Ms. Kimberly Ann reports

LAHONTAN MOBILIZES DRILL RIG TO SANTA FE

Lahontan Gold Corp. has mobilized a Boart Longyear MPD-1500 track-mounted reverse circulation (RC) drill rig to its flagship Santa Fe mine, located in Nevada's Walker Lane, a Tier 1 mining jurisdiction. Drilling is expected to commence the week of May 8, 2023. The company has permitted a drilling program consisting of up to 11,000 metres of RC drilling designed to expand upon the existing pit constrained gold and silver resource of the project (indicated mineral resource of 1,112,000 ounces (oz) gold equivalent (AuEq) (grading 1.14 grams per tone (g/t) AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading 1.00 g/t AuEq); please see the Santa Fe project technical report).

The initial phase of the 2023 drilling program will focus on Slab-Calvada complex, with stepout drilling designed to expand upon the extensive oxide gold and silver resources at Slab-Calvada. Twenty RC drill holes are planned adjacent to the known gold and silver resources, allowing the company to tie together the existing resource pit shells, consolidating the individual resources into a larger conceptual pit.

Kimberly Ann, Lahontan Gold founder, chief executive officer, president and director, commented: "Lahontan is excited to embark on its 2023 drilling campaign. Our initial focus on the Slab-Calvada complex intends to build upon the tremendous success of our past drilling and grow oxide gold and silver resource ounces. We will fill in between the individual gold and silver deposits at Slab-Calvada and also explore at depth where we still have not reached the bottom of oxide gold and silver mineralization."

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mineral exploration company that holds, through its U.S. subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 19-square-kilometre Santa Fe mine, had past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe mine has an indicated mineral resource of 1,112,000 oz AuEq (grading 1.14 g/t AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading 1.00 g/t AuEq), all pit constrained (AuEq is inclusive of recovery; please see the Santa Fe project technical report). The company will continue to aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe mine back into production.

Quentin J. Browne, PGeo, consulting geologist to Lahontan Gold, is the qualified person for the company and approved the technical content of this news release.

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