Lake Victoria Gold Commences 6,500-metre Grade Control Drilling at Imwelo in Preparation for Initial Mining

VANCOUVER, BC, Nov. 11, 2026  — Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) is pleased to announce the commencement of an approximately 6,500-metre reverse circulation (“RC”) grade control drilling program at Area C, the planned initial open-pit mining area at its fully permitted Imwelo Gold Project (“Imwelo” or the “Project”) in Tanzania.

The program marks an important transition from resource definition to production-oriented mine planning. Drilling will define near-surface mineralization at close spacing, providing the detailed geological information needed to delineate the boundary between economic mineralization and barren host rock, providing the information to effectively manage dilution and optimize grade control, refine the initial mining sequence, and prepare for pre-production mineralized material stockpile management.

Key Highlights

• 6,500-Metre Grade Control Program Underway: Drilling commenced November 4, 2026, on a 10 m by 10 m staggered grid targeting the upper 20 metres of the planned Area C open pit. A second rig is being mobilized, with completion of the program targeted for February 2027.
• Preparing for Initial Mining: The program will provide bench-scale geological information to support final pit design, grade control, mining schedules and the planned establishment of an initial mineralized material stockpile.
• Building on Recent High-Grade Results: As announced in the Company’s August 27, 2026, news release, drilling at Area C returned 28.71 g/t Au over 2.75 metres from 21.00 metres and 12.20 g/t Au over 4.50 metres from 32.00 metres, highlighting the presence of high-grade gold mineralization within the shallow weathered sequence.
• Development Advancing on Multiple Fronts: Grade control drilling follows extensive geological, geotechnical and metallurgical work completed during 2026 and is progressing alongside ongoing site development activities.

Grade Control Drilling – Advancing Mine Readiness

The approximately 6,500-metre program is focused on the upper benches of the planned Area C open pit, where initial mining activities are expected to commence.

Unlike exploration and resource definition drilling, grade control drilling is designed to provide the detailed information required to guide mine planning and scheduling and ultimately mine production operations.

The 10 m by 10 m drilling grid will support accurate delineation of ore and waste boundaries, improved grade control, reduced dilution and refinement of the initial mining sequence. Results will also inform pre-stripping plans, ore stockpile management and reconciliation between geological models and mined material.

Drilling has commenced with one RC rig, with a second rig expected to mobilize as the program advances. Completion is targeted for the end of February 2027.

Building on Strong Area C Results

The program builds on drilling completed in late 2025 and early 2026, which confirmed continuity of Area C mineralization to more than 250 metres vertical depth, extending below the current pit design. Drilling also identified additional mineralization beyond both the eastern and western pit margins, together with mineralized zones in the footwall and hanging wall, highlighting opportunities for future resource growth and potential pit expansion.

More recently, results announced August 27, 2026, confirmed high-grade, near-surface mineralization, including:

• IMWDR029: 28.71 g/t Au over 2.75 metres from 21.00 metres, including 59.77 g/t Au over 1.30 metres.
• IMWDR028: 12.20 g/t Au over 4.50 metres from 32.00 metres, including 27.94 g/t Au over 1.90 metres.

Together, these drilling programs have strengthened the geological understanding of Area C, while the current grade control program shifts the focus to detailed definition of material targeted for the opening stages of mining.

Metallurgical testwork reported during 2026 demonstrated gold recoveries of up to approximately 96–97% from transitional and fresh mineralization. Subsequent testing of the shallow, clay-rich weathered material identified attrition scrubbing followed by desliming as the preferred pretreatment route, increasing 24-hour gold extraction from 49.99% on as-received material to 84.54% on the pretreated fraction. These results do not represent overall whole-ore plant recovery, and further optimization work is ongoing.

In parallel, Phase 1 site development is advancing. As previously reported, initial access road repairs have been completed, the construction camp is substantially complete, and clearing and earthworks continues across key mine infrastructure areas.

Management Commentary

Marc Cernovitch, President & CEO of Lake Victoria Gold, commented:  “Commencing grade control drilling is an important milestone in Imwelo’s progression toward production. We are moving beyond defining mineralization and into the detailed preparation of the first mining benches.  The initial stages of mining are critical to establishing efficient operations, and this program will provide the information needed to manage grade, control dilution and execute our mining plan with greater precision.  With site development advancing in parallel, we are making tangible progress toward our objective of bringing Imwelo into production.”

Cautionary Note Regarding 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 is not based on a feasibility study of mineral reserves and therefore involves 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, and operational, regulatory, or permitting risks.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined under 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 terms and completion of the Transaction; the advancement of the Company’s projects; exploration and development plans of the Company; the use of proceeds; the advancement of the Imwelo Gold Project toward production; the proposed toll milling arrangement with Nyati and potential early production at Tembo; the planned expanded exploration program at Tembo; the expected contributions of HOB; and the receipt of required regulatory approvals including TSXV approval. 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 completion of the Transaction on the terms described or at all; receipt of all required regulatory approvals including TSXV approval; the risk that the toll milling arrangement with Nyati is not completed on the terms described or at all; the risk that any production decision would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability; the availability of financing; the volatility of metal prices and LVG’s common shares; actual exploration or 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.