(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - October 31, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (" LVG " or the " Company ") is pleased to announce the mobilization of a second multipurpose drill rig to fast-track drilling at the Company's fully permitted Imwelo Gold Project in northwestern Tanzania.

Following the successful completion of the first three drill holes of the planned twenty-four-hole, 4,000-metre program at the Area C zone, the first two holes have been submitted for assay, with results expected next week. The second multipurpose rig is now being mobilized and will commence drilling in the coming days.

The additional rig will accelerate progress and enable LVG to complete the current program by the second week of December 2025.

Program Objectives

As outlined in the Company's previous release, the Area C drill program is designed to:

• Final pit design & geotechnical: Collect oriented core and rock-mass data to refine slope angles, wall-support requirements, and ramp geometry; complete in-pit geotechnical domains for final pit shells.
• Resource confidence & conversion: Infill shallow gaps to improve confidence in near-surface mineralization and, where supported by results, upgrade Inferred to Indicated categories and increase the Measured inventory in areas of sparse coverage.
• Resource growth: Test down-dip extensions at approximately 100 m and 200 m vertical depths and step-outs along strike to the west beyond current pit limits.
• Grade-control readiness: Generate data to plan close-spaced, shallow grade-control drilling to support early mining and ROM stockpile development.
• Metallurgy: Collect representative core for confirmatory test work across oxide-transition-fresh domains to validate recoveries and inform early mine sequencing.

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: "Momentum continues to build at Imwelo. We've completed three holes with assays pending on the first two, and with a second rig now on site, we're moving quickly to deliver continuous results through November and December as we refine the final pit design and advance toward production readiness."

"Drilling at Area C is progressing well, and we're very encouraged by what we're seeing in the core to date," said Hendrick Mering, Exploration Manager for Lake Victoria Gold. "The first three holes have intersected multiple zones of quartz veining and alteration consistent with our modeled mineralized horizons. These early visual observations align well with expectations, and we look forward to confirming them through assay results next week."

Assay results from the first holes are expected to be announced next week. The Company will provide ongoing updates as drilling progresses.

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 (LVG):
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 50 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 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 recent strategic partnership with Taifa Group.

On Behalf of the Board of Directors of the Company,

MENAFN31102025004218003983ID1110274774