Lake Victoria Gold Reports Continued Barrick Exploration Success at Tembo-Area Licences

Core Insights - Lake Victoria Gold Ltd. (LVG) provided an update on Q2 2025 exploration activities on licenses sold to Bulyanhulu Gold Mine Limited, owned by Barrick Mining Corporation and the Government of Tanzania [1][6] Exploration Activities - Q2 2025 exploration focused on reverse circulation (RC) drilling at the granite-greenstone contact, which is considered prospective, and planning an aircore (AC) drilling program to test areas similar to Bulyanhulu Mine [2] - A total of 12 RC holes were drilled, totaling 1,380 meters, confirming favorable geology with potential for gold mineralization [5] Geological Findings - Drilling results reinforced the geological continuity between Bulyanhulu Mine and the Tembo Project area, validating LVG's interpretation of the broader potential of the belt [4] - The drilling intersected mafic metavolcanics and quartz porphyry dykes, indicating promising conditions for gold mineralization [5] Strategic Context - Under the Asset Purchase Agreement from 2022, LVG may receive up to US $45 million in contingent payments from Barrick, contingent on future discoveries or resource thresholds [6] Management Comments - Management expressed encouragement regarding Barrick's exploration momentum and technical validation, highlighting the potential for substantial contingent payments and value addition through ongoing exploration [7] Next Steps - Barrick's Q3 2025 program will focus on ranking and prioritizing follow-up drill targets based on Q2 results and earlier geochemical anomalies [8] Company Overview - Lake Victoria Gold is focused on growth in the Lake Victoria Goldfield in Tanzania, holding a 100% interest in the Tembo Project and the Imwelo Project, which is fully permitted for mine construction [12][13]