Ms. Kimberly Ann reports

LAHONTAN ENGAGES KAPPES, CASSIDAY AND ASSOCIATES FOR SANTA FE PRELIMINARY ECONOMIC ASSESSMENT

Lahontan Gold Corp. has engaged Kappes Cassiday and Associates (KCA) based in Reno, Nev., to produce an updated National Instrument 43-101 compliant technical report and preliminary economic assessment (PEA) for its flagship Santa Fe mine project, located in Nevada's prolific Walker Lane. KCA will lead a team including Respec Company LLC, also based in Reno, and Equity Exploration of Vancouver, B.C. KCA will co-ordinate the PEA, Equity will be responsible for updating the block model and mineral resource estimate, and Respec will provide mine design and planning. KCA will develop metallurgical flow sheets, process facility layout and general mine infrastructure, along with economic analysis.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "We are very pleased to have some of the top mining consultancies begin work on the Santa Fe mine PEA. We believe that Santa Fe is one of, if not the, premier gold and silver mine development opportunity in the Great basin of the Western U.S. We will simultaneously continue preparing our exploration plan of operations for submission to the Bureau of Land Management this summer. Utilizing the baseline studies in the plan, we can modify the plan to reflect our proposed mining operation being defined by our team of consultants."

Scope of work -- Santa Fe mine PEA

The PEA will evaluate open-pit mining from multiple sites at the Santa Fe mine, three-stage crushing, drum agglomeration with cement, heap leaching and a carbon ADR (adsorption/desorption/recovery) plant producing gold/silver dore bars:

• Plant production rate will be from 10,000 to 15,000 dry tonnes per day, to be optimized during the PEA process;
• Three-stage crushing with agglomeration, including conveyor stacking;
• Process feed will be open-pit-sourced gold and silver mineralization mined by a contractor;
• Water sources will be developed from nearby wellfields; electric power will be supplied from the local grid;
• The mining portions of the PEA study, including capital and operating costs, will be completed by Respec, which KCA will review and incorporate this information into the overall PEA study;
• The heap leach pad/pond designs and associated facilities, including capital and operating costs will be developed by KCA.

The work for the PEA is expected to begin immediately; a detailed timeline will be established once all existing data have been thoroughly reviewed by the PEA team.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 26.4-square-kilometre Santa Fe mine, had past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe mine has NI 43-101 compliant indicated mineral resource of 1,112,000 ounces gold equivalent (grading 1.14 grams per tonne gold equivalent) and an inferred mineral resource of 544,000 ounces gold equivalent (grading 1.00 gram per tonne gold equivalent) -- all pit constrained (gold equivalent is inclusive of recovery; please see the Santa Fe project technical report). The company will continue to aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe mine back into production. Quentin J. Browne, PGeo, consulting geologist to Lahontan Gold, is the qualified person for the company and approved the technical content of this news release.

We seek Safe Harbor.