Lake Victoria Gold commences Phase 3 land programme at Imwelo

Phase 3 will expand the Project footprint for accommodation, workshop and supporting mine infrastructure Vancouver, British Columbia--(Newsfile Corp. - July 31, 2026) - Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("Lake Victoria Gold," "LVG" or the "Company") is pleased to announce that its wholly owned Tanzanian subsidiary, Tembo Gold (T) Limited ("TGTL"), will commence the Phase 3 land valuation and compensation programme at the fully permitted Imwelo Gold Project ("Imwelo" or the "Project") in Chato District, Geita Region, on August 1, 2026. Phase 3 covers approximately 73 acres required for the continued expansion of the Imwelo site footprint and the development of supporting mine infrastructure, including accommodation camps and workshop facilities. The programme represents another practical step in advancing site readiness as LVG moves Imwelo toward construction and development.

The programme is expected to involve approximately 60 Project Affected Persons ("PAPs") within Imwelo A Hamlet, Imwelo Village. It follows the successful completion of Phase 1, covering 268 acres in 2019, and Phase 2, covering 185 acres in 2023. Upon completion of Phase 3, the three land programmes will have covered a combined 526 acres.

Key Highlights Phase 3 commences August 1, 2026 , covering approximately 73 acres within Imwelo A Hamlet. Supports construction readiness by providing the additional land required for accommodation, workshop and related mine infrastructure. Approximately 60 PAPs are expected to participate in a transparent and legally prescribed valuation and compensation process.

Programme commencement has been approved by the relevant Chato District authorities and will be conducted by qualified government valuers at the district and regional levels. Builds on two successfully completed programmes , bringing the total area covered by Phases 1, 2 and 3 to approximately 526 acres upon completion. Advancing Site Readiness at Imwelo The Phase 3 programme forms part of LVG's broader preparation of the Imwelo site for construction and future mining operations.

The additional land will accommodate infrastructure required to support the Project's workforce, maintenance activities and day-to-day site operations. By advancing the land programme alongside the Company's engineering, procurement and site-development activities, LVG is continuing to methodically address the practical requirements for construction and project execution. Transparent and Inclusive Compensation Process LVG is committed to conducting the valuation and compensation programme transparently, fairly and in accordance with Tanzanian law, in close collaboration with government authorities, local leadership and the affected community.

The exercise has been approved by the Office of the District Executive Director and the District Commissioner of Chato District Council. It will be undertaken with representatives from Chato District Council, the District Commissioner's Office, Imwelo Village, Buselesele Ward and other relevant government authorities. Qualified government valuers at the district and regional levels will conduct the valuation process in accordance with applicable Tanzanian land and valuation legislation.

Community sensitization meetings will explain the process, rights and obligations to affected persons, and valuation results will be disclosed to each affected person before compensation is completed. CEO Comment Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold, commented: " Phase 3 reflects the steady, disciplined execution required to move Imwelo from a fully permitted project into construction and production. Our previous land programmes have established a strong foundation of trust with the community and local authorities, and we intend to maintain that standard as development advances.

Responsible engagement is not separate from successful mine development, it is fundamental to building a durable operation in Tanzania. " Cautionary Note on Production Decision 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 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.

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. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, operational risks, regulatory risks and permitting risks.

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 appointment of CECL and Sutton and the anticipated scope, performance and benefits of the EPCM arrangement; the advancement of the Imwelo Gold Project toward a construction decision and a construction-ready mine plan; the planned EPCM work programmes and the expected timing thereof; the anticipated benefits of the Tanzanian local content structure; the previously announced gold loan facility term sheet with Monetary Metals & Co. and the satisfaction of conditions and receipt of regulatory approvals in connection therewith; and the receipt of other required regulatory and governmental 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 ability of CECL and Sutton to perform the EPCM services as anticipated; the negotiation and execution of definitive agreements; delays in engineering, permitting, financing or construction activities; the availability of financing, including completion of the Monetary Metals gold loan facility on the terms described or at all; receipt of all required regulatory approvals; the volatility of metal prices and LVG's common shares; actual 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307382 Newsfile Corp. July 31, 2026 - 12:01 AM PDT News by QuoteMedia www.quotemedia.com