Building the Starter Pit: Lake Victoria Gold Mobilizes Drill Rig at Imwelo's Area C

Executive Summary

• Lake Victoria Gold announced the start of a 4,000‑metre multi‑purpose drilling program at Area C of its fully permitted Imwelo Gold Project in Tanzania.
• The campaign is intended to support short‑term production readiness, resource expansion/conversion, and final pit design optimization, with first gold targeted within 12 months of construction start.
• A second drill rig has been ordered to accelerate the program; drilling begins on October 6, 2025.

Key Details

• Program Scope: 4,000 m total depth across multiple holes targeting strike extensions, deeper intercepts (~100–200 m), geotechnical logging, and metallurgical sampling.
• Start Date: Mobilization of first rig underway; drilling to commence October 6, 2025.
• Second Rig: Ordered and expected to mobilize in the coming weeks to increase drill rate.
• Area C Grade: Average historic grade 3.7 g/t Au; key historical intercepts include:
• 2 m @ 5.06 g/t Au from 15 m (IMWRC‑037)
• 6.8 m @ 14.6 g/t Au from 33.2 m (IMWRC‑037)
• 7 m @ 3.22 g/t Au from 27 m (IMRC‑014)
• 2 m @ 7.5 g/t Au from 22 m (IMWRC‑038)
• Strategic Context: Imwelo Project is fully permitted with a 10‑year mining licence, >90 % metallurgical recoveries, and located ~12 km from AngloGold Ashanti’s Geita Mine.
• Objectives:
• Validate pit and slope designs for final open‑pit shell.
• Test down‑dip (to ~200 m) and western step‑out extensions to potentially expand the resource envelope.
• Collect geotechnical data for domain updates and mine scheduling.
• Obtain representative core for confirmatory metallurgical testing.
• Management Comments:
• Marc Cernovitch, President & CEO – emphasized dual focus on production readiness and resource growth.
• Seth Dickinson, COO – highlighted the program’s role in turning plans into “mine‑ready” decisions.
• Qualified Person: David Scott, Pr. Sci. Nat., Director and Officer of LVG, reviewed and approved technical information per NI 43‑101.

Notable Quotes

“By mobilizing now and adding a second rig, we're advancing Imwelo on two fronts—short‑term production readiness and resource growth potential.” – Marc Cernovitch, President & CEO

“This program is about turning plans into mine‑ready decisions—validated pit design and targeted step‑outs for potential growth.” – Seth Dickinson, P.Eng., COO