Lahontan Gold Corp. announced results from an additional six reverse-circulation rotary ("RC") drill holes from the Company's 2023 7,000 metre Phase Three drilling campaign at the Company's 19 km2Santa Fe Mine Project in Nevada's Walker Lane. These drill holes are first exploratory drill holes completed in the York pit area in over 30 years, historic drilling had outlined significant oxide domain gold and silver resources (Canadian NI 43-101 compliant) that remained open along strike and down-dip*.

The six drill holes reported herein, totaling 1,271 metres, targeted potential extensions to these gold and silver resources. Highlights include: 30.5 metres grading 0.74 g/t Au and 0.5 g/t Ag (0.74 g/t Au Eq)of oxide metallurgical domain mineralization in drill hole YOR23-006R including 10.7 metres grading 1.01 g/t Au and 1.9 g/t Ag (1.03 g/t Au Eq). This drill hole shows that oxide gold and silver mineralization extends below the York pit and opens the entire York area for resource expansion.

The York drill holes interceptedsignificant widths of oxide and transition metallurgical domain gold and silver mineralization below and east of the Mineral Resource Estimate ("MRE") conceptual pit shell and the as-mined York pit. The York drill holes confirm the historic drill data and will greatly expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates. Plan view of the York pit area, Santa Fe Mine, Nevada.

The outline of the York pit is shown in black with MRE conceptual pit shell shown in dashed red. Resource blocks are color-coded for Au Eq grade in g/t. The six drill holes reported herein are shown with heavy green drill hole traces, the line of the cross section (above) is also shown. The plan view map shows only Au Eq blocks that are within the conceptual pit and therefore included in the MRE.

The cross section shows all Au Eq blocks modeled from historic drilling, both within and outside of the conceptual pit shell. In the cross section (above), the York drill holes are east of the known resources targeting mineralization under historic drilling (please see plan view and cross section above), therefore the intercepts expand the area of known gold mineralization. Also, during the pit optimizing process, the new intercepts can potentially "pull-down" the conceptual pit shell to capture resource blocks outside the current conceptual shell, which should expand the pit constrained MRE.