Mr. Simon Benstead reports

LAKE VICTORIA GOLD COMMENCES PHASE 1 EARTHWORKS AT FULLY PERMITTED IMWELO GOLD PROJECT

Lake Victoria Gold Ltd. has commenced phase 1 earthworks at its fully permitted Imwelo gold project in Tanzania as construction of the project's site camp nears completion.

The initial earthworks program includes upgrades to the existing access road and preparation of the plant-site footprint. Together with the advancing camp, these activities establish the core site infrastructure required for subsequent construction and mark the next stage of physical development at Imwelo.

The program is being delivered under the company's previously announced EPCM (engineering, procurement and construction management) structure led by City Engineering Company Ltd. (CECL), a 100-per-cent-Tanzanian-owned qualifying indigenous Tanzanian company, with international technical support from Sutton Consulting International Ltd. and day-to-day co-ordination by Lake Victoria Gold's mobilized on-site project team.

Key highlights:

• Phase 1 earthworks commenced, including access-road improvements and initial plant-site preparation;
• Construction camp nearing completion, with water storage and power installed, plumbing completed, electrical work advancing, and accommodation being progressively outfitted;
• Build-once camp design, allowing the construction camp to transition directly into the permanent operations mine camp;
• Earthmoving fleet mobilized, with equipment deployment and utilization co-ordinated by the company's on-site project team;
• Tanzanian-led execution maintained, with project contracting managed through CECL in accordance with Tanzania's local content framework.

Phase 1 earthworks under way

Phase 1 earthworks include the repair and upgrading of the existing access road to support reliable movement of heavy equipment and project materials.

Plant-site preparation comprises clearing and grubbing, stripping and stockpiling topsoil for future rehabilitation, development and compaction of the plant pad, construction of sound berms, and excavation of reticulation trenches.

The mobilized earthmoving fleet and support equipment are now undertaking these activities, with sourcing arrangements for road and earthworks materials established in co-ordination with the relevant Tanzanian authorities.

Construction camp nearing completion

Development of the Imwelo construction camp is progressing toward completion and commissioning. Site water storage and power generation have been installed, plumbing is complete, electrical installation is advancing, and modular and tented accommodation is being progressively outfitted.

The camp has been designed as the first phase of the permanent operations mine camp. This approach allows the infrastructure initially used to accommodate the construction work force to remain in service during operations, avoiding duplicated expenditure and supporting disciplined capital deployment.

Tanzanian-led project execution

CECL remains the primary EPCM contractor and Tanzanian commercial lead, with Sutton providing international technical support. Lake Victoria Gold's on-site project team is co-ordinating field activities, equipment utilization, contractor interfaces and development sequencing.

This structure combines local execution capability, regulatory alignment and international technical support while expanding in-country project delivery capacity as Imwelo advances.

Management commentary

"Imwelo is moving beyond planning and mobilization into visible, sequenced site execution," said Marc Cernovitch, president and chief executive officer of Lake Victoria Gold. "We are establishing the infrastructure in the order the project requires while ensuring that early investments, including the camp, continue to serve Imwelo through construction and into operations. This practical, capital-conscious and Tanzanian-led approach is the model we intend to carry through the next stages of project development."

Near-term activities

Near-term work at Imwelo will focus on:

• Completing and commissioning the construction camp;
• Advancing the access-road upgrade and plant-pad preparation;
• Completing topsoil stripping, berm construction and reticulation trenching;
• Continuing detailed engineering, procurement and construction sequencing.

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 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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