What you need to know: • LVG’s strategic partnerships & recent acquisitions have set the Company up for a transformational 2024. • LVG has turned its focus to project development and cashflow, and we expect the first gold pour by H1/25. • The Company has substantial upside through its partnership with Barrick Gold as well as other exploration potential. • We value LVG at $0.45/share representing 131% upside. Lake Victoria Gold (LVG:TSXV) is a Canadian exploration and development company focused on the growth and consolidation of the Lake Victoria Goldfield in Tanzania. Lake Victoria’s current priority is bringing the recently acquired and 95% permitted Imwelo Project into production while continuing to explore its highly prospective Tembo Gold Project (adjacent to Barrick’s ~12Moz Bulyanhulu Mine). The Imwelo Project will begin as a small cash-flowing operation in H1/25, reducing dilution risk for shareholders, and will be scaled up as resources grow. Additionally, the Company can integrate ore from its neighbouring Dora Gold Project which also hosts a historical resource. The Company plans to continue to be highly acquisitive and focus on consolidating much of the surrounding prospective land to provide shareholders with a blue sky as Imwelo begins production. With the support of Barrick Gold (ABX:TSX) via its equity investment and LVG’s recent strategic partnership with Taifa Group, development risk has been greatly reduced and highlights that industry leaders have conviction in the Company. LVG is led by a strong management team, board of directors, and group of partners that combine to own more than 60% of the shares, making them highly motivated to generate shareholder returns. We are initiating coverage on Lake Victoria Gold Ltd. with a BUY rating and target price of C$0.45/share. Investment Thesis Summary Path to Profitability. The Imwelo Project is projected to be in production as early as H1/25. This will provide non-dilutive cash flow to fund several growth initiatives. Strategic Partnerships to Provide Cash. LVG’s partnership with Barrick could see cash payments as high as US$45M contingent on exploration success (not priced in at current levels). LVG’s partnership with Taifa Group and Rostam Aziz will also provide many benefits and de-risk operational start-up. Exploration Upside Across All Projects. There is significant resource growth potential at both the Imwelo and Dora Projects as well as substantial upside at the Tembo Gold Project with Barrick exploring the surrounding grounds at no cost to LVG and the Bulyanhulu resource open along strike into the Project grounds. Motivated Management (Significant Insider Ownership). With management owning ~14% of the outstanding shares (alongside its partner Taifa Group who can own up to 26%), LVG is highly motivated to increase shareholder value. The team has made it clear that the current state of the Company is just the tip of the iceberg as they focus on a new wave of growth and consolidation in Tanzania.