LAKE VICTORIA GOLD COMMENCES 6,500-METRE GRADE CONTROL DRILLING AT IMWELO IN PREPARATION FOR INITIAL MINING

Lake Victoria Gold Ltd. has initiated a 6,500-metre reverse circulation (RC) grade control drilling program at Area C of its fully permitted Imwelo Gold Project in Tanzania. The program, which began on November 4, 2026, targets the upper 20 metres of the planned open pit on a 10m x 10m staggered grid. This work is designed to delineate ore and waste boundaries, manage dilution, and optimize grade control for initial mining benches. A second rig mobilization is expected, with completion targeted for February 2027.

The drilling effort builds on high-grade intersections reported in August 2026, including an interval of 28.71 g/t Au over 2.75m, as well as metallurgical testwork that confirmed 96-97% gold recoveries with pretreatment. Site development is also progressing, with initial access road repairs completed and the construction camp substantially finished. Clearing and earthworks are advancing across key infrastructure areas. While the project remains fully permitted under JORC standards, it has not yet completed a NI 43-101 compliant feasibility study establishing mineral reserves.

Lake Victoria Gold Ltd. (LVG) has advanced its grade control drilling, a step that logically follows previously announced sterilization drilling, geotechnical studies, metallurgical validation, and Phase 1 earthworks. The activity confirms execution momentum rather than introducing fundamentally new information.

The operational update aligns with management's stated development timeline and does not alter the project's capital requirements, risk profile, or financing dependencies. However, the announcement does not resolve the critical gap of lacking a current NI 43-101 feasibility study or proven mineral reserves. Production decisions remain contingent on final engineering, procurement, and the closure of pending financings.

Lake Victoria Gold Ltd. (LVG) is a Canadian junior gold company focused on the Lake Victoria Goldfield in Tanzania. Its flagship asset is the Imwelo Gold Project, a fully permitted open-pit development located approximately 12 km from AngloGold Ashanti's Geita Mine. The project is transitioning from technical de-risking to physical construction, with Phase 1 earthworks, camp construction, and the appointment of an EPCM contractor already complete. Metallurgical testwork confirms high recoveries of 96-97% using conventional gravity and cyanide leaching.

The company also holds the Tembo Gold Project, located adjacent to Barrick's Bulyanhulu Mine. Tembo recently announced a maiden NI 43-101 resource with 480,100 Inferred ounces and 99,700 Indicated ounces, focusing on the Ngula 1 deposit. Lake Victoria Gold is advancing a toll-milling pathway with Nyati Resources for this asset.

Production targets for Imwelo include initial output of 12,000 oz Au per annum from Area C, ramping to 24,000 oz Au per annum in year 3. The capital expenditure estimate for the project is approximately $15.03 million USD.