Mr. Simon Benstead reports

LAKE VICTORIA GOLD CLEARS PATH FOR CONSTRUCTION AT IMWELO FOLLOWING SUCCESSFUL STERILIZATION DRILLING

Lake Victoria Gold Ltd. has completed a sterilization drilling program at its Imwelo gold project in the Geita region of Tanzania, held through the company's wholly owned subsidiary Tembo Gold (T) Ltd. under mining licence ML 538/2015. The program confirmed that the proposed process plant and accommodation/man-camp footprints are clear of significant gold mineralization, allowing construction on these footprints to advance without sterilizing potential mineralization.

Key highlights:

• A total of 23 sterilization holes were completed across two infrastructure footprints: 12 holes (IMWST001-IMWST012) beneath the proposed process plant area and 11 holes (IMWST013-IMWST023) beneath the proposed accommodation/man-camp area.
• No significant gold intersections were returned from either footprint, confirming that no economic mineralization is expected to be sterilized by the siting of these facilities.
• Drilling intersected a continuous clay horizon approximately three to five metres thick across the plant area, providing useful geotechnical input for foundation and civil design.
• Results were collected and interpreted against the regional total magnetic intensity (TMI) interpretation, with infrastructure positioned away from the known mineralized trend.
• The program supports the company's preparations for phase 1 construction at Imwelo, including planned site clearing, access road upgrade and accommodation camp installation.

Sterilization drilling program

Sterilization (or footprint clearance) drilling is a standard preconstruction practice undertaken to confirm that no economically significant mineralization lies beneath proposed permanent infrastructure, thereby avoiding the risk of building over -- and rendering inaccessible -- potential ore. The Imwelo program targeted the two principal phase 1 infrastructure areas: the proposed process plant site and the dual-purpose construction/permanent accommodation camp.

The 23 holes were drilled for a total of 1,136 metres, with all logged intervals returning no significant gold values across both footprints. Sectional interpretation, viewed looking east, confirmed that the known mineralization at Imwelo sits clear of the planned infrastructure, with the gold-bearing trend located to the south of the cleared footprints.

Chief executive officer commentary

"Completing sterilization drilling at both the plant and accommodation footprints is an important, practical step in derisking our construction program at Imwelo," said Marc Cernovitch, president and chief executive officer of Lake Victoria Gold. "Confirming that we are not building over any potential mineralization gives us the confidence to advance civil works on these footprints, while the geotechnical information gathered along the way feeds directly into our foundation and camp design. This is exactly the kind of disciplined, sequenced progress we set out to deliver as we move Imwelo towards construction."

Near-term next steps:

• Incorporation of sterilization and geotechnical results into final plant-site and camp civil/foundation design;
• Continued construction buildout, including access-road upgrade, site clearing and accommodation-camp installation;
• Advancement of the EPCM (engineering, procurement and construction management) structure and continued procurement for phase 1 infrastructure.

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.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by David Scott, PrSciNat, who is 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 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 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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