Lahontan Gold Corp. (TSX-V:LG) (OTCQB:LGCXF) is pleased to provide an update on its drilling programs at its Flagship Santa Fe Mine Project and nearby West Santa Fe Project, located in mining friendly Nevada’s Walker Lane. Year to date, the Company has completed 11,565 metres of drilling at Santa Fe and 1,769 metres of drilling at West Santa Fe for a combined total of 13,334 metres as summarized below:

Santa Fe Mine Project:

• Diamond Core Drilling: Lahontan has completed eight core drill holes totaling 2,092 metres in the York, Calvada, and Santa Fe resource areas. Although the program was originally designed to gather geotechnical data for mine permitting, drilling also encountered significant gold mineralization. Highlights include CAL26-02C which intersected 90.8 metres (194.2 – 285.0 m) grading 0.43 g/t Au in oxide at Calvada Central (please see Lahontan press release dated June 9, 2026).
• Sonic Core Drilling: The Company also completed 1,976 metres of sonic core drilling to evaluate the tonnage and grade of residual gold and silver mineralization in historic heap leach pads and stockpiles at the Santa Fe Mine. A total of 104 of sonic core holes have been completed to date. Results have been reported for nine drill holes in the Low-Grade Stockpile and 10 of the 26 holes on Heap Leach Pad Two. Highlights include 9.9 metres (0.8 – 10.7 m) grading 2.40 g/t Au and 50.7 g/t Ag in SF26-003S in the Low-Grade Stockpile (please see Lahontan press release dated July 23, 2026). Results for the 85 remaining sonic core holes covering all four historic heap leach pads are expected in the coming weeks.
• Reverse-Circulation Drilling: Lahontan has completed 31 reverse-circulation drill holes totaling 7,497 metres at the Santa Fe Mine. Results for 14 drill holes have been reported with assays pending for the remaining 17 drill holes. The RC drilling program has resulted in the discovery of a new zone of gold mineralization at Slab West (Lahontan press release dated June 9, 2026) including 35.0 metres (164.6 – 199.6 m) grading 0.29 g/t Au and 4.5 g/t Ag in drill hole CAL26-03R (please see Lahontan press release dated June 9, 2026).

West Santa Fe Project: Lahontan is approximately halfway through a 19-hole RC drilling program at West Santa Fe comprising both in-fill and step-out drill holes designed to support resource evaluation and to test the potential for gold and silver mineralization beyond previously explored areas. A total of 3,275 metres of drilling are planned, nine drill holes totaling 1,769 metres have been completed, and all samples have been delivered to the laboratory for analysis. Like the Santa Fe Mine Project, analytical results are delayed due to the high level of exploration activity in Nevada. The Company will report results as soon as they become available.

Kimberly Ann, Founder, Chair, CEO and President of Lahontan Gold Corp., commented: “Lahontan is excited to have completed over 13,000 metres of drilling at the Santa Fe Mine and West Santa Fe Projects in 2026. The RC rig continues to turn at West Santa Fe and will return to the Santa Fe Mine for further drilling when the West Santa Fe program is complete. With samples from more than 100 drill holes currently at the laboratory, we anticipate significant news flow over the coming months. Results from the historic heap leach pads, the new Slab West discovery, and West Santa Fe will be important catalysts as we continue to advance our Walker Lane projects into 2027.”

About Lahontan Gold Corp.

Lahontan Gold Corp. 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 km² Santa Fe Mine project, with a targeted return to production in 2027.

• Santa Fe Mine historic production: 359,202 ounces of gold and 702,067 ounces of silver, open pit mining with heap-leach processing (1988-1995; Nevada Bureau of Mines).
• Current Resources: The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t Au Eq) and an Inferred Mineral Resource of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t Au Eq), all pit constrained (Au Eq 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 Au Eq ounces during Years 4 through 11 of the mine life utilizing open-pit mining and heap leach processing. Post-tax net present value at a 5% discount rate of US$820.0 million and an internal rate of return of 40.1%, based on the PEA base-case metal prices of US$3,600/oz gold and US$49/oz silver*. Estimated pre-production capital costs of US$172.0 million, including a US$22.2 million contingency with estimated gold cash costs of US$1,909/oz and all-in sustaining costs of US$2,250/oz*. Mineral resources are not mineral reserves and do not demonstrate economic viability.
• Objectives 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.

For more information, please visit our website: www.lahontangoldcorp.com

* Please see the Santa Fe Project Technical Report, Authors: Michael Lindholm C.P.G. and Caleb Cook, P. Eng., Effective Date: October 1, 2026, Report Date: October 4, 2026 and Lahontan Gold press release dated October 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 US$3,250/oz, silver price of US$40.00/oz, and oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.

Qualified Person

Brian J. Maher, M.Sc., 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 & Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the disclosure.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, and Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400

Email: Kimberly.ann@lahontangoldcorp.com

Website: www.lahontangoldcorp.com