Ms. Kimberly Ann reports

LAHONTAN SUBMITS NOTICE OF OPERATIONS TO BLM FOR DRILLING AT WEST SANTA FE

Lahontan Gold Corp. has submitted a notice of operations to the federal Bureau of Land Management for its proposed exploration drilling program at Lahontan's West Santa Fe project, located only 13 kilometres southwest of the company's Flagship Santa Fe mine project. The notice seeks to permit multiple drill sites at the West Santa Fe project, plus the construction of access roads and sumps for drilling fluids. The company intends to drill multiple holes from each drill site, twining, drilling downdip and exploring the West Santa Fe system along strike from areas of known gold and silver mineralization. Historic drilling, totalling 171 drill holes for approximately 13,000 metres, defines shallow, oxidized, gold and silver mineralization near the historic Mindora underground mine. Geologic mapping and sampling show that this zone of mineralization continues for over 1,000 metres to the east, an area marked by numerous shallow adits, prospect pits and outcrops of hydrothermally altered rock. (Please see Lahontan Gold press release dated June 18, 2024.)

Kimberly Ann, Lahontan founder, chair, chief executive officer and president, commented: "Lahontan is excited to submit this notice of operation for drilling at West Santa Fe to the BLM. Once approved, the company will be able to conduct its first drilling program at the project, seeking to validate the extensive historic drill hole database and expand the footprint of disseminated gold and silver mineralization at West Santa Fe."

About Lahontan Gold Corp.

Lahontan is a Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 26.4-square-kilometre Santa Fe mine project, had past production of 359,202 ounces of gold and 702,067 ounces 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 ounces gold equivalent (48,393,000 tonnes grading 0.92 gram per tonne gold and 7.18 g/t silver, together grading 0.99 g/t AuEq) and an inferred mineral resource of 411,000 oz AuEq (16.76 million tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t AuEq), all pit constrained (AuEq is inclusive of recovery, please see Santa Fe project technical report and note*). The company plans to continue advancing the Santa Fe mine project toward production, update the Santa Fe preliminary economic assessment and drill test its satellite West Santa Fe project during 2025.

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project," authors: Kenji Umeno, PEng, Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, PGeo, Darcy Baker, PhD, PGeo, and John M. Young, SME-RM; effective date: Dec. 10, 2024, report date: Jan. 24, 2025. The technical report is available on the company's website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 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 $1,950 (U.S.) per ounce gold, silver price of $23.50 (U.S.) per oz silver, oxide gold recoveries ranging from 28 per cent to 79 per cent, oxide silver recoveries ranging from 8 per cent to 30 per cent, and non-oxide gold and silver recoveries of 71 per cent.

Qualified person

Brian J. Maher, MSc, 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 disclosure other than the mineral resource estimate as noted above. Mr. Maher is vice-president,exploration, for Lahontan Gold, and has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the disclosure.

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