Ms. Kimberly Ann reports

LAHONTAN ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT

Lahontan Gold Corp., further to its news release of Oct. 29, 2025, has closed a non-brokered private placement through the issuance of 16,665,868 units in the capital of the company at a price of 15 cents per unit for gross proceeds of $2,499,880.20. Due to investor demand, the company upsized the offering from 13,333,333 units to 16,665,868 units.

Each unit comprised one common share in the capital of the company and one-half of one whole common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 25 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) is equal to or exceeds 35 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 that 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 and West Santa Fe projects. 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.

In connection with the offering, the company paid certain eligible finders cash commissions in the aggregate of $28,910.39 and issued 192,735 broker warrants. Each broker warrant entitles the holder thereof to acquire one common share at a price of 25 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) is equal to or exceeds 35 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 broker warrants shall expire on the date that is 30 business days following the date a news release is issued by the company announcing the reduced broker warrant term.

The offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as an insider of the company acquired 300,000 units pursuant to the offering. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market and the fair market value of the participation in the offering by the insider does not exceed 25 per cent of the market capitalization of the company in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the offering, which the company deems reasonable in the circumstances in order to complete the offering in an expeditious manner.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 28.3-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) (48,393,000 tonnes grading 0.92 gram per tonne (g/t) gold (Au) and 7.18 g/t silver (Ag), together grading 0.99 g/t AuEq) and an inferred mineral resource of 411,000 oz AuEq (16.76 million tonnes 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.

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project," by 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 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.

Qualified person

Brian J. Maher, MSc, CPG-12342, is a qualified person as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical disclosure other than the mineral resource estimate as noted above. Mr. Maher is vice-president of exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the disclosure.

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