Lake Victoria Gold Formalizes Tanzanian-Led EPCM Team at Imwelo Gold Project

TSXV: LVG | OTCQB: LVGLF | FSE: E1K

Overview

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) announced on July 2, 2026 that its wholly owned Tanzanian subsidiary, Tembo Gold (T) Limited ("TGTL"), holder of Mining Licence ML 538/2015 over the fully permitted Imwelo Gold Project in northwestern Tanzania, has formalized the appointment of City Engineering Company Ltd. ("CECL") as primary Engineering, Procurement and Construction Management ("EPCM") contractor, in association with Sutton Consulting International Limited ("Sutton") as international technical-support partner.

According to the company, the appointment received approval from the Mining Commission on June 29, 2026 and is structured in accordance with Tanzania's Mining (Local Content) Regulations, 2018. The approved EPCM structure consolidates engineering and development workstreams already underway at Imwelo under a single Tanzanian-led project delivery framework, as the company advances Imwelo through final engineering, procurement planning and construction preparation.

Key Highlights

• Tanzania Mining Commission approval received on June 29, 2026 for the EPCM structure in accordance with the country's Mining (Local Content) Regulations, 2018 and its subsequent amendments.
• CECL appointed as primary EPCM contractor and commercial lead, providing Tanzanian project leadership, local engineering capability and in-country construction-management support as a qualifying Indigenous Tanzanian Company ("ITC").
• Sutton appointed as international technical-support partner, providing specialist engineering review, African mine-development experience and technical support to the EPCM mandate as sub-consultant.
• Integrated EPCM mandate established to coordinate final detailed engineering, procurement planning, infrastructure design, mine planning support, construction preparation and project management.
• Key development workstreams advancing, including tailings and water infrastructure design, geotechnical and hydrogeological studies, process plant optimization, procurement support and construction quality assurance.
• Project advancement continues alongside financing activities, including the previously announced gold loan facility term sheet of up to approximately US$25 million with Monetary Metals & Co., which remains subject to the satisfaction of conditions and receipt of required regulatory approvals.
• Third and final tranche of the non-brokered private placement of unsecured convertible debentures closed, raising gross proceeds of $331,000 and bringing total aggregate proceeds across all three tranches to $4,165,200.

EPCM Structure and Partner Profiles

According to the company, CECL is a 100% Tanzanian-owned engineering and environmental services company registered with Tanzania's National Environment Management Council ("NEMC"), Engineers Registration Board ("ERB") and the Department of Water Resources. The company states CECL's capabilities include geotechnical investigation, TSF and dam design, hydrology and hydrogeology modelling, environmental impact assessment support, water treatment design and independent project management.

Sutton is described as a multi-disciplinary mining and engineering consultancy and member of the Sutton Global Group, with representative offices across Africa and internationally. According to the company, Sutton brings experience in the development and operation of gold and multi-commodity projects across Africa, including process plant design and fabrication, tailings storage facility and dam engineering, geotechnical and environmental services, mine planning and EPCM project management. The EPCM structure includes an embedded knowledge-transfer programme consistent with Regulation 26 of the Mining (Local Content) Regulations, 2018, according to the company.

Strategic and Operational Context

Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: "This is a key milestone in preparing Imwelo for construction. With Mining Commission approval received and our EPCM structure now formalized, we have moved another important step closer to building one of Tanzania's next new gold mines. Equally important, we are advancing Imwelo the right way. Tanzania has a clear regulatory framework for local content and mining project development, and we believe long-term success in the country requires working constructively with the Mining Commission, respecting that framework, and ensuring Tanzanian companies and professionals play a meaningful role in project execution. CECL and Sutton give us the right platform to do that. CECL brings Tanzanian leadership, local engineering capability and in-country execution capacity, while Sutton adds specialist international technical support and African mine-development experience. Together, they provide the structure we need to move final engineering, procurement planning and construction preparation forward in a disciplined and compliant manner."

The company states that the EPCM structure has been designed to deliver more than engineering services alone, aiming to strengthen local engineering capability, expand opportunities for Tanzanian professionals and suppliers, and facilitate meaningful knowledge transfer that the company states will continue to benefit Tanzania's mining sector beyond the development of the Imwelo Project.

Resources and Financials

• Third tranche gross proceeds: $331,000
• Total aggregate proceeds across all three tranches: $4,165,200
• Debenture interest rate: 5% per annum
• Debenture maturity: 36 months from issuance
• Conversion price: $0.30 per share
• Warrants issued in third tranche: 551,666 common shares at $0.40 per share for 36 months
• Total warrants issued across the Private Placement: 6,941,990
• Gold loan facility term sheet (previously announced): up to approximately US$25 million with Monetary Metals & Co., subject to satisfaction of conditions and receipt of required regulatory approvals

Cautionary Note on Production Decision

The company notes that although Imwelo has been the subject of JORC-compliant PEA, PFS and updated PFS work, these foreign-code studies are not current under NI 43-101. The company states it has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM Definition Standards. The company states that any decision to commence production would not be based on a feasibility study of mineral reserves and would therefore involve increased uncertainty and a higher risk of economic and technical failure. The company states there is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated.

What to Watch Next

• Advancement of final detailed engineering, procurement planning and construction preparation at Imwelo, as the company has indicated is expected to proceed under the formalized EPCM structure.
• Satisfaction of conditions and receipt of required regulatory approvals in connection with the previously announced gold loan facility term sheet of up to approximately US$25 million with Monetary Metals & Co.
• Final approval of the TSX Venture Exchange for the Private Placement, which the company states remains subject to such approval.

About Lake Victoria Gold

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging our 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% interest in the Tembo project which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine. The Company also holds a 100% 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 JORC Compliant 2021 pre-feasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

LVG has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares. Notably, the Company is grateful for the validation that comes with the support and equity investment from Barrick and strategic partnership with Taifa Group.

Taifa Group (a diverse group of companies with interests in amongst others, Mining, Telecoms, Oil & Gas, Agri Business, 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 conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years mining related experience. Taifa have been the contractor of choice to most mines in Tanzania and have 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.

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