Lahontan Gold Announces Updated Santa Fe Preliminary Economic Assessment Featuring an Eleven-Year Mine Life and Post-Tax NPV5 of US$820 Million

Lahontan Gold Corp. (TSXV:LG,OTC:LGCXF, OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce results from a positive Preliminary Economic Assessment ("PEA") on its flagship Santa Fe Mine gold-silver project located in Nevada's prolific Walker Lane. The PEA was prepared by Kappes, Cassiday & Associates ("KCA") of Reno, Nevada with mine planning, mineral resource estimation, and production scheduling contributions from RESPEC Company LLC ("RESPEC"), Reno, Nevada, in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

PEA Highlights

Lahontan Gold: Santa Fe PEA Estimates US$1.68B Pre-Tax Cash Flow” youtube.com

Strong project economics: Post-tax net present value at a 5% discount rate ("NPV⁵") of US$820.0 million and an internal rate of return ("IRR") of 40.1%, based on the PEA base-case metal prices of US$3,600/oz gold and US$49/oz silver (Table 1).
Significant cash-flow generation: Estimated life-of-mine ("LOM") net cash flow of US$1.68 billion before taxes and US$1.32 billion after taxes over an 11-year active mine life, followed by one year of residual leaching (Table 1).
Substantial revenue potential: Projected LOM revenue of US$3.68 billion over an 11-year active mine life, followed by one year of residual leaching, based on the base-case metal prices (Table 1).
Attractive annual production profile: Average annual production of approximately 91,900 gold-equivalent ounces ("Au Eq"), comprising approximately 88,300 ounces of gold and 254,000 ounces of silver. Average annual production is projected to increase to approximately 112,500 Au Eq ounces during Years 4 through 11 of the mine life (Table 4).
Competitive projected operating costs: Estimated gold cash costs of US$1,909/oz and all-in sustaining costs ("AISC") of US$2,250/oz.
Manageable initial capital requirements: Estimated pre-production capital costs of US$172.0 million, including a US$22.2 million contingency, with a projected payback period of 3.7 years, based on base-case metal prices (Table 2).
Significant upside sensitivity to higher metal prices: At the PEA spot-price case of US$4,166/oz gold and US$59/oz silver (Table 1), post-tax NPV⁵ increases to US$1.13 billion and IRR increases to 50.4%.

Kimberly Ann, Founder, Chair, CEO and President of Lahontan Gold Corp., commented: "The results of the updated Santa Fe Mine PEA demonstrate the significant economic potential of this project. The base-case post-tax NPV⁵ of US$820 million represents an increase of more than fourteen-fold compared with the 2024 PEA (US$56.5 million), with a projected IRR of 40.1% over an 11-year active mine life and average annual production of nearly 92,000 gold-equivalent ounces. Production is expected to exceed 120,000 gold-equivalent ounces in four years of the mine plan. Estimated LOM net cash flow of US$1.68 billion before taxes highlights Santa Fe's potential to generate substantial cash flow, supporting the development of the project and potentially providing capital to pursue additional growth opportunities."

"The mine plan and production schedule developed for the PEA will inform the final Mine Plan of Operations ("MPOO") to be submitted to the U.S. Bureau of Land Management ("BLM"). Environmental baseline studies have been completed, and Lahontan expects to obtain the federal and state permits required for mine construction in 2027."

"Significant opportunities remain to expand Santa Fe's potential through exploration adjacent to known resource areas and at depth, as well as through further evaluation of the historic heap leach pads. Santa Fe is the cornerstone of Lahontan's strategy to become a gold and silver producer focused on Nevada, one of the world's premier mining jurisdictions."

The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Company has not defined any Mineral Reserves at the Santa Fe Mine project.

Economic Sensitivities

Sensitivity of the project economics to metals prices is shown in Table 1, showing the base case metal prices used for the PEA, as well as a low case, a high case and the spot case.

