Lahontan Announces Private Placement of Units

On October 29, 2025, Lahontan Gold Corp. announced a non-brokered private placement to raise up to C$2,000,000. The company will issue up to 13,333,333 units at a price of C$0.15 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at an exercise price of C$0.25 for a period of 24 months. The warrants include an acceleration clause, allowing the company to accelerate the expiry date if the stock trades at or above C$0.35 for 10 consecutive days. The proceeds will be used for exploration at the Santa Fe Mine and West Santa Fe projects, as well as for general working capital purposes.

This financing announcement is a routine and positive development for Lahontan. The key context is the company's recent financial activity and operational progress.

• Strengthened Balance Sheet: Just two days prior, on October 27, the company announced it had received C$4.3 million from the exercise of warrants and options. This new C$2 million financing, combined with the exercised warrants, places the company in a very strong cash position, likely over C$6 million pro-forma. This fully funds the planned fall 2025 drill programs at Santa Fe and West Santa Fe and covers general and administrative expenses for the foreseeable future, significantly de-risking the company's short-term operational runway.

• Opportunistic Timing and Reasonable Terms: Management is astutely capitalizing on the stock's significant appreciation from C$0.09 in August to a high of C$0.24 in October. Raising capital from a position of strength is always preferable. The C$0.15 issue price represents a modest discount to the recent trading range, which is standard for a non-brokered placement. The warrant exercise price of C$0.25 is set above the recent 52-week high, which is a bullish signal and less dilutive than an in-the-money warrant.

• Dilution: While any financing is dilutive (this one adds up to 13.3 million shares and another 13.3 million warrants), it is a necessary part of the business cycle for a junior resource company advancing a large-scale project. The certainty of funding for key exploration and de-risking activities outweighs the moderate dilution at this stage.

• Alignment with Strategy: The use of proceeds is directly aligned with the company's stated goals: drilling to expand resources at its flagship Santa Fe project and testing the satellite West Santa Fe target.

In summary, the financing is not a game-changer but a prudent and logical step. It confirms management's intent to aggressively advance its projects and removes any near-term financing overhang. It solidifies the treasury and allows the market to focus on the upcoming operational catalysts.

Lahontan Gold Corp. is a Canadian-based mineral exploration company focused on projects in Nevada. Its flagship asset is the past-producing Santa Fe Mine project, located in the Walker Lane gold belt. The project historically produced over 350,000 ounces of gold and 700,000 ounces of silver between 1988 and 1995.

The company has advanced the project significantly, culminating in a Preliminary Economic Assessment (PEA) published in December 2024. The PEA (using spot prices of US$2,705/oz Au) outlined a potentially robust, low-capex (US$135.1M) heap-leach operation with an after-tax NPV(5%) of US$200M and an IRR of 34.2%. Lahontan is currently focused on de-risking Santa Fe through exploration drilling to expand the resource, metallurgical testing to optimize recoveries, and advancing the project through the federal permitting process.