Lahontan Gold Corp.

Investor Insight

Lahontan Gold is advancing its past-producing Santa Fe Mine toward near-term gold production in Nevada’s Walker Lane, supported by a growing oxide resource, a positive PEA, and active state and federal permitting. The company offers investors leveraged exposure to a low-cost heap leach development project in a top-tier jurisdiction as it transitions from developer to mine builder.

Overview

Lahontan Gold (TSXV:LG,OTCQB:LGCXF) is focused on advancing its portfolio of gold and silver assets in Nevada. Its flagship project, the Santa Fe Mine, operated as an open-pit, heap leach operation between 1988 and 1995, producing approximately 359,000 ounces of gold and 702,000 ounces of silver.

Since acquiring the Santa Fe project, Lahontan has significantly expanded the mineral resource base and completed a robust PEA. The company is now executing advanced permitting activities at both the state and federal level while continuing to expand resources through drilling.

The company continues to integrate new drill results into an updated mineral resource estimate and plans to update the Santa Fe PEA to reflect resource growth, updated metallurgy, and current metal prices.

Concurrently, it is unlocking value from satellite deposits, including West Santa Fe, which hosts shallow oxide mineralization with strong resource growth potential, and Moho, an early-stage project with promising historic gold and silver intercepts.

Company Highlights

• Flagship Santa Fe Project: 100 percent owned, past-producing open-pit heap leach gold and silver mine with a pit-constrained mineral resource of 1.54 million ounces gold equivalent (indicated) and 0.41 million ounces gold equivalent (inferred).
• Strategic Nevada Location: Located in the Walker Lane gold belt, one of North America’s most productive and mining-friendly districts, with year-round access, on-site power infrastructure, permitted water wells, and proximity to operating mines.
• Strong Resource Growth Potential: Multiple deposits at Santa Fe (Santa Fe, Slab, Calvada and York) remain open for expansion. Satellite projects West Santa Fe and Moho provide additional district-scale upside.
• Experienced Leadership: Management and board bring extensive experience in mine development, permitting and capital markets, with multiple past successes advancing projects from exploration through production or acquisition.

Key Projects

Santa Fe Mine

The Santa Fe Mine, located in Mineral County, Nevada, covers approximately 28.3 square kilometres and is Lahontan’s flagship development asset. The current NI 43-101 mineral resource estimate for Santa Fe totals 1.95 million ounces gold equivalent, comprising 1.54 million ounces indicated, and 0.41 million ounces inferred, all constrained within conceptual open pits using a US$1,950/oz gold price.

Historical mining demonstrated the viability of heap leach processing, and recent metallurgical work confirms favorable recoveries for oxide material.

A preliminary economic assessment completed in December 2024 outlines:

• Low life-of-mine strip ratio of approximately 1.6:1
• Initial capital cost of approximately US$135 million, including contingency
• Eight-year mine life with attractive cash costs and rapid payback

In January 2026, Lahontan mobilized a core drill rig to collect hydrological and waste rock characterization data in support of Nevada state permitting. The Bureau of Land Management has confirmed that Lahontan’s exploration plan of operations is complete, allowing the project to advance into the environmental assessment phase. Final approval of the mine plan is targeted to support construction readiness.

Recent reverse-circulation drilling at the Slab deposit continues to expand shallow oxide mineralization beyond the current resource pit shell, with results to be incorporated into an updated mineral resource estimate.

West Santa Fe

The West Santa Fe project is located approximately 13 kilometres west of the Santa Fe Mine and presents a potential low-cost satellite operation.

Historic drilling outlines a shallow oxide gold and silver system beginning at surface, with an exploration target of 0.5 to 1 million ounces gold equivalent. Mineralization is oxide-dominant and amenable to heap leach processing.

Lahontan completed a maiden drill program at West Santa Fe in December 2025, intersecting thick intervals of oxidized mineralization starting at surface. Additional drilling is planned to expand and validate the system, with the objective of defining a maiden NI 43-101 mineral resource.

Moho Project

The Moho project is another 100 percent owned asset within the Walker Lane district in Nevada, presenting a longer-term growth opportunity for Lahontan. The project is characterized by historic high-grade gold and silver intercepts from past drilling, with reported grades exceeding 20 g/t gold and 300 g/t silver. Initial exploration has confirmed the presence of oxidized tertiary epithermal vein systems, which are ideal for conventional heap leach processing. Core drilling in 2019 further validated the high-grade nature of Moho’s mineralization, with significant intercepts occurring at relatively shallow depths. Lahontan plans to conduct additional exploration drilling to refine resource estimates and assess potential economic viability.

Management Team

Kimberly Ann – Founder, Executive Chair, President and CEO

A seasoned mining executive with more than a decade of experience founding and financing junior resource companies. She has raised over $300 million in capital and has been involved in multiple successful M&A transactions.

Brian Maher – Founder, Vice-president of Exploration

An economic geologist with over 45 years of experience, including guiding Prodigy Gold through the discovery and development of the Magino gold deposit prior to its acquisition by Argonaut Gold.

John McNeice – Chief Financial Officer

A chartered professional accountant with over 30 years of experience in public company financial reporting, IPOs, and mine development financing.

Josh Serfass – Independent Director

Executive vice-president of corporate development and investor relations at Integra Resources, with prior experience at Integra Gold through its acquisition by Eldorado Gold.

Shane Williams – Independent Director

Mining engineer and executive with extensive experience advancing projects from PEA through production, including Eskay Creek and the Lamaque Mine.

Evan Pelletier – Independent Director

Mining executive with more than 30 years of underground and open-pit mining experience, including senior operational roles at Kirkland Lake Gold.

Max Pluss – Independent Director

Investment professional with experience in natural resource-focused hedge funds, private equity, and venture capital.