Table 1: Santa Fe Project 2026 PEA Economics

	Low Case	Base Case	Spot Case ⁽¹⁾
Gold Price (US$/oz)	3,000	3,600	4,166
Silver Price (US$/oz)	30.00	49.00	59.00
Net Revenue (US$)	3,035.2 M	3,680.1 M	4,266.0 M
Pre-Tax NCF⁽²⁾ (US$)	1,041.8 M	1,684.7 M	2,268.7 M
Pre-Tax NPV⁵⁽³⁾ (US$)	620.8 M	1,060.8 M	1,460.3 M
Pre-Tax IRR⁽⁴⁾	31.4%	45.9%	57.5%
After-Tax NCF⁽²⁾ (US$)	817.8 M	1,317.7 M	1,773.2 M
After-Tax NPV⁵⁽³⁾ (US$)	476.2 M	819.8 M	1,132.5 M
After-Tax IRR⁽⁴⁾	27.3%	40.1%	50.4%
Payback Period⁽⁵⁾ (years)	4.31	3.68	3.34

(1) As of October 13, 2026
(2) NCF means net cash flow
(3) NPV⁵ refers to net present value at 5% discount rate
(4) IRR means internal rate of return
(5) Pre-production capital, excluding sustaining capital, includes one year of mine construction

Capital Costs

Capital costs for the project are summarized in Table 2. Capital costs associated with the mining operation were estimated by RESPEC and based on mining by contractor. Pre-stripping costs were based on the operating costs discussed below. Capital costs associated with processing such as crushing, heap leaching and metal recovery, along with support and infrastructure costs associated with laboratory, water and power distribution and general site services were estimated by KCA. Reclamation and closure costs of $34.5 M were estimated by KCA as an allowance based on tonnes processed.

Table 2: Project Capital Costs

	Pre-Production (US$ M)	LOM Sustaining (US$ M)
Mining	5.0	1.7
Processing, Support & Infrastructure	103.4	116.0
EPCM, Indirect & Owner's Costs	21.1	17.4
Initial Fills	0.7	0.0
Working Capital⁽¹⁾	19.7	0.0
Contingency	22.2	23.1
TOTAL⁽²⁾	172.0	158.2

(1) Working capital is credited in Year 11
(2) Values are rounded and may not sum perfectly

Operating Costs

Operating costs for the project are summarized in Table 3. Mining operating costs were estimated by RESPEC and based on estimated anticipated equipment hours and personnel requirements at a 25% markup for contractor rates. The off-road red-dye diesel fuel price in this estimate was assumed to be $0.78/L. All other operating costs were estimated by KCA and based on first principles on certain components where possible, such as reagent and power consumption, along with benchmarking with similar operations for other components, such as labor, maintenance and discretionary expenses

Table 3: Project Operating Costs

	LOM Total (US$ M)	Per Tonne Processed ($/t)
Mining	1,120.8	17.85
Processing	435.2	6.93
Support & Infrastructure	32.7	0.52
G&A	59.0	0.94
TOTAL⁽¹⁾	1,647.7	26.24

(1) Values are rounded and may not sum perfectly

Mine Production Schedule

The PEA mine production schedule includes mining of leach material and waste for the Santa Fe, Calvada, Slab, and York deposits. Leach material was assumed to be sent to a centralized leach pad and the waste material was sent to designed waste rock storage facilities (WRSF) or used as partial backfill into the Calvada pit. Table 4 shows the mine production schedule.

Table 4: Projected Production Summary

Year	Tonnes Processed (kt)	Gold Grade (g/t)	Silver Grade (g/t)	Gold Produced (koz)	Silver Produced (koz)	Gold Equivalent Produced⁽¹⁾ (koz)
1	4,291	0.37	1.64	22.7	14.7	22.9
2	4,563	0.51	2.33	39.2	30.7	39.7
3	4,563	0.49	2.37	47.3	35.7	47.7
4	6,205	1.00	14.1	115.3	553.5	122.8
5	6,222	0.89	6.12	118.2	530.0	125.4
6	6,205	0.96	6.10	119.8	365.8	124.8
7	6,205	0.69	2.82	90.7	237.5	93.9
8	6,205	0.54	3.50	66.8	195.1	69.5
9	6,222	0.89	6.19	112.0	314.8	116.3
10	6,205	0.98	4.71	130.5	313.4	134.8
11	5,903	0.83	2.83	108.5	203.3	111.2
12 ⁽²⁾	0	0	0	15.6	56.3	16.4
TOTAL⁽³⁾	62,788	0.76	5.03	986.6	2,850.8	1,025.4

(1) Equivalent gold calculation is based on base case metal prices
(2) Residual leaching production only
(3) Values are rounded and may not sum perfectly

Table 5 shows the key production parameters for the mine and processing units used in the generation of the production and cash flow profiles.

