Mr. Simon Benstead reports

LAKE VICTORIA GOLD ADVANCES TANZANIAN REGULATORY PROCESS FOR MONETARY METALS GOLD LOAN FACILITY

Lake Victoria Gold Ltd. has provided an update on the previously announced gold loan facility with Monetary Metals & Co. The company is advancing the facility through the applicable Tanzanian regulatory approval, registration and notification workstreams, representing an important step toward closing and financing the facility.

As previously announced on April 1, 2026, the company agreed to terms for a gold loan facility of up to 6,000 ounces of gold, representing approximately $25-million (U.S.), with Monetary Metals. The facility is intended to provide non-dilutive, project-level financing in support of the company's fully permitted Imwelo gold project in Tanzania, held through its wholly owned Tanzanian subsidiary, Tembo Gold (T) Ltd. (TGTL), under mining licence ML 538/2015.

Key highlights:

• Tanzanian regulatory process advancing: The company is progressing Bank of Tanzania registration and related regulatory workstreams required for implementation of the facility.
• Non-dilutive project financing: The Monetary Metals facility remains a key component of Lake Victoria Gold's disciplined capital strategy for Imwelo, providing access to development capital without a large equity financing at the project level.
• Gold-denominated alignment: The facility is structured in gold ounces, with repayment in gold ounces, matching the financing instrument to the future production profile of Imwelo.
• Imwelo development pathway: The facility is intended to support the company's progression from engineering toward construction, development and production readiness at Imwelo.

Management commentary

Marc Cernovitch, president, chief executive officer and director of Lake Victoria Gold, commented: "Advancing the Tanzanian regulatory process for the Monetary Metals facility is an important and positive step for Lake Victoria Gold. This facility remains a central component of our non-dilutive funding strategy for Imwelo and reflects the type of disciplined, project-level capital structure we believe is appropriate for a near-term gold development project. We also believe this facility has broader significance for Tanzania as it would represent one of the first structured gold-denominated project financing facilities of its kind in the country, demonstrating how gold-linked capital can support responsible mine development while preserving shareholder value.

"We are taking the right steps in the right order: working through the Bank of Tanzania process, engaging with the relevant Tanzanian authorities, and ensuring the facility is implemented in a manner that is consistent with Tanzanian law, our development plan and our obligations as a public company. Imwelo is fully permitted, our in-country team is being strengthened, and our focus remains on execution. The Monetary Metals facility is intended to bring gold-linked capital to a gold project as we advance Imwelo toward construction and, ultimately, production."

Keith Weiner, chief executive officer of Monetary Metals, said: "We are working with Lake Victoria Gold on the Tanzanian regulatory process. We are excited about providing the first gold-denominated project financing in the country. And of course, the foundational steps have to be completed properly."

Advancing Tanzanian regulatory workstreams

A cross-border, gold-denominated facility of this nature requires co-ordination across several established Tanzanian regulatory and administrative workstreams. The company is progressing these steps in the ordinary course and views them as expected components of implementing a structured project financing facility in Tanzania.

The principal workstreams currently being advanced include:

• Bank of Tanzania registration of the external facility, including the process to obtain a debt registration number;
• Mining commission engagement in respect of mining licence ML 538/2015 and the gold-delivery mechanics associated with the facility;
• Mineral marketing, royalty and export-clearance alignment, including review of applicable requirements for future gold sales, delivery, royalty payments and export procedures;
• Definitive documentation and implementation planning with Monetary Metals and relevant Tanzanian and international advisers.

The company's approach is to advance the facility in a manner that is fully aligned with Tanzanian regulatory requirements, the company's mine development plan and the long-term interests of its shareholders.

Strategic financing for Imwelo

The Monetary Metals facility is designed to provide Lake Victoria Gold with a substantial financing pathway for Imwelo at a critical stage in the project's development. By structuring the facility in gold ounces rather than conventional equity, the company is seeking to match project financing to Imwelo's future gold production while minimizing shareholder dilution.

The company believes this structure is well suited to Tanzania's growing role as a major African gold producer and reflects an innovative financing approach for development-stage gold projects in the country. The facility is intended to demonstrate how gold-linked capital can align financing obligations with future project output as Imwelo advances toward production.

The company is advancing engineering, procurement planning and financing initiatives in parallel as it works toward construction readiness at Imwelo.

Path to closing

Completion of the facility remains subject to satisfaction of applicable regulatory approvals, registrations and notifications, completion of definitive documentation, finalization of implementation mechanics, and other customary closing conditions.

The company expects to provide further updates as the regulatory and documentation workstreams advance.

Issuance of shares for debenture interest

The company announces that, further to its news release dated May 11, 2026, the company, having received TSX Venture Exchange approval, has issued to debentureholders an aggregate of 83,960 common shares in the capital of the company at a price of 31 cents per share, as determined in accordance with the terms of the $750,000 of convertible debentures issued on July 26, 2024, and Aug. 8, 2024. The issuance of shares satisfies the company's obligation to pay $26,027.51 of interest owing up to date of conversion of the debentures into common shares.

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.

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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