Ms. Kimberly Ann reports

LAHONTAN REPORTS CN-SOLUBLE GOLD UP TO 91.5% AT CALVADA, 91.0% AT YORK AND 86.7% AT SLAB; PREG ROBBING POTENTIAL VERY LOW

Lahontan Gold Corp. has released results from metallurgical testwork spread across all four deposits at the company's 26-square-kilometre Santa Fe mine project located in Nevada's prolific Walker Lane gold and silver belt. A total of 205 pulp samples from previous Lahontan drilling representing five of the principal mineralization types present throughout the Santa Fe mine project area, were subjected to cyanide (CN) shake analysis to determine the amount of CN-soluble gold in the samples and pregnant solution robbing (preg-robbing) analysis to identify/eliminate any potential problem areas for preg-robbing in the four deposits. The testwork was completed by Kappes, Cassiday and Associates (KCA) of Reno, Nev., a global leader in metallurgical and process consulting. Highlights of the testwork are described herein and in the subsequent table.

• Calvada deposit: The CN soluble gold analyses show a potential upside in gold recovery compared with previously reported metallurgical results with 91.5 per cent of the fire assayed gold to be CN soluble compared with the currently estimated gold recoveries of 71 per cent (please see Lahontan press release dated Jan. 22, 2024). Additional metallurgical testwork including bottle-roll and column leach tests are planned to follow up on the potential shown by CN solubility analyses.
• York deposit: York samples also demonstrated a potential upside in gold recovery, with up to 91.0 per cent of the fire assayed gold to be CN soluble and averaging 78.4 per cent compared with the currently estimated gold recoveries of 60 per cent (please see Lahontan press release dated Jan. 22, 2024).
• Slab deposit: CN soluble gold analysis for Slab were elevated compared with previous test work, averaging 69.0 per cent of fire assayed gold compared with the currently estimated 50-per-cent gold recovery (please see Lahontan press release dated Jan. 22, 2024). Additional testing is planned to further optimize recoveries.
• Santa Fe deposit: Sampling concentrated on two mineralization types and CN soluble gold contents were moderate compared with previous testwork. Additional testwork, including mineralogical analysis, are planned for these two mineralization types.

Preg robbing potential: Only three of 205 samples analyzed exhibited aggressive preg robbing potential (Santa Fe deposit), with one showing moderate preg robbing (Slab deposit, although this sample maintained high cyanide solubility of fire assayed gold, which makes the preg robbing result questionable). Preg robbing is determined by comparing the results of a standard cyanide shake test with that obtained by spiking the leach solution with a known amount of soluble gold providing a semi-quantitative assessment of preg robbing, typically referred to as the preg robbing index (PRI) or preg robbing percentage.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "The company is excited to receive these results from KCA which continue to confirm the high-potential recoveries from oxide gold mineralization at the Santa Fe mine project. The absence of any significant preg robbing potential across multiple mineralization types bodes well for future mine operations. We will continue met testing based on recommendations from KCA to further optimize the processing flow sheet which will be utilized in our upcoming preliminary economic assessment that will analyze the economic upside of resuming precious metal production at Santa Fe."

A summary table of results of CN soluble gold analysis from 205 pulp samples taken from all four deposits at the Santa Fe mine project is shown herein. The samples were selected based upon the desire for additional data for mineralization types that were underrepresented in previous metallurgical test work. CN soluble gold percentage is the per cent of fire assayed gold that is soluble with CN.

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.

We seek Safe Harbor.