An anonymous representative of Phoenix Gold Fund reports

PHOENIX GOLD FUND ANNOUNCES ACQUISITION OF SHARES IN LAKE VICTORIA GOLD LTD

Phoenix Gold Fund Ltd. of Kuala Lumpur, Malaysia, and Purvis Street, Singapore, acquired an aggregate of 5,714,285 common shares and 2,857,142 common share purchase warrants, with each common share purchase warrant exercisable to acquire one additional common share at an exercise price of 27 cents for a period of three years from the date of issuance, of Lake Victoria Gold Ltd. on Sept. 16, 2025. Phoenix acquired the common shares and common share purchase warrants pursuant to a non-brokered private placement at a price of 17.5 cents per unit for a total purchase price of $999,999.88. The issuer's office is located at Suite 1305, 1090 West Georgia St., Vancouver, B.C., V6E 3V7, Canada.

Immediately prior to the acquisition, Phoenix owned 11,385,567 common shares of the issuer, representing 7.64 per cent of the issued and outstanding shares of the issuer on an undiluted basis. Phoenix also owned convertible debentures of the issuer with a principal amount of $340,000 convertible into up to 1,888,888 common shares at the conversion price of 18 cents per conversion share, representing, in total, 8.79 per cent of the issued and outstanding shares of the issuer on a partially diluted basis upon conversion, assuming no further common shares of the issuer have been issued.

As a result of the acquisition, Phoenix owns 17,099,852 common shares of the issuer, representing 9.31 per cent of the issued and outstanding shares of the issuer on an undiluted basis, 2,857,142 share purchase warrants, and convertible debentures with a principal amount of $340,000 convertible into up to 1,888,888 common shares. If Phoenix exercises all of its share purchase warrants and converts all its debentures into common shares, it will own 21,845,882 common shares of the issuer, representing 11.60 per cent of the issued and outstanding shares of the issuer on a partially diluted basis. The postacquisition holding is calculated as of Sept. 16, 2025, assuming no further common shares of the issuer have been issued.

Phoenix acquired the securities for investment purposes. Phoenix may, in the future, participate in financings and/or acquire or dispose of securities of the issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix's shareholdings contained in this press release is made pursuant to National Instrument 62-103 and/or National Instrument 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using SEDAR+ and will be available for viewing under the company's profile.