Ms. Kimberly Ann reports

LAHONTAN GOLD PROVIDES CORPORATE UPDATE ON SANTA FE AND WEST SANTA FE DRILL PROGRAMS

Lahontan Gold Corp. has provided an update on its drilling programs at its flagship Santa Fe mine project and nearby West Santa Fe project, located in mining-friendly Nevada's Walker Lane. Year to date, the company has completed 11,565 metres of drilling at Santa Fe and 1,769 metres of drilling at West Santa Fe for a combined total of 13,334 metres as summarized below.

Santa Fe mine project:

• Diamond core drilling: Lahontan has completed eight core drill holes totalling 2,092 metres in the York, Calvada and Santa Fe resource areas. Although the program was originally designed to gather geotechnical data for mine permitting, drilling also encountered significant gold mineralization. Highlights include CAL26-02C, which intersected 90.8 metres (194.2 to 285.0 metres) grading 0.43 gram per tonne gold in oxide at Calvada Central (please see Lahontan press release dated June 9, 2026).
• Sonic core drilling: The company also completed 1,976 metres of sonic core drilling to evaluate the tonnage and grade of residual gold and silver mineralization in historic heap leach pads and stockpiles at the Santa Fe mine. A total of 104 of sonic core holes have been completed to date. Results have been reported for nine drill holes in the low-grade stockpile and 10 of the 26 holes on heap leach pad two. Highlights include 9.9 metres (0.8 to 10.7 m) grading 2.40 g/t gold and 50.7 g/t silver in SF26-003S in the low-grade stockpile (please see Lahontan press release dated July 23, 2026). Results for the 85 remaining sonic core holes covering all four historic heap leach pads are expected in the coming weeks.
• Reverse circulation drilling: Lahontan has completed 31 reverse circulation drill holes totalling 7,497 metres at the Santa Fe mine. Results for 14 drill holes have been reported with assays pending for the remaining 17 drill holes. The RC drilling program has resulted in the discovery of a new zone of gold mineralization at Slab West (Lahontan press release dated June 9, 2026), including 35.0 metres (164.6 to 199.6 m) grading 0.29 g/t Au and 4.5 g/t Ag in drill hole CAL26-03R (please see Lahontan press release dated June 9, 2026).

West Santa Fe project: Lahontan is approximately halfway through a 19-hole RC drilling program at West Santa Fe comprising both infill and stepout drill holes designed to support resource evaluation and to test the potential for gold and silver mineralization beyond previously explored areas. A total of 3,275 metres of drilling are planned, nine drill holes totalling 1,769 metres have been completed and all samples have been delivered to the laboratory for analysis. Like the Santa Fe mine project, analytical results are delayed due to the high level of exploration activity in Nevada. The company will report results as soon as they become available.

Kimberly Ann, founder, chair, chief executive officer and president of Lahontan Gold, commented: "Lahontan is excited to have completed over 13,000 metres of drilling at the Santa Fe mine and West Santa Fe projects in 2026. The RC rig continues to turn at West Santa Fe and will return to the Santa Fe mine for further drilling when the West Santa Fe program is complete. With samples from more than 100 drill holes currently at the laboratory, we anticipate significant news flow over the coming months. Results from the historic heap leach pads, the new Slab West discovery and West Santa Fe will be important catalysts as we continue to advance our Walker Lane projects into 2027."

About Lahontan Gold Corp.

Lahontan 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 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 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 AuEq), all pit constrained (AuEq is inclusive of recovery, please see Santa Fe project technical report and note below*);
• October, 2026, preliminary economic assessment highlights: 11-year mine life averaging 91,900 gold equivalent ounces, increasing to approximately 112,500 AuEq ounces during years 4 through 11 of the mine life utilizing open-pit mining and heap leach processing; posttax net present value at a 5-per-cent discount rate of $820.0-million (U.S.) and an internal rate of return of 40.1 per cent, based on the PEA base-case metal prices of $3,600 (U.S.) per oz gold and $49 (U.S.) per oz silver*; estimated preproduction capital costs of $172.0-million (U.S.), including a $22.2-million (U.S.) contingency with estimated gold cash costs of $1,909 (U.S.) per oz and all-in sustaining costs of $2,250 (U.S.) per oz*; mineral resources are not mineral reserves and do not demonstrate economic viability;
• Objectives 2026:
  • 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 in early 2027;
  • Continued 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.

* Please see the Santa Fe project technical report, authors: Michael Lindholm, CPG, and Caleb Cook, PEng, effective date: Oct. 1, 2026, report date: Oct. 4, 2026, and Lahontan Gold press release dated Oct. 14, 2026. The technical report is available on the company's website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 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 $3,250 (U.S.) per oz, silver price of $40 (U.S.) per oz, and oxide gold recoveries ranging from 60 per cent to 79 per cent, oxide silver recoveries ranging from 0 per cent to 30 per cent, transitional gold recoveries ranging from 28 per cent to 45 per cent, transitional silver recoveries ranging from 0 per cent to 13 per cent, and non-oxide gold and silver recoveries of 68 per cent except for the York deposit where non-oxide recoveries are estimated to be 0 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 technical disclosure other than the mineral resource estimate and preliminary economic assessment 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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