Lahontan Gold Corp. Mobilizes Additional Drill Rig at Santa Fe Mine to Accelerate Exploration Toward 2027 Production Goal

Lahontan Gold Corp. has mobilized a track-mounted MPD-1500 reverse-circulation drill rig to its flagship Santa Fe Mine project in Nevada's Walker Lane, augmenting the diamond drill currently operating onsite. The new rig will focus on under-explored areas of the project following approval of the company's exploration Plan of Operations, which allows for more than 700 additional drill holes. Management said the expanded drilling program supports Lahontan's objective of restarting gold and silver production at Santa Fe in 2027 while advancing broader district-scale exploration potential.

The Santa Fe Mine project represents a significant mineral resource with 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 property currently has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq, all pit constrained. The technical content of the announcement has been reviewed and approved by Michael Lindholm, CPG, Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101.

The mobilization of this additional drilling equipment comes as the company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. The expanded drilling capacity enables more comprehensive testing of the mineralized system and supports the company's strategic timeline for bringing the mine back into production. The Santa Fe Project Technical Report provides detailed information about the mineral resources and economic assumptions, including gold price of US$1,950/oz and silver price of US$23.50/oz for resource calculation purposes.

This development represents a critical step in Lahontan's multi-year strategy to revitalize a historically productive mining district. The company holds four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada through its US subsidiaries. The additional drilling capacity will allow for more efficient exploration of the 26.4 km² Santa Fe Mine property and its surrounding areas. For investors seeking additional information about the company's progress, the latest news and updates relating to LGCXF are available through various financial communication channels that cover developments in the global mining and resources sectors.