Ms. Kimberly Ann reports

LAHONTAN SIGNS BINDING TERM SHEET TO ACQUIRE STRATEGIC ADVANCED GOLD-SILVER PROJECT ADJACENT TO SANTA FE

Lahontan Gold Corp. has signed a binding term sheet with a wholly owned subsidiary of Emergent Metals Corp. to acquire the advanced West Santa Fe gold-silver exploration project (also known as Mindora), located only 15 kilometres west of Lahontan's flagship asset, the Santa Fe mine, in Nevada's prolific Walker Lane. West Santa Fe hosts an oxidized gold-silver mineralized system in a geologic setting nearly identical to Santa Fe. Previous exploration drilling at West Santa Fe totals over 13,000 metres in 171 drill holes; only five holes are deeper than 165 metres. Modelling of drill hole data by Lahontan geologists outlines a shallow gold and silver system with a sufficient volume to host 500,000 to one million ounces of oxidized gold and silver mineralization in an open-pit mining configuration.

The term sheet requires Lahontan to make payments totalling $1.8-million (U.S.) over a seven-year period to Emergent, back-end loaded (please see details of the term sheet herein) to exercise an option to acquire a 100-per-cent interest in the 11.8-square-kilometre property. The option payments (except the $10,000 signing payment) can be made in a combination of cash and shares at Lahontan's discretion. In addition, the company will commit to exploration expenditures totalling $1.4-million (U.S.) over the same seven-year period, these expenditures that should be sufficient to define an initial mineral resource estimate for West Santa Fe. The initial option payments and work commitments can be easily accommodated by Lahontan's current cash position and budget.

Kimberly Ann, Lahontan's founder, chief executive officer, president and director, commented: "The acquisition of West Santa Fe will be a significant milestone for Lahontan -- a bolt-on asset which is accretive to the Santa Fe mine that has the potential to add significant oxide gold and silver resource ounces for the company. Back-end loaded, the term sheet allows Lahontan to conduct a definitive exploration program on the property with low monetary commitment by Lahontan, yet provides exposure to considerable resource upside. Combined with the continued organic growth of gold and silver resources at the Santa Fe mine through drilling, West Santa Fe can help Lahontan accelerate the value creation process for its shareholders by controlling multiple top-shelf precious metal exploration and mine development projects in a Tier 1 mining jurisdiction."

Geology and mineral potential of West Santa Fe

Gold and silver mineralization at West Santa Fe occurs as a sediment-hosted epithermal gold-silver system hosted by Triassic-age carbonate and volcanic rocks, a setting very similar to the Santa Fe mine. Shallow gold and silver mineralization are localized to east-northeast-trending faults and offset by northwest-striking faults, a classic Walker Lane setting. In addition to over 13,000 metres of drilling, previous exploration activity at West Santa Fe includes geophysical studies, including IP (induced polarization) and aerial magnetic surveys, geochemical surveys including over 1,250 soil samples, and detailed geologic mapping.

Note: The exploration target at West Santa Fe is conceptual in nature and is based on the size of the known mineralized zones and gold and silver grades from historical drilling. The qualified person has not completed sufficient work to verify the historical information on West Santa Fe and this information should not be relied on.

Modelling of the historical drill hole data by Lahontan geologists defines a continuous zone of gold and silver mineralization that extends from the surface down rake to the east-northeast. Utilizing a 0.31-gram-per-tonne-gold mineralized shell defined by historical drill hole data outlines a large continuously mineralized area at West Santa Fe that has the potential to host a significant gold and silver resource. Additional exploration drilling will be needed to define mineral resources and to validate the historical drill hole database.

Lahontan's landholdings in the Walker Lane now total 49 square kilometres.

Details of the binding term sheet

The term sheet defines the terms and conditions under which Lahontan and Emergent will enter into a definitive agreement, pursuant to which the company will be granted an option to acquire a 100-per-cent interest in West Santa Fe from a 100-per-cent-owned subsidiary of Emergent. To exercise the option in full, the company must make cash payments in the aggregate amount of $1.8-million (U.S.) and incur $1.4-million (U.S.) in expenditures on West Santa Fe over a seven-year period, as follows.

The company shall make cash payments as shown in an attached table.

Fifty per cent of these payments may be made in common shares of Lahontan Gold at Lahontan's discretion. Lahontan may accelerate these payments by paying the remaining balance of the purchase price at any time during the option period.

The company shall incur expenditures on West Santa Fe as shown in an attached table.

Upon exercise of the option, Emergent shall transfer 100 per cent of its interest in the mineral claims to Lahontan within 30 days. As part of the transfer, Lahontan will grant a 1-per-cent NSR (net smelter return) royalty in favour of Emergent over the claims it acquired from Nevada Sunrise LLC (unpatented lode mining claims Mind 1 through Mind 12). In addition, Lahontan will grant a 1.5-per-cent NSR royalty in favour of Emigrant for any additional claims not currently having an NSR royalty. Lahontan will have the right to purchase 50 per cent of this 1.5-per-cent NSR royalty for $200,000 (U.S.) prior to the fifth anniversary of signing of the agreement or for $500,000 (U.S.) after the fifth anniversary of the signing of the agreement. The maximum NSR royalty on any portion of the West Santa Fe project will be 1.5 per cent.

The completion of the transaction contemplated by the term sheet remains subject to a 45-day due diligence period, the approval of the board of directors of the company and the board of directors of Emergent, the approval of all regulatory authorities, and other approvals, including the approval of the TSX Venture Exchange.

Qualified person review

The technical and scientific information contained within this news release has been reviewed and approved by Quentin J. Browne, MSc, a qualified person as defined by National Instrument 43-101 policy. The qualified person has not completed sufficient work to verify the historical information on West Santa Fe; the company believes the historical resource estimates to be both relevant and reliable. The information provides an indication of the exploration potential of West Santa Fe but may not be representative of expected results.

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 ounces gold equivalent (grading 1.14 grams per tonne gold equivalent) and an inferred mineral resource of 544,000 ounces gold equivalent (grading 1.00 gram per tonne gold equivalent), all pit constrained (gold equivalent is inclusive of recovery; please see 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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