What you need to know: • LVG is set to start construction on its Imwelo Project in Q2-Q3, with gold production expected in 2027. • The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other exploration potential at its Tembo Project. • The Company is actively looking for other opportunities within the region and has recently signed an LOI to process material at a 500tpd processing plant near its Tembo Mining License. • We value LVG at $0.50/share, representing 92% upside. Lake Victoria Gold (LVG:TSXV, LVGLF:OTCQB) is an exploration and development company focused on the growth and consolidation of the Lake Victoria Goldfield in Tanzania. Lake Victoria’s current focus is bringing the 100% permitted Imwelo Gold Project into production with construction commencing in 2026. The Company is also continuing to explore its highly prospective Tembo Gold Project (adjacent to Barrick’s ~12Moz Bulyanhulu Mine). As per its partnership with Barrick, LVG could receive up to US$45M in cash payments contingent on Barrick’s exploration success, providing substantial future upside potential for the Company. LVG plans to be opportunistic in the region, with the goal of consolidating valuable assets surrounding its projects or targeting new near-term production opportunities. As shown by the recently announced LOI for a cooperative agreement to process material from the Tembo Mining Licenses at the Nyati Resources Processing Plant. LVG is led by a strong management team, board of directors, and group of partners (Taifa Group & Barrick), which combine to own ~39% of the shares, making them highly motivated to generate shareholder value. We are re-initiating coverage on LVG with a BUY rating and target price of $0.50/share. Investment Thesis Summary Path to Production. Following LVG securing a 10-year Mine License extension, the Imwelo Project is projected to be in production as early as H1/27, with construction commencing in 2026. This will provide non-dilutive cash flow to fund other growth initiatives in the region, as well as future potential mine expansion plans at Imwelo. 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 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 ~28% of the outstanding shares (alongside its partner Taifa Group, which 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.