Vancouver, British Columbia--(Newsfile Corp. - October 30, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to provide an update on its previously announced strategic investment with HOB Energy FZCO ("HOB") and the concurrent $5 million Shareholder Participation Offering.

The Company intends to proceed with the Shareholder Participation Offering independently of the approximately $27 million strategic investment by HOB (the "HOB Investment"), providing an opportunity to secure additional capital to advance near-term development priorities at its fully permitted Imwelo Gold Project ("Imwelo") in Tanzania while the parties continue working toward completion of the larger transaction.

Proceeds from the Shareholder Participation Offering are expected to support key development activities at Imwelo, including Phase 3 land compensation payments and grade control drilling at Area C, both of which are important components of the Company's ongoing mine development and construction readiness program.

Shareholder Participation Offering

As announced on October 20, 2026, the Company intends to complete a non-brokered private placement of up to 16,666,666 common shares of the Company (the "Shares") at a price of $0.30 per Share for aggregate gross proceeds of up to $5,000,000 (the "Shareholder Participation Offering").

The offering is intended to provide certain existing significant shareholders with an opportunity to maintain their pro rata ownership in LVG while contributing additional capital toward the advancement of Imwelo.

While the Shareholder Participation Offering was originally expected to close concurrently with the HOB Investment, the Company now intends to proceed with the offering separately, with closing anticipated in one or more tranches, either prior to or concurrently with the HOB Investment, subject to TSXV approval and other applicable closing conditions.

The Company expects to allocate proceeds from the Shareholder Participation Offering toward:

• Phase 3 Land Compensation: Funding compensation payments associated with the third phase of land acquisition at Imwelo, supporting the Company's planned development footprint and infrastructure requirements.
• Area C Grade Control Drilling: Advancing drilling within the planned initial mining area to improve definition of near-surface mineralization and support detailed mine planning, grade control and mining sequence optimization.
• Working Capital and Development Activities: Supporting ongoing project development expenditures and general corporate working capital requirements.

These activities form part of LVG's broader strategy to maintain development momentum at Imwelo as the Company advances engineering, site preparation and financing initiatives toward planned gold production.

Strategic HOB Investment Update

Further to the Company's October 20, 2026 announcement, LVG and HOB continue to advance definitive agreements, final due diligence and work through the required regulatory approval processes, including TSXV approval, in connection with the proposed HOB Investment for aggregate gross proceeds of approximately $27 million.

The decision to proceed separately with the Shareholder Participation Offering is intended to provide LVG with greater flexibility to fund ongoing development activities while the larger strategic transaction progresses through its remaining conditions and approval requirements.

Management Commentary

Marc Cernovitch, President and CEO of Lake Victoria Gold, commented:

"While we continue advancing the strategic investment with HOB, we remain focused on maintaining momentum at Imwelo. Proceeding with the Shareholder Participation Offering allows us to address important near-term development priorities, particularly the Phase 3 land compensation process and grade control drilling in Area C.

"These are practical steps in preparing Imwelo for mining operations. With our permitting in place and development activities progressing on site, our priority is to continue moving the Project forward in a disciplined manner while securing the capital required to support the next stages of development."

Additional Offering Details

It is anticipated that certain subscribers under the Shareholder Participation Offering will be insiders of the Company. The issuance of Shares to insiders pursuant to the Shareholder Participation Offering will constitute related party transactions within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101").

In connection with the Shareholder Participation Offering, the Company intends to rely on the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and the exemption from the minority approval requirements contained in Section 5.7(1)(a) of MI 61-101, as neither the fair market value of securities issued to, nor the consideration paid by, such insiders is expected to exceed 25% of the Company's market capitalization.

Closing of the Shareholder Participation Offering remains subject to customary closing conditions, including receipt of all required regulatory approvals, the availability of applicable prospectus exemptions and approval of the TSXV. The Company may pay finder's fees in connection with the Shareholder Participation Offering.

All securities issued pursuant to the Shareholder Participation Offering will be subject to a statutory hold period of four months and one day from the applicable closing date in accordance with applicable Canadian securities laws and TSXV policies, together with any additional restrictions that may apply under foreign securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Production Decisions

The Company's plans to advance the Imwelo Gold Project toward production, and to pursue early production at the Tembo Gold Project through the proposed toll milling arrangement with Nyati Resources (T) Limited ("Nyati"), are not based on a feasibility study of Mineral Reserves demonstrating economic and technical viability prepared in accordance with NI 43-101, and there are no current Mineral Reserves at either project. As a result, there is increased uncertainty and there are multiple technical and economic risks of failure. Historical technical studies on Imwelo were prepared under the JORC Code (2012) as a foreign code, have not been verified by a Qualified Person and are not being treated as current. Mineral Resources at Tembo are not Mineral Reserves and do not have demonstrated economic viability. The Nyati arrangement remains subject to the negotiation and execution of a definitive agreement. There is no certainty that either project will be placed into production.

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 terms and completion of the Transaction; the advancement of the Company's projects; exploration and development plans of the Company; the use of proceeds; the advancement of the Imwelo Gold Project toward production; the proposed toll milling arrangement with Nyati and potential early production at Tembo; the planned expanded exploration program at Tembo; the expected contributions of HOB; and the receipt of required regulatory approvals including TSXV approval. 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 Transaction on the terms described or at all; receipt of all required regulatory approvals including TSXV approval; the risk that the toll milling arrangement with Nyati is not completed on the terms described or at all; the risk that any production decision would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability; 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

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Source: Lake Victoria Gold Ltd.