Ms. Kimberly Ann reports

LAHONTAN PROVIDES UPDATE ON ACQUISITION OF WEST SANTA FE

Further to the press releases of May 15, 2023, and July 20, 2023, Lahontan Gold Corp. has entered into an amending agreement with Golden Arrow Mining Corp. and Lahontan Gold (U.S.) Corp. dated Aug. 8, 2023, pursuant to which the lease with option to purchase agreement dated July 19, 2023, between the company, Golden Arrow and Lahontan U.S. was amended.

Pursuant to the option agreement, the company was granted an option to acquire the advanced West Santa Fe gold-silver exploration project, located only 15 kilometres west of Lahontan's flagship asset, the Santa Fe mine, in Nevada's prolific Walker Lane. To exercise the option, the company must make option payments in the aggregate amount of $1,845,000 (U.S.) over a period of seven years and incur an aggregate of $1.4-million (U.S.) in expenditures on the property. At the election of the company, up to 50 per cent of each option payment may be paid through the issuance of common shares in the capital of the company at a price per common share equal to the greater of: (i) the price equal to the volume-weighted average closing price of the common shares on the TSX Venture Exchange for 30 trading days immediately preceding the date of any issuance of common shares as partial payment for the option payment; and (ii) 7.5 cents. If any issuance of common shares would result in Golden Arrow or its designee holding greater than 9.99 per cent of the common shares outstanding at the time of issuance, such payment must be made in cash rather than in cash and common shares.

The securities issued in connection with the option payment are subject to a four-month hold period from the date of issuance in addition to any other restrictions under applicable law.

About Lahontan Gold Corp.

Lahontan 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 gold equivalent ounces (grading 1.14 grams per tonne 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, is the qualified person for the company and approved the technical content of this news release.

* Please see the Santa Fe project technical report, authors: Trevor Rabb, PGeo, and Darcy Baker, PGeo; effective date: Dec. 7, 2022; and report date: March 2, 2023. The technical report is available on the company's website and SEDAR+.

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