Lake Victoria Gold Provides a General Corporate Update

Vancouver, May 8, 2024 - Lake Victoria Gold (TSXV: LVG) ("LVG", or the "Company") - is pleased to provide an update and report on the progress of corporate and technical developments.

Imwelo Property Update

The recent Fair Competition Commission approval for the acquisition of the Imwelo Mining License ("ML") represents an important regulatory milestone, moving the project closer to the transfer of the ML. Concurrently, the Tanzania Revenue Authority is in the process of assessing the capital gains tax due on this transaction, with a decision expected shortly. This tax assessment and payment is crucial as it represents the final hurdle before the official transfer of the ML. The completion of final engineering and the transfer of the ML triggers the second tranche of investment from TAIFA Group. The Company is in advanced negotiations with a number of other debt and equity groups in order to fully fund the development of Imwelo.

The project has made significant progress since final detailed engineering design began in November 2023. With the commencement of preparatory earthworks and infrastructure development, the project is moving forward as planned. The clearing and stockpiling of topsoil at the tailings storage facility and open pit location mark important preparatory steps for the upcoming construction. The ball mill (longest lead item) is on order with a deposit paid, and its refurbishment underway. Compensation for landowners, a critical aspect of the project's community relations, is nearly complete for the second open pit mining area. The completion of a 300,000-liter water tank is a significant milestone, ensuring the project's construction water supply needs are met. The construction and commissioning phase is on a clear timeline, expected to take approximately 12 months following the closing of acquisition and financing.

The Company has also submitted a ten-year renewal application for the ML to the Tanzania Mining Commission in order to secure the project's long-term operational viability. Overall, these developments reflect a project that is well underway and advancing towards its operational phase.

Tembo Property Update - Barrick Exploration

The Tembo Project originally comprised seven prospecting licenses adjacent to Barrick Gold's Bulyanhulu Mine located in the Lake Victoria goldfield, Tanzania. On December 7, 2021 the Company and Barrick Gold Corp. and Bulyanhulu Gold Mine Limited (collectively "Barrick") entered into an agreement whereby the Company agreed to sell to Barrick six of its non-core prospecting licenses ("Acquired Licenses") in the Tembo Project. Barrick also agreed to conduct exploration with minimum expenditures totaling US$9,000,000 on the Acquired Licenses over four years. Barrick has also agreed to pay the Company contingent payments totaling up to US$45,000,000 calculated on the inferred, indicated and measured gold mineral resources identified on the Acquired Licenses (See April 2022 Press Release).

Recent activity has included a broad spaced Aircore drilling program (50m borehole interval along 400m spaced lines) through Mbuga filled valleys to establish the geochemical and geological framework beneath this cover. 382 drill holes totaling 5607m were completed by the end of Q4 of 2023. Drilling will recommence once the rainy season ends in Q2 of 2024. Expenditure to date by Barick is approximately US$1,650,000 to April 21, 2024 (2nd Anniversary date of the agreement), ~18% of the expenditure requirement over the 4-year commitment period. Barick is expected to spend approximately US$2,000,000 through April 2025 (US$500,000 on continued Aircore drilling, US$750,000 on 6000m of targeted Reverse Circulation drilling, US$750,000 on 2500m of structural and geological frame work Diamond drilling).

"Barick's expenditure reflects a commitment to thorough exploration, with a substantial budget allocated for various drilling techniques aimed at different depths and geological targets, with a focus on both broad exploration and targeted drilling to refine the understanding of the geological framework. This phased approach allows for data-driven decision-making for future drilling operations and potential resource development," said Marc Cernovitch, President & CEO.

Simon Benstead, Executive Chairman & CFO of the Company, stated: "The process of closing the acquisition of Imwelo has taken longer than we anticipated but we are very close to the finish line. We are grateful for the support of our shareholders, partners and stakeholders as we have navigated this process in Canada and Tanzania. We will soon be perfectly positioned to deliver on our aggressive growth strategy and take advantage of a what seems to be an increasingly bullish gold market environment."

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 20Moz Bulyanhulu Mine. The Company recently (PR links) announced the acquisition of two deposits that support our objective of accretive growth and consolidation. The Imwelo project and Dora project both have potential for significant growth.

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 Gold (Barrick PR and/or deal slide link) and recent strategic partnership with Taifa Group (link to PR).

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 carry out 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,

Simon Benstead,
Executive Chairman & CFO

For more information please contact:

Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: sbenstead@lakevictoriagold.com

Marc Cernovitch
CEO & Director
Phone: +1 647-203-7868
Email: mcernovitch@lakevictoriagold.com

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 Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including: future exploration plans with respect to the Imwelo Project, gold production on the Imwelo Project and the timing thereof, the terms of the Acquisition and the Financing, contract work on the Imwelo Project by Taifa Mining, entering into a joint venture agreement and shareholder agreement with the Tanzanian government and the terms and timing thereof, the closing of the Acquisition and the Financing, including the satisfaction of the closing conditions thereunder and the expected timing thereof, and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange for the Acquisition and Financing and the Tanzania Fair Competition Commission for the Acquisition. All statements in this news release that address events or developments that we expect 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 Acquisition, the Financing and related transactions, including receipt of all regulatory approvals and third-party consents, the volatility of metal prices and LVG's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving development or production, cost or other estimates; actual exploration or development plans and costs differing materially from the Company's estimates; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the availability of financing; financing and debt activities; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Tanzania and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for LVG's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law; compliance with anti-corruption laws, and sanctions or other similar measures; social media and LVG's reputation; 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 if circumstances or management's beliefs, expectations or opinions should change other than 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. For the reasons set forth above, 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/208338