Lake Victoria Gold adds second drill rig at Imwelo

Executive Summary

• Lake Victoria Gold Ltd. has mobilized a second multipurpose drill rig to accelerate drilling at the Area C zone of its fully permitted Imwelo gold project in Tanzania.
• The company has completed the first three holes of a planned 24-hole, 4,000-metre program; assay results for the first two holes are expected next week.
• The addition of the second rig is expected to allow the completion of the current program by the second week of December 2025, supporting final pit design, resource confidence upgrades, and metallurgical test work.

Key Details

• Drilling Program Scope: 24-hole, 4,000-metre program at the Area C zone.
• Current Status: First three drill holes completed; first two holes submitted for assay.
• Timeline: Second rig mobilizing immediately; program completion targeted for the second week of December 2025.
• Program Objectives:
  • Final pit design and geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall-support requirements, and ramp geometry; complete in-pit geotechnical domains for final pit shells.
  • Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization; upgrade inferred to indicated categories and increase measured inventory.
  • Resource growth: Test downdip extensions at approximately 100-metre and 200-metre vertical depths and stepouts along strike to the west beyond current pit limits.
  • Grade-control readiness: Generate data to plan close-spaced, shallow grade-control drilling for early mining and ROM stockpile development.
  • Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.
• Geological Observations: Early visual observations from the first three holes intersected multiple zones of quartz veining and alteration consistent with modelled mineralized horizons.

Notable Quotes

• Marc Cernovitch, President and CEO: "Momentum continues to build at Imwelo. We've completed three holes with assays pending on the first two, and, with a second rig now on site, we're moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness."
• Hendrick Mering, Exploration Manager: "Drilling at Area C is progressing well, and we're very encouraged by what we're seeing in the core to date... The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modelled mineralized horizons."