Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine

Lake Victoria Gold Ltd. (LVG) announced a maiden NI 43-101 Mineral Resource Estimate for its 100%-owned Tembo Gold Project in Tanzania, located adjacent to Barrick’s Bulyanhulu Mine. The resource totals 480,100 oz Inferred (13.33 Mt at 1.12 g/t Au) and 99,700 oz Indicated (2.69 Mt at 1.16 g/t Au) at a 0.25 g/t cut-off. A higher-grade sensitivity at 1.00 g/t cut-off yields 331,700 oz Inferred (4.79 Mt at 2.15 g/t Au) and 68,600 oz Indicated (1.07 Mt at 2.00 g/t Au).

The Ngula 1 deposit hosts approximately 56% of Inferred and 63% of Indicated ounces. The company plans a 4,000–5,000-meter close-spaced drilling program (20m x 20m) to convert resources and support mine planning. Additionally, Lake Victoria Gold is advancing a toll-milling initiative with Nyati Resources for a 500-tonne-per-day plant to process near-surface Ngula 1 material.

Key historical drill intercepts at Ngula 1 cited include 22.81 g/t Au over 15.00m (TDD0041) and others. Resource assumptions include a gold price of US$2,400/oz, processing costs of US$25/t, and recoveries of 86% for grades less than 3 g/t Au and 96% for grades greater than or equal to 3 g/t Au. The company has identified 39 exploration targets across its 34 km² property, with high-grade surface samples up to 35.45 g/t Au reported in late 2025.

Lake Victoria Gold Ltd. (LVG) has released its first defined mineral inventory for the Tembo project, converting exploration potential into a quantifiable asset. The company reports a combined resource size of 580,000 ounces, featuring a higher-grade core of 2.15 g/t Inferred material at a 1.00 g/t cut-off. This inventory provides a foundation for future studies and potential development, de-risking the project while offering economic attractiveness that could support initial toll-milling operations.

The resource grade is consistent with typical open-pit resources in the area, though it is lower than prior surface grades of up to 35.45 g/t and drill intercepts of 22.81 g/t over 15m. These earlier results align with management commentary highlighting Tembo’s exploration upside. The publication of the resource under NI 43-101 serves as a concrete milestone that removes uncertainty, potentially attracting new investors to the stock, which has traded in a range of $0.25–$0.31 in recent months.

Concurrent with the resource definition, the company is in advanced discussions regarding a toll-milling initiative and plans close-spaced drilling. This integration of resource definition with near-term production planning illustrates a pathway to potentially mine a portion of the resource without large upfront capital. While the resource confirms the project’s viability and adds tangible value that could ease future financing, risks remain regarding the finalization of the toll-milling agreement, drilling success, and the company’s financial position, which includes a working capital deficit and a going concern warning.

Lake Victoria Gold Ltd. (LVG) is a Tanzania-focused gold development and exploration company holding two primary assets: the fully permitted Imwelo Gold Project and the Tembo Exploration Project. The Imwelo Gold Project covers 3.2 square kilometers and is located 12 kilometers from AngloGold Ashanti’s Geita Mine. It holds Mining Licence ML 538/2015 and has a 2021 JORC-compliant pre-feasibility study. The company is advancing the project toward construction through earthworks, sterilization drilling, and EPCM mobilization, targeting first gold within 12 months of construction start. Historical resources from 2017 include Measured 42,000 oz at 3.15 g/t, Indicated 95,700 oz at 1.95 g/t, and Inferred 153,900 oz at 1.53 g/t. These historical figures are not compliant with NI 43-101, and no current NI 43-101 feasibility study has been completed.

The Tembo Exploration Project covers 32 square kilometers and is adjacent to Barrick’s Bulyanhulu Mine. It is an exploration-stage project featuring extensive drilling and artisanal workings. The maiden resource announced today represents a key step toward potentially leveraging a toll-milling arrangement with Nyati Resources for early cash flow.