Vancouver, British Columbia--(Newsfile Corp. - August 27, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to report high-grade, near-surface assay results from recent HQ diamond drilling at its fully permitted Imwelo Gold Project ("Imwelo" or the "Project") in Tanzania, including 28.71 g/t gold ("Au") over 2.75 metres from 21.00 metres in hole IMWDR029 and 12.20 g/t Au over 4.50 metres from 32.00 metres in hole IMWDR028. Individual quartz-vein samples within these intervals returned up to 142.90 g/t Au and 124.83 g/t Au, respectively.

The intercepts occur within the shallow, highly weathered mineralized sequence at Area C, the Company's planned initial open-pit mining area, and provide additional data for detailed mine planning and grade-control work. In parallel, whole-core samples from the eight HQ drillholes have been submitted to independent metallurgical laboratory Nesch Mintech Tanzania Limited for a comprehensive testwork program that will determine the metallurgical character of the weathered mineralization. In particular, the testwork will establish whether clay removal through scrubbing and screening of the weathered ore will be necessary, and will characterize the effect of the clay on the processing parameters and flowsheet.

Key Highlights

• 28.71 g/t Au over 2.75 m from 21.00 m in IMWDR029, including 59.77 g/t Au over 1.30 m from 21.00 m, with an individual 0.50 m quartz-vein sample returning 142.90 g/t Au.
• 12.20 g/t Au over 4.50 m from 32.00 m in IMWDR028, including 27.94 g/t Au over 1.90 m from 33.00 m, with an individual 0.40 m quartz-vein sample returning 124.83 g/t Au.
• Shallow mineralization within the Area C mining horizon: the two strongest reported intervals commence at only 21 metres and 32 metres downhole, respectively, within weathered saprolitic and quartz-vein material.
• Weathered-ore metallurgical program underway: whole-core testwork will define the preferred treatment route for the clay-rich near-surface material, spanning baseline recovery, desliming and attrition scrubbing.
• Direct integration into development planning: results will inform the final Area C process flowsheet, treatment-rate assumptions and plant configuration while supporting further grade-control planning, detailed pit design and mine scheduling.

Figure 1: 3D View looking north-west showing completed drill holes within Area C planned pit.

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Management Commentary

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "These results reinforce the high grade, near surface character of Area C, and the metallurgical program now underway addresses a key input to our flowsheet design. Confirming how the clay rich surface mineralized material behaves, alongside the strong recoveries already established for our sulphide and transitional mineralized material, supports sound plant design decisions and keeps our focus on disciplined capital and execution on the path to first gold."

Shallow High-Grade Results at Area C

The eight holes total 225 m and span approximately 240 m of strike at Area C. Four of these holes, IMWDR025, IMWDR026, IMWDR027 and IMWDR030, intersected voids created by historical artisanal mining, where the shallow mineralized zone had been removed. Results for all eight holes are summarized below:

Completing the Metallurgical Picture at Area C

The current testwork is designed to complement the results announced by LVG on March 18, 2026 under the headline "Lake Victoria Gold Confirms up to Approximately 97% Gold Recovery and Free-Milling Metallurgy at the Imwelo Gold Project."

That program demonstrated strong metallurgical performance from transitional and fresh sulphide material, including recoveries of up to approximately 96-97% using conventional gravity concentration and cyanide leaching and a significant gravity-recoverable gold component.

The new program targets the shallow end of the mining sequence. Previous geotechnical work identified a weathered near-surface zone at Area C extending locally to approximately 40-60 metres depth. This material is expected to be amenable to free-dig mining but is characterized by significant weathering and clay content, creating different material-handling and processing considerations from the stronger transitional and fresh rock below.

By testing this material independently, LVG is seeking to establish the preferred front-end treatment configuration before finalizing the process flowsheet.

Targeted Weathered-Ore Testwork

Whole-core samples have been submitted to Nesch Mintech Tanzania Limited for a program specifically designed to quantify the effect of clay on material handling, gold liberation and recovery.

Three principal treatment conditions will be evaluated: untreated whole ore to establish a baseline; washing and desliming to determine whether removal of fine clay improves processing performance; and attrition scrubbing followed by desliming to determine whether breaking down clay aggregates improves gold liberation and recovery. Gravity recovery and cyanide leaching will be evaluated across the relevant treatment conditions.

Supporting work will include grind sensitivity at target product sizes of P80 125 µm, 106 µm and 75 µm; size-by-assay analysis; gravity separation; bottle-roll cyanidation; slurry rheology and settling tests; density measurements; head-grade determination; and multi-element characterization.

The objective is practical: to determine whether additional front-end clay-handling equipment materially improves processing performance and, if so, to define the appropriate configuration before the final plant design is completed. The results will inform recovery assumptions, treatment rate, equipment selection, operating parameters and capital scope for the Area C flowsheet.

Advancing Area C Toward Development

The drilling and metallurgical work form part of a broader integrated development program at Imwelo.

Area C is the Company's planned initial mining area, and LVG is advancing detailed pit design, grade-control planning, process optimization and site development in parallel. Phase 1 earthworks have commenced, including access-road improvements and preparation of the plant-site footprint, while development of the site camp and supporting infrastructure continues.

Next Steps

On completion of the weathered-ore testwork, LVG will select the preferred front-end treatment route for Area C and integrate the results into the final flowsheet and plant design. In parallel, the Company will shortly continue grade-control drilling, finalize the Area C pit design and production schedule, and advance site development at Imwelo.

Drillhole Collar Details

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
Phone: +1 604-685-9316
Email: sbenstead@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 not necessarily indicative of the grade or continuity of mineralization within the Mineral Resource; the availability of financing on acceptable terms or at all; the 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; delays in the filing of the supporting technical report; 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.

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Source: Lake Victoria Gold Ltd.