Mr. Simon Benstead reports

LAKE VICTORIA GOLD MOBILIZES SENIOR PROJECT MANAGER TO IMWELO AS CONSTRUCTION READINESS ADVANCES

Charl Coetzee of Sutton Consulting International Ltd. has mobilized to Lake Victoria Gold Ltd.'s fully permitted Imwelo gold project in northwestern Tanzania as project manager.

Mr. Coetzee is now on site at Imwelo supporting the approved Tanzanian-led engineering, procurement and construction management (EPCM) framework, under which City Engineering Company Ltd. (CECL) serves as primary EPCM contractor and commercial lead, with Sutton providing international technical support.

Mr. Coetzee brings approximately 30 years of experience in the construction, commissioning, maintenance and operation of gold and minerals processing plants across Africa, including in Angola, the Democratic Republic of Congo, Mozambique, Guinea and South Africa. His background includes a record of delivering processing-plant installations on schedule and on budget as well as hands-on experience in commissioning support, operating readiness, maintenance systems and local work force development.

Key highlights:

• Experienced execution leadership now at site: Mr. Coetzee has mobilized to Imwelo to co-ordinate field activity, bringing roughly three decades of African plant construction and commissioning experience.
• Approved EPCM framework activated in the field: With Mr. Coetzee on site, TGTL, CECL and Sutton now operate as an integrated project team advancing Imwelo.
• Momentum carrying from approval to action: The mobilization follows closely on the mining commission's approval of the EPCM structure, turning a key regulatory milestone into visible activity at site.

Advancing site readiness at Imwelo

The mobilization of an experienced project manager to Imwelo is an important practical step in advancing the project from planning and engineering toward construction readiness.

Advancing site readiness at Imwelo

Mr. Coetzee's mandate covers field co-ordination, construction sequencing, contractor and supplier interfaces, and ensuring incoming infrastructure and activity are organized in a disciplined, practical and safety-conscious manner.

Near-term workstreams at Imwelo include:

• Site clearing, access road upgrades and construction utility installation;
• Phase 1 modular camp preparation and infrastructure layout;
• Procurement support and contractor interface planning.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "Following mining commission approval of our EPCM structure, having Charl now on site is another important step in turning planning into execution at Imwelo. Charl has spent his career building, commissioning and operating processing plants across Africa, and that practical experience is exactly what we want on the ground as we advance site readiness, infrastructure planning and contractor co-ordination. His track record of delivering plant installations on schedule and on budget strengthens our execution capability at an important stage for the company. We are advancing Imwelo in a disciplined and compliant manner, with Tanzanian leadership through CECL, international technical support through Sutton and experienced project management now established at site. This is the type of steady, practical progress required as we move Imwelo toward construction readiness."

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 would not be based on a feasibility study of mineral reserves and would therefore involve increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex 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, operational risks, regulatory risks, and 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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