Lake Victoria Gold Ltd. - Extends Mineralization Below Imwelo Pit Shell with First Results Confirming Continuity Beyond 250 m Depth

Overview

Lake Victoria Gold Ltd. has reported the first analytical results from its ongoing 4,000 m drill program at the fully permitted Imwelo Gold Project in the Lake Victoria goldfield of northern Tanzania. Assays from the first five holes confirm down-dip extensions of the primary mineralized zone beneath the current open-pit design and demonstrate mineralization to greater than 250 m vertical depth, beyond the historical resource limit of 200m below surface. The program uses reverse-circulation pre-collars with diamond-core tails to reduce cost and cycle time while generating geological, geotechnical, and metallurgical data required for final pit design and early mine planning. Initial results also indicate additional lodes in both the hanging wall and footwall, supporting the company’s objectives for resource conversion and resource growth at Imwelo Area C.

Key Highlights

• First five holes of the planned 24 hole Imwelo drill program confirm down-dip extensions of the main mineralized lodes beneath the current open-pit design and demonstrate mineralization to greater than 250 m vertical depth, beyond the historical inferred resource limit of 200m below surface.
• Intercepts from Table 1 include 2.56 m grading 6.96 g/t from 132.80 m to 135.36 m in hole IMWDR_007, including 0.25 m grading 65.02 g/t from 134.64 m to 134.89 m.
• Additional intersections include 6.30 m grading 0.62 g/t from 136.70 m to 143.00 m in hole IMWDR_009 and 1.33 m grading 11.88 g/t from 169.75 m to 171.08 m, including 0.22 m grading 68.74 g/t from 170.40 m to 170.62 m.
• Hole IMWDR_011 returned 3.53 m grading 3.40 g/t from 131.10 m to 134.63 m, while other reported intervals include 1.35 m grading 0.46 g/t (IMWDR_005), 1.28 m grading 0.66 g/t (IMWDR_004), 1.55 m grading 1.41 g/t (IMWDR_008), and 2.75 m grading 1.96 g/t (IMWDR_007).
• Five of the planned 24 drill holes have been completed, with assays received from MSA Laboratories in Geita; internal QAQC protocols using blanks, CRM, and duplicate samples were applied and the lab results passed QAQC.
• The company reports that grades and widths similar to those in the existing resource confirm the depth extension of mineralization, with additional mineralization intersected in both the footwall and hanging wall and geological continuity demonstrated to more than 250m below surface.
• President and CEO Marc Cernovitch stated that these first results are "exactly what we hoped to see" as Imwelo advances toward development, and indicated the company expects steady news flow through year-end as assays are received and the geologic and engineering foundation for construction is built.
• Exploration Manager Hendrick Mering noted that observed quartz veining, alteration, and structural continuity across multiple zones align with expectations and that early assays confirm the resource remains open at depth, with down-dip potential below 250 metres described as particularly encouraging.

Strategic / Operational Context

The current program at Imwelo Area C is designed to support final pit design and geotechnical work by collecting oriented core and rock-mass data to refine slope angles, wall support, and ramp geometry, and to complete in-pit geotechnical domains for final pit shells. It aims to improve resource confidence and conversion by infilling shallow gaps in near-surface mineralization and, where supported by results, upgrading Inferred to Indicated categories and increasing Measured inventory. The drilling also targets resource growth by testing down-dip extensions at approximately 100 m and 200 m vertical depths and step-outs along strike to the west, while generating data for future grade control drilling and metallurgical test work across oxide, transition, and fresh domains.

Resources & Financials

• Imwelo has been the subject of JORC-compliant PEA, PFS, and updated PFS work; however, these foreign-code studies are not current under NI 43-101, and the company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability. Any production decision is not based on a feasibility study of mineral reserves and therefore carries increased uncertainty and higher risk of economic and technical failure.
• The company states there is no certainty that the planned low-capex open-pit operation at Imwelo will be economically viable or that production will occur as anticipated, citing risks including variations in grade and recovery, geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks.
• Lake Victoria Gold holds a 100% interest in the Tembo project, which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine, and a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti's Geita Gold Mine, with historical resource estimates and a 2021 pre-feasibility study that position Imwelo as a near-term development opportunity.
• Taifa Group has entered into an agreement with Lake Victoria Gold to obtain an equity stake in the company and, through its wholly owned subsidiary Taifa Mining or other nominees, will conduct all contract mining and civil works for the Imwelo Project.
• Taifa Mining is described as Tanzania's largest mining contractor with over 30 years of mining related experience, long-standing relationships with companies such as Petra, De Beers, Barrick, and AngloGold Ashanti, and ownership of the largest fleet of mining equipment in Tanzania.

What to Watch Next

• Additional assays are pending from ongoing drilling at Imwelo, and the company indicates that further results will be released as they become available, with expectations for steady news flow through year-end.
• Key upcoming technical work includes completion of the planned 24 hole drill program, refinement of final pit designs and geotechnical domains, and metallurgical test work to validate recoveries across oxide, transition, and fresh rock domains.
• Investors may monitor progress on resource confidence and conversion, including efforts to upgrade Inferred to Indicated categories and increase Measured inventory, as the Area C program tests extensions at approximately 100 m and 200 m vertical depths and step-outs along strike.

Commentary

The first batch of drill results from Imwelo provides quantitative confirmation that mineralization extends below the current pit shell and beyond the historical 200m resource limit, including several high-grade intervals that support the continuity of the main lodes. By combining RC pre-collars with diamond-core tails and integrating geotechnical and metallurgical data collection, the program directly links exploration drilling to pit design and early mine planning. The established relationship with Taifa Mining for contract mining and civil works, alongside Imwelo's fully permitted status and prior technical studies, frames these drill results within a broader derisking path for potential development, while the company’s own cautionary language highlights the absence of a feasibility study and the associated risks.

About Lake Victoria Gold

Lake Victoria Gold is a gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG, focused on growth and consolidation in the highly prospective Lake Victoria Goldfield in Tanzania. The company holds a 100% interest in the Tembo project, which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine, and a 100% interest in the fully permitted Imwelo Project west of AngloGold Ashanti's Geita Gold Mine, supported by historical resource estimates and a 2021 pre-feasibility study that position it as a near-term development opportunity. Lake Victoria Gold reports that its management, directors, and partners own more than 60% of the shares and that it has both equity investment from Barrick and a strategic partnership with Taifa Group, under which Taifa Mining will perform contract mining and civil works for Imwelo. Taifa Mining is described as Tanzania's largest mining contractor, with over 30 years of mining related experience, strong relationships with major operators in the country, and ownership of the largest mining equipment fleet in Tanzania.

ArcStone Financial Pulse Team

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