Lake Victoria Gold Closes Second Tranche and Upsizes Convertible Debenture Financing to $5 Million as Imwelo Development Activities Advance

About this update from Lake Victoria Gold Ltd

Vancouver, British Columbia--(Newsfile Corp. - May 20, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce that it has closed the second tranche of its non-brokered private placement (the "Private Placement") of unsecured convertible debentures (each, a "Debenture") for gross proceeds of $300,000. Aggregate gross proceeds raised across the financing now total $3,834,200.In light of continued strong investor participation, the Company intends to increase the size of the Private Placement to aggregate gross proceeds of up to $5,000,000, subject to TSX Venture Exchange ("Exchange") approval and completion of additional subscriptions.Proceeds from the Private Placement are being used to support ongoing development activities at the Company's fully permitted Imwelo Gold Project in Tanzania, including engineering, mine planning, infrastructure preparation, and field programs currently underway at site.Marc Cernovitch, CEO & Director of Lake Victoria Gold, commented: "The continued support for this financing reflects growing confidence in Imwelo and our broader development strategy in Tanzania. Importantly, site activities are now actively underway, with sterilization drilling having commenced on May 12th in support of final infrastructure placement and detailed site engineering. With drilling and multiple technical workstreams progressing in parallel, we continue to advance Imwelo toward construction readiness while maintaining our focus on a disciplined pathway toward near-term gold production."Development Momentum at ImweloAs previously announced, LVG commenced its sterilization drilling program on May 12, 2026. The program is designed to support final infrastructure placement and detailed site layout planning for key project infrastructure, including plant facilities, waste rock placement areas, haul roads, and other surface infrastructure.The program is progressing on schedule, with 8 of 21 planned boreholes completed to date, representing approximately 39% of the planned program and 411 metres drilled out of a planned 1,050 metres.Drilling is expected to continue through May and early June, with results supporting:Final infrastructure placement and site layout optimization Detailed engineering and mine planning Final pit design and scheduling Ongoing geotechnical and development studies ...

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