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Overview

Lahontan Gold (TSXV:LG,OTCQB LGCXF) is advancing a portfolio of 100 percent-controlled 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 and is now 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.

An updated NI 43-101 Mineral Resource Estimate has been completed, showing an overall 22 percent increase from the 2024 MRE. The project now hosts indicated mineral resources of 31.15 Mt grading 0.99 g/t gold equivalent, totaling 993,000 gold equivalent ounces and inferred mineral resources of 41.60 Mt grading 0.71 g/t gold equivalent, totaling 954,000 gold equivalent ounces. That estimate fed directly into the updated PEA announced in October, which outlines an 11-year mine life and average annual production of about 91,900 gold-equivalent ounces.

The company is now focused on filing the supporting technical report and submitting the final Mine Plan of Operations to the U.S. Bureau of Land Management. Construction permits are expected in 2027.

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 6 percent insider ownership.

Note: Mineral resources are not mineral reserves and do not demonstrate economic viability.

Company Highlights

• District-scale Nevada Portfolio: Lahontan Gold is advancing a portfolio of 100 percent-controlled 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: The Santa Fe mine project hosts a pit-constrained indicated mineral resource of 1,195,000 contained gold equivalent ounces grading 0.78 grams per tonne gold equivalent, and inferred mineral resources of 1,190,000 contained gold equivalent ounces grading 0.61 grams per tonne gold equivalent. Its updated MRE shows a 435,000-ounce, or 22 percent, increase from its 2024 MRE.
• Robust Project Economics: An updated 2026 Preliminary Economic Assessment (PEA) shows a post-tax NPV of US$820 million and a 40.1 percent IRR over an 11-year mine life, based on gold and silver prices of US$3,600 per ounce and US$49 per ounce, respectively.
• Established Infrastructure: Santa Fe benefits from infrastructure including year-round access, an active substation on site, access to four water wells, and property power lines.
• Top Rated Mining Jurisdiction: Nevada is the world’s top-rated mining jurisdiction as ranked by the 2025 Fraser Institute Survey, featuring straightforward permitting.

Key Projects

Santa Fe Mine (Flagship Brownfields Asset)

The Santa Fe Mine is Lahontan’s flagship, 100 percent-controlled 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. The company completed an updated Mineral Resource Estimate for the project in August 2026, showing an overall 22 percent increase from the 2024 MRE. The project now hosts indicated mineral resources of 31.15 Mt grading 0.99 g/t gold equivalent totaling 993,000 gold equivalent ounces and inferred mineral resources of 41.60 Mt grading 0.71 g/t gold equivalent totaling 954,000 gold equivalent ounces.

The updated resource estimate also includes an indicated oxide and transitional resource of 15.9 million tonnes grading 0.57 g/t gold, alongside 15.2 million tonnes of indicated sulfide grading 1.24 g/t gold.

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.

An updated PEA for Santa Fe outlined an 11-year mine life and a post-tax NPV of US$820 million at base-case prices of US$3,600/oz gold and US$49/oz silver. The study estimates a 40.1 percent IRR and US$1.32 billion in after-tax life-of-mine net cash flow.

Average annual production is projected at about 91,900 gold-equivalent ounces, increasing to about 112,500 in years four to eleven. Estimated gold cash costs are US$1,909/oz and AISC is US$2,250/oz. Pre-production capital is US$172 million, with a projected payback of 3.7 years. The capital cost estimate in the PEA update includes a 20 percent contingency.

Note: Mineral resources are not mineral reserves and do not demonstrate economic viability.

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 features gold and silver mineralization starting directly at surface and has the potential to host a significant shallow oxide gold and silver resource.

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 has more than a decade of experience founding and financing junior resource companies, raising more than US$300 million in capital and participating in multiple mergers, acquisitions and corporate transactions in the mining sector. She has also raised more than US$210 million in project financing and participated in three M&A transactions. Previously, she led Prodigy Gold through its $340 million acquisition by Argonaut Gold, held senior roles at Waterton Global Resource Management and helped bring PPX Mining's Callanquitas gold-silver mine into production in Peru. She is currently a Managing Partner of KA Gold LLC.

Brian Maher – Founder, Senior Vice President - Mine Development & Exploration

Brian Maher is a certified professional geologist. He previously served as President and CEO of Prodigy Gold, guiding exploration and development of the Magino deposit through the company's $341 million acquisition. His career includes sixteen years with ASARCO and senior exploration roles with Metallic Ventures Gold and Hochschild Mining.

Tony Gesualdo — Vice President, Exploration

Tony Gesualdo is a structural and economic geologist focusing on early-stage exploration, resource development, open-pit expansion and underground production geology. He previously worked as Senior Exploration Geologist at McEwen Inc., and also held roles in companies such as Coeur Mining, OceanaGold and Barrick Gold. He is the former Exploration Manager at Lahontan Gold and was instrumental to the development of the initial MRE at Santa Fe.

Billy Choi – Chief Financial Officer

Billy Choi holds extensive experience in public-company finance, capital markets, and transaction management. His background includes financial reporting and prospectus readiness, strengthening internal controls and financial processes, and helping build finance infrastructure for resource companies. He recently served as Vice President of Finance at Lithium Royalty Corp, where he played a significant role in the company’s public trading activities.

Chris Irwin - Corporate Secretary

Chris Irwin is a securities and corporate-commercial lawyer for public companies, boards and independent committees. He has served as a director and officer for numerous businesses such as those acquired by IAMGOLD, Goldcorp and First Majestic Silver. He is currently a Managing Partner of Irwin Lowy LLP.

Jen Earle - Investor Relations and Business Development

Jen brings two decades of experience in the natural resources sector, with extensive expertise in investor relations, capital markets, and strategic investor engagement for companies listed on the LSE, ASX and TSX. Her career spans junior mining companies with assets across multiple jurisdictions and a FTSE 250 oil and gas company, giving her broad experience across the natural resource and international capital markets landscape. Throughout her career, she has led and delivered capital market days, international field programs and global roadshows, developing meaningful relationships with investors and helping companies effectively communicate their strategy, assets and growth opportunities to the market.

Board of Directors

Miranda Werstiuk – Independent Director

Miranda Werstiuk holds over 30 years of experience across global resource markets, specializing in equity, debt and alternative financing for natural-resource, technology and renewable-energy companies. She currently serves on the board of Guanajuato Silver Company and is active in the PDAC, CIM and Women in Mining.

Shane Williams – Independent Director

Shane Williams is CEO and President of West Red Lake Gold Mines and previously served as COO of Skeena Resources. At Eldorado Gold, he led the Lamaque project from PEA to commercial operation in 18 months. His career also includes open-pit project roles with Rio Tinto and Kaunis Iron.

Evan Pelletier – Independent Director

Evan Pelletier has over 30 years of underground operating and project-delivery experience.

His career includes senior roles with Americas Gold & Silver and Kirkland Lake Gold, where he served at the Macassa mine during a period of significant growth. His international experience spans Mongolia, Argentina and Africa, including the oversight of a 2,000-metre shaft project delivered on time and on budget.

Antony Rowe - Independent Director

Antony Rowe is a mining-finance executive experienced in private credit, project finance, corporate lending and law. He previously helped build Resource Capital Funds' mining debt and credit strategy and executed mining investments at Investec Bank across Europe, the Americas and Africa. He currently serves as a Managing Director of Arrowpoint Mining Capital and Senior Adviser to Canmore Capital.

Note: CEO Kimberly Ann also forms part of Lahontan Gold’s board of directors.