Mr. Marc Cernovitch reports

LAKE VICTORIA GOLD STRENGTHENS IN-COUNTRY LEADERSHIP TO SUPPORT IMWELO CONSTRUCTION READINESS

Lake Victoria Gold Ltd. has strengthened its in-country leadership team in Tanzania as the company advances its fully permitted Imwelo gold project toward construction, development and production readiness.

The company has appointed Joseph Ntiga as acting chief financial officer, Tanzania, and Cosmas Tungaraza as compliance officer. These appointments add experienced Tanzanian finance, regulatory, compliance and local content capacity at a critical stage in Lake Victoria Gold's transition from project advancement to execution.

Key highlights:

• Strengthened Tanzanian finance leadership: Mr. Ntiga brings extensive mining sector finance experience, including mine-level financial control, statutory reporting, budgeting, tax compliance, internal controls and board-level reporting.
• Enhanced local compliance and regulatory capacity: Mr. Tungaraza adds direct Tanzanian mining compliance experience, including local content planning and reporting, mining commission submissions, tenement administration and CSR (corporate social responsibility) planning.
• Supports transition to construction and production readiness: The expanded in-country team is expected to support Lake Victoria Gold's growing operational requirements as Imwelo advances through detailed planning, procurement, site preparation and development activities.
• Alignment with Tanzanian local content priorities: The appointments reinforce Lake Victoria Gold's commitment to building local management capacity and ensuring that development activities are structured in accordance with Tanzanian regulatory and local content requirements.
• Execution-focused platform for growth: The strengthened team will support financial governance, cost control, procurement oversight, compliance reporting and co-ordination with Tanzanian authorities as Lake Victoria Gold advances Imwelo as its near-term development priority while maintaining disciplined oversight of its broader Tanzanian portfolio, including the Tembo project.

Building the local execution platform for Imwelo

As Imwelo advances toward construction and production, Lake Victoria Gold is focused on ensuring that its Tanzanian operating structure has the financial, regulatory and administrative depth required to support disciplined project execution.

The appointments of Mr. Ntiga and Mr. Tungaraza are intended to strengthen the company's ability to manage the next phase of development, including project budgeting, cost controls, statutory reporting, local content implementation, supplier co-ordination, government engagement and compliance oversight.

Imwelo is a fully permitted gold project located in northwestern Tanzania. The company is advancing Imwelo as its near-term production platform, with continuing workstreams focused on engineering, financing, procurement, site access, infrastructure planning and development readiness.

Alongside Imwelo, Lake Victoria Gold continues to advance its 100-per-cent-owned Tembo project, a district-scale gold asset located immediately adjacent to Barrick's Bulyanhulu mine in the prolific Lake Victoria goldfield. Supported by more than 50,000 metres of historical drilling and multiple priority targets, Tembo remains a highly strategic growth asset within Lake Victoria Gold's Tanzanian portfolio, with significant exploration upside and potential near-term production opportunities.

Mr. Ntiga -- acting chief financial officer, Tanzania

Mr. Ntiga is a Tanzanian finance professional with significant experience in mining finance, statutory reporting, internal controls, budgeting, tax compliance and operational financial management.

Most recently, Mr. Ntiga has held senior finance and control roles at Williamson Diamonds Ltd., where he was responsible for financial reporting, capital management, budgeting, compliance, internal control frameworks, risk management and board-level financial reporting. His prior experience also includes serving as finance manager at Stamigold Company Ltd., where he managed mine-level finance functions, financial reporting, VAT (value-added tax) and tax compliance, cash flow forecasting, and statutory obligations.

In his role with Lake Victoria Gold, Mr. Ntiga will lead the company's Tanzanian finance function, including project controls, budgeting, reporting, tax and statutory compliance, procurement support, systems implementation and financial governance, working closely with Simon Benstead, chief financial officer of Lake Victoria Gold, as the company advances Imwelo toward development and production.

Mr. Tungaraza -- compliance officer

Mr. Tungaraza is a Tanzanian geologist and compliance professional with direct experience in the country's mining sector. His background includes mining regulatory compliance, local content planning and reporting, mining commission submissions, mineral tenure administration, CSR planning, and field-level co-ordination.

Mr. Tungaraza has worked with Tanzanian mining companies in compliance and geology roles, including responsibility for annual local content plans and reports, quarterly progress reports, annual rent payments, tenement management, CSR implementation, and regulatory liaison with government authorities.

In his role with Lake Victoria Gold, Mr. Tungaraza will support the company's Tanzanian compliance function, including local content implementation, mining commission reporting, licence administration, CSR co-ordination, regulatory documentation and support for development activities at Imwelo, and continuing statutory obligations at Tembo.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "As LVG advances Imwelo toward construction, development and production, the strength of our Tanzanian team becomes increasingly important. These appointments add practical in-country experience in finance, compliance, local content and regulatory co-ordination, all of which are critical to disciplined execution.

"Joseph brings strong mine finance, reporting and control experience while Cosmas adds hands-on Tanzanian mining compliance and local content expertise. Together, they strengthen the operating platform we are building in Tanzania as Imwelo moves closer to development. Just as importantly, this team supports our broader portfolio, including our cornerstone Tembo project, where we continue to see significant exploration and development potential.

"Our objective is clear: build a capable, locally anchored team that can support the transition from planning to execution while maintaining strong governance, regulatory alignment and cost discipline."

Advancing a Tanzanian-led operating structure

Lake Victoria Gold's approach to development is centred on building a practical, locally integrated operating platform. The company believes that strong Tanzanian leadership across finance, compliance, procurement, government relations and operations will be essential to advancing Imwelo efficiently and responsibly.

The expanded in-country team will work alongside Lake Victoria Gold's technical, engineering and development partners as the company continues to progress project financing, detailed planning, procurement preparation, local content alignment and construction readiness activities.

The company expects to provide further updates as key development workstreams advance.

Cautionary note on production decision

Although Imwelo has been the subject of JORC-compliant (Joint Ore Reserves Committee) 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-capital-expenditure 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.

Investor relations engagement

Lake Victoria Gold also announces that it has engaged Vectis Capital, an arm's-length firm based in Ontario, through its principal Tyler Troup, to provide investor relations and market awareness services, subject to acceptance by the TSX Venture Exchange. The agreement is for an initial three-month term commencing June 4, 2026, renewable for successive three-month terms unless either party gives 30 days of notice. In consideration for the services, the company will pay Vectis a cash fee of $30,000 (U.S.); no securities are issued as compensation, the fee is not tied to the company's share price or trading volume, and there are no performance factors. Vectis and its principals are at arm's length to the company and, to the company's knowledge, hold no securities of the company. Vectis will provide the services in accordance with the policies of the TSX-V and applicable securities laws.

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 Lake Victoria Gold. 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 JORC-compliant 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 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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