Construction camp nearing completion as access-road and plant-site preparation advance under Tanzanian-led EPCM structure

Vancouver, British Columbia--(Newsfile Corp. - July 28, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("Lake Victoria Gold," "LVG" or the "Company") is pleased to announce that Phase 1 earthworks have commenced at its fully permitted Imwelo Gold Project ("Imwelo" or the "Project") in Tanzania, as construction of the Project's site camp nears completion.

The initial earthworks program includes upgrades to the existing access road and preparation of the plant-site footprint. Together with the advancing camp, these activities establish the core site infrastructure required for subsequent construction and mark the next stage of physical development at Imwelo.

The program is being delivered under the Company's previously announced EPCM structure led by City Engineering Company Ltd. ("CECL"), a 100% Tanzanian-owned qualifying Indigenous Tanzanian Company, with international technical support from Sutton Consulting International Limited and day-to-day coordination by LVG's mobilized on-site project team.

Key Highlights

• Phase 1 earthworks commenced, including access-road improvements and initial plant-site preparation.
• Construction camp nearing completion, with water storage and power installed, plumbing completed, electrical work advancing and accommodation being progressively outfitted.
• Build-once camp design, allowing the construction camp to transition directly into the permanent operations mine camp.
• Earthmoving fleet mobilized, with equipment deployment and utilization coordinated by the Company's on-site project team.
• Tanzanian-led execution maintained, with project contracting managed through CECL in accordance with Tanzania's local content framework.

Phase 1 Earthworks Underway

Phase 1 earthworks include the repair and upgrading of the existing access road to support reliable movement of heavy equipment and project materials.

Plant-site preparation comprises clearing and grubbing, stripping and stockpiling topsoil for future rehabilitation, development and compaction of the plant pad, construction of sound berms and excavation of reticulation trenches.

The mobilized earthmoving fleet and support equipment are now undertaking these activities, with sourcing arrangements for road and earthworks materials established in coordination with the relevant Tanzanian authorities.

Construction Camp Nearing Completion

Development of the Imwelo construction camp is progressing toward completion and commissioning. Site water storage and power generation have been installed, plumbing is complete, electrical installation is advancing, and modular and tented accommodation is being progressively outfitted.

The camp has been designed as the first phase of the permanent operations mine camp. This approach allows the infrastructure initially used to accommodate the construction workforce to remain in service during operations, avoiding duplicated expenditure and supporting disciplined capital deployment.

Tanzanian-Led Project Execution

CECL remains the primary EPCM contractor and Tanzanian commercial lead, with Sutton providing international technical support. LVG's on-site project team is coordinating field activities, equipment utilization, contractor interfaces and development sequencing.

This structure combines local execution capability, regulatory alignment and international technical support while expanding in-country project delivery capacity as Imwelo advances.

Management Commentary

"Imwelo is moving beyond planning and mobilization into visible, sequenced site execution," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are establishing the infrastructure in the order the Project requires, while ensuring that early investments, including the camp, continue to serve Imwelo through construction and into operations. This practical, capital-conscious and Tanzanian-led approach is the model we intend to carry through the next stages of Project development."

Near-Term Activities

Near-term work at Imwelo will focus on:

• Completing and commissioning the construction camp;
• Advancing the access-road upgrade and plant-pad preparation;
• Completing topsoil stripping, berm construction and reticulation trenching; and
• Continuing detailed engineering, procurement and construction sequencing.

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 would not be based on a feasibility study of mineral reserves and would therefore involve 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, operational risks, regulatory risks and permitting risks.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., who is 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,

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 appointment of CECL and Sutton and the anticipated scope, performance and benefits of the EPCM arrangement; the advancement of the Imwelo Gold Project toward a construction decision and a construction-ready mine plan; the planned EPCM work programmes and the expected timing thereof; the anticipated benefits of the Tanzanian local content structure; the previously announced gold loan facility term sheet with Monetary Metals & Co. and the satisfaction of conditions and receipt of regulatory approvals in connection therewith; and the receipt of other 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 ability of CECL and Sutton to perform the EPCM services as anticipated; the negotiation and execution of definitive agreements; delays in engineering, permitting, financing or construction activities; the availability of financing, including completion of the Monetary Metals gold loan facility on the terms described or at all; 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; 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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