Lake Victoria Gold Confirms up to Approximately 97% Gold Recovery and Free-Milling Metallurgy at the Imwelo Gold Project

Executive Summary

• Lake Victoria Gold announced metallurgical testwork on drill core from Area C of the Imwelo Gold Project showing exceptionally high gold recoveries (up to ~96‑97%) using conventional gravity concentration and cyanide leaching.
• The results confirm that the mineralization is largely free‑milling, with a strong gravity‑recoverable gold component (~42‑47%) and ~84% of gold directly cyanide‑leachable, substantially de‑risking the processing profile.
• These findings support the company’s plan to advance Imwelo toward near‑term open‑pit gold production using a simple gravity‑CIL flowsheet.

Key Details

• Test Program: Conducted by Nesch Mintec Tanzania Ltd. on composite samples from recent drilling at Area C. Methods included diagnostic leach, gravity recoverable gold (GRG) testing, bottle‑roll cyanide leaching, intensive leaching of concentrates, cyanidation of tails, and Bond Work Index determination.
• Gold Recoveries:
• Up to ~97% overall recovery via bottle‑roll cyanide leaching.
• High downstream recoveries: ~95% from gravity tails after cyanidation.
• Free‑milling mineralization: ~84% of gold directly cyanide‑leachable.
• Gravity Component: Approximately 42‑47% of total gold recovered in the gravity stage across multiple test programs.
• Consistency: Results align with earlier metallurgical work completed in 2013, 2014 and 2017, confirming repeatable performance.
• Ore Hardness: Bond Work Index ≈ 22.9 kWh/t, indicating moderately hard rock typical of Archean greenstone deposits.
• Processing Implications: Supports a conventional gravity‑CIL circuit (primary crushing → grinding to P80 ≈ 75 µm → centrifugal gravity concentration → cyanide leaching of tails). Expected to deliver robust recoveries with relatively low capital and operating costs.
• Project Advancement: Metallurgical data being integrated into final mine planning, process plant design optimization, production scheduling, and broader engineering studies for Imwelo.
• Management Quote (Marc Cernovitch, President & CEO): Emphasized that the results “significantly reduce processing risk” and provide a strong technical foundation for final plant design, positioning Imwelo as a low‑risk, near‑term gold production opportunity.

Notable Quotes

“These metallurgical results represent an important milestone in advancing Imwelo toward production… The testwork confirms that the mineralization is largely free‑milling, with a strong gravity recoverable gold component and excellent cyanide recoveries of up to approximately 97%.” – Marc Cernovitch, President & CEO

All forward‑looking statements are subject to risks and uncertainties as detailed in the release.