Mr. Marc Cernovitch reports

LAKE VICTORIA GOLD COMPLETES INITIAL ACCESS ROAD REPAIRS AND ADVANCES SITE EARTHWORKS AT IMWELO GOLD PROJECT

Lake Victoria Gold Ltd. has provided an update on early works at its wholly owned Imwelo gold project in the Chato district of Tanzania's Geita region. Initial spot repairs on the Katoro-to-Imwelo access road have been completed; clearing, stripping and levelling are advancing across key process and infrastructure areas; and the construction camp is substantially complete, collectively establishing core infrastructure for the next phase of development.

Key highlights:

• Initial spot repairs have been completed along the 14-kilometre access road from Katoro, the nearest large town, to Imwelo village at the project site, improving access ahead of the wet season. Compaction of repaired sections is continuing.
• Construction camp substantially complete, with core utilities and amenities installed and the water system pressure tested. The build-once camp will transition into Imwelo's permanent operations camp.
• Clearing and bulk earthworks are advancing across the pit, tailings storage facility, waste rock dump and dam sites. Bush clearing is under way at Area C and will then move to the process plant area.
• Stripping and levelling of the run-of-mine pad have commenced. Excavated material is being used to construct the western berm within the mining licence boundary.
• A local Tanzanian contractor is delivering the works, with the road program supervised in co-ordination with the Tanzania Rural and Urban Roads Agency and benefiting surrounding communities.

Access road repairs, Katoro to Imwelo

A local Tanzanian contractor completed the initial spot repairs under the supervision of CECL and in co-ordination with the Tanzania Rural and Urban Roads Agency.

Following a survey of the full route, the worst-affected sections were prioritized for repair ahead of the wet season, which typically begins in late October or November. Spot repairs were completed over 14 kilometres using quality laterite sourced from within the mining licence. Compaction is continuing, with a compactor and water bowser remaining on the road while the balance of the fleet moves to site for earthworks.

The repairs support safe and reliable transport of materials, equipment and fuel to the project site. They also improve the movement of people and supplies to outlying villages. A broader, long-term upgrade of the all-weather dirt road is contemplated.

Site clearing and earthworks

At the project site, bush clearing is under way at Area C and will progress to the process plant area. Clearing and topsoil stripping are also advancing at the pit, tailings storage facility, waste rock dump and dam sites. Topsoil is being stockpiled as a berm between the production area and future camp to provide a sound barrier.

Stripping and levelling of the run-of-mine pad have commenced. Excavated material is being used to construct the western berm within the mining licence boundary. Levelling and cutting of the process plant platform will follow ahead of civil works, with TSF preparation sequenced thereafter.

Camp infrastructure

Development of the Imwelo construction camp is substantially complete. Electrical installation, drainage, bathroom facilities and the generator shelter have been completed, and the water system has been pressure tested, following earlier installation of water storage, power generation and plumbing.

The build-once camp is the first phase of Imwelo's permanent operations camp, allowing infrastructure used by the construction work force to remain in service during operations. This avoids duplicated expenditure and supports disciplined capital deployment.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "These early works mark an important step as we move Imwelo from a fully permitted, development-ready asset toward construction. Reliable site access, preparation of the core infrastructure footprints and a substantially complete build-once camp are essential to that transition and reflect our practical, disciplined approach to development. The program is being delivered by a local Tanzanian contractor in co-ordination with Tarura, supporting project execution while creating lasting benefits for surrounding communities."

Cautionary note on production decision

Although Imwelo has been the subject of Joint Ore Reserves Committee-compliant preliminary economic assessment, 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 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 contained in this news release has been reviewed and approved by David Scott, PrSciNat, a qualified person as defined by National Instrument 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 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.

We seek Safe Harbor.