Ms. Kimberly Ann reports

LAHONTAN BEGINS METALLURGICAL TEST WORK AT SANTA FE

Lahontan Gold Corp. has commenced metallurgical testwork on gold and silver mineralization from the transition metallurgical domain (mixed minor sulphide and oxide mineralization) in the Santa Fe deposit. Lahontan is focusing on dramatically improving CN leach gold recoveries for transition material from the 49-per-cent recovery utilized in the recent preliminary economic assessment of the Santa Fe mine project*, unlocking the full potential of transition domain mineralization. Similtaneously, the company is evaluating methodologies to more accurately define the boundaries between the different metallurgical domains within the Santa Fe deposit. These steps have the potential to profoundly impact project economics and significantly expand the gold and silver production profile from that reported in the PEA. The metallurgical testing will include column leach tests. Results are expected later this year.

Kimberly Ann, Lahontan chief executive officer, executive chair and founder, commented: "We are excited to begin this new program of metallurgical testing on the Santa Fe deposit. A significant portion of the minable gold ounces at Santa Fe lie in the transition metallurgical domain; therefore, improved gold and silver recoveries will have an immediate and important impact on project economics. New heap leaching methods, including reagents, have shown dramatic increases in recoveries from transition material. We intend to find out if these new processing methods can work at Santa Fe. In addition, once assay results are received from the recent drilling at Slab, we will begin additional testwork on the bulk rejects, looking for ways to optimize gold and silver recoveries at Slab as well."

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 gold equivalent) 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; 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. The technical content of this news release and the company's technical disclosure have been reviewed and approved by Michael Lindholm, CPG, 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," 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+. 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 ounce 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.

We seek Safe Harbor.