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LVG: Completes Area C Drilling; Confirms Pit Expansion Potential

What you need to know:
• LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design.
• Highlights included 9.31 g/t Au over 2.45m, 6.96 g/t Au over 2.56m, and 11.88 g/t Au over 1.33m, supporting pit expansion.
• With key technical work now completed, results support final pit design to advance Imwelo toward construction in Q2-Q3/26 and production in 2027.
• We recently re-initiated coverage on LVG; read our full report here.

This morning, Lake Victoria Gold (LVG:TSXV, LVGLF:OTCQB) announced the completion of its Area C Drill Program at the fully permitted Imwelo Gold Project in northern Tanzania. Drilling successfully confirmed continuity of mineralization below the open pit design and established extensions to the west and east. The Company has now completed key work programs, which have provided increased confidence to proceed to a final pit design, as it is systematically advancing the project toward construction and initial production in the near-term. We are maintaining our BUY rating and target price of $0.50/share on Lake Victoria Gold.

Highlights from the program include:
• IMWDR013: 9.31 g/t Au over 2.45m, including 21.65 g/t over 0.96m
• IMWDR007: 6.96 g/t Au over 2.56m, including 65.02 g/t Au over 0.25m
• IMWDR009: 11.88 g/t Au over 1.33m, including 68.74 g/t over 0.22m
• IMWDR011: 8.55 g/t Au over 1.30m, including 20.77 g/t Au over 0.31m
• IMWDR017: 11.19 g/t Au over 0.90m, including 32.84 g/t Au over 0.30m and 2.97 g/t Au over 3.01m

Management commentary in this morning’s release highlights that the program has significantly increased geological confidence in the Company’s development plans at Imwelo, which closely aligns with the interpreted model. In addition, new intervals in the footwall and hanging-wall zones support the potential for additional ounces within the current pit design. On top of near-term production readiness, the results support continuity of mineralization in multiple zones, as well as at depth beyond 250m, highlighting promising growth opportunities in Area C.

In terms of the expansion potential, Hole IMWDR018 confirmed extensions to the east (Figure 1), while intercepts west of the NNE-trending structure and fault zone highlight a potential new area for growth. At depth, drilling confirmed extensions down-dip along the entire open pit design, outlining continuity an additional ~50m to over 250m versus the historic resource limit of 200m, with holes averaging a depth intersection of ~120m, over double historic drilling. These drill results support future underground potential below the open pit, which LVG is evaluating.