An anonymous director of Phoenix Gold Fund reports

PHOENIX GOLD FUND ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURES OF LAKE VICTORIA GOLD LTD

Phoenix Gold Fund Ltd. of Kuala Lumpur, Malaysia, and Purvis Street, Singapore, has converted its existing convertible debentures with a principal amount of $340,000 into 1,888,888 common shares of Lake Victoria Gold Ltd. (the issuer). The conversion was completed at a conversion price of 18 cents per common share in accordance with the terms of the convertible debentures. The issuer's office is located at Suite 1305, 1090 West Georgia St., Vancouver, B.C., V6E 3V7, Canada.

Immediately prior to the conversion, Phoenix owned 17,055,411 common shares of the issuer, representing 8.68 per cent of the issued and outstanding shares of the issuer on an undiluted basis, 2,857,142 share purchase warrants and convertible debentures of the issuer with a principal amount of $340,000 convertible into up to 1,888,888 common shares at the conversion price of 18 cents per conversion share, representing, in total, 10.84 per cent of the issued and outstanding shares of the issuer on a partially diluted basis upon conversion, assuming no further common shares of the issuer have been issued.

As a result of the conversion, Phoenix owns 18,944,299 common shares of the issuer, representing 9.50 per cent of the issued and outstanding shares of the issuer on an undiluted basis, 2,857,142 share purchase warrants. If Phoenix exercises all of its share purchase warrants, it will own 21,801,441 common shares of the issuer, representing 10.77 per cent of the issued and outstanding shares of the issuer on a partially diluted basis. The postacquisition holding is calculated as of April 28, 2026, assuming no further common shares of the issuer have been issued.

Phoenix continues to hold the securities for investment purposes. Phoenix may, in the future, participate in financings and/or acquire or dispose of securities of the issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix's shareholdings contained in this press release is made pursuant to the National Instrument 62-103 and/or the NI 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using SEDAR+ and will be available for viewing under the company's profile.