Lake Victoria Gold talks Q3 work by Bulyanhulu

Mr. Simon Benstead reports LAKE VICTORIA GOLD ANNOUNCES Q3-2025 EXPLORATION UPDATE FROM BARRICK ON TEMBO AREA LICENSES Lake Victoria Gold Ltd. has provided an update on the Q3 2025 exploration activities conducted on the licences Lake Victoria Gold sold to Bulyanhulu Gold Mine Ltd. (Buly). Buly acquired six licences from Lake Victoria Gold under an asset purchase agreement (APA) signed in December, 2021. Buly is a joint venture between Barrick Mining Corp. and the government of Tanzania. During the quarter, Bulyanhulu advanced the exploration program through a number of activities designed to refine geological and structural models and to evaluate the potential for discovering another Bulyanhulu-style mineralized system within the Tembo inlier portfolio. Q3 2025 highlights: Completion of GAIP 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 initiated: A geochemical AC drilling program commenced late in the quarter at the Enze target; To date, two fences of 19 holes totalling 419 metres have been completed out of a planned 945-hole, 30,750m-metre, 18-fence program; Early logging indicates a 15-metre regolith profile over basalt and felsic tuff sequences, including quartz-veined and moderately foliated argillite intercalations that host smoky-grey quartz veins and boxworks, presumably after sulphide; Diamond and RC (reverse circulation) drilling planning: Planning advanced for diamond drill and RC drilling along the Itetemia trend; Five diamond fences and four RC drilling fences are aimed at refining the stratigraphic understanding; Drilling will focus on identifying and testing potential repetitions of the Reef 1 and Reef 2 horizons, targeting paleosurfaces and stratigraphic fold repetitions; The drill program is planned to be completed in Q4 2025. Project to-date 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. Strategic context 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 these licences. Management comments David Scott, PrSciNat, director and managing director Tanzania, stated: "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 chief executive officer, added: "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." Next steps Bulyanhulu has indicated that: AC drilling will continue through Q4 2025; Diamond and RC drilling programs are expected to be completed in Q4 2025; GAIP interpretations will guide refinement of drill targeting along priority structures within the Tembo inlier. Qualified person The scientific and technical information in this news release has been reviewed and approved by Mr. Scott, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Scott is a director and officer of the company. Lake Victoria Gold is also pleased to announce it has engaged the services of Atrium Research Corp., a leading company-sponsored research firm. Atrium will publish various research reports on the company based on based on publicly available information, industry data and discussions with management. Atrium will also host three recorded interviews with company's management team to present the investment case in an interview format. In exchange for its research services, Atrium will receive cash compensation in the amount of $3,500 per month for the services listed above. The services will be provided for nine months beginning on Nov. 24, 2025. This engagement is subject to TSX Venture Exchange approval. Atrium and the company are arm's-length parties, and neither Atrium nor its insiders hold any shares or options to purchase shares in the issued and outstanding capital of the company. About Lake Victoria Gold Ltd. Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX-V under the symbol LVG. Leveraging its unique position and experience, the company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria goldfield in Tanzania. The company has a 100-per-cent interest in the Tembo project, which has over 50,000 metres of drilling and is located adjacent to Barrick's Bulyanhulu mine. The company also holds a 100-per-cent interest in the Imwelo project, which is a fully permitted gold project west of AngloGold Ashanti's Geita gold mine. With historical resource estimates and a 2021 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity. Lake Victoria Gold has assembled a highly experienced team with a record of developing, financing and operating mining projects in Africa with management, directors and partners owning more than 60 per cent of the shares. Notably, the company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group. We seek Safe Harbor.