Lake Victoria Gold Closes Second Tranche, Upsizes Convertible Debenture to $5M

Vancouver, British Columbia--(Newsfile Corp. - May 20, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (" LVG " or the " Company ") is pleased to announce that it has closed the second tranche of its non-brokered private placement (the " Private Placement ") of unsecured convertible debentures (each, a " Debenture ") for gross proceeds of $300,000. Aggregate gross proceeds raised across the financing now total $3,834,200. In light of continued strong investor participation, the Company intends to increase the size of the Private Placement to aggregate gross proceeds of up to $5,000,000, subject to TSX Venture Exchange (" Exchange ") approval and completion of additional subscriptions.

Proceeds from the Private Placement are being used to support ongoing development activities at the Company's fully permitted Imwelo Gold Project in Tanzania, including engineering, mine planning, infrastructure preparation, and field programs currently underway at site. Marc Cernovitch, CEO & Director of Lake Victoria Gold, commented: "The continued support for this financing reflects growing confidence in Imwelo and our broader development strategy in Tanzania. Importantly, site activities are now actively underway, with sterilization drilling having commenced on May 12 th in support of final infrastructure placement and detailed site engineering.

With drilling and multiple technical workstreams progressing in parallel, we continue to advance Imwelo toward construction readiness while maintaining our focus on a disciplined pathway toward near-term gold production." Development Momentum at Imwelo As previously announced, LVG commenced its sterilization drilling program on May 12, 2026. The program is designed to support final infrastructure placement and detailed site layout planning for key project infrastructure, including plant facilities, waste rock placement areas, haul roads, and other surface infrastructure. The program is progressing on schedule, with 8 of 21 planned boreholes completed to date, representing approximately 39% of the planned program and 411 metres drilled out of a planned 1,050 metres.

Drilling is expected to continue through May and early June, with results supporting: Final infrastructure placement and site layout optimization Detailed engineering and mine planning Final pit design and scheduling Ongoing geotechnical and development studies In parallel, the Company continues to advance the proposed Monetary Metals gold loan facility, procurement planning, and development sequencing activities aligned with its near-term construction objectives at Imwelo. Each Debenture bears interest at 5% per annum payable semi-annually in cash. Each Debenture matures 36 months from the date of issuance (the " Maturity Date ").

The Debentures will constitute unsecured obligations of the Company, ranking pari passu with all other unsecured indebtedness and subordinate to any present or future secured debt obligations of the Company. The outstanding principal amount of each Debenture is convertible, at the option of the holder, at any time prior to the Maturity Date, into common shares of the Company (each, a " Share ") at a conversion price of $0.30 per Share (the " Conversion Price "), subject to customary adjustments. In connection with the Debentures, investors in the second tranche were also issued warrants to purchase 499,997 common shares of the Company, being the number of shares equal to 50% of the number of shares issuable upon conversion of the Debentures, exercisable at $0.40 per share for a period of 36 months.

In total, the Company has issued 6,390,324 warrants to investors across the first and second tranches of the Private Placement. All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. A cash finder's fee of $6,000 was paid to an arm's length finder in connection with the second tranche of the Private Placement.

The Private Placement is subject to the final approval of the Exchange. 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. On Behalf of the Board of Directors of the Company, Simon Benstead Executive Chairman & CFO Phone: +1 604-685-9316 Email: sbenstead@lakevictoriagold.com For more information please contact:   NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including, without limitation: the terms and completion of the Private Placement; the advancement of the Company's projects; exploration and development plans of the Company; the use of proceeds; and the receipt of required regulatory approvals. All statements in this news release that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur.

All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond LVG's control, including risks associated with or related to: the completion of the Private Placement on the terms described or at all; receipt of all required regulatory approvals; the availability of financing; the volatility of metal prices and LVG's common shares; actual exploration or development plans and costs differing materially from the Company's estimates; and other risks disclosed in the Company's public filings. LVG's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof.

LVG does not assume any obligation to update forward-looking statements except as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities LVG will derive therefrom.

Undue reliance should not be placed on forward-looking statements. NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298112 Source: Lake Victoria Gold Ltd.