Lake Victoria Gold Clears Path for Construction at Imwelo Following Successful Sterilization Drilling

Executive Summary

• Lake Victoria Gold completed a 23-hole sterilization drilling program at its Imwelo Gold Project in Tanzania, confirming that proposed process plant and accommodation camp footprints are clear of significant gold mineralization.
• The program de-risks Phase 1 construction by ensuring no economic mineralization will be sterilized, while simultaneously providing critical geotechnical data for foundation design.
• Results advance the company's near-term construction timeline, including site clearing, access road upgrades, and EPCM procurement for Phase 1 infrastructure.

Key Details

• Drilling Scope: 23 sterilization holes completed across two infrastructure footprints: 12 holes (IMWST001-IMWST012) beneath the proposed process plant and 11 holes (IMWST013-IMWST023) beneath the accommodation/man-camp area.
• Total Meterage: 1,136 meters drilled.
• Mineralization Results: No significant gold intersections returned from either footprint, confirming no economic mineralization is expected to be sterilized by the facility siting.
• Geotechnical Findings: Drilling intersected a continuous clay horizon approximately 3-5 meters thick across the plant area, providing direct input for foundation and civil design.
• Geological Context: Results were interpreted against regional total magnetic intensity (TMI) data, confirming the known gold-bearing trend is located south of the cleared infrastructure footprints.
• Project Status & Licensing: Project is held via wholly-owned subsidiary Tembo Gold (T) Limited under Mining Licence ML 538/2015; fully permitted for mine construction and production based on JORC-compliant PEA and PFS studies.
• Near-Term Next Steps: Incorporation of sterilization/geotechnical results into final civil/foundation design, continued construction build-out (access road upgrade, site clearing, camp installation), and advancement of EPCM structure and procurement for Phase 1 infrastructure.

Notable Quotes

• "Completing sterilization drilling at both the plant and accommodation footprints is an important, practical step in derisking our construction program at Imwelo," said Marc Cernovitch, President and CEO. "Confirming that we are not building over any potential mineralization gives us the confidence to advance civil works on these footprints, while the geotechnical information gathered along the way feeds directly into our foundation and camp design. This is exactly the kind of disciplined, sequenced progress we set out to deliver as we move Imwelo towards construction."