Gold Co. Advancing Toward PFS and Near-Term Production
Research Report

1. Lake Victoria Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
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Disclosures for Red Cloud Securities, Lake Victoria Gold Ltd., March 19, 2026

Disclosure Statement Updated March 18, 2026 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. 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On March 19, 2026, Alina Islam, Mining Analyst at Red Cloud Securities, published a development update on Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE). The company does not carry a formal rating or target price from the firm. The note was issued in response to metallurgical test work results from the Imwelo gold project in northern Tanzania, which the analyst views as a positive de-risking milestone for the project.

Lake Victoria Gold announced results from metallurgical test work completed on drill core samples from the Area C open pit at Imwelo. The testing confirmed that mineralization is largely amenable to free milling, with gold recoveries reaching up to 97% through conventional gravity concentration and cyanide leaching. Gravity testing identified a strong gravity-recoverable component of approximately 42–47%, with roughly 95% recovery achieved from downstream cyanidation of gravity tails. Diagnostic leaching further showed that up to 84% of gold is directly cyanide-leachable, confirming the deposit's non-refractory character.

This round of testing is notable because it included transitional and fresh sulphide rock from deeper portions of the planned pit for the first time. Previous metallurgical programs in 2013, 2014, and 2017 had focused exclusively on oxide material. Results from the deeper material closely match historical findings, which builds confidence that recoveries will hold across the full mining sequence and strengthens the foundation for final plant design.

The confirmed gravity plus carbon-in-leach (CIL) flowsheet is well understood and widely deployed across the Lake Victoria Goldfield. Bond Work Index testing returned a value of approximately 22.9 kWh/t, indicating relatively hard rock typical of Archean greenstone deposits in the region, which can be accommodated in conventional milling circuits. The analyst noted that the metallurgical profile at Imwelo aligns with other producing operations in the district, where gravity plus CIL circuits are the standard processing method.

Imwelo is described as a fully permitted, near-term development project located 12 km west of AngloGold Ashanti Ltd.'s (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) Geita mine. The project operates under a 10-year mining license that is fully permitted for construction and production. A historical 2021 PFS outlined a 10-year open-pit operation with initial production of 12,000 oz Au, ramping to 24,000 oz Au, at an estimated all-in sustaining cost of US$1,500/oz. The company is currently integrating the metallurgical results into final mine planning, process plant optimization, and engineering studies for a PFS expected around 2027. Management is also advancing a funding strategy for the estimated US$15M capital cost.

Lake Victoria Gold's major shareholders include management and insiders at 28%, institutional holders at 15%, Imwelo Acquisition at 12%, Taifa Group at 8%, and Barrick Mining Corp. (ABX:TSX; B:NYSE) at 3%. As of the report date, shares were trading at CA$0.25 with a 52-week range of CA$0.16 to CA$0.33. The company's market capitalization stood at approximately CA$47.8M, with an enterprise value of CA$43.1M, cash of CA$5.9M, and total debt of CA$1.2M. Basic shares outstanding totaled 195.1M, with 227.7M on a diluted basis.

The analyst identified several upcoming catalysts that should drive the stock price, including an updated mineral resource estimate at Imwelo expected in 2026, a pre-feasibility study targeted for approximately 2027, and ongoing exploration results from the company's Tembo project.

Disclosure codes 1, 2, and 3 apply, indicating that the analyst has visited the issuer's operations, the issuer reimbursed travel expenses, and Red Cloud Securities has performed investment banking services for the company in the past 12 months.