Mr. Simon Benstead reports

LAKE VICTORIA GOLD ANNOUNCES UPDATE TO CONVERTIBLE DEBENTURE FINANCING AND PROVIDES NOTICE OF CONVERSION OF PRIOR DEBENTURES

Further to its news release of April 1, 2026, Lake Victoria Gold Ltd. has increased the non-brokered convertible debenture financing from $3-million to $3.8-million, due to investor demand. The company further announces that the conversion price of the debentures to be issued in the private placement has been adjusted to 30 cents. All other terms of the private placement remain unchanged.

The private placement remains subject to the approval of the TSX Venture Exchange.

Notice of conversion of 2024 convertible debentures

The company also announces that, in accordance with the terms of the $750,000 of convertible debentures issued on July 26, 2024, and Aug. 8, 2024, that it is exercising its mandatory conversion rights given the company's trading price has met the target trading price of 27.5 cents for a period of 20 consecutive days. The balance of the 2024 debentures still outstanding as of April 27, 2026, being $217,000, will be converted into common shares of the company at the conversion price of 18 cents per share.

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, agribusiness, 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.