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

TSXV: LVG | OTCQB: LVGLF | FRA: E1K

Overview

Lake Victoria Gold Ltd. announced the maiden National Instrument 43-101 ("NI 43-101") Mineral Resource Estimate ("MRE") for its 100%-owned Tembo Gold Project ("Tembo" or the "Project") in northwestern Tanzania, immediately adjacent to Barrick's Bulyanhulu Mine, according to the company. The MRE comprises an Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold containing 480,100 ounces and an Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold containing 99,700 ounces across three near-surface deposits, the company stated.

At a 1.00 g/t cut-off, the MRE retains an Inferred Mineral Resource of 4.79 Mt at 2.15 g/t gold containing 331,700 ounces and an Indicated Mineral Resource of 1.07 Mt at 2.00 g/t gold containing 68,600 ounces, which the company said demonstrates a meaningful higher-grade component. Ngula 1 hosts approximately 56% of the Project's Inferred ounces and 63% of its Indicated ounces and will be the initial focus of the company's planned close-spaced drilling, resource conversion and future mine-planning work, according to the release. In parallel, the company said it continues to advance its previously announced toll-milling initiative with Nyati Resources (T) Limited as a potential capital-efficient route for processing near-surface material from Ngula 1.

Key Highlights

• Maiden Mineral Resource Estimate comprising an Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold for 480,100 ounces and an Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold for 99,700 ounces.
• Higher-grade sensitivity at a 1.00 g/t cut-off of 4.79 Mt at 2.15 g/t gold for 331,700 Inferred ounces and 1.07 Mt at 2.00 g/t for 68,600 Indicated ounces; and at a 1.50 g/t cut-off of 2.27 Mt at 3.18 g/t for 232,100 Inferred ounces and 0.56 Mt at 2.68 g/t for 48,500 Indicated ounces.
• Ngula 1 hosts an Inferred Mineral Resource of 8.12 Mt at 1.03 g/t (267,900 ounces) and an Indicated Mineral Resource of 1.78 Mt at 1.10 g/t (62,700 ounces), which the company said represents the majority of the Project's Indicated ounces.
• Planned 4,000-5,000-metre close-spaced drilling program at Ngula 1, on an approximately 20 m by 20 m pattern, intended to improve geological confidence and support future mine planning.
• Three near-surface deposits, Ngula 1, Nyakagwe Village and Nyakagwe East, reported within conceptual open-pit shells and remaining open along strike and at depth.
• District-scale growth platform on four granted Mining Licences adjacent to Bulyanhulu, with the current MRE covering only three target areas within a property where 39 exploration targets have been identified.

Strategic/Operational Context

According to the company, the maiden estimate transforms Tembo from a high-grade drill story into a defined resource on granted Mining Licences, with a pathway to growth and, potentially, near-term production. The company said much of Nyakagwe Village and Nyakagwe East remains classified as Inferred largely because of wider drill spacing, providing an opportunity for relatively rapid resource conversion through focused infill drilling. Together with its defined higher-grade component, secure tenure, the next-stage program already scoped at Ngula 1 and the potential Nyati toll-milling pathway, the company said the MRE positions Tembo as its second defined gold asset alongside the fully permitted Imwelo Gold Project.

According to the company: "This maiden resource gives Tembo a defined foundation and a clear next step. The meaningful higher-grade component and concentration of Indicated ounces at Ngula 1 allow us to focus drilling where it can most directly improve geological confidence and support future mine planning, while the broader licence package provides substantial additional exploration opportunity. With Imwelo advancing as our near-term development priority and Tembo now supported by a maiden NI 43-101 resource, LVG is building the disciplined, multi-asset Tanzanian gold company we set out to create."

