Ms. Kimberly Ann reports

LAHONTAN MOBILIZES DRILL RIG TO SANTA FE

Lahontan Gold Corp. has mobilized a reverse circulation drill rig and support equipment to its flagship Santa Fe mine project in Nevada's prolific Walker Lane. Lahontan will initially concentrate phase 1 of its 2025 drilling program on the Slab target area. Drilling will commence on the patented lode mining claims and then expand onto lands administered by the Federal Bureau of Land Management when formal approval of the company's notice of intent is received.

Kimberly Ann, Lahontan chief executive officer, executive chair and founder, commented: "Lahontan is excited to begin its 2025 drill campaign at Santa Fe. The goal of the RC drilling program is to expand known gold and silver resources in the Slab and York target areas in order to increase the inventory of potentially minable precious metal ounces in this portion of the Santa Fe mine project. Drilling will also provide additional sample material for metallurgical testing as recommended in the Santa Fe project technical report*. The company anticipates initial assay results in a four-to-six-week time frame."

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 (48,393,000 tonnes grading 0.92 gram per tonne gold and 7.18 g/t silver, together grading 0.99 g/t AuEq) and an inferred mineral resource of 411,000 oz AuEq (16.76 million grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t AuEq), all pit constrained (AuEq is inclusive of recovery*). 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. The technical content of this news release and the company's technical disclosure has been reviewed and approved by Michael Lindholm, PGeo, independent consulting geologist to Lahontan, who is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Lindholm was not an author for the technical report and does not take responsibility for the resource calculation, but can confirm that the grade and ounces in this press release are the same as those given in the technical report.

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project," writers: 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+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the mineral resources is based on the following assumptions: gold price of $1,950 (U.S.) per oz gold, silver price of $23.50 (U.S.) per oz silver and oxide gold recoveries ranging from 28 per cent to 79 per cent, oxide silver recoveries ranging from 8 per cent to 30 per cent, and non-oxide gold and silver recoveries of 71 per cent.

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