the range of mineralization types expected to be encountered in mining, including transitional and fresh sulphide material, and were composited to approximate anticipated process plant feed characteristics. Previous metallurgical work at the project primarily focused on oxide material, whereas this program was designed to evaluate processing performance for the deeper portions of the planned mining sequence.

Metallurgical testing was carried out using industry-standard procedures and protocols for gold recovery, including gravity concentration and cyanide leaching methods.

Key test work components included:

• Diagnostic leach testing;
• Gravity recoverable gold (GRG) testing;
• Bottle-roll cyanide leaching;
• Intensive leaching of gravity concentrates;
• Cyanidation of gravity tails;
• Bond Work Index determination.

The results demonstrate that gold at Imwelo can be effectively recovered using a conventional gravity and cyanide leach processing route, consistent with standard gold processing practices.

The metallurgical test results are considered representative for evaluating the processing characteristics of mineralization at Area C; however, additional test work may be conducted as part of continuing engineering and development studies.

Gold deportment and processing characteristics

Diagnostic leach testing indicates that approximately 84 per cent of gold is readily recoverable through direct cyanidation, with only minor amounts associated with sulphide minerals or carbonaceous material.

These results confirm that the Imwelo mineralization is predominantly free milling, a favourable characteristic that typically supports high recoveries using standard gold processing techniques.

Gravity testing also confirmed a significant gravity recoverable gold component, suggesting that a meaningful portion of gold can be recovered early in the process through gravity concentration prior to cyanide leaching.

Process design implications

The metallurgical results support a conventional gravity and carbon-in-leach (CIL) processing flow sheet, which is widely used in the Lake Victoria goldfield.

A typical processing configuration would include:

• Primary crushing;
• Grinding to approximately P80 75 micrometres;
• Gravity concentration using centrifugal concentrators;
• Cyanide leaching of gravity tails in a CIL circuit.

This type of flow sheet is well understood, is widely deployed in the region, and is expected to provide robust gold recoveries while maintaining a relatively simple and cost-effective plant design.

Ore hardness

Bond Work Index testing returned a value of approximately 22.9 kilowatt-hours per tonne, indicating relatively hard rock typical of Archean greenstone deposits within the Lake Victoria goldfield. While this suggests moderate grinding energy requirements, such values are common for deposits in the region and readily accommodated in conventional milling circuits.

Advancing toward development

The metallurgical results represent another important step in advancing the fully permitted Imwelo project toward near-term gold production.

The company is currently integrating the results into contining:

• Final mine planning;
• Process plant design optimization;
• Production scheduling;
• Engineering studies.

Imwelo is located within the prolific Lake Victoria Goldfield, one of Africa's most productive gold districts and lies approximately 12 kilometres west of AngloGold Ashanti's Geita gold mine.

Cautionary note on production decision

Although Imwelo has been the subject of JORC-compliant PEA (preliminary economic assessment), PFS (prefeasibility study) and updated PFS work, these foreign-code studies are not current under National Instrument 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 (Canadian Institute of Mining, Metallurgy and Petroleum) 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, financing availability, and operational, regulatory or permitting risks.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by David Scott, PrSciNat, a qualified person as defined by NI 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.

Taifa Group (a diverse group of companies with interests in, amongst others, mining, telecoms, oil and 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 of mining-related experience. Taifa has been the contractor of choice to most mines in Tanzania and has 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.

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