Lahontan Plans Drilling to Test Historic Waste Rock at Santa Fe - A Potential Source of Additional Low Cost Gold Production

Lahontan Gold Corp. (TSXV:LG,OTC:LGCXF, OTCQB:LGCXF) (the "Company" or "Lahontan") is s pleased to announce plans to drill test the historic Santa Fe East Waste Rock Storage Facility ("WRSF") at its flagship Santa Fe Mine Project in Nevada's Walker Lane. The planned program will consist of up to 100 reverse-circulation ("RC") drill holes averaging approximately 35 metres in depth. The Santa Fe East WRSF contains approximately 9.0 million tonnes of waste rock removed from the Santa Fe open pit during historic mining operations between 1988 and 1992.

During historic mining operations, the open-pit mining cut-off grade was approximately 0.55 g/t gold. Consequently, material classified as waste at the time may contain gold and silver mineralization that could potentially be economically recovered through heap leach processing. The planned drill program is designed to evaluate the distribution, tonnage, and precious metal grades of material within the Santa Fe East WRSF and assess its potential suitability for heap leach processing.

Kimberly Ann, Founder, Chair, CEO and President of Lahontan Gold Corp., commented: "Lahontan's exploration team has completed the design of an RC drill program to evaluate the gold and silver potential of the Santa Fe East WRSF. Similar to the historic heap leach pads at Santa Fe, this material has the potential to provide an additional source of low-cost gold production early in the Santa Fe mine life and enhance the gold and silver production profile outlined in our recently announced Preliminary Economic Assessment (" PEA") *.

"Importantly, the PEA mine production schedule already contemplates moving the Santa Fe East WRSF as part of the stripping required to access the underlying Santa Fe gold and silver resources. Since this material is scheduled to be moved as part of the mining operation, evaluating its potential for heap leach processing represents an opportunity to potentially generate additional value from material that would otherwise be handled as waste. We believe this is an important opportunity to further optimize the Santa Fe Mine development plan and potentially enhance the project's overall economics."

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*).
October 2026 PEA Highlights: 11 year mine life averaging 91,900 gold-equivalent ounces ("Au Eq"), increasing to approximately 112,500 Au Eq ounces during Years 4 through 11 of the mine life utilizing open-pit mining and heap leach processing. 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*. Estimated pre-production capital costs of US$172.0 million, including a US$22.2 million contingency with estimated gold cash costs of US$1,909/oz and all-in sustaining costs ("AISC") of US$2,250/oz*.
Objectives 2026:
- 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 in early 2027,
- Continued 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 and Lahontan Gold press release dated October 14, 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

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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.