Ms. Kimberly Ann reports

LAHONTAN DRILLS THICK, SHALLOW OXIDE GOLD AT WEST SANTA FE: 55M GRADING 1.00 G/T AUEQ INCLUDING 17M GRADING 1.75 G/T AUEQ

Lahontan Gold Corp. has released the first assay results from the company's 2025 maiden drilling program at the company's satellite West Santa Fe project, located only 13 kilometres from Lahontan's flagship Santa Fe mine project in Nevada's prolific Walker Lane. The first assay results for the first of six reverse circulation rotary (RC) drill holes (totalling 593 metres) completed at West Santa Fe are summarized below. Additional drill results are expected shortly.

Highlights:

• WSF25-06R: 54.9 metres (24.4 to 79.3 m) grading 1.00 gram per tonne gold equivalent, including 16.8 metres (27.4 to 44.2 m) grading 1.75 g/t AuEq -- a shallow, thick, intercept of oxide gold mineralization confirming gold and silver mineralization reported in historic drill holes:
  • The intercepts reported above and in the table below are the downhole depths. WSF25-06R was drilled at an inclination of minus 50 degrees; therefore, the intercept begins at a depth from the surface of only 19 metres.
  • West Santa Fe is a silver-rich system; individual silver intercepts range up to 176 g/t Ag (1.52 m, 28.96 to 30.48 m).

Kimberly Ann, executive chair, president, chief executive officer and founder of Lahontan, commented: "The first assay results from our maiden RC drilling campaign at West Santa Fe are particularly encouraging as the intervals drilled correspond to gold- and silver-mineralized zones identified in historic drilling. Our database contains information on 171 drill holes totalling over 13,000 metres; validating this database for use in future mineral resource estimates is an important step in advancing West Santa Fe. Its proximity to the Santa Fe mine makes the project an important part of the company's strategy to grow gold and silver mineral resources that could potentially be exploited utilizing future mineral processing infrastructure at Santa Fe."

Internal Lahontan grade modelling of the historic drilling suggests that the potential exists for a shallow, oxidized, disseminated gold and silver deposit at West Santa Fe. Most of the previous exploration drilling took place between 1980 and 1985, with sporadic additional drilling in the 1990s. Importantly, considerable amount of metallurgical test work has been completed on the project, including cyanide column leach tests and conventional grinding with CIP (carbon-in-pulp) precious metal recovery. In a summary report (dated Sept. 20, 1982) reviewing all the available metallurgical test data, Kappes Cassiday & Associates concluded a cyanide heap-leach process will yield an overall recovery of 70 per cent of contained gold and 50 per cent of contained silver. The process will include crushing to below one inch and agglomeration. The 1982 metallurgical results mentioned above are historical in nature and were compiled from reports in the E & B Exploration archives. While these results suggest high recovery rates, a qualified person has not verified these data against modern standards. Therefore, these results should be considered illustrative of the potential of the property only and not relied upon as a current, verified or representative estimate of recovery. The company anticipates that additional metallurgical test work will be required to verify the historic data.

Gold and silver mineralization at West Santa Fe is hosted by fine- to medium-grained limestone of the Triassic Pamlico formation. In drill cuttings and on the surface, mineralized intervals are characterized by abundant iron oxides, mainly goethite and hematite, minor quartz veining and weak to moderate decalcification. Bedding and fault structures are important controls to higher-grade gold and silver mineralization. The overall geologic setting of the system is very similar to the Santa Fe mine project gold and silver deposits.

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 comprising 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-metre-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 gold 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, 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 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). 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.

Qualified person

Brian J. Maher, MSc, CPG-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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