Table 5: Key Mining and Processing Production Parameters

	LOM
Mining
Total Waste Tonnes Mined (Mt)	193.5
Total Processed Tonnes Mined (Mt)	62.8
Total Tonnes Mined (Mt)	256.3
Heap Recovery – Gold
Santa Fe Oxide	71%
Santa Fe Transition	49%
Santa Fe Sulfide	68%
Calvada Oxide	71%
Calvada Transition	45%
Slab Oxide	52%
York Oxide	60%
York Transition	45%
Heap Recovery – Silver
Santa Fe Oxide	30%
Santa Fe Transition	30%
Santa Fe Sulfide	30%
Calvada Oxide	13%
Calvada Transition	0%
Slab Oxide	10%
York Oxide	0%
York Transition	0%

Mining and Processing

The mineralized material will be mined by standard open-pit mining methods using a contractor-owned and operated mining fleet consisting of 92-tonne haul trucks and 11.5-m³ loading units and transported to the crushing circuit for processing.

Mineralized material from the Santa Fe, Calvada, Slab and York deposits will be processed by conventional heap leaching methods. The nominal processing rate will be 4.6 million tonnes per annum or 12,500 tonnes per day for the first three years of operation and expanding to 6.2 million tonnes per annum or 17,000 tonnes per day thereafter. Three-stage crushing of the material to 12.7 mm, will be followed by conveyor stacking on to a multi-lift heap leach pad. Dilute sodium cyanide solution will be applied to the heap, with the pregnant gold and silver-bearing solution effluent from the heap being processed in a carbon adsorption-desorption-recovery (ADR) plant. Gold and silver will be produced in the form of doré bars from the on-site smelting process. Sulfide material from the Santa Fe pit will be pre-oxidized on an on-off type leach pad prior to being reclaimed, stacked and leached with cyanide on the permanent heap leach pad.

Mineral Resource Estimation

The mineral resource estimate ("MRE") was prepared in accordance with the CIM Definition Standards and Canadian National Instrument NI-43-101. The effective date of the MRE is October 1, 2026. The MRE is shown in Table 6.

Table 6: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada

Table showing project-wide Indicated and Inferred Mineral Resources for the Santa Fe Mine in Mineral County, Nevada.

Notes:

The estimate of mineral resources was done by Michael S. Lindholm, C.P.G. of RESPEC in metric tonnes.
In-situ mineral resources are classified in accordance with CIM Standards.
The base case reported mineral resources at a cutoff grade based on a gold price of $3,200/oz Au and a silver price of $40.00/oz Ag is shown in bold and has an effective date of August 13, 2026.
Mineral resources are reported using a cut-off grade of 0.10 g/t Au Eq for oxide and transitional resources which are reported together, and 0.30 g/t Au Eq for sulfide resources. Au Eq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions: gold price/silver price ratio of 70:1, oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.
An optimized open-pit shell was used to constrain the Mineral Resource and was generated using Lerchs-Grossman algorithm utilizing the following parameters: gold price of US$3,200/oz gold, silver price of US$40.00/oz silver, gold selling costs of US$29.25/oz gold. Mining costs for ore and waste of US$2.50/t, processing cost (oxide) US$3.50/t, processing cost (non-oxide) US$18/t, G&A cost US$1.06/t. Royalties for the Slab, York and Calvada deposits are 1.25%, and maximum pit slope angles of 50 degrees.
The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the optimized pits.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.

Estimation Approach

Lithology, alteration and low-grade gold and silver domain wireframes were modelled using Seequent Leapfrog Geo Version 2026.1.2 (with legacy project migration from Version 2025.1). More detailed mid- and high-grade domain polygons were modeled in MinePlan on 30m-spaced sections using the lithology and low-grade wireframes as a guide. The polygons were snapped to drill holes in 3D space and modeled on 6m-spaced plans or long-sections, depending on the orientation of the mineralization in each deposit. Each plan or long-section was modeled at midblock locations in the block models. Gold and silver domains were modeled separately, and the domain grade breaks were defined based on cumulative probability plots for all gold or silver data. Metallurgical domains for oxide, transition and non-oxide were modelled based on ratio of cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording abundance of pyrite and oxidation intensity. Oxide and transition material represent approximately 11% and 25% of tonnes, respectively, in the Santa Fe deposit MRE. Essentially all MRE tonnes in the Slab, Calvada Central, Calvada East and York deposits are oxide material.

Two block models with a block size of 6 m x 6 m x 6 m were created, one for the Santa Fe deposit and the other for the SCY deposits. Average bulk densities were assigned to the block model using a combination of lithology, alteration and gold domains. The bedrock densities generally vary from 2.35 t/m³ to 2.7 t/m³; clay alteration, Quaternary alluvium and dump material were assigned density values of 2.24 t/m³, 1.8 t/m³ and 1.8 t/m³, respectively.

