Lahontan Gold Corp. Secures $2.5 Million in Upsized Private Placement to Advance Nevada Mining Projects

Lahontan Gold Corp. has successfully closed an upsized non-brokered private placement, raising $2,499,880.20 through the issuance of 16,665,868 units at $0.15 per unit. Each unit consists of one common share and one-half warrant, with each full warrant exercisable at $0.25 for a period of two years, subject to an acceleration clause. The substantial financing represents a significant milestone for the company as it seeks to advance its mining operations in Nevada's productive Walker Lane region.

The proceeds from this offering will be allocated toward general working capital requirements and exploration activities at the company's flagship Santa Fe Mine project and the West Santa Fe Projects. This funding comes at a crucial time as the company prepares to update the Santa Fe Preliminary Economic Assessment and conduct drill testing at its satellite West Santa Fe project during 2025. The successful completion of this financing demonstrates investor confidence in Lahontan's strategic direction and the potential of its mineral properties.

The private placement included $28,910.39 in finder fees and the issuance of 192,735 broker warrants on the same accelerated-term structure as the primary offering. The transaction qualified as a related party transaction but was exempt from MI 61-101 valuation and minority approval requirements, streamlining the financing process. For additional details about the offering, investors can review the full press release available at https://ibn.fm/jgZMr.

Lahontan's Santa Fe Mine project represents a substantial mineral resource with historical production credentials. Between 1988 and 1995, the property yielded 359,202 ounces of gold and 702,067 ounces of silver from open pit mines utilizing heap-leach processing. The current resource estimate, compliant with Canadian National Instrument 43-101 standards, indicates an Indicated Mineral Resource of 1,539,000 ounces of gold equivalent and an Inferred Mineral Resource of 411,000 ounces of gold equivalent. These resources are pit-constrained and represent significant value potential for the company and its stakeholders.

The technical oversight for the company's projects remains robust, with Michael Lindholm, CPG, serving as Independent Consulting Geologist to Lahontan Gold Corp. and acting as Qualified Person as defined in National Instrument 43-101. While Mr. Lindholm was not an author of the Technical Report, he has confirmed that the grade and ounce figures presented in company disclosures align with those documented in the official technical assessment. The comprehensive "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project" provides detailed analysis and is accessible through the company's website and SEDAR+.

This successful financing positions Lahontan Gold Corp. to aggressively pursue its 2025 operational objectives, including advancing the Santa Fe Mine project toward production and conducting systematic exploration at the West Santa Fe property. The company maintains an active newsroom where investors can access the latest developments and updates relating to LGCXF at http://ibn.fm/LGCXF. The strengthened financial position following this private placement provides the company with enhanced flexibility to execute its strategic plans and capitalize on the substantial mineral potential of its Nevada properties.