Lake Victoria Gold: Tembo Exploration Update (Q3 2025)

11/24/2025 – 03:01 AM

Vancouver, British Columbia – Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) (“LVG” or the “Company”) recently shared an update on its Q3 2025 exploration program related to licenses sold to Bulyanhulu Gold Mine Limited (“Bulyanhulu”), a joint venture between Barrick Mining Corporation (“Barrick”) and the Government of Tanzania, under a 2021 Asset Purchase Agreement (APA).

During the quarter, Bulyanhulu’s exploration focused on developing refined geological and structural models to determine the potential for discovering additional Bulyanhulu-type mineralization within the Tembo Inlier claims.

Q3 2025 Exploration Highlights:

Geophysical Survey: Bulyanhulu completed 94 line-km of GAIP (gradient array induced polarization) surveying. The intent is to integrate the results into updated structural and stratigraphic interpretations.

Aircore Drilling: The geochemical aircore drilling program at the Enze target began late in the Q3 reporting period. To date, 2 fences totaling 19 holes and 419m have been completed out of a larger planned project involving 945 holes covering 30,750m across 18 fences. Initial observations from logging suggest a 15m regolith profile over basalt and felsic tuff sequences, including notable quartz-veined and moderately foliated argillite intercalations hosting smokey-grey quartz veins and sulfide boxworks.

Diamond and RC Drilling: Preliminary planning for diamond drill and RC drilling along the Itetemia trend has advanced, with five diamond fences and four RC drilling fences aiming at refining the stratigraphic context. These drilling efforts will target potential repetitions of the prospective Reef 1 and Reef 2 horizons, focusing on paleosurfaces and stratigraphic fold repetitions. The completion of this drill program is scheduled for Q4 2025.

Financial Snapshot: As of September 30, 2025, the expenditures on the project to date total US$6,659,397 out of a proposed US$9,000,000 under the APA.

Strategic Context: Contingent Payments and Upside Potential

Under the Asset Purchase Agreement (APA) executed in 2022, Lake Victoria Gold (LVG) is eligible to receive contingent payments from Barrick up to US$45 million. These payments are contingent upon future discoveries or reaching specific resource thresholds identified within these licenses, thus emphasizing the importance of ongoing explorative efforts. For investors, this arrangement presents a unique opportunity, allowing exposure to the upside of exploration success while mitigating some of the inherent geological risks. Should Barrick’s continued exploration yield significant discoveries, LVG stands to benefit substantially, providing possible future revenue streams without incurring additional capital outlay.

Management Perspective

“The Q3 data from Barrick reflects a carefully considered and technically rigorous strategy to demystify the Tembo geology,” noted David Scott, Director and Managing Director for Tanzania at Lake Victoria Gold. “The integration of the GAIP survey, extensive aircore drilling, and scheduled diamond and RC drilling all align toward a common goal – pinpointing Bulyanhulu-style mineralization within the Inlier. With the addition of deeper drilling and structural refinement, our confidence grows regarding the potential for a significant discovery.”

Marc Cernovitch, President & CEO of Lake Victoria Gold, added, “The continued progress by Barrick at Tembo reinforces the long-term potential of this highly strategic asset. Their work is helping to refine the geological picture across the Inlier and advance our collective understanding of the structures that host major gold systems in the region…Tembo provides Lake Victoria Gold with meaningful exploration upside and optionality within one of Africa’s most prolific gold belts.”

Looking Ahead

Bulyanhulu has announced that aircore drilling will continue throughout Q4 2025. The completion of diamond and RC drilling programs is expected in the same quarter. Interpretations derived from the GAIP surveys will be pivotal in guiding further refinement in drill targeting along key structures within the Tembo Inlier. The results of these activities will be closely monitored by investors, offering potential catalysts for the stock.

LVG also announced its engagement with Atrium Research Corporation to provide research reports on the company based on publicly available information, industry data, and interviews with management. Atrium is expected to release multiple reports and recorded interviews and in turn will receive $3,500 per month for 9 months with the service commencing on November 24th, 2025. This engagement is subject to TSXV approval.