Ms. Kimberly Ann reports

LAHONTAN DRILLS MORE SHALLOW OXIDE GOLD AT WEST SANTA FE: 41M GRADING 1.94 G/T AU EQ INCLUDING 9.1M GRADING 4.14 G/T AU EQ

Lahontan Gold Corp. has released more analytical results from its 2025 maiden drilling program at the company's satellite West Santa Fe project, located only 13 kilometres from Lahontan's flagship asset, the Santa Fe mine project, in Nevada's prolific Walker Lane. These assay results are from two additional reverse circulation rotary (RC) drill holes at West Santa Fe and are summarized below. Additional drill results are expected shortly.

Highlights:

• WSF25-03R: 41.2 metres (15.2 to 56.4 m) grading 1.94 grams per tonne gold equivalent, including 9.1 metres (42.7 to 51.8 m) grading 4.14 g/t AuEq -- a shallow intercept of oxide gold and silver mineralization with a high-grade core of 4.14 g/t AuEq:
  • The drill hole correlates with gold and silver mineralization reported in an adjacent historic drill hole (M81-61) and allows Lahontan to continue validating the historic drill hole database.
  • Individual intercepts in WSF25-03R contain up to 12.88 g/t AuEq, corresponding to an east-west-trending fault structure that controls higher-grade precious metal mineralization in this portion of the West Santa Fe hydrothermal system (1.52 m, 44.20 to 45.72 m -- 11.30 g/t Au and 135.0 g/t Ag).
• WSF25-01R: 6.1 metres (38.1 - 44.2m) grading 1.53 g/t AuEq: The drill hole targeted structure on the very east end of the south mineralized zone, successfully intercepting key fault-controlled precious metal mineralization. The system remains open to the east, an area of old underground workings and anomalous surface geochemistry.

Kimberly Ann, executive chair, president, chief executive officer and founder of Lahontan, commented: "The high-grade drill results seen in WSF25-03R confirm the tenor and distribution of gold and silver mineralization seen in historic drilling at West Santa Fe. The company is excited that these initial results are very similar to, in terms of both grade and geometry, assays reported for the older drilling. Given the apparent size of the hydrothermal system, Lahontan believes that there is significant upside to the West Santa Fe project and the project has the potential to augment mineral resources already defined at the nearby Santa Fe Mine project. Additional drilling is planned for West Santa Fe this spring."

The company has also received analytical results for the final five RC drill holes completed at the York deposit, part of the company's Santa Fe mine project. Two of the drill holes were lost in a fault zone and therefore abandoned due to difficult drilling conditions (YOR25-003R and YOR25-006R), while two of the remaining three holes specifically targeted the margins of the York system for use in mine planning and to determine the potential margins of a future open pit (YOR25-005R and YOR25-008R).

The final drill hole, YOR25-07R, was a condemnation hole located on the waste rock dump of the historic York open pit. Interestingly, the upper 12.2 metres of YOR25-007R, all in mine dump material, graded 0.27 g/t Au. The historic (1993) cut-off grade at the York deposit was approximately 0.5 g/t Au. Given the gold content seen in this limited sampling, the waste rock dumps at York may have the potential to host significant tonnages of material that could be processed in future mining operations.

Quality assurance/quality control protocols

Lahontan conducts an industry-standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and certified reference materials (CRMs) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately 1.5 per cent of the total samples. CRMs were inserted at a rate of one CRM for every 20 samples, or approximately 5 per cent of the total samples.

The standards utilized include three gold CRMs and one blank CRM that were purchased from MEG LLC of Lamoille, Nev. (formerly Shea Clark Smith Laboratories of Reno, Nev.). Expected gold values are 0.188 g/t, 1.107 g/t, 10.188 g/t and minus 0.005 g/t, respectively. CRMs with similar grades are inserted as the initial CRMs run out. The coarse blank material comprising commercially available landscape gravel with an expected gold value of minus 0.005 g/t.

As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95-to-100-foot (28.96-metre-to-30.48-metre) mark and labelled with a D suffix on the sample bag. No duplicates were submitted for core.

All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nev., United States, for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of gold analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two-acid digestion ICP-AES method. Tellurium or 50-element analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of two hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts its own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. The company has all results reported in grams per tonne.

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 National Instrument 43-101-compliant indicated mineral resource of 1,539,000 ounces AuEq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t AuEq) and an inferred mineral resource of 411,000 ounces 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.

Qualified person

Brian J. Maher, MSc, CPG-12342, is a qualified person as defined under NI 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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