Mr. Simon Benstead reports

LAKE VICTORIA GOLD ADVANCES IMWELO PHASE 3 LAND PROGRAMME TOWARD FINAL APPROVAL AND COMPENSATION

The statutory disclosure stage of the phase 3 land valuation and compensation program at Lake Victoria Gold Ltd.'s fully permitted Imwelo gold project in Chato district, Geita region, Tanzania has been completed.

A large majority of project affected persons (PAPs) have signed the full statutory valuation documentation and are now positioned for compensation following completion, verification and approval of the final valuation report.

Key highlights

• Disclosure meetings completed on Sept. 7 and Sept. 8, 2026, with PAPs, Chato district authorities and the Imwelo village executive office.
• Large majority of PAPs have completed and signed the required statutory valuation documentation, positioning them for compensation following final valuation approval.
• Approximately five weeks from program commencement to completion of disclosure, reflecting efficient co-ordination among government authorities, community leadership and landholders.
• Program scope expanded at the request of certain landholders, allowing LVG to secure additional land that the company anticipates may be required for future project development.
• Final valuation report now being prepared by the government valuation team for endorsement by government Chief valuer.

Disclosure meeting and site verification

The phase 3 program, announced on July 31, 2026, commenced on Aug. 1, 2026. Following field valuation, property inspection and land measurement, statutory disclosure meetings with PAPs were held on Sept. 7 and Sept. 8, 2026, under the close supervision of village leadership including the village executive officer, chairman of the village and hamlet.

During disclosure, each participating landholder was presented with the verified record of their property, provided the opportunity to confirm its accuracy and formally acknowledge the assessment prior to finalization of the valuation.

On the request of some PAPs, the site was revisited on Sept. 8 to verify additional acreage and affected parties identified during the process.

PAPs completing disclosure signed the required statutory documentation, including the entry permit for inspection, property inspection form, Land Form No. 69, disclosure form and land measurement form. Completion of this critical step allows the company to proceed toward compensation following final valuation approval.

The government valuation team continues to engage directly with the remaining PAPs.

Program scope expanded

During the disclosure process, some landholders requested that LVG acquire their properties in full, including portions outside the original phase 3 program boundary, as the remaining areas would have been insufficient to support their existing livelihoods.

LVG agreed to the requests.

In addition to addressing the circumstances of the affected landholders, the expanded program secures land that the company anticipates may be required as Imwelo develops, reducing the potential need for a separate land acquisition process in the future.

Statutory process and next steps

Land valuation and compensation associated with mining operations in Tanzania is conducted through a prescribed statutory process involving landholders, local government authorities and qualified government valuers.

Compensation for disturbance of the rights of lawful occupiers of land in connection with mining operations is governed by the Mining Act, Cap. 123. The valuation framework and applicable allowances are established under the Land Act, Cap. 113, the Village Land Act, Cap. 114, and related regulations.

The valuation is undertaken by registered government valuers and, under the Valuation and Valuers Registration Act, 2016, and the Valuation and Valuers (General) Regulations, 2018, the resulting valuation report is subject to endorsement by the Office of the Chief Government Valuer within the Ministry of Lands, Housing and Human Settlements Development before compensation is paid.

The government valuation team is now preparing the final phase 3 valuation report. Once completed, the report will proceed through the required endorsement process, following which the compensation can be made to eligible PAPs who have completed the required documentation.

The company will provide a further update as the program advances.

Recognition of government and community partners

LVG wishes to acknowledge the constructive engagement, coordination and responsiveness of the Tanzanian authorities and community leadership who have supported the phase 3 program from commencement through disclosure in approximately five weeks.

The company extends its appreciation to the Office of the District Executive Director and the Office of the District Commissioner of Chato District Council; the land and valuation officers of Chato District Council; the qualified government valuers working at district and regional levels in the Geita region; the Buselesele Ward executive office; and the Imwelo village council and village executive office.

Their co-ordination and engagement have supported an orderly and efficient process and strong participation by affected landholders.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "Land access is one of the areas where mining projects can lose significant time. At Imwelo, we have now completed three successive land programs and the process continues to demonstrate the value of a clear regulatory framework, effective co-ordination with government authorities and constructive engagement with the local community. The phase 3 program moved from commencement to disclosure in approximately five weeks, and that reflects the work of the officials, valuers, community leaders and landholders involved. We also responded when two families asked us to acquire their entire parcels because the land that would otherwise have remained was not sufficient to support their livelihoods. We believe that was the appropriate outcome for the families and for the project. It is the standard of engagement we intend to maintain throughout Imwelo's development and across our operations."

With the disclosure stage now complete, LVG continues to advance the remaining land, infrastructure and development activities required to move Imwelo toward construction. The phase 3 program expands the company's available project footprint and supports planned accommodation, workshop, and related site infrastructure, while providing additional flexibility for future development. The company continues to advance these workstreams in parallel as it prepares Imwelo for the next stage of development.

Cautionary note on production decision

Although Imwelo has been the subject of Joint Ore Reserves Committee-compliant PEA (preliminary economic assessment), PFS (preliminary feasibility 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) 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-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, funding 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 the company's 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.

LVG 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, agri business, 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 mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have 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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