Ms. Kimberly Ann reports

LAHONTAN DRILLS 9.9M GRADING 2.40 G/T AU AND 50.7 G/T AG IN SANTA FE MINE STOCKPILE

Lahontan Gold Corp. has released the first drill results from its 2026 sonic core drilling program at the Santa Fe mine project. The Sonic drilling campaign is evaluating historic heap-leach pads and stockpiles to define gold and silver resources that may be suitable for future reprocessing at substantially lower cost than mining and processing fresh rock. The initial results below are from a historic low-grade stockpile located adjacent to heap-leach pad 2 at Santa Fe. The drilling confirms significant gold and silver mineralization within the stockpile and indicates grades substantially higher than anticipated based on the historic stockpile classification.

The stockpiled material was mined from the Santa Fe open pit by the previous mine operator, Corona Gold, and was set aside for potential future processing. The stockpile abuts heap-leach pad 2 and is readily accessible. Cyanide-extractable gold assays range from 5 per cent to 87 per cent of the corresponding fire assay values, averaging more than 30 per cent. These results suggest the stockpiled material is readily amenable to conventional heap-leach processing. Results from six additional sonic drill holes completed on the low-grade stockpile are expected shortly.

Kimberly Ann, founder, chair, chief executive officer and president of Lahontan Gold, commented: "The sonic drilling campaign at Santa Fe is designed to define and verify the tonnage and grade of material remaining in the four historic heap pads at the mine. Approximately 16 million tonnes of material were processed on the heap-leach pads; residual gold and silver contained within these historic heap-leach pads represent a potentially valuable source of low-cost future feed. The low-grade stockpile adjacent to heap-leach pad 2 has long intrigued our team because it consists of readily accessible mined material that could be potentially crushed and heap leached at relatively low cost. The results from these first drill holes not only confirm the presence of gold and silver but also show that the grade of the stockpile is considerably higher than anticipated. The sonic drilling program has now concluded, with nearly 100 drill holes completed across the four historic heap-leach pads. We look forward to reporting additional results as they become available."

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. The company has all results reported in grams per tonne.

About Lahontan Gold Corp.

Lahontan Gold 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-square-kilometre Santa Fe mine project, with a targeted return to production in 2027:

• Santa Fe historic production: 359,202 ounces of gold and 702,067 ounces of silver, open-pit mining with heap-leach processing (1988 to 1995; Nevada Bureau of Mines);
• Current resources: 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);
• Objectives for 2026:
  • Complete an updated mineral resource estimate (MRE) and preliminary economic assessment (PEA) for the Santa Fe mine;
  • 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.

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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