Ms. Kimberly Ann reports

LAHONTAN DRILLS MORE SHALLOW OXIDE GOLD AT SLAB: 69M GRADING 0.45 G/T AU EQ INCLUDING 17M GRADING 0.81 G/T AU EQ

Lahontan Gold Corp. has released new assay results from its 2025 phase 2 drilling program at the company's flagship Santa Fe mine project, located in Nevada's prolific Walker Lane. Lahontan has received analytical results for two additional reverse circulation rotary (RC) drill holes in the southern Slab pit area totalling 396 metres (please see table below). Significant results include:

• CAL25-011R: 68.6 metres (45.7 to 114.3 m) grading 0.45 gram per tonne gold equivalent, including 16.8 metres (65.5 to 82.3 m) grading 0.81 g/t AuEq -- a shallow, thick, intercept of oxide gold mineralization below the current mineral resource pit shell, expanding the footprint of oxide gold mineralization, especially when coupled with the results from CAL25-012R:
  • When the entire drill hole is composited without regard to cut-off grade, it averages 0.23 g/t AuEq over 213.4 metres (0.21 g/t gold and 1.4 g/t silver);
• CAL25-012R: 41.2 metres (32.0 to 73.2 m) grading 0.32 g/t AuEq, correlating with the structurally controlled gold mineralization seen in hole CAL25-011R (above) and extending shallow oxide gold mineralization to the southwest and below of the mineral resource estimate (MRE) pit shell.

Notes: AuEq equals Au (g/t) plus ((Ag g/t divided by 60) multiplied by 0.70). Silver grade for calculating AuEq is adjusted to consider historic metallurgical recovery as described in the Santa Fe project technical report. True thickness of the intercepts is estimated to be 80 to 100 per cent of the drilled interval. Numbers may not total precisely due to rounding.

Kimberly Ann, executive chair, president, chief executive officer and founder of Lahontan, commented: "The assay results from the final two 2025 RC drill holes at Slab continue to extend gold mineralization to the south, west and at depth from the current MRE pit shell, enhancing the potential mining economics of the Slab gold and silver resource. Lahontan will integrate these new drill holes into an updated MRE for Slab as well as the entire Santa Fe project. The MRE is expected to be completed in the coming months. With a new MRE, combined with updated metallurgy and escalating metal prices, the company will also complete an updated preliminary economic assessment (PEA) as well. More 2025 drill results will be forthcoming as the analytical lab catches up on a busy 2025 exploration season."

CAL25-011R and CAL25-012R are particularly important as they establish large volumes of gold and silver mineralization below and adjacent to the conceptual pit shell used in the current MRE. When modelled using updated metal prices and this additional drilling, these drill holes have the potential to significantly expand the Slab area MRE and contribute to a positive update to the current PEA. Of equal importance, these new pit shells will be used in Lahontan's Nevada state and federal mine permit applications, to be submitted later this year.

These two RC drill holes also confirm the strong structural control of gold mineralization in this portion of the Slab deposit and emphasize the importance of the east-west-striking Calvada fault as a major control of gold mineralization on a district scale. The extensive gold mineralization seen in CAL25-011R demonstrates the strength of the hydrothermal system with large volumes of disseminated gold mineralization adjacent to the controlling fault structures. With the company's recently approved exploration plan of operations (EPOO), Lahontan can now explore the Calvada fault between the Slab deposit and the main Santa Fe deposit, an area that has seen virtually no exploration drilling over the past 35 years.

The key intercepts in drill holes CAL25-011R and CAL25-012R extend into areas west of the current MRE conceptual pit shell. Previously reported RC drill hole CAL25-010R, a vertical hole, also intercepted significant gold mineralization (please see Lahontan Gold's press release dated Jan. 13, 2026). The results highlight the potential to increase gold and silver resources in the Slab pit area of the Santa Fe mine project.

Quality assurance/quality control protocols

Lahontan conducts an industry-standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and certified reference materials (CRMs) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples, or approximately 1.5 per cent of the total samples. CRMs were inserted at a rate of one CRM for every 20 samples or approximately 5 per cent of the total samples.

The standards utilized include three gold CRMs and one blank CRM that were purchased from MEG LLC of Lamoille, Nev. (formerly Shea Clark Smith Laboratories of Reno, Nev.). Expected gold values are 0.188 g/t, 1.107 g/t, 10.188 g/t and minus 0.005 g/t, respectively. CRMs with similar grades are inserted as the initial CRMs run out. The coarse blank material comprised commercially available landscape gravel with an expected gold value of minus 0.005 g/t.

As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95-to-100-foot (28.96-to-30.48-metre) mark and labelled with a D suffix on the sample bag. No duplicates were submitted for core.

All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nev., United States, for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two-acid digestion (ICP-AES method). Tellurium or 50-element analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of two hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts its own blanks and standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. Lahontan Gold has all results reported in grams per tonne.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 28.3-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 National Instrument 43-101-compliant indicated mineral resource of 1,539,000 ounces AuEq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t AuEq) and an inferred mineral resource of 411,000 ounces AuEq (16.76 million 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 below). 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.

Note: 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, Dr. 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 ounce 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 (No. 12342), is a qualified person as defined under NI 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 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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