Lahontan Gold Corp. provided the following review of key milestones achieved by the Company during 2023 and to lay out Lahontan's mine development and exploration plans for 2024. 2023 was a transformative year for the Company, beginning with the January release of the maiden Mineral Resource Estimate ("MRE") for its 26.4 km2 Santa Fe Mine project located in the Walker Lane of mining friendly Mineral County, Nevada.

Lahontan also completed two fully subscribed financings raising over $5.1M, drilled almost 3,700 metres in the Slab-Calvada resource area, initiated base-line cultural and environmental studies covering almost half the Santa Fe Mine project, acquired the 19.7 km2 West Santa Fe Au-Ag project, expanded Santa Fe via staking by 7.5 km2, and completed a comprehensive review/audit of all past metallurgical testing and production reports for Santa Fe. Combined, the financings raised over $5.1 million, leaving Lahontan well-financed to aggressively pursue its exploration and mine development programs. Excellent Drilling Results in the Slab-Calbada area at Santa Fe: Lahontan completed 3,687 metres of reverse-circulation drilling in 18 holes in the Slab-CalVada resource area at the Santa Fe Mine project. Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos.

The Slab-Calvada area is particularly important from a mine development perspective as gold and silver mineralization crops out at the surface, is completely oxidized, and would therefore be a logical area to resume mining operations. Lahontan believes that this drill campaign was highly successful in expanding the footprint of oxide gold and silver mineralization; this data will be included in an updated technical report as described below. 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. West Santa Fe Acquisition: In July 2023, Lahontan announced an agreement to acquire the advanced West Santa Fe gold-silver exploration project ("West Santa Fe; also known as Mindora), located only 13 km southwest of the Santa Fe Mine project. When recovery estimates of the individual deposits are applied to the MRE shown in the Santa Fe Mine Technical Report, it results in weighted project-wide gold recoveries of 74.4% for gold and 29.0% for silver at a 1/2-inch crunch size from oxide mineralization.

This is a result of previous operational data, and the amount of column leach testing available on the component that makes up the bulk of the resource (the Santa Fe pit resource). The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq(grading 1.14 g/t Au/t Au/t Au) (grade 1.14 g/t gold and silver mineralization and a total of 1.14 g/T Au-Ag project.