Ms. Kimberly Ann reports

LAHONTAN ANNOUNCES BROKERED FINANCING

Lahontan Gold Corp. has entered into an agreement with Beacon Securities Ltd. as sole bookrunner on behalf of a syndicate of agents, including Haywood Securities Inc., in connection with a commercially reasonable best-effort private placement of units of the company at a price of eight cents per unit for gross proceeds to the company of a minimum of $2-million, subject to the maximum amount that may be issued under Part 5A (the listed issuer financing exemption) of National Instrument 45-106, Prospectus Exemptions.

Each unit shall consist of one common share of the company and one transferable common share purchase warrant. Each warrant shall be exercisable to acquire one common share of the company at an exercise price of 12 cents at any time on or before the date which is 36 months after the closing date (as defined herein), provided that, in the event that the daily volume-weighted average trading price (or closing bid price on days when there are no trades) of the common shares of the company on the TSX Venture Exchange is at least 24 cents per common share for a minimum of 20 consecutive trading days at any time after the first-year anniversary of the closing date, the company may provide written notice to holders of the warrants requiring the holder of the warrants to exercise the warrants within 20 days following the date of delivery of such written notice.

The net proceeds of the offering are expected to be used for exploration and development of the Santa Fe project and West Santa Fe project and for working capital and general corporate purposes.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors of units should read this offering document before making an investment decision.

The closing of the offering is anticipated to occur on or around Aug. 15, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX-V.

As consideration for their services, the agents will receive a cash commission equal to 7.0 per cent of the gross proceeds of the offering (reduced to 3.5 per cent or 0 per cent in connection with certain orders) and compensation options in an amount equal to 7.0 per cent of the number of units sold pursuant to the offering (reduced to 3.5 per cent or 0 per cent in connection with certain orders). Each compensation option will be exercisable to purchase one common share at the issue price for a period of 36 months following the closing date.

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 a Canadian National Instrument 43-101 compliant 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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