Ms. Kimberly Ann reports

LAHONTAN DRILLS 38.1 METRES GRADING 0.89 G/T AU EQ AND 82.3 METRES GRADING 0.70 G/T AU EQ OXIDE AT SANTA FE

Lahontan Gold Corp. has released results from the first four reverse circulation rotary drill holes from the company's 2023 7,000-metre phase 3 drilling campaign exploring the Calvada pit area of the company's 19-square-kilometre Santa Fe mine project in Nevada's Walker Lane. Past mining, historical drilling and the company's previously completed phase 1 and phase 2 drilling programs had outlined significant oxide domain gold and silver resources (National Instrument 43-101 compliant) west of the Calvada open pit that remain open along strike and down dip. The four drill holes reported herein, totalling 883 metres, targeted these potential extensions to gold and silver resources. Highlights include:

• 38.1 metres grading 0.87 gram per tonne gold and 2.5 grams per tonne silver (0.89 g/t gold equivalent) of oxide metallurgical domain mineralization in drill hole CAL23-004R, including 10.6 metres grading 2.02 g/t Au and 2.4 g/t Ag (2.04 g/t AuEq). This drill hole, coupled with earlier Lahontan drill results, shows that oxide gold and silver mineralization extends in a westerly direction from the Calvada pit along the Calvada fault, a key target area for resource expansion (see an attached table).
• 82.3 metres grading 0.68 g/t Au and 2.0 g/t Ag (0.70 g/t AuEq) of oxide metallurgical domain mineralization in drill hole CAL23-001R, including 21.3 metres grading 0.93 g/t Au and 1.9 g/t Ag (0.95 g/t Ag). This thick intercept should help expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates. This intercept also contains a higher-grade interval which may be indicative of the margin of a feeder structure. Oxide gold and silver mineralization remain open below CAL23-001R, generating yet another target for resource expansion at the Santa Fe mine.

Kimberly Ann, founder, chief executive officer, president and director, commented: "These initial drill results confirm the presence of extensive oxide domain gold and silver mineralization west of the Calvada open pit. Modelling of this area during preparation of our mineral resource estimate (MRE) outlined multiple areas where new resources could be defined with infill and stepout drilling. These drill results confirm this interpretation of the resource model and open new areas for additional drilling. In addition, the high gold and silver grades seen in drill hole CAL23-004R (4.6 metres grading 3.25 g/t AuEq) suggests that we may have identified an important feeder zone for gold mineralization in the Slab-Calvada complex."

All four drill holes intercepted significant oxide gold and silver mineralization, expanding the footprint of the Calvada resource to the west. Mineralization remains open to the west, east and at depth, and will be the subject of additional drilling during 2023.

Quality assurance/quality control protocols

Lahontan conducts an industry-standard quality assurance/quality control program for its core and RC drilling programs. The quality assurance/quality control program consisted of the insertion of coarse blanks and certified reference materials into the sample stream at random intervals. The targeted rate of insertion was one quality assurance/quality control sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples, or approximately 1.5 per cent of the total samples. CRMs were inserted at a rate of one CRM for every 20 samples, or approximately 5 per cent of the total samples.

The standards utilized include three gold CRMs and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nev. Expected gold values are 0.188 g/t, 1.107 g/t, 10.188 g/t and minus-0.005 g/t, respectively. The coarse blank material comprised commercially available landscape gravel with an expected gold value of minus-0.005 g/t.

As part of the RC drilling quality assurance/quality control process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95-to-100-foot (28.96 m to 30.48 m) mark and labelled with a "D" suffix on the sample bag. No duplicates were submitted for core.

All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nev., United States, for analyses. Delivery to the laboratory was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing the two-acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing the ICP-MS method. Cyanide leach analyses, using a tumble time of two hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts its own blanks and standards, and conducts duplicate analyses to ensure proper sample preparation and equipment calibration.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mineral exploration company that holds, through its United States subsidiaries, four top-tier gold and silver exploration properties in 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. The Santa Fe mine has NI 43-101-compliant indicated mineral resources of 1,112,000 ounces gold equivalent (grading 1.14 g/t AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading one g/t AuEq), all pit constrained (AuEq is inclusive of recovery). 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, the qualified person for the company, has approved the technical content of this news release.

We seek Safe Harbor.