Ms. Kimberly Ann reports

LAHONTAN PLANS DRILLING TO TEST HISTORIC WASTE ROCK AT SANTA FE - A POTENTIAL SOURCE OF ADDITIONAL LOW COST GOLD PRODUCTION

Lahontan Gold Corp. plans to drill test the historical Santa Fe East waste rock storage facility (WRSF) at its flagship Santa Fe mine project in Nevada's Walker Lane. The planned program will consist of up to 100 reverse circulation (RC) drill holes averaging approximately 35 metres in depth. The Santa Fe East WRSF contains approximately 9.0 million tonnes of waste rock removed from the Santa Fe open pit during historical mining operations between 1988 and 1992.

During historical mining operations, the open-pit mining cut-off grade was approximately 0.55 gram per tonne (g/t) gold. Consequently, material classified as waste at the time may contain gold and silver mineralization that could potentially be economically recovered through heap leach processing. The planned drill program is designed to evaluate the distribution, tonnage and precious metal grades of material within the Santa Fe East WRSF and assess its potential suitability for heap leach processing.

Kimberly Ann, founder, chair, chief executive officer and president of Lahontan Gold, commented: "Lahontan's exploration team has completed the design of an RC drill program to evaluate the gold and silver potential of the Santa Fe East WRSF. Similar to the historic heap leach pads at Santa Fe, this material has the potential to provide an additional source of low-cost gold production early in the Santa Fe mine life and enhance the gold and silver production profile outlined in our recently announced preliminary economic assessment (PEA)*.

"Importantly, the PEA mine production schedule already contemplates moving the Santa Fe East WRSF as part of the stripping required to access the underlying Santa Fe gold and silver resources. Since this material is scheduled to be moved as part of the mining operation, evaluating its potential for heap leach processing represents an opportunity to potentially generate additional value from material that would otherwise be handled as waste. We believe this is an important opportunity to further optimize the Santa Fe mine development plan and potentially enhance the project's overall economics."

About Lahontan Gold Corp.

Lahontan Gold is a Nevada-focused mine development company advancing a portfolio of four gold and silver projects in mining-friendly Nevada's prolific Walker Lane. The company's primary focus is the restart of its flagship, the 28.3-square-kilometre Santa Fe Mine project, with a targeted return to production in 2027:

• Santa Fe mine historical production: 359,202 ounces of gold and 702,067 ounces of silver, open-pit mining with heap-leach processing (1988 to 1995; Nevada Bureau of Mines);
• Current resources: The Santa Fe mine has a National Instrument 43-101-compliant indicated mineral resource of 1,195,000 ounces (oz) gold equivalent (AuEq) (47,532,000 tonnes grading 0.72 g/t gold (Au) and 5.55 g/t silver (Ag), together grading 0.78 g/t AuEq) and an inferred mineral resource of 1.19 million oz AuEq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t AuEq), all pit constrained (AuEq is inclusive of recovery; please see Santa Fe project technical report and note below*).
• October, 2026, PEA highlights: 11 year-mine life averaging 91,900 gold equivalent ounces, increasing to approximately 112,500 AuEq ounces during years 4 through 11 of the mine life utilizing open-pit mining and heap leach processing; posttax net present value at a discount of 5 per cent rate (NPV5) of $820.0-million (U.S.) and an internal rate of return (IRR) of 40.1 per cent, based on the PEA base-case metal prices of $3,600 (U.S.) per oz gold and $49 (U.S.) per oz silver*; estimated preproduction capital costs of $172.0-million (U.S.), including a $22.2-million (U.S.) contingency with estimated gold cash costs of $1,909 (U.S.) per oz and all-in sustaining costs (AISC) of $2,250 (U.S.) per oz*;
• Objectives for 2026:
  • Advancing mine permitting activities with the objective of commencing construction in 2027;
  • Continue drill testing the satellite West Santa Fe project, with a maiden resource estimate targeted in early 2027;
  • Continued exploration drilling at Santa Fe focused on expanding known gold and silver mineralization;
  • Drill test historic heap-leach pads to evaluate residual gold and silver mineralization for potential future reprocessing opportunities.

* Please see the Santa Fe project technical report, authors: Michael Lindholm, CPG, and Caleb Cook, PEng, effective date: Oct. 1, 2026, report date: Oct. 4, 2026, and the Lahontan Gold news release dated Oct. 14, 2026. The technical report is available on the company's website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 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 $3,250 (U.S.) per oz; silver price of $40 (U.S.) per oz; oxide gold recoveries ranging from 60 per cent to 79 per cent; oxide silver recoveries ranging from 0 per cent to 30 per cent; transitional gold recoveries ranging from 28 per cent to 45 per cent; transitional silver recoveries ranging from 0 to 13 per cent; and non-oxide gold and silver recoveries of 68 per cent except for the York deposit, where non-oxide recoveries are estimated to be 0 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 and preliminary economic assessment as noted above. Mr. Maher is senior vice-president, mine development and 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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