Lake Victoria Gold advances Imwelo Phase 3 toward final approval

LAKE VICTORIA GOLD ADVANCES IMWELO PHASE 3 LAND PROGRAMME TOWARD FINAL APPROVAL AND COMPENSATION

PR Newswire

Statutory disclosure completed approximately five weeks after programme commencement; final valuation report now being prepared

VANCOUVER, BC , Sept. 10, 2026 /PRNewswire/ -- Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("Lake Victoria Gold," "LVG" or the "Company") is pleased to announce that the statutory disclosure stage of the Phase 3 land valuation and compensation programme at its fully permitted Imwelo Gold Project ("Imwelo" or the "Project") in Chato District, Geita Region, Tanzania has been completed.

A large majority of Project Affected Persons ("PAPs") have signed the full statutory valuation documentation and are now positioned for compensation following completion, verification and approval of the final valuation report.

Key Highlights

Disclosure meetings completed on September 7 and 8, 2026 , with PAPs, Chato District authorities and the Imwelo Village Executive Office.

Large majority of PAPs have completed and signed the required statutory valuation documentation , positioning them for compensation following final valuation approval.

Approximately five weeks from programme commencement to completion of disclosure , reflecting efficient coordination among government authorities, community leadership and landholders.

Programme scope expanded at the request of certain landholders , allowing LVG to secure additional land that the Company anticipates may be required for future Project development.

Final valuation report now being prepared by the government valuation team for endorsement by Government Chief valuer.

Disclosure Meeting and Site Verification

The Phase 3 programme, announced on July 31, 2026, commenced on August 1, 2026. Following field valuation, property inspection and land measurement, statutory disclosure meetings with PAPs were held on September 7 and 8, 2026 under the close supervision of village leadership including the Village Executive Officer, Chairman of the village and hamlet.

During disclosure, each participating landholder was presented with the verified record of their property, provided the opportunity to confirm its accuracy and formally acknowledge the assessment prior to finalisation of the valuation.

On the request of some PAPs, the site was revisited on September 8 to verify additional acreage and affected parties identified during the process.

PAPs completing disclosure signed the required statutory documentation, including the entry permit for inspection, property inspection form, Land Form No. 69, disclosure form and land measurement form. Completion of this critical step allows the Company to proceed toward compensation following final valuation approval.

The government valuation team continues to engage directly with the remaining PAPs.

Programme Scope Expanded

During the disclosure process, some landholders requested that LVG acquire their properties in full, including portions outside the original Phase 3 programme boundary, as the remaining areas would have been insufficient to support their existing livelihoods.

LVG agreed to the requests.

In addition to addressing the circumstances of the affected landholders, the expanded programme secures land that the Company anticipates may be required as Imwelo develops, reducing the potential need for a separate land acquisition process in the future.

Statutory Process and Next Steps

Land valuation and compensation associated with mining operations in Tanzania is conducted through a prescribed statutory process involving landholders, local government authorities and qualified government valuers.

Compensation for disturbance of the rights of lawful occupiers of land in connection with mining operations is governed by the Mining Act, Cap. 123. The valuation framework and applicable allowances are established under the Land Act, Cap. 113, the Village Land Act, Cap. 114 and related regulations.

The valuation is undertaken by registered government valuers and, under the Valuation and Valuers Registration Act, 2016 and the Valuation and Valuers (General) Regulations, 2018, the resulting valuation report is subject to endorsement by the Office of the Chief Government Valuer within the Ministry of Lands, Housing and Human Settlements Development before compensation is paid.

The government valuation team is now preparing the final Phase 3 valuation report. Once completed, the report will proceed through the required endorsement process, following which the compensation can be made to eligible PAPs who have completed the required documentation.

The Company will provide a further update as the programme advances.

Recognition of Government and Community Partners

LVG wishes to acknowledge the constructive engagement, coordination and responsiveness of the Tanzanian authorities and community leadership who have supported the Phase 3 programme from commencement through disclosure in approximately five weeks.

The Company extends its appreciation to the Office of the District Executive Director and the Office of the District Commissioner of Chato District Council; the land and valuation officers of Chato District Council; the qualified government valuers working at district and regional levels in the Geita Region; the Buselesele Ward Executive Office; and the Imwelo Village Council and Village Executive Office.

Their coordination and engagement have supported an orderly and efficient process and strong participation by affected landholders.

Management Commentary

Marc Cernovitch, President and CEO of Lake Victoria Gold, commented: "Land access is one of the areas where mining projects can lose significant time. At Imwelo, we have now completed three successive land programmes, and the process continues to demonstrate the value of a clear regulatory framework, effective coordination with government authorities and constructive engagement with the local community. The Phase 3 programme moved from commencement to disclosure in approximately five weeks, and that reflects the work of the officials, valuers, community leaders and landholders involved. We also responded when two families asked us to acquire their entire parcels because the land that would otherwise have remained was not sufficient to support their livelihoods. We believe that was the appropriate outcome for the families and for the Project. It is the standard of engagement we intend to maintain throughout Imwelo's development and across our operations."

With the disclosure stage now complete, LVG continues to advance the remaining land, infrastructure and development activities required to move Imwelo toward construction. The Phase 3 programme expands the Company's available project footprint and supports planned accommodation, workshop and related site infrastructure, while providing additional flexibility for future development. The Company continues to advance these workstreams in parallel as it prepares Imwelo for the next stage of development.

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,

Simon Benstead Executive Chairman & CFO +1 604-685-9316 sbenstead@lakevictoriagold.com

For more information, please contact:

Simon Benstead Executive Chairman & CFO +1 604-685-9316 sbenstead@lakevictoriagold.com

Marc Cernovitch CEO & Director +1 604-685-9316 mcernovitch@lakevictoriagold.com

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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/lake-victoria-gold-advances-imwelo-phase-3-land-programme-toward-final-approval-and-compensation-302874979.html

SOURCE Lake Victoria Gold Ltd.

PR Newswire

September 10, 2026 - 4:00 AM PDT

News by QuoteMedia

www.quotemedia.com