Lake Victoria Gold talks Q2 exploration by Bulyanhulu

Executive Summary

• Lake Victoria Gold Ltd. reports on Q2 2025 exploration activities conducted by Barrick Mining Corp. (via Bulyanhulu Gold Mine Ltd.) on the Tembo-area licences previously sold by LVG.
• Barrick completed 12 reverse circulation (RC) drill holes totaling 1,380 metres, targeting the granite-greenstone contact in the northwest sector.
• Results confirmed favourable geology, including mafic metavolcanics, quartz porphyry dikes, and silica-sericite alteration, reinforcing geological continuity with the nearby Bulyanhulu mine.
• LVG retains potential for up to $45 million in contingent payments from Barrick based on future discoveries or resource definitions on these licences.

Key Details

• Drilling Activity: 12 RC holes drilled for a total of 1,380 metres.
• Target: Granite-greenstone contact in the northwest, interpreted as prospective with possible dilation zones.
• Geological Intersects:
  • Mafic metavolcanics (greenstone) and quartz porphyry dikes.
  • Weak to moderate deformation.
  • Associated silica-sericite alteration.
  • Localized disseminated pyrite and quartz veining.
• Geochemical Samples: Rock-chip samples from artisanal workings near strong chlorite-sericite alteration zones indicate potentially mineralized structures.
• Strategic Context:
  • Bulyanhulu Gold Mine Ltd. (Buly) is owned by Twiga Minerals Corp., a joint venture between Barrick Mining Corp. and the Government of Tanzania.
  • Buly acquired six licences from LVG in 2022.
  • LVG may receive up to $45 million (U.S.) in contingent payments from Barrick subject to future discoveries or defined resource thresholds on these licences.
• Future Plans: Barrick’s Q3 2025 program will focus on ranking and prioritizing follow-up drill targets along prospective structural corridors defined by Q2 results and earlier geochemical anomalies.
• Investor Relations Update: LVG engaged Sidis and Market IQ for IR services. Sidis contract is 6 months ($100k total); Market IQ contract is 6 months, renewable monthly ($100k total).

Notable Quotes

• Simon Benstead, Executive Chairman and CFO: "We are encouraged to see Barrick's sustained exploration momentum and technical validation across the Tembo-area licences. Their work continues to confirm the fertility of this part of the Lake Victoria goldfields, where LVG remains a significant stakeholder through both our adjacent 100-per-cent-owned Tembo project and the contingent upside tied to future discoveries."
• Marc Cernovitch, President and CEO: "Barrick's methodical exploration is confirming the geological architecture we've interpreted on our licence area. As they advance, LVG benefits from both the direct geological insights and the potential for substantial contingent payments -- creating a rare opportunity of value addition through a combination of near-term potential production development at Imwelo and the Tembo project, and discovery leverage through the Buly exploration."