Caledonia Mining Corporation Plc press release

Lake Victoria Gold Announces Maiden Mineral Resource at Tembo of 480,100 Inferred and 99,700 Indicated Ounces, Adjacent to Barrick's Bulyanhulu Mine

2026-08-11

NYSE - New York Stock Exchange · Jersey · Resource Estimate

Higher-grade component includes 331,700 Inferred ounces at 2.15 g/t and 68,600 Indicated ounces at 2.00 g/t at a 1.00 g/t cut-off; Ngula 1 prioritized for close-spaced drilling and future mine planning

Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) ("LVG" or the "Company")is pleased to announce the maiden National Instrument 43-101 ("NI 43-101") Mineral Resource Estimate ("MRE") for its 100%-owned Tembo Gold Project ("Tembo" or the "Project") in northwestern Tanzania, immediately adjacent to Barrick's Bulyanhulu Mine. The MRE comprises an Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold containing 480,100 ounces and an Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold containing 99,700 ounces across three near-surface deposits.

At a 1.00 g/t cut-off, the MRE retains an Inferred Mineral Resource of 4.79 Mt at 2.15 g/t gold containing 331,700 ounces and an Indicated Mineral Resource of 1.07 Mt at 2.00 g/t gold containing 68,600 ounces, demonstrating a meaningful higher-grade component. Ngula 1 hosts approximately 56% of the Project's Inferred ounces and 63% of its Indicated ounces and will be the initial focus of the Company's planned close-spaced drilling, resource conversion and future mine-planning work. In parallel, LVG continues to advance its previously announced toll-milling initiative with Nyati Resources (T) Limited as a potential capital-efficient route for processing near-surface material from Ngula 1.

The maiden estimate transforms Tembo from a high-grade drill story into a defined resource on granted Mining Licences, with a pathway to growth and, potentially, near-term production. Much of Nyakagwe Village and Nyakagwe East remains classified as Inferred largely because of wider drill spacing, providing a clear opportunity for relatively rapid resource conversion through focused infill drilling. Together with its defined higher-grade component, secure tenure, the next-stage program already scoped at Ngula 1 and the potential Nyati toll-milling pathway, the MRE positions Tembo as LVG's second defined gold asset alongside the fully permitted Imwelo Gold Project.

Mineral Resource Estimate Highlights

Maiden Mineral Resource Estimatecomprising an Inferred Mineral Resource of 13.33 Mt at 1.12 g/t gold for 480,100 ounces and an Indicated Mineral Resource of 2.69 Mt at 1.16 g/t gold for 99,700 ounces. Higher-grade sensitivityat a 1.00 g/t cut-off of 4.79 Mt at 2.15 g/t gold for 331,700 Inferred ounces and 1.07 Mt at 2.00 g/t for 68,600 Indicated ounces; and at a 1.50 g/t cut-off of 2.27 Mt at 3.18 g/t for 232,100 Inferred ounces and 0.56 Mt at 2.68 g/t for 48,500 Indicated ounces. Ngula 1 hosts an Inferred Mineral Resource of 8.12 Mt at 1.03 g/t (267,900 ounces) and an Indicated Mineral Resource of 1.78 Mt at 1.10 g/t (62,700 ounces), the majority of the Project's Indicated ounces, providing a focused target for planned close-spaced drilling, resource conversion and mine planning. Planned 4,000-5,000-metre close-spaced drilling programat Ngula 1, on an approximately 20 m by 20 m pattern, to improve geological confidence and support future mine planning. Three near-surface deposits- Ngula 1, Nyakagwe Village and Nyakagwe East - reported within conceptual open-pit shells and remaining open along strike and at depth. District-scale growth platformon four granted Mining Licences adjacent to Bulyanhulu, with the current MRE covering only three target areas within a property where 39 exploration targets have been identified.

Management Commentary

"This maiden resource gives Tembo a defined foundation and a clear next step. The meaningful higher-grade component and concentration of Indicated ounces at Ngula 1 allow us to focus drilling where it can most directly improve geological confidence and support future mine planning, while the broader licence package provides substantial additional exploration opportunity. With Imwelo advancing as our near-term development priority and Tembo now supported by a maiden NI 43-101 resource, LVG is building the disciplined, multi-asset Tanzanian gold company we set out to create."

