Lahontan Gold Reports Initial Phase Two Drill Results Expanding Santa Fe Gold Zones

Lahontan Gold Corp. announced initial analytical results from its 2025 Phase Two drilling program at the Santa Fe Mine Project in Nevada's Walker Lane, reporting six reverse-circulation drill holes totaling 994 metres that delivered significant gold intercepts at both the York and Slab zones. Highlights include a broad intercept of 114.3 metres grading 0.33 g/t gold equivalent at York, including higher-grade mineralization of 18.3 metres grading 0.90 g/t gold equivalent, expanding mineralization north of the current resource pit shell, as well as shallow and deeper oxide gold intercepts at Slab that may support a deeper conceptual pit and additional resources in an updated Mineral Resource Estimate expected later this year.

The Santa Fe Mine 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 this news release and the company's technical disclosure 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. For more information, please visit the company's website at https://www.lahontangoldcorp.com.

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 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 latest news and updates relating to Lahontan Gold are available in the company's newsroom at http://ibn.fm/LGCXF.

Please see the Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project, Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the company's website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 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 US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%. The company holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. The flagship property, the 26.4 km2 Santa Fe Mine project, continues to demonstrate expansion potential through ongoing drilling programs.