Ms. Kimberly Ann reports

LAHONTAN PROVIDES SANTA FE MINE DEVELOPMENT AND PERMITTING UPDATE, GRANTS STOCK OPTIONS

Lahontan Gold Corp. has provided an update on mine development, permitting and exploration activities at its flagship Santa Fe mine project, located in Nevada's prolific Walker Lane. With the proceeds from Lahontan's recently completed private placement (April 8, 2026, gross proceeds of $13.6-million), combined with continuing warrant exercises, the company is fully financed into 2027. Highlights of recent technical and permitting work are summarized below:

• Lahontan has completed an extensive geotechnical drill campaign totalling 2,569 metres in 11 diamond core and reverse circulation (RC) drill holes. The drill program had two primary objectives:
• • Groundwater monitoring: Drill holes were designed to better define groundwater elevations across the Santa Fe project area. Demonstrating that proposed open pits will not intersect groundwater is an important component of mine permitting. Only minor groundwater flow was encountered in one drill hole, and piezometers have been installed to further confirm groundwater conditions across the site.
  • Waste rock characterization: Drilling also targeted wall rock surrounding the Santa Fe deposits in order to collect representative samples for geochemical characterization of material expected to be placed in future waste rock storage facilities (mine dumps). Samples from drill core and RC cuttings have been submitted for laboratory analysis, with results anticipated over the coming months.
• Mineral resource estimate (MRE): MRE modelling by the company's outside consultant (Respec Company LLC of Reno, Nev.) is well advanced with geologic gold and silver domaining being largely completed in preparation for the block modelling process. An updated MRE is expected to be announced in the weeks ahead. When completed, the company will focus on updating the Santa Fe preliminary resource assessment (PEA) utilizing the new MRE. The PEA is expected to be completed in September of this year.
• Santa Fe mine exploration drilling: With the key geotechnical drilling completed, the RC drill rig will now focus on large-scale stepout drilling throughout the Santa Fe mine project. The company plans up to 7,000 metres of exploration drilling across multiple areas, including the Slab West, South Slab, Guzzler and EM targets. Several drill holes have been completed, and analytical results are expected soon.
• Sonic core drilling of historic heap leach pads has commenced. From 1988 through 1994, the Santa Fe mine produced approximately 359,000 ounces of gold and 700,000 ounces of silver from 16 million tonnes of mineralized material. Factoring in estimated gold and silver recovery, the historic heap-leach pads may contain a significant residual gold and silver resource. The company plans 1,700 metres of drilling in 96 holes across the four heap-leach pads at Santa Fe. The drill hole density is sufficient to define mineral resources for the pads.
• Based on the success of Lahontan's exploration program at West Santa Fe, the company, in consultation with the Federal Bureau of Land Management, has begun baseline environmental and cultural studies over the entire project area. When completed, the studies will facilitate expanded exploration drilling and support future mine development at West Santa Fe. Being pro-active with the environmental baselines allows for more efficient future permitting of all activities.

Kimberly Ann, chair, chief executive officer, president and founder of Lahontan Gold, commented: "Lahontan continues to advance on multiple fronts, including mine development, permitting, exploration drilling and preparation for future growth at West Santa Fe. With several important milestones expected in the near term, including an updated mineral resource estimate, exploration results and advancement of engineering studies, we believe the company is well positioned to continue building value. As we progress toward permitting and mine development, we are expanding both our geological and mine engineering teams to support the next phase of growth. We remain on track to complete permitting in 2027 and advance toward construction of a new Santa Fe mine, leading to Nevada's newest gold mining operation."

The company also announces that it has granted an aggregate of 4.9 million options to purchase common shares of the company exercisable at a price of 37 cents per common share for a period of five years to officers and consultants of the company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.

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 gold equivalent (48,393,000 tonnes grading 0.92 gram per tonne gold and 7.18 grams per tonne silver, together grading 0.99 gram per tonne gold equivalent) and an inferred mineral resource of 411,000 ounces gold equivalent (16.76 million tonnes grading 0.74 gram per tonne gold and 3.25 grams per tonne silver, together grading 0.76 gram per tonne gold equivalent), all pit constrained (gold equivalent 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 continue drill testing its satellite West Santa Fe project during 2026.

Qualified person

Brian J. Maher, MSc, CPG (No. 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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