Mr. Simon Benstead reports

LAKE VICTORIA GOLD IDENTIFIES PREFERRED PROCESSING ROUTE FOR IMWELO NEAR-SURFACE MINERALIZATION

Lake Victoria Gold Ltd. has released results from metallurgical testwork on the shallow, highly weathered mineralization at Area C of its fully permitted Imwelo gold project in Tanzania's Lake Victoria goldfield.

The program identifies attrition scrubbing followed by desliming as the preferred pretreatment option for further optimization of the clay-rich material expected to form an important component of initial Area C feed. In mechanically agitated leach testing designed to simulate plant conditions, 24-hour gold extraction increased from 49.99 per cent on as-received material to 84.54 per cent following attrition scrubbing and desliming, while bottle-roll testing returned recoveries of up to 88.15 per cent on the pretreated fraction. The treatment also materially improved slurry settling and gravity recovery, with Nesch Mintech recommending its advancement into the next stage of process optimization.

The work was completed by Nesch Mintech Tanzania Ltd., a laboratory based in Mwanza, Tanzania.

Key highlights

• Preferred pretreatment route lifts 24-hour gold extraction to 84.54 per cent. Attrition scrubbing followed by desliming produced the strongest overall metallurgical response, increasing extraction from 49.99 per cent on as-received material to 84.54 per cent while materially improving slurry handling.
• Bottle-roll recovery of up to 88.15 per cent. The attrition-scrubbed and deslimed fraction returned 88.15 per cent recovery at 48 hours, compared with 70.76 per cent on as-received material and 76.84 per cent following desliming alone.
• Coarse and gravity-recoverable gold confirmed. Approximately 26 per cent of the gold reported to the 300-plus-micrometre size fraction, while average gravity recovery increased from 12.78 per cent as received to 21.25 per cent following attrition scrubbing and desliming, supporting further evaluation of gravity recovery ahead of cyanidation.
• Pretreatment materially improves slurry handling. Settling time decreased from 220 seconds to 130 seconds, while bed compaction increased from 50.56 per cent as received to 65.09 per cent following attrition scrubbing and desliming.
• Extends the metallurgical framework across the planned mining sequence. The weathered-ore results complement the company's March 18, 2026, program on transitional and fresh mineralization, which demonstrated recoveries of up to approximately 96 to 97 per cent using conventional gravity concentration and cyanide leaching.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented:

"We designed this program to answer a practical engineering question: how should we treat the clay-rich material expected early in the Area C mining sequence? The results give us a clear preferred processing direction, with scrubbing and desliming materially improving gold extraction and slurry handling. Combined with the strong recovery profile already established for the deeper transitional and fresh material, we now have a much stronger metallurgical basis for advancing Imwelo's process design. This is another important step in moving the project from engineering into execution."

Strong near-surface results from Area C

The metallurgical program follows LVG's Aug. 27, 2026, announcement of strong, near-surface drill results from Area C, including 28.71 g/t Au over 2.75 metres from 21.00 metres in IMWDR029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in IMWDR028. The intervals included higher-grade sections of 59.77 g/t Au over 1.30 metres and 27.94 g/t Au over 1.90 metres, respectively, with individual quartz-vein samples returning up to 142.90 g/t Au and 124.83 g/t Au. The drilling was designed specifically to intersect the shallow, highly weathered mineralization and provide whole-core material for metallurgical testing ahead of detailed mine planning and process design.

Previous geotechnical work identified the weathered zone as extending locally to approximately 40 to 60 metres depth. As this material is expected to be encountered early in the Area C mining sequence, the company initiated dedicated metallurgical work to establish how the clay-rich mineralization responds to processing and to determine the preferred treatment approach for the front end of the plant.

Taken together, the strong near-surface drill results and the metallurgical response provide important additional inputs for mine planning and process design at Area C. The identification of a preferred treatment route for this weathered material further advances the company's understanding of the mineralization expected early in the mining sequence.

Metallurgical testwork program

A total of 38 HQ whole-core samples weighing 120.34 kilograms were submitted to Nesch Mintech for metallurgical testing. The calculated head grade from the individual samples was 3.92 g/t Au, while the average composite head grade was 3.80 g/t Au.

The composite material was evaluated under three treatment conditions: as received, deslimed and attrition scrubbed followed by desliming. The program evaluated cyanide leaching, gravity recovery, grind characteristics and slurry settling, with certified reference materials returning results within the laboratory's stated acceptance ranges.

Recoveries for the deslimed and attrition-scrubbed/deslimed samples relate to the respective pretreated fractions and do not yet represent overall whole-ore plant recovery. The next phase of work will establish the mass and gold balance across the desliming circuit.

The results demonstrate a consistent improvement following pretreatment. Nesch concluded that attrition scrubbing and desliming produced the strongest overall response and recommended that the treatment be advanced for further evaluation.

Grind testing also demonstrated improved gold extraction at finer grind sizes, but with increased generation of fines. Nesch therefore recommends optimizing the grind within the P80 75- to 106-micrometre range rather than selecting the finest grind at this stage.

Advancing Imwelo process design

The current program builds on LVG's previously announced metallurgical work on deeper transitional and fresh mineralization at Area C, which returned recoveries of up to approximately 96 to 97 per cent using conventional gravity concentration and cyanide leaching. Together, the programs establish a metallurgical framework spanning the weathered near-surface material through transitional and fresh mineralization, providing key inputs as Imwelo process design continues to advance. This work materially advances the technical basis for final plant configuration and supports the company's continued progression of Imwelo toward construction and production.

Cautionary note on production decision

Although Imwelo has been the subject of Joint Ore Reserves Committee-compliant PEA (preliminary economic assessment), PFS (prelimianry 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-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, 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.

Quality control

Testwork was completed by Nesch Mintech Tanzania Ltd., Mwanza, which is independent of the company. Head grades were determined by 50-gram fire assay with AAS finish on duplicate pulps. Certified reference materials and a blank were inserted with the samples and returned results within acceptable limits.

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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