Lake Victoria Gold Commences Phase 1 Earthworks at Imwelo Gold Project

TSXV: LVG | OTCQB: LVGLF | FSE: E1K

Overview

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) announced on July 28, 2026 that Phase 1 earthworks have commenced at its fully permitted Imwelo Gold Project in Tanzania, as construction of the project's site camp nears completion. According to the company, the initial earthworks program includes upgrades to the existing access road and preparation of the plant-site footprint.

The program is being delivered under the company's previously announced EPCM structure led by City Engineering Company Ltd. ("CECL"), described by the company as a 100% Tanzanian-owned qualifying Indigenous Tanzanian Company, with international technical support from Sutton Consulting International Limited and day-to-day coordination by LVG's mobilized on-site project team.

Key Highlights

• Phase 1 earthworks commenced, including access-road improvements and initial plant-site preparation.
• Construction camp nearing completion, with water storage and power installed, plumbing completed, electrical work advancing, and accommodation being progressively outfitted.
• Build-once camp design, allowing the construction camp to transition directly into the permanent operations mine camp.
• Earthmoving fleet mobilized, with equipment deployment and utilization coordinated by the company's on-site project team.
• Tanzanian-led execution maintained, with project contracting managed through CECL in accordance with Tanzania's local content framework.
• Sourcing arrangements for road and earthworks materials established in coordination with the relevant Tanzanian authorities.

Operational Context

According to the company, plant-site preparation comprises clearing and grubbing, stripping and stockpiling topsoil for future rehabilitation, development and compaction of the plant pad, construction of sound berms, and excavation of reticulation trenches. The company states that CECL remains the primary EPCM contractor and Tanzanian commercial lead, with Sutton providing international technical support.

"Imwelo is moving beyond planning and mobilization into visible, sequenced site execution," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are establishing the infrastructure in the order the Project requires, while ensuring that early investments, including the camp, continue to serve Imwelo through construction and into operations. This practical, capital-conscious and Tanzanian-led approach is the model we intend to carry through the next stages of Project development."

What to Watch Next

• Completing and commissioning the construction camp.
• Advancing the access-road upgrade and plant-pad preparation.
• Completing topsoil stripping, berm construction, and reticulation trenching.
• Continuing detailed engineering, procurement, and construction sequencing.

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.

Read full press release here.

ArcStone Financial Pulse Team

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