Lake Victoria gains Imwelo environmental approval

Mr. Simon Benstead reports LAKE VICTORIA GOLD SECURES UPDATED ENVIRONMENTAL APPROVAL, STRENGTHENING DEVELOPMENT PATHWAY AT IMWELO The Tanzanian National Environment Management Council (NEMC) has approved the updated environmental and social management plan (ESMP) for Lake Victoria Gold Ltd.'s Imwelo gold project, located in the Geita region of northwestern Tanzania. The ESMP update was undertaken to reflect changes since the original study completed in 2013, which formed the basis for the issuance of the project's environmental impact assessment (EIA) certificate and mining licence (ML538) in 2014. NEMC's approval confirms that Imwelo remains fully compliant with environmental and social standards, and that the project can advance under its existing permits. The updated ESMP outlines mitigation measures for potential environmental and social impacts and establishes commitments for continuing community engagement, progressive mine rehabilitation, and transparent monitoring of water, waste and tailings facilities. Management commentary Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, stated: "Approval of the updated ESMP is a significant milestone for Imwelo, reinforcing that the project is environmentally sound and socially responsible. combined with the foundation provided by the 2021 prefeasibility study, Imwelo represents a rare opportunity for near-term gold production in Tanzania with modest capital requirements, strong expansion potential and the potential to generate cash flow that will support our broader growth strategy across the Lake Victoria goldfield." Seth Dickinson, chief operating officer of Lake Victoria Gold, commented: "With the updated environmental approval, our team is focused on the practical steps to bring Imwelo into production. The project benefits from a straightforward mine plan, proven metallurgy and proximity to existing regional infrastructure. Our upcoming drilling and site works are designed to ensure a smooth transition from planning into construction and, ultimately, first gold within a short development timeline." Strategic context The Imwelo project, located just 12 kilometres from AngloGold Ashanti's Geita gold mine, is fully permitted under a 10-year mining licence. Supported by a straightforward development plan, positive metallurgical recoveries (greater than 90 per cent), and a 2021 Joint Ore Reserves Committee-compliant prefeasibility study (PFS), the company is targeting first gold within 12 months of commencing construction. Area C is the first zone planned for development and has an average grade of 3.7 grams per tonne Au (gold). It also represents one of the highest-grade zones within the Imwelo historical resource envelope. Notable historical intercepts include: Two m at 5.06 g/t Au from 15 m and 6.8 m at 14.6 g/t Au from 33.2 m (IMWRC-037); Seven m at 3.22 g/t Au from 27 m (IMRC-014); Two m at 7.5 g/t Au from 22 m (IMWRC-038). project highlights Permits and readiness -- Fully permitted under mining licence ML538/2015, with a 10-year renewal and formal transfer completed in November, 2024. Prefeasibility study (PFS) -- A JORC-compliant PFS completed in 2021 by Measured Group provides the project's technical and economic foundation, including mine design, mine planning, scheduling, reserve estimation and cost modelling. Historical resource -- Measured: 42,000 ounces at 3.15 g/t; indicated: 95,700 oz at 1.95 g/t; inferred: 153,900 oz at 1.53 g/t; Exploration and engineering -- Over 28,000 metres of historical drilling, with a 7,750-metre drilling campaign planned to commence shortly to advance grade control, resource conversion and pit optimization. Development pathway -- Designed as a low-capex starter open-pit mine at Area C, with long-term upside through underground potential at depth. Infrastructure and local engagement -- Preparatory works include ball mill refurbishment, tailings and water storage planning, and phased land compensation. Strong community engagement and progressive rehabilitation are embedded within the ESMP. Partnerships -- Strategic and operational support secured from Taifa Group, Tanzania's leading mining contractor, providing execution capability and local validation. Funding -- Lake Victoria has executed a non-binding term sheet, providing a gold prepay financing facility to finance preproduction activities at Imwelo. This innovative structure allows Lake Victoria to access non-dilutive capital directly linked to future gold output, strengthening the company's balance sheet while minimizing shareholder dilution. The Imwelo project The Imwelo project is a gold project located in northern Tanzania, immediately west of the Geita gold mine of AngloGold Ashanti. The project is held under a 3.85-square-kilometre mining licence (ML538/2015) and is subject to a 2-per-cent royalty to a previous owner. An updated JORC-compliant prefeasibility study was completed in 2021 by Measured Group Pty. Ltd. of Australia, incorporating mine design, planning, scheduling, reserve estimation and cost modelling. The project resource comprises seven mineralized zones, with gold hosted in quartz-vein shear systems amenable to open-pit mining. Mineralization remains open along strike and at depth, with drilling to date only testing to an average of approximately 50 m below surface. The company believes Imwelo offers significant blue-sky potential to expand the mineralized footprint and ultimately define a current mineral resource and reserves to extend mine life. Historical resource estimate The following historical mineral resource estimate is derived from "Geology and Resource Estimate Report - Imwelo Project, Tanzania, Lake Victoria Gold Limited," prepared by Measured Group (May 31, 2017) in accordance with the 2012 JORC code. The above noted historical resource estimate dated May 31, 2017, is the last historical mineral resource estimate on the project and no more recent data is available to the company. The historical resource estimate is based on a detailed review completed by Lake Victoria and Measured Group of local conditions. It has incorporated Lake Victoria's view of long-term metal prices, foreign exchange and cost assumptions, plus mining and metallurgy performance to select cut-off grades and physical mining parameters. The cut-off grade is based on a gold price of $1,500 (U.S.) and an 88-per-cent metallurgical recovery is assumed in the calculation of the cut-off grade. A qualified person has not done sufficient work to classify the historical resource estimate as current mineral resources or mineral reserves. The company is not treating the historical resource Estimate as current, but believes it to be relevant to assessing the merits of the project. Significant work -- including additional drilling, sampling and data verification -- will be required before a current mineral resource can be defined under NI 43-101 standards. 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 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 our 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 2021 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. Lake Victoria 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, 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 carry out 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. We seek Safe Harbor.