Lake Victoria Gold talks Q2 exploration by Bulyanhulu

Mr. Simon Benstead reports LAKE VICTORIA GOLD REPORTS CONTINUED BARRICK EXPLORATION SUCCESS AT TEMBO-AREA LICENCES Lake Victoria Gold Ltd. has provided an update on the Q2 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 in 2022. Buly is owned by Twiga Minerals Corp., a joint venture between Barrick Mining Corp. and the government of Tanzania. Exploration during Q2 2025 was focused on testing with reverse circulation (RC) drilling the granite-greenstone contact in the northwest, interpreted to be prospective, and developing and planning an air-core (AC) drilling plan aimed at testing prospective areas considered to have a similar stratigraphic sequence to the Bulyanhulu mine and a RC drilling program to test geochemical anomalies identified in previous AC drilling programs. Q2 2025 highlights: 12 RC holes drilled totalling 1,380 metres: Drilling tested the granite greenstone contact, which had been identified in the previous AC drilling and was considered to be structurally favourable with possible dilation zones and which returned anomalous gold in associated favourable geology. Favourable geology confirmed: The drilling along the northwest-trending contact intersected mafic metavolcanics (greenstone) and quartz porphyry dikes, which display weak to moderate deformation and have associated silica-sericite alteration, and localized disseminated pyrite and quartz veining, promising for gold mineralization. Rock-chip samples from artisanal workings near zones of strong chlorite-sericite alteration indicate the presence of potentially mineralized structures. The results to date reinforce the geological continuity between the Bulyanhulu mine and the Tembo project area, validating Lake Victoria Gold's long-standing interpretation of the belt's broader potential. Strategic context Under the asset purchase agreement 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 Simon Benstead, executive chairman and chief financial officer, stated: "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 chief executive officer, added: "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." Next steps Barrick's Q3 2025 program is focusing on ranking and prioritizing follow-up drill targets along the most prospective structural corridors defined by the Q2 results and earlier geochemical anomalies. Qualified person The scientific and technical information in this news release has been reviewed and approved by David Scott, PrSciNat, 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. Investor relations agreements As previously announced on Oct. 9, 2025, the company has engaged Sidis and Market IQ for investor relations and capital market advisory services and has made filings with the exchange regarding its investor relations contracts with Sidis and Market IQ. The Sidis contract is for a term of six months with a fee of $100,000 to be paid $50,000 on TSX Venture Exchange approval and $10,000 each month thereafter. This contract is not renewable. The Market IQ contract is for a term of six months and is renewable on a month-to-month basis. The fee for this contract is $100,000, payable on TSX-V approval of the contract. About Lake Victoria Gold Ltd. Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange 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.