Mr. Simon Benstead reports

LAKE VICTORIA GOLD COMMENCES PHASE 3 LAND PROGRAMME TO ADVANCE IMWELO TOWARD CONSTRUCTION

Lake Victoria Gold Ltd.'s wholly owned Tanzanian subsidiary, Tembo Gold (T) Ltd. (TGTL), will commence the phase 3 land valuation and compensation program at the fully permitted Imwelo gold project in Chato district, Geita region, on Aug. 1, 2026.

Phase 3 covers approximately 73 acres required for the continued expansion of the Imwelo site footprint and the development of supporting mine infrastructure, including accommodation camps and workshop facilities. The program represents another practical step in advancing site readiness as Lake Victoria Gold moves Imwelo toward construction and development.

The program is expected to involve approximately 60 project-affected persons (PAPs) within Imwelo A hamlet, Imwelo village. It follows the successful completion of phase 1, covering 268 acres in 2019, and phase 2, covering 185 acres in 2023. Upon completion of phase 3, the three land programs will have covered a combined 526 acres.

Key highlights:

• Phase 3 commences Aug. 1, 2026, covering approximately 73 acres within Imwelo A hamlet;
• Supports construction readiness by providing the additional land required for accommodation, workshop and related mine infrastructure;
• Approximately 60 PAPs are expected to participate in a transparent and legally prescribed valuation and compensation process;
• Program commencement has been approved by the relevant Chato district authorities and will be conducted by qualified government valuers at the district and regional levels;
• Builds on two successfully completed programs, bringing the total area covered by phases 1, 2 and 3 to approximately 526 acres upon completion.

Advancing site readiness at Imwelo

The phase 3 program forms part of Lake Victoria Gold's broader preparation of the Imwelo site for construction and future mining operations. The additional land will accommodate infrastructure required to support the project's work force, maintenance activities and day-to-day site operations.

By advancing the land program alongside the company's engineering, procurement and site development activities, Lake Victoria Gold is continuing to methodically address the practical requirements for construction and project execution.

Transparent and inclusive compensation process

Lake Victoria Gold is committed to conducting the valuation and compensation program transparently, fairly and in accordance with Tanzanian law, in close collaboration with government authorities, local leadership and the affected community.

The exercise has been approved by the Office of the District Executive Director and the district commissioner of Chato District Council. It will be undertaken with representatives from Chato District Council, the District Commissioner's Office, Imwelo Village, Buselesele Ward and other relevant government authorities.

Qualified government valuers at the district and regional levels will conduct the valuation process in accordance with applicable Tanzanian land and valuation legislation. Community sensitization meetings will explain the process, rights and obligations to affected persons, and valuation results will be disclosed to each affected person before compensation is completed.

Chief executive officer comment

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "Phase 3 reflects the steady, disciplined execution required to move Imwelo from a fully permitted project into construction and production. Our previous land programs have established a strong foundation of trust with the community and local authorities, and we intend to maintain that standard as development advances. Responsible engagement is not separate from successful mine development; it is fundamental to building a durable operation in Tanzania."

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.

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 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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