LAKE VICTORIA GOLD COMPLETES INITIAL ACCESS ROAD REPAIRS AND ADVANCES SITE EARTHWORKS AT IMWELO GOLD PROJECT

Lake Victoria Gold Ltd. (LVG) issued a project-development update for its wholly owned Imwelo Gold Project in Tanzania, confirming progress on early works rather than reporting earnings or financial results. The company stated that initial spot repairs on the 14 km Katoro-to-Imwelo access road are complete, utilizing laterite sourced from within the mining licence. Compaction work is ongoing as the wet season approaches.

Construction of the camp is substantially complete, with electrical systems, drainage, bathrooms, a generator shelter, and a pressure-tested water system installed. Site preparation is advancing across the pit, tailings storage facility, waste rock dump, and dam sites. Bush clearing is underway at Area C and is scheduled to move to the process plant area, while ROM pad stripping and levelling have commenced, with excavated material being used for the western berm. These works are being performed by a local Tanzanian contractor, supervised by CECL and coordinated with TARURA.

The release contains no new drilling results, no new financing closing, no reserve or resource update, and no production decision. The company reiterated that no NI 43-101 feasibility study establishing mineral reserves has been completed and no production decision has been made.

Lake Victoria Gold Ltd. (LVG) issued an incremental operations update confirming that early site works are progressing. The market was previously informed on July 28, 2026, that Phase 1 earthworks had commenced, and a September 1, 2026 release had already outlined EPCM approval, financing progress, and construction targeting. Today’s release confirms that road repairs have been completed, the camp is substantially complete, and earthworks are moving across key site areas.

While the news is positive in direction, it is not materially new. No construction start has been formally declared, and no funding package has closed beyond the previously announced convertible debenture. The Monetary Metals gold loan remains, on the provided information, subject to conditions and not confirmed closed. There is still no NI 43-101 feasibility study or mineral reserve, and management repeats that no production decision has been made.

Prior-period context from the provided MD&A is important: as of Q1 2026, Lake Victoria Gold had only about $0.70M in cash and a working capital deficit of about $0.81M. The company also disclosed a going-concern qualification. Subsequent convertible debenture tranches raised about $4.17M, but the full project financing remains unresolved. Therefore, completing road and camp works is real progress, but it is an expected step.

Lake Victoria Gold Ltd. (LVG) is a Tanzanian gold exploration and development company listed on the TSXV, OTCQB, and FSE. The company holds two primary assets: the wholly owned, fully permitted Imwelo Gold Project in the Geita Region, located approximately 12 km west of AngloGold Ashanti’s Geita Mine, and the 100% owned Tembo Gold Project, which is adjacent to Barrick’s Bulyanhulu Mine and contains over 50,000 m of historic drilling. LVG also retains potential contingent payments from Barrick related to previously sold licences.

Imwelo is the company’s near-term development priority. According to the company’s investor presentation, the project has an estimated capital expenditure of US$15.03M and an All-In Sustaining Cost (AISC) of approximately US$1,500/oz. Planned initial production is 12,000 oz Au per year, ramping toward 24,000 oz Au per year by Year 3. The Area C open cut supports 18+ months of production, with metallurgy reported at greater than 90% recovery.

These figures are derived from JORC-compliant Preliminary Economic Assessments (PEA) and Preliminary Feasibility Studies (PFS) and are not current under NI 43-101 standards. No NI 43-101 feasibility study or mineral reserves have been established for the project. Consequently, the presentation figures should be treated as planning estimates tied to historical and JORC studies rather than as an NI 43-101 production reserve case.