The Offering was conducted pursuant to the terms and conditions of an agency agreement entered into by the Company, Beacon Securities Limited acting as lead agent and sole bookrunner, Haywood Securities Inc., PI Financial Corp. and Research Capital Corporation.

Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant. Each Warrant is exercisable to acquire one common share until April 30, 2027 at a price of $0.10 per Warrant Share.

As consideration for services provided by the Agents in connection with the Offering, the Company: (i) paid a cash commission in the amount of $215,915 and a corporate finance fee in the amount of $5,800, being equal in the aggregate to 7% of the proceeds of the Offering (except, with respect to certain purchasers on a “President’s List”, the commission and corporate finance fee being equal to 3.5%); and (ii) issued 3,695,586 non-transferrable compensation options and corporate finance fee options being equal to 7% of the number of Units issued under the Offering (except, with respect to certain purchasers on a “President’s List”, the Compensation Options being equal to 3.5%). Each Compensation Option is exercisable to acquire one common share at the Issue Price until April 30, 2027.

Kimberly Ann, CEO, President, Director, and Founder of Lahontan Gold commented: “The Company is excited to close this fully subscribed private placement. We are now fully focused on advancing the Santa Fe Mine project, both on the permitting front focused on the completion of our Plan of Operations, and also on the technical side with the start of work on a Preliminary Economic Assessment of restart options for the Santa Fe Mine. We believe the Company is poised for a tremendous period of unprecedented growth”.

The securities issued in connection with the Offering are subject to a four-month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law. The net proceeds from the Offering will be used for exploration activities on the Company’s projects, working capital and general corporate purposes. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of mining friendly Nevada.