Mineral Resource Statement

Table 1: Tembo Gold Project - Maiden Mineral Resource Estimate (0.25 g/t Au cut-off)

| Category | Prospect | Tonnes (Mt) | Au Grade (g/t) | Contained Au (koz) | | Indicated | Ngula 1 | 1.78 | 1.10 | 62.7 | | | Nyakagwe Village | 0.91 | 1.27 | 37.0 | | | Nyakagwe East | - | - | - | | | Total Indicated | 2.69 | 1.16 | 99.7 | | Inferred | Ngula 1 | 8.12 | 1.03 | 267.9 | | | Nyakagwe Village | 4.71 | 1.30 | 197.1 | | | Nyakagwe East | 0.51 | 0.93 | 15.2 | | | Total Inferred | 13.33 | 1.12 | 480.1 |

Notes:

1. The MRE has an effective date of May 29, 2026 and was prepared in accordance with NI 43-101, the CIM Definition Standards (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). 2. Mineral Resources are reported at a cut-off grade of 0.25 g/t Au within conceptual open-pit shells demonstrating reasonable prospects for eventual economic extraction, using a gold price of US$2,400/oz; mining costs of US$1.50/t for overburden and US$4.00/t for rock; a processing cost of US$25.00/t; metallurgical recovery assumptions of 86% for material grading below 3.00 g/t Au and 96% for material grading at or above 3.00 g/t Au; and an overall pit slope of 55 degrees. 3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 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. 4. Tonnes and ounces are rounded and totals may not sum exactly. Mt = million tonnes; koz = thousand troy ounces. 5. Factors Affecting the Mineral Resource Estimate: The estimate may be materially affected by, among other things, the assumed gold price and cut-off grade; metallurgical recovery assumptions; the mining, processing and general and administrative cost assumptions; the geotechnical and pit-slope parameters underlying the conceptual open-pit shells used to demonstrate reasonable prospects for eventual economic extraction; the results of further drilling and sampling on the continuity, grade, tonnage and classification of mineralization; and environmental, permitting, legal, land tenure and title, taxation and royalty, socio-economic, marketing, political and infrastructure factors in the United Republic of Tanzania.

A Defined Higher-Grade Component

A defining feature of the Tembo resource is that grade strengthens materially as the reporting cut-off rises, the signature of a robust higher-grade core rather than a low-grade bulk tonnage. This higher-grade portion was modelled using multiple-indicator kriging, which treats the erratic high-grade gold distribution separately from the continuous lower-grade background, and it is retained within the conceptual pit shells as the cut-off increases.

At a 1.00 g/t cut-off, the Inferred Mineral Resource is 4.79 Mt at 2.15 g/t gold for 331,700 ounces and the Indicated Mineral Resource is 1.07 Mt at 2.00 g/t gold for 68,600 ounces. At a 1.50 g/t cut-off, the Inferred Mineral Resource is 2.27 Mt at 3.18 g/t gold for 232,100 ounces and the Indicated Mineral Resource is 0.56 Mt at 2.68 g/t gold for 48,500 ounces. At Ngula 1, the higher-grade core is more pronounced: at a 1.00 g/t cut-off, the Inferred Mineral Resource is 2.28 Mt at 2.33 g/t gold for 170,700 ounces and the Indicated Mineral Resource is 0.66 Mt at 1.96 g/t gold for 41,400 ounces. These sensitivity figures do not represent separate Mineral Resource estimates and should not be interpreted as Mineral Reserves.

Table 2: Grade-Tonnage Sensitivity by Deposit - Indicated Mineral Resources

| | Ngula 1 | Nyakagwe Village | Total | | | | | | | | Cut-off (g/t) | Mt | g/t | koz | Mt | g/t | koz | Mt | g/t | koz | | 0.25 | 1.78 | 1.10 | 62.7 | 0.91 | 1.27 | 37.0 | 2.69 | 1.16 | 99.7 | | 0.50 | 1.38 | 1.29 | 57.6 | 0.72 | 1.50 | 34.6 | 2.10 | 1.36 | 92.2 | | 0.75 | 0.91 | 1.66 | 48.5 | 0.56 | 1.75 | 31.3 | 1.47 | 1.69 | 79.8 | | 1.00 | 0.66 | 1.96 | 41.4 | 0.41 | 2.05 | 27.2 | 1.07 | 2.00 | 68.6 | | 1.50 | 0.35 | 2.60 | 29.0 | 0.22 | 2.81 | 19.5 | 0.56 | 2.68 | 48.5 | | 2.00 | 0.15 | 3.76 | 17.9 | 0.11 | 3.80 | 13.7 | 0.26 | 3.77 | 31.6 |

