Lake Victoria Gold Announces Q3-2025 Exploration Update from Barrick on Tembo Area Licenses

The most recent news release from November 24, 2025, provides an exploration update for Q3 2025 from Barrick Gold Corporation (via Bulyanhulu Gold Mine Limited) on the Tembo Area Licenses, which were previously sold by Lake Victoria Gold Ltd. (LVG). The update highlights a systematic exploration approach, including the completion of a geophysical (GAIP) survey, the initiation of an aircore drilling program, and the planning for subsequent diamond and RC drilling. Barrick's activities are focused on identifying Bulyanhulu-style mineralization within the Tembo Inlier. LVG's management expressed confidence in the potential for a significant discovery on these licenses, which could trigger contingent payments to LVG.

Concurrently, the company announced the engagement of Atrium Research Corporation for a 9-month marketing and investor relations program, including research reports and recorded interviews, for a monthly fee of $3,500 USD, pending TSXV approval.

This news is a routine update on exploration activities being conducted by Barrick on licenses that LVG previously sold. While any discovery by Barrick on these licenses could result in significant contingent payments to LVG (up to $45 million USD), this specific update reports on ongoing methodical exploration rather than new, material assay results or discoveries. Barrick's continued activity indicates their commitment to exploring the ground, which is a long-term positive for LVG's contingent upside. However, the news itself does not introduce new data that would immediately re-rate LVG's core value or significantly impact its direct projects (Imwelo or the 100%-owned Tembo project).

The marketing engagement is a standard corporate activity aimed at increasing investor awareness. At $3,500 per month, it is not financially material to the company, especially after its recent $8 million financing.

In the context of previous news, this update is in line with expectations for Barrick's continued work on the sold licenses. LVG's primary focus in recent months has shifted towards advancing its 100%-owned Imwelo Gold Project toward production, as well as developing its remaining Tembo licenses. The recent mobilization of a second drill rig at Imwelo (October 31, 2025) and the impending assay results from that program represent more immediate and direct catalysts for LVG's valuation.

Therefore, this Q3 update on Barrick's exploration, while a positive sign of long-term potential for contingent payments, is not a material event that would significantly alter LVG's immediate stock price or fundamental outlook.

Lake Victoria Gold Ltd. (LVG) is a Canadian-based gold exploration and development company primarily focused on projects in Tanzania, East Africa. The company's strategy involves advancing its 100%-owned gold assets towards production and leveraging contingent upside from previously divested properties.

LVG's key projects include: * Imwelo Gold Project: This is currently the company's flagship development project. LVG completed the acquisition of the Imwelo mining licence (ML538) on February 28, 2025. The project is fully permitted for mine construction and production, holding a 10-year mining license (renewable for another 10 years). The company plans a low-capex starter open-pit mine at Area C, one of the highest-grade zones within the historical resource envelope (average grade 3.7 g/t Au). A 4,000-meter drill program at Area C commenced in October 2025, with a second rig mobilized to fast-track efforts to finalize pit design, convert resources, and gather geotechnical/metallurgical data. The target is first gold production within 12 months of commencing construction. A cautionary note is present, indicating that a feasibility study establishing mineral reserves has not been completed, implying increased uncertainty and higher risk for any production decision. The project is subject to a 2% royalty to a previous owner and a 16% free-carried interest for the Government of Tanzania. * Tembo Project (100% owned): Located adjacent to Barrick Gold's Bulyanhulu mine, LVG successfully converted its prospecting license for Tembo into four 10-year mining licenses on April 9, 2025. This allows for direct development. Over $28 million USD has been historically spent on exploration, including 50,000 meters of drilling. High-priority targets like Ngula 1, Nyakagwe Village, and Nyakagwe East have shown promising historical intercepts. The company is evaluating near-term production opportunities, including a potential small-scale mining joint venture with Nyati Resources (T) Ltd. using nearby third-party processing facilities. * Tembo Area Licenses (Sold to Barrick): In December 2021, LVG sold six non-core prospecting licenses adjacent to the Bulyanhulu mine to Bulyanhulu Gold Mine Ltd. (a Barrick JV). In return, LVG received $6 million USD upfront and stands to receive up to $45 million USD in contingent payments tied to future gold discoveries by Barrick (structured as $20/oz for the first 1M oz, $10/oz for the second 1M oz, and $5/oz for the next 3M oz). Barrick committed to $9 million USD in exploration expenditures over four years, with $5.56 million USD spent as of Q1 2025.