Lake Victoria Gold completes initial access road repairs at Imwelo

Canada NewsWire

Access-road repairs completed, site earthworks advancing and construction camp substantially complete at the fully permitted Imwelo Gold Project in Tanzania

VANCOUVER, British Columbia , Sept. 3, 2026 /CNW/ -- Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("Lake Victoria Gold", "LVG" or the "Company") is pleased to provide an update on early works at its wholly owned Imwelo Gold Project in the Chato District of Tanzania's Geita Region. Initial spot repairs on the Katoro-to-Imwelo access road have been completed; clearing, stripping and levelling are advancing across key process and infrastructure areas; and the construction camp is substantially complete, collectively establishing core infrastructure for the next phase of development.

Key Highlights

Initial spot repairs have been completed along the 14 km access road from Katoro, the nearest large town, to Imwelo village at the project site, improving access ahead of the wet season. Compaction of repaired sections is continuing.

Construction camp substantially complete, with core utilities and amenities installed and the water system pressure-tested. The build-once camp will transition into Imwelo's permanent operations camp.

Clearing and bulk earthworks are advancing across the pit, tailings storage facility, waste rock dump and dam sites. Bush clearing is underway at Area C and will then move to the process plant area.

Stripping and levelling of the run of mine (ROM) pad has commenced. Excavated material is being used to construct the western berm within the mining licence boundary.

A local Tanzanian contractor is delivering the works, with the road programme supervised in coordination with the Tanzania Rural and Urban Roads Agency (TARURA) and benefiting surrounding communities.

Access Road Repairs, Katoro to Imwelo

A local Tanzanian contractor completed the initial spot repairs under the supervision of [CECL] and in coordination with the Tanzania Rural and Urban Roads Agency (TARURA).

Following a survey of the full route, the worst-affected sections were prioritized for repair ahead of the wet season, which typically begins in late October or November. Spot repairs were completed over 14 km using quality laterite sourced from within the mining licence. Compaction is continuing, with a compactor and water bowser remaining on the road while the balance of the fleet moves to site for earthworks.

The repairs support safe and reliable transport of materials, equipment and fuel to the project site. They also improve the movement of people and supplies to outlying villages. A broader, long-term upgrade of the all-weather dirt road is contemplated.

Site Clearing and Earthworks

At the project site, bush clearing is underway at Area C and will progress to the process plant area. Clearing and topsoil stripping are also advancing at the pit, tailings storage facility (TSF), waste rock dump and dam sites. Topsoil is being stockpiled as a berm between the production area and future camp to provide a sound barrier.

Stripping and levelling of the run of mine (ROM) pad has commenced. Excavated material is being used to construct the western berm within the mining licence boundary. Levelling and cutting of the process plant platform will follow ahead of civil works, with TSF preparation sequenced thereafter.

Camp Infrastructure

Development of the Imwelo construction camp is now substantially complete. Electrical installation, drainage, bathroom facilities and the generator shelter have been completed, and the water system has been pressure-tested, following earlier installation of water storage, power generation and plumbing.

The build-once camp is the first phase of Imwelo's permanent operations camp, allowing infrastructure used by the construction workforce to remain in service during operations. This avoids duplicated expenditure and supports disciplined capital deployment.

Management Commentary

Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: "These early works mark an important step as we move Imwelo from a fully permitted, development-ready asset toward construction. Reliable site access, preparation of the core infrastructure footprints and a substantially complete build-once camp are essential to that transition and reflect our practical, disciplined approach to development. The programme is being delivered by a local Tanzanian contractor in coordination with TARURA, supporting project execution while creating lasting benefits for surrounding communities."

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 is not based on a feasibility study of mineral reserves and therefore involves 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, and operational, regulatory, or permitting risks.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects . Mr. Scott is a Director and Officer of the Company.

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,

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 maiden Mineral Resource Estimate for the Tembo Gold Project and the assumptions underlying it; the potential upgrading of Inferred Mineral Resources to higher confidence categories and the conversion and growth of Mineral Resources through further exploration and drilling; the planned close-spaced drilling program of approximately 5,000 metres at Ngula 1 on an approximately 20 m by 20 m pattern, and the anticipated timing, scope, results and benefits thereof, including improved geological confidence, resource conversion and support for future mine planning; the advancement of resource conversion and mine planning at Ngula 1 and the potential development of a capital-light production pathway; the previously announced toll-milling arrangement with Nyati Resources (T) Limited in respect of a 500-tonne-per-day processing plant, and the confirmatory drilling, permitting, financing and negotiation and execution of a definitive agreement in connection therewith; the potential for near term production at Tembo; the potential receipt of up to US$45 million in contingent, ounce-based payments under the Company's December 2021 asset purchase agreement with Bulyanhulu Gold Mine Limited; the interpretation of geological and structural continuity between the Tembo licences and the adjacent Bulyanhulu Mine, and the exploration potential of the 39 identified targets, including step-out and extension drilling and the potential for mineralization to extend below currently drilled depths; the planned reinterpretation of historical aeromagnetic data and assessment of follow-up airborne electromagnetic surveying; the filing of the supporting NI 43-101 Technical Report under the Company's SEDAR+ profile within 45 days of this news release; and the receipt of 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 fact 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 and that it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated Mineral Resource or converted to Mineral Reserves; the risk that further drilling, including the planned close-spaced program at Ngula 1, does not confirm the continuity, geometry or grade of mineralization or does not result in resource conversion or growth; delays in, or the failure to complete, drilling, permitting, financing, or the negotiation and execution of a definitive toll-milling agreement with Nyati Resources (T) Limited; the risk that the proposed toll-milling arrangement is not completed on the terms described, or at all, and that production does not result; the risk that any decision to commence production would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure; the risk that the contingent, ounce-based payments under the Company's asset purchase agreement with Bulyanhulu Gold Mine Limited are not received, in whole or in part, as those payments depend on exploration and development success achieved by Bulyanhulu Gold Mine Limited on the acquired licences, which is outside the Company's control; the risk that mineralization on adjacent or nearby properties, including the Bulyanhulu Mine, is not necessarily indicative of mineralization on the Tembo Project, and that geological and structural interpretations are interpretive; the risk that historical drilling and surface sampling results are

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SOURCE Lake Victoria Gold Ltd.

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Canada Newswire

September 3, 2026 - 8:58 AM PDT

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