Ms. Kimberly Ann reports

LAHONTAN MOBILIZES DRILL RIG TO WEST SANTA FE, GRANTS STOCK OPTIONS

Lahontan Gold Corp. has moved a track-mounted reverse-circulation (RVC) drill rig and crew to its West Santa Fe project in Nevada's prolific Walker Lane. The Foremost MPD-1500 track-mounted RVC drill rig will conduct approximately 3,500 metres of drilling in 20 holes focused on gold and silver resource definition and stepout targets. The track-mounted configuration will allow multiple holes to be completed from individual drill pads, helping to minimize surface disturbance. Lahontan's maiden drilling campaign at West Santa Fe in December, 2025, successfully reproduced high-grade gold and silver mineralization reported in historic drilling, including 36.6 metres grading 3.11 grams per tonne AuEq (gold equivalent) (1.47 g/t Au (gold) and 140.1 g/t Ag (silver)) from surface in drill hole WSF25-04R. The entire interval is oxide mineralization (please see Lahontan's Feb. 24, 2026, press release).

Kimberly Ann, Lahontan executive chair, president, chief executive officer and founder, commented: "Lahontan is excited to resume drilling at West Santa Fe following the success of our maiden drill campaign last December. Our geological team has been modelling the distribution and geometry of gold and silver mineralization throughout the West Santa Fe system, with particular emphasis on areas that were underexplored by previous operators. This work has identified numerous targets where additional drilling can both expand the known mineralized system and improve our understanding of its geometry. We expect results from this program later in 2026."

West Santa Fe is located approximately 13 kilometres from Lahontan's flagship Santa Fe mine project and represents an important component of the company's regional Walker Lane exploration strategy. Historic drilling at West Santa Fe established extensive gold and silver mineralization, while Lahontan's 2025 drilling provided confirmation of high-grade oxide mineralization near surface.

The company also announces that it has granted an aggregate of three million options to purchase common shares of the company exercisable at a price of 40 cents per common share for a period of five years to officers and consultants of the company. The options vest over an 18-month period; the common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.

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 mine 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 1,195,000 ounces AuEq (gold equivalent) (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t AuEq) and an inferred mineral resource of 1.19 million oz AuEq (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 (AuEq is inclusive of recovery, please see Santa Fe project technical report and note below).
• Objectives 2026:
  • Complete an updated preliminary economic assessment (PEA) for the Santa Fe mine, including the first analysis of mining and processing sulphide resources;
  • 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-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 as noted above. Mr. Maher is senior vice-president, mine development and 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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