Lake Victoria Gold Clears Path for Construction at Imwelo Following Successful Sterilization Drilling

About this update from Lake Victoria Gold Ltd

Program confirms the proposed plant and accommodation footprints are free of economic mineralization, supporting Phase 1 site preparation Vancouver, British Columbia--(Newsfile Corp. - June 23, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce the completion of a sterilization drilling program at its Imwelo Gold Project ("Imwelo" or the "Project") in the Geita Region of Tanzania, held through the Company's wholly-owned subsidiary Tembo Gold (T) Limited under Mining Licence ML 538/2015. The program confirmed that the proposed process plant and accommodation/man-camp footprints are clear of significant gold mineralization, allowing construction on these footprints to advance without sterilizing potential mineralization. Key Highlights Sterilization Drilling ProgramSterilization (or "footprint clearance") drilling is a standard pre-construction practice undertaken to confirm that no economically significant mineralization lies beneath proposed permanent infrastructure, thereby avoiding the risk of building over — and rendering inaccessible — potential ore. The Imwelo program targeted the two principal Phase 1 infrastructure areas: the proposed process plant site and the dual-purpose construction/permanent accommodation camp. The 23 holes were drilled for a total of 1,136 m, with all logged intervals returning no significant gold values across both footprints. Sectional interpretation, viewed looking east, confirmed that the known mineralization at Imwelo sits clear of the planned infrastructure, with the gold-bearing trend located to the south of the cleared footprints. CEO Commentary"Completing sterilization drilling at both the plant and accommodation footprints is an important, practical step in derisking our construction program at Imwelo," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "Confirming that we are not building over any potential mineralization gives us the confidence to advance civil works on these footprints, while the geotechnical information gathered along the way feeds directly into our foundation and camp design. This is exactly the kind of disciplined, sequenced progress we set out to deliver as we move Imwelo towards construction." Near-Term Next Steps Cautionary Note o...

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