Lake Victoria Gold Initiates First Land Compensation Programme at Tembo, Covering 111.32 Acres Over the Ngula 1 Deposit

Application submitted to Geita District Council to appoint statutory valuation officers; completion of the compensation process targeted for Early October 2026

VANCOUVER, BC, Sept. 16, 2026 /PRNewswire/ -- Lake Victoria Gold Limited (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("Lake Victoria Gold," "LVG" or the "Company") is pleased to announce that its wholly owned Tanzanian subsidiary, Mineral Industry Promotion and Consulting Company Limited ("MIPCCL"), has formally initiated the Phase 1 land valuation and compensation programme at Ngula Village, covering the Ngula 1 deposit at the Tembo Gold Project ("Tembo"). This is the first land access programme undertaken at Tembo.

Key Highlights

• First land access programme initiated at Tembo, applying the same statutory process LVG has now run three times to completion at its Imwelo Gold Project.
• 111.32 acres covered, comprising 88.51 acres within the MIPCCL mining licence area and 22.81 acres associated with primary mining licences held by Nyati Resources ("Nyati").
• Programme area sits directly over Ngula 1, the deposit that hosts the majority of the ounces in the Company's maiden Tembo Mineral Resource Estimate.
• Application submitted to Geita District Council requesting appointment of a District Valuer and an Authorised Land Officer to conduct the statutory valuation and compensation process.
• Completion of the compensation process targeted for early October 2026.

Programme Scope and Statutory Basis

MIPCCL has submitted a formal application to the District Executive Director of Geita District Council requesting that the Council undertake the statutory valuation and compensation exercise at Ngula Village, in accordance with the Mining Act, Cap. 123 and Tanzanian land legislation. A copy of the application has been provided to the Office of the District Commissioner, Geita District. A corresponding application in respect of the Nyati primary mining licence area was submitted concurrently.

Together the two applications cover 111.32 acres: 88.51 acres within the MIPCCL licence area and a further 22.81 acres associated with primary mining licences held by Nyati, with whom the Company has a previously disclosed working relationship at Tembo.

MIPCCL holds four contiguous mining licences over Tembo, ML 0779/2025, ML 0780/2025, ML 0781/2025 and ML 0782/2025, granted in 2025 for terms of up to ten years and spanning the Geita, and Nyang'hwale districts of the Geita Region; and Kahama district of the Shinyanga Region.

Why Ngula 1

The Phase 1 programme area lies directly over the Ngula 1 deposit. In the Company's maiden Mineral Resource Estimate for Tembo, with an effective date of 29 May 2026, Ngula 1 is estimated to contain Inferred Mineral Resources of 8.12 million tonnes grading 1.03 g/t Au for 267,900 ounces of contained gold and, reported separately, Indicated Mineral Resources of 1.78 million tonnes grading 1.10 g/t Au for 62,700 ounces of contained gold. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Ngula 1 accounts for the majority of both the Inferred and the Indicated ounces in the Tembo estimate, and is the near term focus of the Company's work at Tembo, including the infill drilling recommended in the Company's technical report. Securing orderly surface access is a prerequisite to any future work programme on the deposit.

The Company's approach is to complete this step in advance of need rather than under schedule pressure. Land access is a recognised source of delay in the sector, and the Company's view is that the time to secure it is before it sits on the critical path.

Nyati Relationship and Potential Path to Near-Term Production

The Programme also supports the Company's toll-milling arrangement with Nyati Resources (T) Limited, announced in connection with the Company's maiden Tembo Mineral Resource Estimate, under which Nyati's 500-tonne-per-day processing plant would process material from Tembo, including from Ngula 1. Securing orderly land access across both the MIPCCL and Nyati licence areas positions the Company to advance this pathway toward near term production at Tembo, alongside its ongoing resource-conversion work at Ngula 1.

Management Commentary

Marc Cernovitch, President and Chief Executive Officer of Lake Victoria Gold, commented:

"We are taking the playbook that has worked at Imwelo and applying it at Tembo, starting at Ngula 1 because that is where our resource is concentrated and where our next phase of work is directed.

There is no urgency forcing this. That is exactly the point. Doing land access properly, through the district authorities and the statutory valuation process, takes as long as it takes, and the way you avoid that becoming a problem is to start it early and run it transparently. We have the community and the district engaged from day one, and we intend to keep it that way."

Boilerplate and Regulatory Sections

About Lake Victoria Gold

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, located adjacent to Barrick's Bulyanhulu Mine, and a 100% interest in the fully permitted Imwelo Project, located west of AngloGold Ashanti's Geita Gold Mine.

Qualified Persons

The Technical Report supporting the Company's maiden Mineral Resource Estimate for Tembo was prepared by independent Qualified Persons Noleen D. Pauls (M.Sc., Pr. Sci. Nat., FGSSA) and Dean Richards (B.Sc. (Hons), Pr. Sci. Nat., MGSSA) of Obsidian Consulting Services, each a Qualified Person as defined under NI 43-101 and independent of the Company. The Mineral Resource Estimate was prepared by Mr. Richards.

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.

Cautionary Note Regarding Mineral Resources and Production Decisions

Inferred Mineral Resources are estimated with a lower level of confidence than Indicated Mineral Resources, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded through continued exploration.

The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study for the Tembo Project, no Mineral Reserves have been estimated and Mineral Resources do not have demonstrated economic viability. Any decision to commence production at Tembo would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure.

Adjacent Property Disclaimer

Mineralization hosted on adjacent or nearby properties, including the Bulyanhulu Mine, is not necessarily indicative of mineralization on the Tembo Project. Geological comparisons and structural interpretations are interpretive, and there is no certainty that additional drilling will result in the discovery, conversion or growth of Mineral Resources.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation, including, without limitation: the appointment of a District Valuer and an Authorised Land Officer by Geita District Council; the anticipated timing for completion of the Phase 1 land valuation and compensation programme at Ngula Village, targeted for early October 2026; the completion of the statutory valuation and compensation process at Ngula Village and in respect of the Nyati primary mining licence area; and future work programmes at Ngula 1, including the infill drilling recommended in the Company's technical report; the previously announced toll-milling arrangement with Nyati Resources (T) Limited and the confirmatory drilling, permitting, financing and execution of a definitive agreement in connection therewith; and the potential for near term production at Tembo. All statements in this news release that address events or developments that the Company expects 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: delays in the appointment of statutory valuation officers or in the conduct of the valuation and compensation process by Geita District Council; changes in the position of the Council, the District Commissioner or other government authorities; the outcome of discussions regarding the ML Part B, Article 2 development and production commencement milestones; the Company's relationship with, and rights in respect of land held by, Nyati Resources; land access and community relations risks generally; 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 except 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. Undue reliance should not be placed on forward-looking statements.

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.

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] 

SOURCE Lake Victoria Gold Ltd.