Lahontan Announces Upsize to Private Placement of Units

Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (the "Company" or "Lahontan") is pleased to announce that, further to its press release of April 8, 2025, the Company has increased the size of its non-brokered private placement financing to up to 44,000,000 units (each, a "Unit") at a price of $0.05 per Unit for aggregate gross proceeds of up to $2,200,000 (the "Offering").

Each Unit is comprised of one common share of the Company (each, a "Common Share") and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.08 per Common Share for a period of two (2) years from the date of issuance, provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed CDN$0.12 for ten (10) consecutive trading days at any time following the date that is four months and one day after the date of issuance, the Company may accelerate the Warrant Term (the "Reduced Warrant Term") such that the Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the Reduced Warrant Term

Gross proceeds raised from the Offering will be used for general working capital purposes and for exploration at the Company's Santa Fe Mine Project.

Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 km² Santa Fe Mine project, had past production of 359,202 ounces of gold and 702,067ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing*. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more information, please visit our website: www.lahontangoldcorp.com.

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project", Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company's website and SEDAR+.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, and Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400

Email:
Kimberly.ann@lahontangoldcorp.com

Website: www.lahontangoldcorp.com

Cautionary Note Regarding Forward-Looking Statements:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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Lahontan Gold Corp.

Fast-tracking a past-producing Nevada gold mine toward a 2027 production restart

Fast-tracking a past-producing Nevada gold mine toward a 2027 production restart Keep Reading...

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.

Lahontan Gold drilling exploration rig set up

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)

Map of Lahontan Gold project location with neighboring projects and owners

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.

Lahontan Gold's drill hole location and geology map of the Santa Fe Mine project

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.