Lake Victoria Gold talks Q3 work by Bulyanhulu

Executive Summary

• Lake Victoria Gold provided a Q3 2025 exploration update regarding activities conducted by Bulyanhulu Gold Mine Ltd. (a joint venture between Barrick Mining Corp. and the Tanzanian government) on the Tembo Area Licenses previously sold by Lake Victoria Gold.
• Exploration activities included the completion of a 94-line-kilometer GAIP geophysical survey, the initiation of an air-core (AC) drilling program at the Enze target, and advanced planning for diamond and reverse circulation (RC) drilling along the Itetemia trend.
• The update highlights the potential for contingent payments of up to $45 million USD for Lake Victoria Gold, subject to future discoveries or defined resource thresholds on these licenses under the 2021 Asset Purchase Agreement.

Key Details

• Geophysical Survey: Bulyanhulu completed 94 line kilometres of gradient array induced polarization (GAIP) surveying; results are being incorporated into updated structural and stratigraphic interpretations.
• Air-Core (AC) Drilling:
  • Program commenced late in Q3 2025 at the Enze target.
  • Completed to date: Two fences of 19 holes totaling 419 metres.
  • Planned scope: 945 holes, 30,750 metres, across 18 fences.
  • Early logging indicates a 15-metre regolith profile over basalt and felsic tuff sequences, including quartz-veined and moderately foliated argillite intercalations hosting smoky-grey quartz veins and boxworks.
• Diamond and RC Drilling Planning:
  • Planning advanced for drilling along the Itetemia trend.
  • Planned scope: Five diamond fences and four RC drilling fences.
  • Objective: Refine stratigraphic understanding, identify/test potential repetitions of Reef 1 and Reef 2 horizons, and target paleosurfaces and stratigraphic fold repetitions.
  • Timeline: Planned to be completed in Q4 2025.
• Project Expenditures: As of Sept. 30, 2025, cumulative project spending totals $6,659,397 (U.S.) out of a proposed $9-million (U.S.) under the APA.
• Contingent Payments: Under the APA executed in 2022, Lake Victoria Gold may receive up to $45-million (U.S.) in contingent payments from Barrick, subject to future discoveries or defined resource thresholds on the licenses.
• Research Engagement: Lake Victoria Gold engaged Atrium Research Corp. to publish research reports and host three recorded interviews with management.
  • Compensation: $3,500 per month in cash.
  • Duration: Nine months beginning Nov. 24, 2025.
  • Status: Subject to TSX Venture Exchange approval; parties are arm's-length.

Notable Quotes

• David Scott, Director and Managing Director Tanzania: "The Q3 results from Barrick highlight a systematic and technically strong approach to unlocking the Tembo geology. The GAIP survey, the extensive air-core program, and the planned diamond and RC drilling all target the same core objective -- vectoring toward Bulyanhulu-style mineralization within the inlier. The combination of structural refinement and deeper drilling gives us increasing confidence in the potential for a significant discovery."
• Marc Cernovitch, President and CEO: "The continued progress by Barrick at Tembo reinforces the long-term potential of this highly strategic asset. Their work is helping to refine the geological picture across the inlier and advance our collective understanding of the structures that host major gold systems in the region. With Imwelo moving toward development, Tembo provides Lake Victoria Gold with meaningful exploration upside and optionality within one of Africa's most prolific gold belts."