Ms. Kimberly Ann reports

LAHONTAN DRILLS 49 METRES GRADING 0.51 G/T AU EQ INCL. 7.6 METRES GRADING 1.16 G/T AU EQ AT SANTA FE

Lahontan Gold Corp. has released results from five reverse-circulation rotary (RC) drill holes from the company's 2024 phase one drilling campaign at the company's 26-square-kilometre Santa Fe mine project located in Nevada's prolific Walker Lane gold and silver belt. These drill holes were completed in the Slab and Santa Fe pit areas at the Santa Fe mine where previous Lahontan drilling had outlined significant shallow oxide domain gold and silver resources (Canadian National Instrument 43-101 compliant) that remained open along strike and down dip. The five drill holes reported herein, totalling 1,053 metres, targeted potential extensions to these gold and silver resources and were also designed to confirm and limit pit boundaries for the upcoming updated mineral resource estimate (MRE) and preliminary economic assessment (PEA) for the Santa Fe mine project. Highlights include:

• 48.8 metres grading 0.44 gram per tonne Au and 7.4 g/t Ag (0.51 g/t AuEq) of shallow oxide mineralization in drill hole CAL24-007R including 7.6 metres grading 1.08 g/t Au and 8.3 g/t Ag (1.16 g/t AuEq). This drill hole, and CAL24-009R reported herein, intercepted significant widths of oxide gold and silver mineralization approximately 350 metres north of the Slab open pit and almost 100 metres north of the MRE (mineral resource estimate) conceptual pit shell, greatly expanding the footprint of gold and silver mineralization at the Slab open pit. These drill holes will be used to update the 2023 MRE, expected in September, 2024.
• 7.6 metres grading 2.06 g/t Au and 18.2 g/t Ag (2.22 g/t AuEq) in drill hole CAL24-009R including 3.1 metres grading 4.26 g/t Au and 18.2 g/t Ag (4.41 g/t AuEq) within a 50.4-metre total thickness of gold and silver mineralized rock. This drill hole contains some of the highest gold and silver grades seen at the Slab deposit: 5.22 g/t Au (77.7 to 79.2 m) and 151 g/t Ag (112.8 to 114.3 m). This drill hole, coupled with CAL24-007R, open a large area for resource expansion north and northeast of the Slab pit.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "These final drill results from the phase one drill program have produced excellent results, expanding Slab oxide gold and silver mineralization hundreds of metres north of the 2023 MRE conceptual pit shell. We see a definite trend toward thicker zones of mineralization with up to 50-metre down-hole intercepts. Also, silver grades seem to be increasing along this north-northeast trend. These exciting results point to the tremendous potential of the Santa Fe mine project; the technical team will continue to define areas for future resource expansion drilling throughout the project area. All the results reported herein, as well as the results from the 2023 drilling campaign, are being integrated into a new MRE block model which will form the basis for mining planning and scheduling in the upcoming PEA."

It should be noted that all the drill holes were drilled at an angle with inclinations ranging from negative 60 to negative 80 degrees. Therefore, the depth from the surface to any given intercept is less than the down-hole distance of the intercept, the approximate true thickness of each intercept varies from 80 to 90 per cent of the drilled interval.

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

QA/QC protocols:

Lahontan conducts an industry standard QA/QC (quality assurance/quality control) program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and certified reference materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC 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. CRM's 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 CRM's 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 gram per tonne, 1.107 g/t, 10.188 g/t and negative 0.005 g/t, respectively. CRM's with similar grades are inserted as the initial CRM's run out. The coarse blank material comprised of commercially available landscape gravel with an expected gold value of negative 0.005 g/t.

As part of the RC drilling QA/QC 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 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 lab 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 two-acid digestion ICP-AES method. Tellurium or 50-element analyses were performed on select drill holes utilizing 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 their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. The company has all results reported in grams per tonne (g/t).

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mine development and mineral exploration company that holds, through its United States subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 26.4-square-kilometre Santa Fe mine project, 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 oz AuEq (grading 1.14 g/t 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 Santa Fe project technical report). The company will continue to aggressively explore Santa Fe during 2024 and complete a preliminary economic assessment evaluating development scenarios to bring the Santa Fe mine back into production.

The technical content of this news release and the company's technical disclosure has been reviewed and approved by Quentin J. Browne, PGeo, independent consulting geologist to Lahontan Gold, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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