Lake Victoria GOLD Positioned to Benefit as Barrick Expands 2025 Drill Campaign
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LAKE VICTORIA GOLD POSITIONED TO BENEFIT AS BARRICK
EXPANDS 2025 DRILL CAMPAIGN
Vancouver, British Columbia – June 12, 2025 – Lake Victoria Gold Ltd. (TSXV: LVG, OTCQB:
LVGLF, FSE: E1K) (“LVG” or the “Company”) is pleased to provide an update on exploration activities
conducted during Q1 2025 by Bulyanhulu Gold Mine Limited (“Buly”), a joint venture between Barrick
Mining Corporation (“Barrick”) and the Government of Tanzania. These activities form part of the US$9
million exploration expenditure commitment made by Buly as part of the Asset Purchase Agreement
(“APA”) signed in December 2021, under which Buly acquired six non- core prospecting licenses from
LVG. In addition to the US$6M upfront consideration received, LVG retains exposure to future exploration
success through contingent payments of up to US$45 million tied to gold discoveries on the Project.
To date, over US$5.56 million has been spent under the APA—representing more than 60% of the agreed
exploration commitment. With the program now entering its final phases, Buly is expected to ramp up
exploration activity substantially through early 2026. This includes additional drilling to meet the full US$9
million obligation. While only 360 metres of diamond drilling were completed in Q1—focused on refining
the geological model—LVG anticipates more extensive drill campaigns in the coming quarters as Barrick
intensifies efforts to unlock the Project’s discovery potential.
Marc Cernovitch, President & CEO of Lake Victoria Gold, commented:
“While Buly’s exploration work provides valuable long-term upside, our immediate focus is on advancing
Tembo and Imwelo toward production in 2025 & 2026 respectively. These are high-conviction assets under
our direct control, and we’re committed to delivering near-term cash flow and operational milestones. At
Tembo, we believe the project holds district -scale discovery potential —supported by its geological
continuity with Bulyanhulu and over 50,000 metres of historical drilling. The APA adds further optionality,
giving shareholders meaningful exposure to new discoveries without diverting capital or management
attention. It’s a structure that aligns well with our discip lined strategy: prioritize near -term production,
retain exploration upside, and build long-term value.”
David Scott, Pr. Sci. Nat., Director for Lake Victoria Gold, added:
“The geological model continues to improve with each program. What excites us is the emerging alignment
between Buly’s recent drill results and the structural framework we are seeing throughout our Tembo
Project. The intersection of multi ple zones of shear deformation, mafic -felsic lithological contacts, and
associated sulphide-bearing quartz veins , provide ideal settings for mineralization, such as hosting the
Bulyanhulu deposits. These are the kinds of environments where significant gold systems are formed, and
they remain largely untested across much of the property.”
With the completion of the Q1 diamond holes, total drilling conducted by Buly under the APA now exceeds
33,200 metres—comprising approximately 24,583 metres of aircore (1,878 holes), 8,091 metres of reverse
circulation (68 holes), and 611.5 metres of diamond drilling (4 holes). These earlier programs helped define
key structural corridors and prioritize the most prospective zones, laying the foundation for a more
aggressive drilling campaign later in 2025.
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Q1 2025 Exploration Summary
During Q1 2025, Buly completed three diamond drill holes totaling 360 metres, targeting geochemical and
geological anomalies identified in the previous quarter. The program was designed to refine the geological
model and guide future drill targeting. Drilling intersected a range of lithologies including sheared mafic
volcanics, felsic tuffs, and argillites, with notable zones of hydrothermal alteration and structurally
significant quartz veining. Of particular interest were zones of quartz –pyrite–pyrrhotite mineralization
exceeding 3%, deformation and fluid activity at key basalt –tuff contacts, and evidence of multi -phase
structural deformation including NE–SW, E–W, and NW–SE trending features, fold hinges, and parasitic
folding.
These results confirm a structurally complex and geologically fertile environment consistent with other
productive gold systems in the Lake Victoria Goldfields. Buly is currently advancing a ranking exercise to
guide the next phase of drill testing.
Strategic Exposure to Future Discoveries
Under the terms of the APA, Lake Victoria Gold is entitled to receive up to US$45 million in contingent
payments tied to future gold resource discoveries on the Project. The sliding- scale structure provides for
US$20 per ounce on the first one million ounc es, US$10 per ounce on the second million, and US$5 per
ounce on the next three million ounces. This arrangement enables LVG to retain meaningful exposure to
exploration success without committing additional capital.
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.
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 Bulyanhulu Mine. The Company also holds a 100% interest in the Imwelo
Project which is a fully permitted gold project we st of AngloGold Ashanti’s Geita Gold Mine. With
historical 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 validation that comes with the support and equity investment
from Barrick and recent 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 carry out all the contract mining and civil
works for the Imwelo project. Taifa Mining is Tanzania’s largest mining contractor with over 30 year s
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 l argest 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.
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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 acquisition 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 acquisition 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”, “int end”
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 acquisitio n of
the Imwelo project, the concurrent 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 foreig n laws and changing policies related to mining and local ownership
requirements or resource nationalization generally, including in response to the COVID -19 outbreak;
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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 abilit y 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 upda te 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
statement.