Grade capping and outlier restrictions were evaluated independently for each gold and silver domain. Top cut values were not determined to be necessary for low- and mid-grade gold domains but were applied to the high-grade and outside modeled gold domains, and to all silver domains prior to compositing to 3.04 m lengths that honor domain boundaries. Estimation was completed in MinePlan software using Inverse Distance cubed (ID³) interpolants. The MRE's were classified in accordance with the 2014 CIM Definition Standards. The nominal drill-hole spacing for Indicated and Inferred Mineral Resources is 60 m or less and 120 m or less, respectively.

Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with the following parameters: gold price of US$3,200/oz gold, silver price of US$40.00/oz silver, selling costs of US$29.25/oz gold. Mining costs for resource and waste of US$2.50/t, processing cost (oxide) US$3.49/t, processing cost (non-oxide) US$19/t, G&A cost US$1.06/t. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope is 50 degrees. Processing recoveries for oxide gold range from 60% to 79%, oxide silver recoveries range from 0% to 30%, transitional gold recoveries range from 28% to 45%, transitional silver recoveries range from 0 to 13%, and non-oxide gold and silver recoveries are 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.

More information regarding the Santa Fe Mine project's MRE is included in the NI 43-101 Santa Fe Project Technical Report with an effective date of October 1, 2026, Report Date: October 4, 2026^*.

Qualified Persons

The qualified persons are Caleb Cook, P.E. of Kappes, Cassiday & Associates; Thomas Dyer, P.E. and Michael Lindholm C.P.G. of RESPEC; each of whom is an independent "Qualified Person" under NI 43-101. A technical report supporting the results disclosed herein will be published within 45 days. The effective date of the technical report will be October 14, 2026.

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Nevada-focused mine development company advancing a portfolio of four gold and silver projects in mining-friendly Nevada's prolific Walker Lane. The Company's primary focus is the restart of its flagship, the 28.3 km² Santa Fe Mine project, with a targeted return to production in 2027.

Santa Fe Mine historic production: 359,202 ounces of gold and 702,067 ounces of silver, open pit mining with heap-leach processing (1988-1995; Nevada Bureau of Mines).
Current Resources: The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t Au Eq) and an Inferred Mineral Resource of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*).
Objectives 2026:
- Complete an updated Preliminary Economic Assessment ("PEA") for the Santa Fe Mine, including the first analysis of mining and processing sulfide resources,
- Advancing mine permitting activities with the objective of commencing construction in 2027,
- Continue drill testing the satellite West Santa Fe project, with a maiden resource estimate targeted by year-end,
- Conduct exploration drilling at Santa Fe focused on expanding known gold and silver mineralization,
- Drill test historic heap-leach pads to evaluate residual gold and silver mineralization for potential future reprocessing opportunities.

For more information, please visit our website: www.lahontangoldcorp.com

* Please see the Santa Fe Project Technical Report, Authors: Michael Lindholm C.P.G. and Caleb Cook, P. Eng., Effective Date: October 1, 2026, Report Date: October 4, 2026. The Technical Report is available on the Company's website and SEDAR+.
Mineral resources are reported using a cut-off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$3,250/oz, silver price of US$40.00/oz, and oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.

Qualified Person

Brian J. Maher, M.Sc., CPG-12342, is a "Qualified Person" as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical disclosure other than the Mineral Resource Estimate and Preliminary Economic Assessment as noted above.‎ Mr. Maher is Senior Vice President, Mine Development & Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the disclosure.

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:

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-Looking statements in this news release relate to, among other things: the Company's strategic plans; the results of the PEA; the economic potential and merits of the Project; the estimated amount and grade of mineral resources at the Project; precious metals prices; the PEA representing a viable development option for the Santa Fe Mine project ("the Project"); the timing and particulars of the development phases as identified in the PEA; estimates with respect to LOM, operating costs, sustaining capital costs, capex, AISC, cash costs, LOM production, processing plant throughput, NPV and after-tax IRR, payback period, production capacity and other metrics; the estimated economic returns from the Project; mining methods and extraction techniques; the exploration potential of the Project and its inclusion in future mining studies.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon several assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; tonnage to be mined and processed; grades and recoveries; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; reclamation estimates; reliability of the updated MRE and the assumptions upon which it is based; future operating costs; prices for energy inputs, labor, materials, supplies and services (including transportation); the availability of skilled labor and no labor related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled production; performance of available laboratory and other related services; availability of funds; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

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.sedar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78fc6c85-e460-44a3-b1b6-b04b69e4e718

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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.