Table 3: Grade-Tonnage Sensitivity by Deposit - Inferred Mineral Resources

| | Ngula 1 | Nyakagwe Village | Nyakagwe East | Total | | | | | | | | | | Cut-off (g/t) | Mt | g/t | koz | Mt | g/t | koz | Mt | g/t | koz | Tot Mt | Tot g/t | Tot koz | | 0.25 | 8.12 | 1.03 | 267.9 | 4.71 | 1.30 | 197.1 | 0.51 | 0.93 | 15.2 | 13.33 | 1.12 | 480.1 | | 0.50 | 4.83 | 1.47 | 227.9 | 3.63 | 1.57 | 183.3 | 0.46 | 0.98 | 14.3 | 8.92 | 1.48 | 425.5 | | 0.75 | 3.11 | 1.94 | 193.8 | 2.86 | 1.83 | 167.9 | 0.30 | 1.19 | 11.3 | 6.26 | 1.85 | 373.1 | | 1.00 | 2.28 | 2.33 | 170.7 | 2.33 | 2.04 | 152.8 | 0.18 | 1.39 | 8.2 | 4.79 | 2.15 | 331.7 | | 1.50 | 1.22 | 3.29 | 129.2 | 1.04 | 3.06 | 102.3 | 0.01 | 1.54 | 0.5 | 2.27 | 3.18 | 232.1 | | 2.00 | 0.81 | 4.09 | 106.4 | 0.55 | 4.25 | 75.4 | - | - | - | 1.36 | 4.16 | 181.9 |

Grade-tonnage figures are reported within the same conceptual pit shells as the Mineral Resource Statement and represent subsets of the stated Mineral Resource at higher cut-off grades, not separate Mineral Resource estimates.

Ngula 1 - Focused Development Pathway

Ngula 1 is the most advanced of the three deposits and hosts approximately 56% of the Project's Inferred ounces and 63% of its Indicated ounces. The deposit has been defined over approximately 600 metres of strike, across a corridor up to approximately 200 metres wide and to depths of about 200 metres. It remains open along strike and at depth.

Historical drilling has confirmed both wide, near-surface mineralization and continuity of the higher-grade core to depth at Ngula 1, including:

TDD0041: 22.81 g/t gold over 15.00 metres from 299.00 metres; TDD0004: 3.13 g/t gold over 25.89 metres from 41.00 metres, including 9.38 g/t gold over 6.30 metres and 4.46 g/t gold over 2.60 metres; and TDD0054: 8.17 g/t gold over 11.05 metres from 116.96 metres.

The drill intercepts shown above are selected highlights and are not necessarily representative of all drilling completed at Ngula 1. Readers are encouraged to review the complete drill results in the NI 43-101 Technical Report supporting the MRE, to be filed under the Company's SEDAR+ profile. Reported intervals are down-hole lengths; true widths have not been determined.

The independent Qualified Persons recommend approximately 5,000 metres of close-spaced drilling on a 20 m by 20 m pattern. The program is intended to improve confidence in the continuity and geometry of near-surface mineralization, support resource conversion and provide the geological information required for future mine planning.

In parallel, LVG continues to advance its previously announced toll-milling arrangement with Nyati in respect of a 500-tonne-per-day processing plant located on a Tembo licence adjacent to Bulyanhulu. The proposed arrangement is intended to provide a capital-efficient route to process near-surface material from Ngula 1, subject to confirmatory drilling, permitting, financing and the negotiation and execution of a definitive agreement.

