Ms. Kimberly Ann reports

LAHONTAN REVAMPS BOARD OF DIRECTORS

Lahontan Gold Corp. has made major changes to the composition of its board of directors. The company plans to appoint Shane Williams, Evan Pelletier and Max Pluss to the board, effective May 1, 2025. Concurrently, directors Chris Donaldson and Bob McKnight will step down from the board of directors. Josh Serfass and Kimberly Ann will remain directors of the company. Lahontan wishes to thank each of its departing directors for their time and service to the shareholders of the company.

Kimberly Ann, Lahontan chief executive officer, chair and founder, commented: "Lahontan is excited to transition its board during the company's next phase of development, bringing in mine engineering, finance, and capital markets experience and expertise. As the company heads down the pathway of mine development and permitting at its Santa Fe mine project, adding board members with strong resumes in all facets of mine design, construction and finance will be a strategic asset for management and the company. I wish to personally thank Chris and Bob for their dedicated service on the board, helping lead the company to this critical point in its evolution from explorer to mine developer."

New board member biographies

Shane Williams: Mr. Williams is currently chief executive officer, president and director of West Red Lake Gold Mines, bringing the Madsen gold mine back into production. Prior to joining West Red Lake, he was the chief operating officer for Skeena Resources, where he was involved in advancing the past-producing Eskay Creek gold project toward a restart. Between 2013 and 2019, he was vice-president of operations and capital projects at Eldorado Gold, where, under his leadership at the Lamaque gold project, he brought the project from preliminary economic assessment to commercial operation in just 18 months. He also served as project director for Eldorado Gold for its Greek assets and was responsible for the development of both the Skouries and Olympias projects, which together had capital expenditures of over $1-billion (U.S.). He has extensive open-pit development experience from his time working with Rio Tinto at the Iron Ore Company of Canada and at Kaunis iron in northern Sweden where he, as project director, was responsible for the successful staged development of this large, open-pit iron ore operation from early exploration into commercial operation over a rapid 3.5-year period. He has a BEng in electrical engineering from the Dublin Institute of Technology, Ireland, and an MSc in project management from the University of Limerick, Ireland.

Evan Pelletier: Mr. Pelletier is a senior mining professional with over 30 years of underground mining experience, where he has spent most of his career, working for Lakeshore Gold and other gold mining companies. Internationally, he has contracted roles in Mongolia, Argentina and Africa. Highly respected among his peers, he is an industry leader as it relates to new technology, innovation and mining operations. His responsibilities have included mill processing, environmental, paste plant, tailings and underground operations with a primary focus on safety, quality mining and people management within operations. He is currently a mining executive at Americas Gold & Silver, serving as interim general manager at its Galena underground mine in Wallace, Idaho. Previously, he held the role of vice-president of mining, Kirkland Lake, Ont., Canada (2020 to 2022), and was mine manager at Kirkland Lake Gold, Macassa mine (2016 to 2020). He was part of the team that built Kirkland Lake Gold from a valuation of $400-million in 2016 to $13-billion by 2022 when merged with Agnico Eagle. One of the major accomplishments includes the sinking of a nearly 2,000-metre-deep shaft at a budget of $450-million, effectively on time and on budget.

Max Pluss: Mr. Pluss is senior investment professional with experience overseeing investment origination, due diligence, transaction structuring, portfolio monitoring, capital raising and fund operations across the hedge fund, private equity and venture capital asset classes. In his role, he has also served as an adviser to public and private company management teams and boards on corporate development, due diligence, market positioning and capital formation. He is the founder of Rhea Capital Management, a private investment company focused on backing and incubating disruptive and mission-driven companies, providing capital, strategic guidance and management expertise to early- and growth-stage opportunities. Previously, he was a junior analyst and subsequently an analyst at Extract Capital, a hedge fund focused on equity and credit investments in natural resources, including in mining, energy, renewables, fertilizer, timber, water, support services and other real assets. He began his career as associate at a boutique consulting company, advising public company chief executive officers on market positioning and assisting with idea generation for fund managers in North America and Europe. He received his BA from Colorado College and MBA degrees from Columbia University and London Business School.

About Lahontan Gold Corp.

Lahontan is a Canadian mine development and mineral exploration company that holds, through its U.S. 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 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap-leach processing*. The Santa Fe mine has a Canadian National Instrument 43-101-compliant indicated mineral resource of 1,539,000 ounces gold equivalent (grading 0.99 gram per tonne gold equivalent) and an inferred mineral resource of 411,000 oz AuEq (grading 0.76 g/t AuEq), all pit constrained (AuEq is inclusive of recovery, please see Santa Fe project technical report*). The company plans to continue advancing the Santa Fe mine project toward production, update the Santa Fe preliminary economic assessment and drill test its satellite West Santa Fe project during 2025.

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project," authors: Kenji Umeno, PEng, Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, PGeo, Darcy Baker, PhD, PGeo, and John M. Young, SME-RM; effective date: Dec. 10, 2024, report date: Jan. 24, 2025. The technical report is available on the company's website and SEDAR+.

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