Lake Victoria Gold closes $2-million private placement

Mr. Simon Benstead reports LAKE VICTORIA GOLD ANNOUNCES CLOSING OF NON-BROKERED CONCURRENT PRIVATE PLACEMENT OF $2 MILLION In addition to the closing of the LIFE (listed issuer financing exemption) private placement announced on Sept. 17, 2025, Lake Victoria Gold Ltd. has now closed its non-brokered concurrent private placement through the issuance of 11,428,571 common shares of the company at a price of 17.5 cents per share for gross proceeds to the company of $2-million to purchasers pursuant to applicable exemptions under National Instrument 45-106. All securities issued in connection with the concurrent private placement are subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. The company paid $7,007 cash and 40,040 finder warrants to Canaccord Genuity Corp. on a portion of the concurrent private placement. Each finder warrant is exercisable to acquire one common share in the capital of the company at a price of 17.5 cents per share for a period of three years following the completion of the concurrent private placement. All finder warrants and securities underlying the finder warrants are subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Certain insiders of the company participated in the concurrent private placement and purchased in aggregate 3,823,800 shares for a total of $669,165. The participation of any insiders may be considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such insider participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101 as the company is not listed on any of the exchanges or markets outlined in Subsection 5.5(b) of MI 61-101 and the fair market value of the securities to be distributed to the insiders will not exceed 25 per cent of the company's market capitalization. The company intends to use the gross proceeds of the concurrent private placement for general working capital purposes. 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. Taifa Group (a diverse group of companies with interests in, amongst others, mining, telecoms, oil and gas, agribusiness, pharmaceuticals, and leather) has entered into an agreement with the company to obtain an equity stake in the company and through its wholly owned subsidiary, Taifa Mining (a wholly Tanzanian-owned company), or other nominees. Taifa Mining will also carry out all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years of mining-related experience. Taifa has been the contractor of choice to most mines in Tanzania and has maintained long and successful relationships with companies such as Petra, De Beers, Barrick and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business. We seek Safe Harbor.