[](https://images.newsfilecorp.com/files/2214/309119_59e16ec7f4693863_002full.jpg)

Figure 1: Ngula 1 classified Mineral Resource model, with Indicated Resources shown in green and Inferred Resources shown in red, together with drill traces and the surrounding modelled mineralized envelope.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2214/309119_59e16ec7f4693863_002full.jpg

Exploration Upside and District Potential

Tembo sits within the Lake Victoria Goldfield of the Sukumaland greenstone belt, an established Tanzanian gold district with a long history of commercial mining, including Barrick's Bulyanhulu Mine, AngloGold Ashanti's Geita Gold Mine, and the Buzwagi and Golden Pride mines. The northwest-trending shear structures that host Bulyanhulu's Reef 1 and Reef 2 are interpreted to continue onto the Tembo licences, and the Company has used the Bulyanhulu deposit model to guide its targeting along this corridor.

The maiden resource covers only three of Tembo's high-priority targets, a small fraction of a 34 km² property on which a 2020 integrated study by GoldSpot Discoveries Corp. identified and ranked 39 exploration targets. Surface sampling reported in December 2025 (See Press Release December 18, 2025) returned high-grade results across several active artisanal workings, identifying multiple targets for follow-up exploration and reinforce the scale and continuity of the system, including:

Ngula 1: up to 35.45 g/t gold, at the Project's priority target; Ngula 2: 35.21 g/t, 10.30 g/t and 10.27 g/t gold; Nyakagwe East: 22.68 g/t gold, supporting extensions of known mineralization; Nyangomango: 8.50 g/t and 7.86 g/t gold from newly identified workings; and Mgusu: 5.90 g/t gold at an under-drilled target.

Grab samples are selective by nature and are not necessarily representative of gold grades across the sampled zones.

Two further targets, the Buly Trend and Iyenze, lie directly against the Bulyanhulu boundary and are interpreted as the northwestern continuation of the structural corridor that hosts Bulyanhulu's Reef 1 and Reef 2. In addition, almost all drilling completed at Tembo to date has tested less than 200 m below surface, and the Company believes the system has the potential to extend well below currently drilled depths, consistent with the orogenic gold deposits that are mined to far greater depths elsewhere in the district.

Together with more than fifty thousand metres of drilling across the broader Project, these results support the Company's interpretation of a large, structurally controlled gold system that remains open along strike and at depth. Ngula 1 and the additional targets provide multiple avenues for resource growth beyond the current estimate and form the basis of the Company's ongoing exploration and development planning at Tembo.

Strategic Position Adjacent to Bulyanhulu

Tembo occupies a strategic position in one of Africa's most prospective gold camps. Barrick's December 2021 acquisition of six of the Company's non-core licences, for US$6 million in cash plus up to US$45 million in ounce-based contingent payments, reflects the scale of endowment a senior operator sees across this district and leaves LVG with continued exposure to that upside as ounces are defined. Following that sale, the Project is now effectively surrounded by Bulyanhulu ground.

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.

Next Steps

Complete the planned close-spaced drilling programat Ngula 1 and report assay results. Use the resultsto update geological interpretation, advance resource conversion and support future mine planning. Advance the Nyati toll-milling initiativetoward a definitive agreement and associated permitting. Reinterpret historical aeromagnetic dataand assess follow-up airborne electromagnetic surveying to refine future drill targeting. Prioritize step-out and target drillingacross the broader Tembo property to test extensions and additional structures. File the supporting NI 43-101 Technical Reportunder the Company's SEDAR+ profile within 45 days of this news release.

Cautionary Statement Regarding a Production Decision

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, including through the proposed toll-milling arrangement, 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. The proposed Nyati arrangement remains subject to confirmatory drilling, permitting, financing, the negotiation and execution of a definitive agreement and other conditions. There is no certainty that the arrangement will be completed or that production will result.

Qualified Person

The Technical Report supporting the MRE 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.

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 which has over fifty 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 resource estimates and a JORC Compliant 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 Barrickand 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 conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years 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 largest 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.

On Behalf of the Board of Directors of the Company,

Simon Benstead Executive Chairman & CFO Phone: +1 604-685-9316 Email: sbenstead@lakevictoriagold.com

For more information please contact:

| _Simon Benstead Executive Chairman & CFO_ Phone:+ 1 604-685-9316 Email: sbenstead@lakevictoriagold.com | _Marc Cernovitch CEO & Director_ Phone: +1 604-685-9316 Email: mcernovitch@lakevictoriagold.com |

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