Lake Victoria Gold reports Imwelo project geotechnical review results, Tanzania

Lake Victoria Gold Ltd. [TSXV: LVG; OTCQB: LVGLF; FSEW: E1K] released results of a geotechnical review and testing program completed at its fully permitted Imwelo gold project in northwestern Tanzania, supporting final pit design and advancing continuing engineering and mine planning as the company progresses toward development readiness.

The geotechnical program, completed by Luhlaza Advisory and Consulting Pty. Ltd. in collaboration with City Engineering Company Ltd., provides important inputs into pit-slope design at Area C. The results confirm strong to very strong rock conditions at depth while refining slope design parameters within the near-surface weathered zone. Based on current engineering assessment, the updated geotechnical parameters are expected to support an efficient and optimized pit design, with the impact of more conservative slope angles in the near-surface oxide zone largely offset by favourable free-digging characteristics and lower overall mining costs.

Highlights: Strong rock conditions support pit development at depth: Basalt, porphyritic basalt and granite units demonstrate strong to very strong mechanical properties, with uniaxial compressive strength values of up to approximately 166 megapascals, supporting stable pit wall conditions and the potential for steeper slope configurations in fresh rock, subject to detailed design.

Refined near-surface geotechnical parameters identified: A shallow oxidized saprock zone (zero to 60 metres) has been identified as lower strength, weathered material requiring more conservative slope design and localized stability measures as part of final pit configuration.

Favourable free-digging characteristics support early mining: The near-surface oxide material is expected to be amenable to free digging without blasting, supporting lower mining costs during early-stage operations and helping offset the impact of flatter slope angles.

Updated pit design and integrated mine planning under way: The company is advancing a revised pit design for Area C incorporating updated geotechnical inputs, alongside continuing resource modelling and mine planning as part of an integrated engineering work program.

Advancing engineering and mine planning: The geotechnical results represent an important step in refining the mine design at Imwelo and reducing technical uncertainty as the company advances toward development.

The company is actively integrating these results into final pit optimization and mine scheduling; detailed slope stability analysis; refinement of waste movement and strip ratio assumptions; metallurgical process design and flow sheet optimization and infrastructure planning and site development activities.

This work is progressing toward a construction-ready mine plan aligned with the company’s disciplined, capital-efficient development strategy.

The geotechnical program defines a clear vertical weathering profile across the deposit, with a transition from near-surface oxidized saprock to competent fresh rock at depth.

The oxide zone is characterized by lower-strength material requiring more conservative slope design while remaining amenable to low-cost, free-dig mining. In contrast, the underlying fresh rock units demonstrate strong to very strong mechanical properties, supporting steeper slope configurations and stable long-term pit wall development.

This framework supports pit optimization by balancing near-surface mining efficiency with favourable slope conditions at depth and provides a basis for final mine design and scheduling. Continuing engineering and pit optimization work is evaluating potential development scenarios, including the integration of mineralized zones into a unified pit design.

Marc Cernovitch, president and CEO, commented: “These results further advance the development of Imwelo and provide important inputs into final pit design and mine planning. The confirmation of strong rock conditions at depth, combined with a better understanding of the near-surface materials, allows us to advance engineering with increasing confidence. With this work progressing alongside broader development planning, we continue to move Imwelo forward toward a construction-ready project.”

Next steps include finalization of updated pit design for Area C; completion of integrated mine plan and production schedule; cContinuing geotechnical and engineering analysis; advancement of site preparation and development activities and continued progress toward closing of project financing.

The geotechnical program included nine dedicated drill holes across the planned mining area, supported by detailed core logging, sampling and laboratory testing, including uniaxial compressive strength (UCS), triaxial compression testing, tensile strength analysis and density measurements.

The program also incorporated rock mass characterization and preliminary slope stability assessment and was completed in accordance with recognized industry standards. The results provide a reliable data set to support continuing engineering, mine design and optimization work.

Although Imwelo has been the subject of JORC-compliant PEA (preliminary economic assessment), PFS (prefeasibility study) and updated PFS work, these foreign-code studies are not current under NI 43-101 standards.

The company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM definition standards.

Lake Victoria Gold 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 50,000 metres of drilling and is located adjacent to Barrick’s Bulyanhulu mine. The company also holds a 100% interest in the Imwelo Project, a fully permitted gold project west of AngloGold Ashanti’s Geita gold mine. With historical resource estimates and a 2021 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

Lake Victoria Gold has assembled an experienced team with a record of developing, financing and operating mining projects in Africa with management, directors and partners owning more than 60% of the shares.

The Taifa Group 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 conduct all the contract mining and civil works for the Imwelo Project.

Taifa Mining is Tanzania’s largest mining contractor with over 30 years of mining-related experience. Taifa has been the contractor of choice to most mines in Tanzania and has 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.