Ms. Kimberly Ann reports

LAHONTAN COMMENCES DRILLING AT WEST SANTA FE

Lahontan Gold Corp. has commenced drilling at its West Santa Fe project, located only 13 kilometres (km) from the company's Flagship Santa Fe mine project in Nevada's prolific Walker Lane. A Foremost MPD-1500 track-mounted reverse circulation (RC) drill rig and support equipment has begun Lahontan's maiden drill campaign at West Santa Fe. The initial focus of the West Santa Fe drilling program will be twining multiple historical drill holes from the 1980s and in order to validate the historical drill hole database. Prior operators completed 171 drill holes totalling 13,107 metres at West Santa Fe between 1980 and 1995. Confirming the validity of this robust database may enable the company to use these drill hole data in any future mineral resource estimate (MRE) for the project.

Lahontan is also pleased to announce that it has completed its 2025 phase 2 drilling program at the Santa Fe mine project. During 2025, the company completed a total of 20 reverse circulation drill holes in the Slab and York Resource areas. The objective of the drilling program was to expand gold and silver resources at depth below the south end of the Slab pit, and to step out and grow mineral resources in the York area. All Slab area drill holes, which were up to 194 metres (m) deep, remained in oxidized and hydrothermally altered rock to their final depth.

Kimberly Ann, Lahontan executive chair, president, chief executive officer and founder, commented: "Lahontan is excited to begin our maiden drill campaign at West Santa Fe. The historic drill hole data are very encouraging, and we look forward to drill testing this important gold and silver resource exploration target. At the Santa Fe mine project, the 20 drill holes completed this year represent the largest number of drill holes completed in a single year since the company began drilling the project in 2021. Since that time, Lahontan has completed 99 diamond and reverse circulation drill holes totalling 22,431 metres at Santa Fe. We plan on updating the Santa Fe mine MRE in early 2026 utilizing the new drill hole data and then incorporating the MRE into a preliminary economic assessment of the project in H1 2026."

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 km 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 (oz) 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 and note below*). 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. For more information, please visit the company's website.

* 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 oz gold and 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, 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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