Lake Victoria Gold Formalizes Tanzanian-Led EPCM Team, Advancing the Fully Permitted Imwelo Gold Project Toward Construction

Mining Commission approval clears integrated EPCM structure to advance final detailed engineering, procurement planning and construction preparation at Imwelo

Vancouver, British Columbia--(Newsfile Corp. - July 2, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company") is pleased to announce that its wholly owned Tanzanian subsidiary, Tembo Gold (T) Limited ("TGTL"), holder of Mining Licence ML 538/2015 over the fully permitted Imwelo Gold Project ("Imwelo" or the "Project") in northwestern Tanzania, has formalized the appointment of City Engineering Company Ltd. ("CECL") as primary Engineering, Procurement and Construction Management ("EPCM") contractor, in association with Sutton Consulting International Limited ("Sutton") as international technical-support partner.

The appointment received approval from the Mining Commission on June 29, 2026 and is structured in accordance with Tanzania's Mining (Local Content) Regulations, 2018. The approved EPCM structure consolidates engineering and development workstreams already underway at Imwelo under a single Tanzanian-led project delivery framework.

The appointment represents an important execution milestone for LVG as it advances Imwelo through final engineering, procurement planning and construction preparation.

Key Highlights

• Tanzania Mining Commission approval received for the EPCM structure in accordance with the country's Mining (Local Content) Regulations, 2018 and its subsequent amendments.
• CECL appointed as primary EPCM contractor and commercial lead, providing Tanzanian project leadership, local engineering capability and in-country construction-management support.
• Sutton appointed as international technical-support partner, providing specialist engineering review, African mine-development experience and technical support to the EPCM mandate.
• Integrated EPCM mandate established to coordinate final detailed engineering, procurement planning, infrastructure design, mine planning support, construction preparation and project management.
• Key development workstreams advancing, including tailings and water infrastructure design, geotechnical and hydrogeological studies, process plant optimization, procurement support and construction quality assurance.
• Project advancement continues alongside financing activities, including the previously announced gold loan facility term sheet of up to approximately US$25 million with Monetary Metals & Co., which remains subject to the satisfaction of conditions and receipt of required regulatory approvals.

Management Commentary

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "This is a key milestone in preparing Imwelo for construction. With Mining Commission approval received and our EPCM structure now formalized, we have moved another important step closer to building one of Tanzania's next new gold mines. Equally important, we are advancing Imwelo the right way. Tanzania has a clear regulatory framework for local content and mining project development, and we believe long-term success in the country requires working constructively with the Mining Commission, respecting that framework, and ensuring Tanzanian companies and professionals play a meaningful role in project execution. CECL and Sutton give us the right platform to do that. CECL brings Tanzanian leadership, local engineering capability and in-country execution capacity, while Sutton adds specialist international technical support and African mine-development experience. Together, they provide the structure we need to move final engineering, procurement planning and construction preparation forward in a disciplined and compliant manner."

Tanzanian-Led EPCM Delivery Model

The EPCM structure combines established Tanzanian engineering and environmental capability with international technical review and project-delivery experience.

CECL is a 100% Tanzanian-owned engineering and environmental services company registered with Tanzania's National Environment Management Council ("NEMC"), Engineers Registration Board ("ERB") and the Department of Water Resources. CECL's capabilities include geotechnical investigation, TSF and dam design, hydrology and hydrogeology modelling, environmental impact assessment support, water treatment design and independent project management.

Sutton is a multi-disciplinary mining and engineering consultancy and member of the Sutton Global Group, with representative offices across Africa and internationally. Sutton brings experience in the development and operation of gold and multi-commodity projects across Africa, including process plant design and fabrication, tailings storage facility and dam engineering, geotechnical and environmental services, mine planning and EPCM project management.

Under the EPCM structure, CECL leads project delivery and holds the primary contractual relationship as a qualifying Indigenous Tanzanian Company ("ITC"), providing the majority of project management, procurement and construction-supervision support through Tanzanian nationals. Sutton provides specialist international engineering and technical review as sub-consultant, supported by an embedded knowledge-transfer programme consistent with Regulation 26 of the Mining (Local Content) Regulations, 2018.

The EPCM structure has been designed to deliver more than engineering services alone. By combining Tanzanian project leadership with international technical expertise, the Company aims to strengthen local engineering capability, expand opportunities for Tanzanian professionals and suppliers, and facilitate meaningful knowledge transfer that will continue to benefit Tanzania's mining sector beyond the development of the Imwelo Project.

Local Content and the Growth of Tanzania's Mining Sector

Tanzania's Mining (Local Content) Regulations are designed to ensure that the country's mineral resources support broad-based national development by prioritizing Tanzanian ownership, employment, procurement and the transfer of skills and technology to local firms and professionals.

LVG views local content not only as a regulatory requirement, but as an important part of responsible mine development in Tanzania. The Imwelo EPCM structure is intended to support Tanzanian participation in project delivery while maintaining international technical standards through Sutton's specialist support.

The Company believes that project-delivery models combining local leadership with international technical capability are important to the continued growth of Tanzania's mining-services sector and the successful development of new mines in the country.

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.

Debenture

Lake Victoria Gold Ltd has closed the third and final tranche of its non-brokered private placement (the "Private Placement") of unsecured convertible debentures (the "Debentures"), raising gross proceeds of $331,000 and bringing total aggregate proceeds across all three tranches to $4,165,200. The Debentures bear interest at 5% per annum, mature 36 months from issuance, and are convertible into common shares at $0.30 per share. Investors in the third tranche also received warrants to purchase 551,666 common shares at $0.40 per share for 36 months, bringing total warrants issued across the Private Placement to 6,941,990. For more information regarding the terms of the Debentures, please see the Company's press release dated May 20, 2026.

Proceeds are being directed toward ongoing development activities at the Company's fully permitted Imwelo Gold Project in Tanzania, including engineering, mine planning, infrastructure preparation, and active field programs. No finder's fees were paid in connection with the final tranche of the Private Placement. All securities issued are subject to a four-month-and-one-day statutory hold period under applicable Canadian securities laws, and the Private Placement remains subject to final approval of the TSX Venture Exchange.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303579