Ms. Kimberly Ann reports

LAHONTAN ANNOUNCES UPSIZE TO PRIVATE PLACEMENT OF UNITS

Lahontan Gold Corp., further to its news release of April 8, 2025, has increased the size of its non-brokered private placement financing to up to 44 million units at a price of five cents per unit for aggregate gross proceeds of up to $2.2-million.

Each unit comprises one common share of the company and one-half of one whole common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at a price of eight cents per common share for a period of two years from the date of issuance, provided, however, that should the closing price at which the common shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the common shares may trade at the applicable time) exceed 12 cents for 10 consecutive trading days at any time following the date that is four months and one day after the date of issuance, the company may accelerate the warrant term, such that the warrants shall expire on the date which is 30 business days following the date a news release is issued by the company announcing the reduced warrant term.

Gross proceeds raised from the offering will be used for general working capital purposes and for exploration at the company's Santa Fe mine project.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

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 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 AuEq (gold equivalent) (grading 0.99 gram per tonne (g/t) AuEq) and an inferred mineral resource of 411,000 ounces 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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