Ms. Kimberly Ann reports

LAHONTAN GOLD ANNOUNCES $3 MILLION PRIVATE PLACEMENT OF UNITS

Lahontan Gold Corp. has entered into an agreement with Beacon Securities Ltd. on behalf of a syndicate of agents in connection with a best-effort private placement offering of units of the company at a price of six cents per unit for aggregate gross proceeds of up to $3-million.

Each unit shall comprise one common share of the company and one-half of one common share purchase warrant of the company. Each warrant will be exercisable to acquire one common share for a period of 36 months from the closing date of the offering at a price of 10 cents per warrant share.

The securities to be issued under the offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be mutually agreed by the company and Beacon, acting reasonably, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The company intends to use the net proceeds from the offering for exploration activities on the company's projects, working capital and general corporate purposes.

The company has granted the agents an option, exercisable in whole or in part, at any time up to 48 hours prior to the closing of the offering, to sell up to an additional 7.5 million units at a price per additional unit equal to the issue price.

The offering is expected to close on or about April 30, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The securities issued in connection with this offering will be subject to a four-month hold period from the date of closing of the offering in addition to any other restrictions under applicable law.

The offering will be conducted pursuant to the terms of an agency agreement to be entered into between the company and the agents on or prior to the closing date. The company will pay the agents a cash commission of 7.0 per cent of the aggregate gross proceeds of the offering, other than for sales to certain president list purchasers identified by the company, for which a 3.5-per-cent cash commission will be payable. The company will also issue to the agents non-transferable broker warrants equal to 7.0 per cent of the number of units sold under the offering (reduced to 3.5 per cent for sales to president list purchasers), each exercisable to acquire one common share at the issue price for a period of 36 months from the closing date.

We seek Safe Harbor.