Ms. Kimberly Ann reports

LAHONTAN DRILLS 35 METRES GRADING 1.05 G/T AU EQ INCL. 4.6 METRES GRADING 3.14 AU EQ AT SANTA FE

Lahontan Gold Corp. has released results from an additional eight reverse circulation rotary drill holes from the company's 2023 phase 3 drilling campaign at its 19-square-kilometre Santa Fe mine project in Nevada's Walker Lane. These drill holes were completed in the Slab-Calvada complex at the Santa Fe mine, where previous Lahontan drilling had outlined significant oxide domain gold and silver resources (Canadian National Instrument 43-101 compliant) that remained open along strike and down dip. The eight drill holes reported herein, totalling 1,533 metres, targeted potential extensions to these gold and silver resources. Highlights include:

• An interval of 35.0 metres grading 1.02 grams per tonne gold and 3.6 grams per tonne silver (1.05 g/t gold equivalent) of shallow mineralization in drill hole CAL23-006R, including 21.3 metres grading 1.37 g/t Au and 5.1 g/t Ag (1.42 g/t AuEq) as well as 4.6 metres grading 3.05 g/t Au and 10.6 g/t Ag (3.14 g/t AuEq). This drill hole, and others completed by Lahontan (e.g., CAL23-006R), intercepted significant widths of oxide and transition metallurgical domain gold and silver mineralization below the mineral resource estimate (MRE) conceptual pit shell at Calvada Central. These drill holes should expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates (please see an attached table).
• A shallow intercept of 21.4 metres grading 0.90 g/t Au and 6.1 g/t Ag (0.96 g/t AuEq) in drill hole CAL23-007R, including 16.8 metres grading 1.07 g/t Au and 7.4 g/t Ag (1.14 g/t AuEq) as well as 4.6 metres grading 2.07 g/t Au and 16.7 g/t Ag (2.21 g/t AuEq). This drill hole bottomed in gold- and silver-mineralized rock, and demonstrates that mineralization remains unconstrained by drilling at depth in the Calvada Central area and further opens the Calvada fault area for resource expansion.

Kimberly Ann, founder, chief executive officer, president and director, commented: "The Calvada Central drill holes (CAL23-005 through CAL23-010) successfully expanded the footprint of disseminated gold and silver mineralization along the Calvada fault, complementing the excellent drill results from earlier this year on the eastern portion of the structure (press release dated June 27, 2023). The Calvada Central drill holes hit thick intervals of shallow greater than 1.0 g/t AuEq rock along with higher-grade intercepts (e.g., 4.6 m grading 3.14 g/t AuEq (CAL23-005R, 76.2 m to 80.8 m)) that are remarkably continuous from drill hole to drill hole. The high-grade zones are enveloped with substantial intervals of greater than 1.1 g/t AuEq mineralization that potentially can provide opportunities for pit optimization during the resource estimation and preliminary economic assessment (PEA) process. It is important to note that every drill hole reported today hit gold mineralization, at or above potential cut-off grades. The company is planning a MRE update and a PEA for early next year while continuing to advance our newly acquired West Santa Fe project to the drill-ready stage."

Two drill holes were completed at the north end of the Slab resource, and both intercepted gold mineralization. Hole CAL23-011R cut a thick zone of gold-mineralized rock (85.3 m grading 0.33 g/t AuEq) and shows that the Slab resource extends to the north and remains open for further expansion.

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 MEG LLC of Lamoille, Nev. (formerly Shea Clark Smith Laboratories 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. CRMs with similar grades are inserted as the initial CRMs run out. 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.

Anthony Gesualdo, CPG, consulting geologist to Lahontan Gold, is the qualified person for the company and has approved the technical content of this news release.

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