Canadian Investment Regulatory Organization Trade Resumption - LG

Overview

Lahontan Gold (TSXV:LG,OTCQB LGCXF) is advancing a portfolio of 100 percent-owned gold and silver assets in Nevada’s Walker Lane, led by the Santa Fe Mine, a past-producing open-pit heap leach operation. The company has expanded the mineral resource, completed a NI 43-101 preliminary economic assessment (PEA) and is advancing permitting and technical studies to support the project’s development. Management is driving multiple technical workstreams simultaneously, spanning state and federal permitting, metallurgical optimizations via an on-site laboratory, and engineering studies to support its upcoming production restart.

The company is heading into a back-loaded sequence of significant corporate catalysts planned throughout 2026. Management is targeting an updated NI 43-101 Mineral Resource Estimate in Q2 2026, which will feed directly into an updated Preliminary Economic Assessment (PEA) in Q3 2026. This updated economic study will specifically outline a pathway to achieve an expanded production profile targeting an eventual 100,000 ounces of gold production per year.

Value creation is supported by aggressive, multi-rig exploration campaigns designed to scale the resource base rapidly. The 2026 campaign deploys a three-pronged approach: a 10,000-metre Reverse Circulation program chasing new exploration targets, a 2,023-metre core drilling program to finalize mine permitting data, and a 1,740-metre sonic program executing 96 drill holes into historic heap leach pads to add low-cost ounces directly to the mine life.

The execution of this corporate strategy is guided by a founder-led management team and an independent board with deep operational histories in the Great Basin. This leadership capability is validated by a corporate share structure that features 41 percent institutional ownership—including resource funds like MERK, EMA (Larry Lepard), APAC, and PALOS—alongside 4 percent insider ownership.

Company Highlights

• District-scale Nevada Portfolio: Lahontan Gold is advancing a portfolio of 100 percent-owned gold and silver projects in Nevada’s Walker Lane, anchored by the Santa Fe Mine and complemented by the West Santa Fe and Moho projects.
• Flagship Brownfields Development: The Santa Fe Mine is a past-producing open-pit heap leach gold and silver operation that produced approximately 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1994.
• Large Mineral Resource: Santa Fe hosts a pit-constrained NI 43-101 mineral resource of 1.54 million ounces gold equivalent Indicated and 0.41 million ounces gold equivalent Inferred.
• Advancing Development and Exploration: An updated 43-101 MRE is planned for Q2 2026, with a PEA planned for Q3 2026 targeting an eventual 100k oz/yr gold production
• Established Infrastructure: Santa Fe benefits from infrastructure including year-round access, an active substation on site, access to three water wells, and property power lines.
• Top Rated Mining Jurisdiction: Nevada is the world’s top rated mining jurisdiction as ranked by the Fraser Institute, featuring straightforward permitting.

Key Projects

Santa Fe Mine (Flagship Brownfields Asset)

The Santa Fe Mine is Lahontan’s flagship, 100 percent-owned gold and silver project located in Nevada’s Walker Lane. Covering a district-scale land package of more than 28 square kilometres, the past-producing open-pit heap leach operation produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1994.

Current resource modeling shows substantial gold oxide mineralization remaining directly within the high-wall and pit bottoms, which feature highly competent wall rock and stable 50-degree pit slopes. With an overall Indicated oxide grade of 0.64 g/t gold, Santa Fe hosts one of the highest operating or development heap-leach oxide grades in the entire state of Nevada.

Recent drilling has successfully demonstrated that the resource base remains open for depth and strike expansion. Deep core drilling beneath the conceptual pit boundaries at the Calvada deposit intercepted 90.8 metres grading 0.44 g/t gold equivalent oxide, confirming significant down-dip expansion potential. Simultaneously, 2026 step-out exploration drilling discovered a brand-new gold zone called West Slab, yielding unconstrained structural intercepts of 35.0 metres grading 0.34 g/t gold equivalent and 61.0 metres grading 0.26 g/t gold equivalent. The mine plan features a conventional cyanide heap-leach setup processing 12,500 tons per day through a three-stage crush and conveyor loading sequence to produce gold-silver doré bars directly on site.

West Santa Fe (Satellite Oxide Asset)

West Santa Fe is a satellite project located just 13 kilometres west of the main Santa Fe Mine infrastructure, encompassing a 19 square kilometre land package. The asset outlines a shallow oxide gold and silver deposit starting directly at the surface, with a conceptual exploration target of 0.5 to 1.0 million ounces. Lahontan holds a 7-year option agreement to acquire 100 percent of the property for a total buyout price of US$1.8M, with total expenditures of US$1.4M over seven years structured to establish its maiden mineral resource estimate.

Recent twin-hole drilling has confirmed the validity of the historical database while delivering exceptional grades. Reverse Circulation hole WSF25-04R hit 36.6 metres grading 3.11 g/t gold equivalent from the surface, including a high-grade zone of 10.7 metres grading 5.75 g/t gold equivalent in completely oxidized material. Metallurgical testing highlights excellent processing characteristics; historic column leach tests showed 70 percent gold and 50 percent silver recoveries, while recent cyanide-extractable assay results outperformed expectations with an average gold recovery of 81 percent and silver recovery of 60 percent. Because the deposit aligns structurally as a look-alike to the main Santa Fe pit, it is being designed as a low-cost, open-pit satellite operation that can feed directly into the flagship processing hub.

Moho Mine (Satellite High-Grade Asset)

The Moho Mine represents a satellite high-grade gold and silver asset within Lahontan’s regional Walker Lane portfolio. Characterized by an extensive multiple-vein system, the historic underground asset features historic mining grades of 25 g/t gold and 300 g/t silver. It provides the company with localized, high-grade exploration targets that run parallel to its primary large-scale gold oxide heap-leach development projects.

Management Team

Kimberly Ann – Founder, Executive Chair, President and CEO

Kimberly Ann is the founder, executive chair, president and CEO of Lahontan Gold. She has more than a decade of experience founding and financing junior resource companies, has raised more than US$300 million in capital and has participated in multiple mergers, acquisitions and corporate transactions in the mining sector.

Brian Maher – Founder and Vice-president, Exploration

Brian Maher is an economic geologist with more than 45 years of mineral exploration experience. He previously served as president and CEO of Prodigy Gold, where he led the discovery and development of the Magino gold deposit prior to the company’s acquisition by Argonaut Gold.

John McNeice – Chief Financial Officer

John McNeice is a chartered professional accountant with more than 30 years of experience in public company finance. His background includes financial reporting, initial public offerings, corporate transactions and mine development financing for resource companies.

Josh Serfass – Independent Director

Josh Serfass serves as executive vice-president of corporate development and investor relations at Integra Resources. He previously held corporate development and investor relations roles at Integra Gold before its acquisition by Eldorado Gold.

Shane Williams – Independent Director

Shane Williams is a mining engineer with experience advancing mining projects from economic studies through construction and operations. His career includes leadership roles on projects such as Eskay Creek and the Lamaque Mine.

Evan Pelletier – Independent Director

Evan Pelletier is a mining executive with more than 30 years of underground and open-pit mining experience. He has held senior operational and leadership positions with mining companies, including Kirkland Lake Gold.

Max Pluss – Independent Director

Max Pluss is an investment professional with experience in natural resource-focused hedge funds, private equity and venture capital. His background includes investment analysis, corporate finance and capital allocation within the natural resources sector.