Grade is King: Bonanza Discoveries Re-Rate The Gold Exploration Sector

On December 15, 2025, Lake Victoria Gold announced additional high-grade drill results from its ongoing 4,000-metre program at the Imwelo Gold Project in Tanzania. The results confirm that gold mineralization extends beyond the current open-pit design, both laterally (to the east and west) and at depth (down-dip continuity demonstrated to over 250 metres vertical depth).

Key intercepts include: - 2.45 metres at 9.31 g/t Au - 0.90 metres at 11.19 g/t Au - 1.30 metres at 8.55 g/t Au

The company has now completed 16 of the 24 planned holes. Management stated that these results strengthen confidence in the geological model and support the potential for upgrading Inferred resources to the Indicated category, as well as providing a basis to evaluate a future underground development phase.

The latest drill results are materially positive and represent a successful and systematic execution of the company's stated strategy. The primary goal of this drill program, announced on October 9, 2025, was to finalize the pit design for the Area C starter pit, convert and grow the resource, and gather key technical data.

• Progression and Validation: The news builds directly on the first batch of results released on November 26, 2025, which also showed high-grade intercepts (e.g., 1.33m @ 11.88 g/t Au) extending mineralization beyond the pit shell. This consistent success across multiple releases validates the geological model and de-risks the Imwelo project significantly. The company is not just hitting gold; it is hitting gold where its model predicted, successfully expanding the known mineralized envelope.

• Economic Implications: By confirming mineralization at depth and along strike, these results increase the probability of a larger resource than what is currently modeled. This has direct implications for a potentially longer mine life, an expanded production profile, and improved project economics for the planned low-capex starter mine. The confirmation of down-dip continuity to over 250m also introduces the possibility of a future, higher-grade underground operation, adding a significant layer of long-term value potential.

• Alignment with Strategy: This news directly supports the company's dual-track strategy. The successful de-risking of the near-term production asset (Imwelo) provides a clearer path to cash flow, which can then be used to fund exploration on their blue-sky exploration asset (Tembo) in a non-dilutive manner.

Compared to previous updates, this news is not a game-changing discovery of a new zone but a crucial and successful step in project execution. It demonstrates that the capital raised in the September/October 2025 financings is being deployed effectively to build tangible value and advance the flagship project toward a production decision. The results are in line with, and arguably exceed, what would be considered a successful outcome for this type of infill and step-out program.

Lake Victoria Gold is a Canadian gold exploration and development company focused on its assets in the Lake Victoria Goldfields of Tanzania. The company operates a dual-track strategy with two primary projects: 1. Imwelo Gold Project: This is the company's near-term development asset. It is fully permitted for mining and is located 12km from AngloGold Ashanti's Geita Gold Mine. The current strategy is to develop a low-capex, open-pit starter mine at the "Area C" zone, with a stated goal of achieving first gold production within 12 months of commencing construction. 2. Tembo Gold Project: This is the company's larger exploration play, located adjacent to Barrick's prolific Bulyanhulu Gold Mine. It is considered to have district-scale potential. The company is also exploring a small-scale, near-term production scenario at Tembo's Ngula 1 zone through a potential toll-milling joint venture with Nyati Resources.