Lake Victoria Gold Commences Phase 1 Earthworks at Fully Permitted Imwelo Gold Project

Phase 1 earthworks have commenced at its fully permitted Imwelo Gold 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., 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.

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 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.

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.

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.

Imwelo is moving beyond planning and mobilization into visible, sequenced site execution. 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.