Mr. Simon Benstead reports

LAKE VICTORIA GOLD CLOSES SECOND TRANCHE AND UPSIZES CONVERTIBLE DEBENTURE FINANCING TO $5 MILLION AS IMWELO DEVELOPMENT ACTIVITIES ADVANCE

Lake Victoria Gold Ltd. has closed the second tranche of its non-brokered private placement of unsecured convertible debentures for gross proceeds of $300,000. Aggregate gross proceeds raised across the financing now total $3,834,200.

In light of continued strong investor participation, the company intends to increase the size of the private placement to aggregate gross proceeds of up to $5-million, subject to TSX Venture Exchange approval and completion of additional subscriptions.

Proceeds from the private placement are being used to support continuing development activities at the company's fully permitted Imwelo gold project in Tanzania, including engineering, mine planning, infrastructure preparation and field programs currently under way at site.

Marc Cernovitch, chief executive officer and a director of Lake Victoria Gold, commented: "The continued support for this financing reflects growing confidence in Imwelo and our broader development strategy in Tanzania. Importantly, site activities are now actively under way, with sterilization drilling having commenced on May 12 in support of final infrastructure placement and detailed site engineering. With drilling and multiple technical workstreams progressing in parallel, we continue to advance Imwelo toward construction readiness while maintaining our focus on a disciplined pathway toward near-term gold production."

Development momentum at Imwelo

As previously announced, Lake Victoria Gold commenced its sterilization drilling program on May 12, 2026. The program is designed to support final infrastructure placement and detailed site layout planning for key project infrastructure, including plant facilities, waste rock placement areas, haul roads and other surface infrastructure.

The program is progressing on schedule, with eight of 21 planned boreholes completed to date, representing approximately 39 per cent of the planned program and 411 metres drilled out of a planned 1,050 metres.

Drilling is expected to continue through May and early June, with results supporting:

• Final infrastructure placement and site layout optimization;
• Detailed engineering and mine planning;
• Final pit design and scheduling;
• Continuing geotechnical and development studies.

In parallel, the company continues to advance the proposed Monetary Metals gold loan facility, procurement planning and development sequencing activities aligned with its near-term construction objectives at Imwelo.

Each debenture bears interest at 5 per cent per annum payable semi-annually in cash. Each debenture matures 36 months from the date of issuance. The debentures will constitute unsecured obligations of the company, ranking pari passu with all other unsecured indebtedness and subordinate to any present or future secured debt obligations of the company.

The outstanding principal amount of each debenture is convertible, at the option of the holder, at any time prior to the maturity date, into common shares of the company at a conversion price of 30 cents per share, subject to customary adjustments.

In connection with the debentures, investors in the second tranche were also issued warrants to purchase 499,997 common shares of the company, being the number of shares equal to 50 per cent of the number of shares issuable upon conversion of the debentures, exercisable at 40 cents per share for a period of 36 months. In total, the company has issued 6,390,324 warrants to investors across the first and second tranches of the private placement.

All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. A cash finder's fee of $6,000 was paid to an arm's-length finder in connection with the second tranche of the private placement. The private placement is subject to the final approval of the exchange.

About Lake Victoria Gold Ltd.

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX-V 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.

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