The company said Ngula 1 is the most advanced of the three deposits and has been defined over approximately 600 metres of strike, across a corridor up to approximately 200 metres wide and to depths of about 200 metres, remaining open along strike and at depth. The company noted that its independent Qualified Persons recommend approximately 5,000 metres of close-spaced drilling on a 20 m by 20 m pattern intended to improve confidence in the continuity and geometry of near-surface mineralization, support resource conversion and provide the geological information required for future mine planning. The company also said it continues to advance its previously announced toll-milling arrangement with Nyati Resources (T) Limited in respect of a 500-tonne-per-day processing plant located on a Tembo licence adjacent to Bulyanhulu, subject to confirmatory drilling, permitting, financing and the negotiation and execution of a definitive agreement.

According to the company, Tembo sits within the Lake Victoria Goldfield of the Sukumaland greenstone belt, a Tanzanian gold district that includes Barrick's Bulyanhulu Mine, AngloGold Ashanti's Geita Gold Mine, and the Buzwagi and Golden Pride mines. The company stated that the northwest-trending shear structures that host Bulyanhulu's Reef 1 and Reef 2 are interpreted to continue onto the Tembo licences, and that it has used the Bulyanhulu deposit model to guide its targeting along this corridor. The company noted that Barrick's December 2021 acquisition of six of the company's non-core licences, for US$6 million in cash plus up to US$45 million in ounce-based contingent payments, reflects the scale of endowment a senior operator sees across this district, and that the company retains continued exposure to that upside as ounces are defined.

Resources and Financials

• Total Mineral Resource (0.25 g/t Au cut-off): Indicated 2.69 Mt at 1.16 g/t gold for 99,700 ounces; Inferred 13.33 Mt at 1.12 g/t gold for 480,100 ounces.
• 1.00 g/t cut-off sensitivity: Inferred 4.79 Mt at 2.15 g/t gold for 331,700 ounces; Indicated 1.07 Mt at 2.00 g/t gold for 68,600 ounces.
• 1.50 g/t cut-off sensitivity: Inferred 2.27 Mt at 3.18 g/t gold for 232,100 ounces; Indicated 0.56 Mt at 2.68 g/t gold for 48,500 ounces.
• Ngula 1 (1.00 g/t cut-off): Inferred 2.28 Mt at 2.33 g/t gold for 170,700 ounces; Indicated 0.66 Mt at 1.96 g/t gold for 41,400 ounces.
• MRE effective date: May 29, 2026, prepared in accordance with NI 43-101, the CIM Definition Standards (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019).
• Key assumptions: gold price of US$2,400/oz; mining costs of US$1.50/t for overburden and US$4.00/t for rock; processing cost of US$25.00/t; metallurgical recovery of 86% for material grading below 3.00 g/t Au and 96% for material grading at or above 3.00 g/t Au; overall pit slope of 55 degrees; reported at a 0.25 g/t Au cut-off within conceptual open-pit shells.
• Selected drill highlights at Ngula 1: TDD0041 at 22.81 g/t gold over 15.00 metres from 299.00 metres; TDD0004 at 3.13 g/t gold over 25.89 metres from 41.00 metres, including 9.38 g/t gold over 6.30 metres and 4.46 g/t gold over 2.60 metres; and TDD0054 at 8.17 g/t gold over 11.05 metres from 116.96 metres. The company noted these intercepts are selected highlights, are not necessarily representative of all drilling completed at Ngula 1, and that reported intervals are down-hole lengths with true widths not yet determined.

The company cautioned that Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, that Inferred Mineral Resources are estimated with a lower level of confidence than Indicated Mineral Resources, and that it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded through continued exploration. The company also stated that grade-tonnage sensitivity figures do not represent separate Mineral Resource estimates and should not be interpreted as Mineral Reserves.

What to Watch Next

• Completion of the planned close-spaced drilling program at Ngula 1 and reporting of assay results.
• Use of drilling results to update geological interpretation, advance resource conversion and support future mine planning.
• Advancement of the Nyati toll-milling initiative toward a definitive agreement and associated permitting.
• Reinterpretation of historical aeromagnetic data and assessment of follow-up airborne electromagnetic surveying to refine future drill targeting.
• Prioritization of step-out and target drilling across the broader Tembo property to test extensions and additional structures.
• Filing of the supporting NI 43-101 Technical Report under the company's SEDAR+ profile within 45 days of this news release.

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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