Lahontan Gold Corp. provided the following update on environmental baseline studies at its Santa Fe Mine Project located in Nevada's prolific Walker Lane gold belt. In March 2023, Lahontan and its consultants began work preparing an exploration Plan of Operations ("POO") for the Santa Fe Mine Project.

The POO covers approximately 12.1 km2 of the 19.1 km2 Project area. The first phase of work is the completion of environmental baseline studies to document biological, cultural, and surface water resources. Completion of the environmental baseline studies allows the POO to be designed to avoid specific resource conflicts.

Eventual approval of the POO by the Federal Bureau of Land Management ("BLM") will allow more surface disturbance on the property giving Lahontan the ability to continue to explore and expand the current mineral resources as well as provide baseline data that can be used in future mine permitting. Work completed to date includes: Project initiation meeting with the BLM; Biological baseline survey work plan; Two special status plant surveys; First burrowing owl survey; Two acoustic bat surveys; Seeps and springs surveys; Majority of cultural surveys completed. Upcoming work: Final cultural survey before reporting; Cultural reporting and agency review; Fall 2023 and Spring 2024 biological surveys including flowering plants and Raptor surveys.

Currently, Lahontan is operating under a Notice-level permit with the BLM allowing for up to five acres of disturbance within the 4668-acre Project boundary. Lahontan is planning to continue drilling under the Notice-level permit until the POO is completed. The Company is targeting mid-2024 for submission of the draft POO to the BLM.