Lake Victoria GOLD Announces Q3-2025 Exploration Update from Barrick ON Tembo Area Licenses
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LAKE VICTORIA GOLD ANNOUNCES Q3-2025 EXPLORATION UPDATE
FROM BARRICK ON TEMBO AREA LICENSES
Vancouver, British Columbia – November 24, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG | OTCQB: LVGLF
| FSE: E1K) ("LVG" or the "Company") is pleased to provide an update on the Q 3 2025 exploration
activities conducted on the licenses (the “Project”) LVG sold to Bulyanhulu Gold Mine Limited (“Buly” or
“Bulyanhulu”). Buly acquired six licences from LVG under an Asset Purchase Agreement signed in
December 2021. Buly is a joint venture between Barrick Mining Corporation (“ Barrick”) and the
Government of Tanzania.
During the quarter, Bulyanhulu advanced the exploration program through a number of activities
designed to refine geological and structural models and to evaluate the potential for discovering another
Bulyanhulu-style mineralized system within the Tembo Inlier portfolio.
Q3 2025 Highlights
Completion of GAIP Geophysical Survey
• Bulyanhulu completed 94 line-km of gradient array induced polarization (GAIP) surveying.
• Results are being incorporated into updated structural and stratigraphic interpretations.
Aircore (AC) Drilling Initiated
• A geochemical AC drilling program commenced late in the quarter at the Enze target.
• To date, 2 fences of 19 holes totaling 419 m have been completed out of a planned 945 -hole,
30,750m, 18-fence program.
• Early logging indicates a 15 m regolith profile over basalt and felsic tuff sequences, including
quartz-veined and moderately foliated argillite intercalations that host smokey-grey quartz veins
and boxworks, presumably after sulphide.
Diamond and RC Drilling Planning
• Planning advanced for diamond drill and RC drilling along the Itetemia trend.
• Five diamond fences and four RC drilling fences are aimed at refining the stratigraphic
understanding.
• Drilling will focus on identifying and testing potential repetitions of the Reef 1 and Reef 2 horizons,
targeting paleosurfaces and stratigraphic fold repetitions.
• The drill program is planned to be completed in Q4 2025.
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Project-to-Date Expenditures
As of September 30, 2025, cumulative project spending totals US$6,659,397 out of a proposed
US$9,000,000 under the APA.
Figure 1. Plan view showing work programs conducted and planned in Q3
Strategic Context
Under the APA executed in 2022, LVG may receive up to US $45 million in contingent payments from
Barrick, subject to future discoveries or defined resource thresholds on these licences.
Management Comments
David Scott, Director & Managing Director Tanzania ( Pr. Sci. Nat ), stated: “The Q3 results from Barrick
highlight a systematic and technically strong approach to unlocking the Tembo geology. The GAIP survey,
the extensive aircore program, and the planned diamond and RC drilling all target the same core
objective—vectoring toward B ulyanhulu-style mineralization within the Inlier. The combination of
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structural refinement and deeper drilling gives us increasing confidence in the potential for a significant
discovery.”
Marc Cernovitch, President & CEO, added: “The continued progress by Barrick at Tembo reinforces the
long-term potential of this highly strategic asset. Their work is helping to refine the geological picture
across the Inlier and advance our collective understanding of the structures that host major gold systems
in the region. With Imwelo moving toward development, Tembo provides Lake Victoria Gold with
meaningful exploration upside and optionality within one of Africa’s most prolific gold belts.”
Next Steps
Bulyanhulu has indicated that:
• AC drilling will continue through Q4-2025;
• Diamond and RC drilling programs are expected to be completed in Q4 2025;
• GAIP interpretations will guide refinement of drill targeting along priority structures within the
Tembo Inlier.
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.
LVG is also pleased to announce it has engaged the services of Atrium Research Corporation (" Atrium"),
a leading company sponsored research firm. Atrium will publish various research reports on Company
based on based on publicly available information, industry data, and discussions with management.
Atrium will also host three recorded interviews with Co mpany’s management team to present the
investment case in an interview format. In exchange for its research services, Atrium will receive cash
compensation in the amount of $3,500 per month for the services listed above. The services will be
provided for 9 months beginning on November 24th, 2025. This engagement is subject to TSXV approval.
Atrium and the Company are arm's-length parties, and neither Atrium nor its insiders holds any shares or
options to purchase shares in the issued and outstanding capital of the Company.
About Atrium Research
Atrium Research provides institutional quality company sponsored research on public equities in North
America. Its investment philosophy takes a 3 -5 year view on equities currently being overlooked by the
market. Its research process emphasizes understanding the key performance metrics for each specific
company, trustworthy management teams, and an in-depth valuation analysis. Atrium Research is wholly
owned and operated by its Co-Founders, Ben Pirie and Nicholas Cortellucci.
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 h ighly 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
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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 validatio n 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,
Simon Benstead
Executive Chairman & CFO
Phone: +1 604-685-9316
Email: [email protected]
For more information please contact:
Simon Benstead
Executive Chairman & CFO
Phone:+ 1 604-685-9316
Email: [email protected]
Marc Cernovitch
CEO & Director
Phone: +1 604-685-9316
Email: [email protected]
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 and development plans with respect to the
Imwelo Project, contract work on the Imwelo Project by Taifa Mining, securing additional financing for the
development costs of the Imwelo project, the closing of the a cquisition of the Imwelo Project and the
concurrent financing, including the satisfaction of the closing conditions thereunder , and receipt o f all
regulatory approvals, including the approval of the TSX Venture Exchange for the a cquisition and
financing. 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 of the
Imwelo project , the concurrent f inancing 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
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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; com pliance 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.