Ms. Kimberly Ann reports

LAHONTAN ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT OF UNITS AND WELCOMES NEW INSTITUTIONAL INVESTOR

Lahontan Gold Corp., further to its news releases of April 8, 2025, and April 22, 2025, has successfully completed its non-brokered private placement financing through the issuance of 42,705,700 units in the capital of the company at a price of five cents per unit for aggregate gross proceeds of $2,135,285. Larry Lepard, through Equity Management Associates LLC (EMA), provided the lead order for the financing and was a major participant in the offering. Lahontan is excited to welcome Mr. Lepard and EMA as shareholders.

Each unit comprises one common share of the company and one-half of one whole common share purchase warrant of the company. Each warrant entitling 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. All securities issued in connection with the offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

In connection with the offering, the company paid Leede Financial Inc. a cash commission of $6,000.

Pursuant to the offering, Mr. Lepard indirectly acquired an aggregate of 34,285,700 units. Prior to the completion of the offering, Mr. Lepard beneficially owned and controlled, directly or indirectly, an aggregate of 3,716,000 common shares, representing approximately 1.53 per cent of the company's issued and outstanding common shares on an undiluted basis and partially diluted basis. Following the completion of the offering, Mr. Lepard beneficially owns and controls, directly or indirectly, an aggregate of 38,001,700 common shares and 17,142,850 warrants, representing approximately 13.34 per cent of the company's issued and outstanding common shares on an undiluted basis, and approximately 18.26 per cent on a partially diluted basis. Depending on market and other conditions, or as future circumstances may dictate, Mr. Lepard may from time to time increase or decrease his holdings of common shares or other securities of the company. A copy of the early warning report will be available on the company's issuer profile on SEDAR+.

In addition, the company is pleased to announce that it has granted an aggregate of 10,675,000 stock options to purchase common shares of the company, exercisable at a price of eight cents per common share for a period of five years, to directors, officers and consultants of the company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.

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 gold equivalent (AuEq) (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 the 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," written by Kenji Umeno, PEng, Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, PGeo, Darcy Baker, PhD, PGeo, and John M. Young, SME-RM, with an effective date of Dec. 10, 2024, and a report date of Jan. 24, 2025. The technical report is available on the company's website and on SEDAR+.

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