Lahontan Gold Provides Corporate Update on Santa Fe and West Santa Fe Drill Programs

Lahontan Gold Corp. (LG) has issued a corporate drilling update summarizing year-to-date activity across its Santa Fe and West Santa Fe projects. The company reports total drilling of 13,334 metres, comprising 11,565 metres at Santa Fe and 1,769 metres at West Santa Fe.

At Santa Fe, diamond core drilling has completed 8 holes for 2,092 metres. The release highlights result CAL26-02C, which previously reported on June 9, 2026, intersecting 90.8 metres from 194.2 to 285.0 metres grading 0.43 g/t Au in oxide at Calvada Central. Sonic core drilling has completed 1,976 metres across 104 holes. Results are reported for 9 holes in the Low-Grade Stockpile and 10 of 26 holes on Heap Leach Pad Two. The highlight is SF26-003S, previously reported on July 23, 2026, which intersected 9.9 metres from 0.8 to 10.7 metres grading 2.40 g/t Au and 50.7 g/t Ag. Assays for the remaining 85 sonic holes are pending.

Reverse circulation (RC) drilling at Santa Fe has completed 31 holes for 7,497 metres. Results are reported for 14 holes, with assays pending for 17 holes. The highlight is CAL26-03R, previously reported on June 9, 2026, which intersected 35.0 metres from 164.6 to 199.6 metres grading 0.29 g/t Au and 4.5 g/t Ag at Slab West.

At West Santa Fe, the company is approximately halfway through a 19-hole, 3,275-metre RC program. Nine holes for 1,769 metres are completed, with all samples at the laboratory. No assays are reported in this release.

Lahontan Gold stated that samples from more than 100 drill holes are at the laboratory and that “significant news flow” is expected. The Qualified Person named in the release has verified the data. No new cutoff grades, true widths, assay tables, lab names, or QA/QC data were disclosed.

Lahontan Gold Corp. (LG) released an operational progress report that does not alter the company’s mineral resource estimate, preliminary economic assessment, mine plan, permitting timetable, or balance sheet. The three highlighted drill intercepts—CAL26-02C, SF26-003S, and CAL26-03R—were previously reported on June 9, 2026, July 23, 2026, and June 9, 2026, respectively. This release contains no new grade, width, or discovery holes.

The primary new information concerns administrative updates, including total drilling figures, the number of holes completed, and delays in assay results at the laboratory. As a development-stage explorer with a preliminary economic assessment and a 2027 construction target, Lahontan is not yet a producer. While a new discovery or major step-out would be material, a summary of previously released holes and pending assays does not constitute such a development.

Lahontan’s stock has declined since the October preliminary economic assessment, with the current price of C$0.28 sitting below the C$0.48 52-week high and the C$0.41 placement price from April 2026. The release does not provide a new basis for the market to value the pending assays, primarily restating their unavailability. Consequently, the expected share-price impact is minimal; a significant move would require a new assay surprise, a permitting event, or a financing development, none of which are present in this release.

Lahontan Gold Corp. (TSXV: LG, OTCQB: LGCXF) is a Nevada-focused gold-silver development company whose flagship asset is the 28.3 km² Santa Fe Mine project located in the Walker Lane. The company has targeted a return to production at Santa Fe in 2027. The historic mine produced 359,202 oz Au and 702,067 oz Ag from open-pit, heap-leach operations between 1988 and 1995.

Current company-reported resources at Santa Fe include an Indicated category of 1,195,000 oz AuEq at 0.78 g/t AuEq over 47.532 Mt, and an Inferred category of 1,190,000 oz AuEq at 0.61 g/t AuEq over 60.605 Mt. These figures are pit-constrained and include recovery assumptions. An October 2026 Preliminary Economic Assessment (PEA) outlined an 11-year mine life with an average production of 91,900 AuEq oz/year, rising to approximately 112,500 AuEq oz/year in Years 4-11. The PEA calculated a post-tax NPV5 of US$820.0 million and an IRR of 40.1% at US$3,600/oz Au and US$49/oz Ag, with pre-production capital expenditure of US$172.0 million and an all-in sustaining cost (AISC) of US$2,250/oz. These are PEA-level figures and do not represent reserves.

The company also holds the West Santa Fe project, a satellite deposit located 13 km west of Santa Fe. This asset was consolidated to 100% ownership via the Emergent Metals transaction, with a maiden resource targeted for early 2027. While the historic database outlines a shallow oxide gold-silver target, it does not yet constitute a current resource. The Emergent acquisition also added the New York Canyon project, royalty interests, Quebec properties, and exposure to the Fairchild promissory note. The company describes its regional package as comprising more than 93 km².

Market capitalisation is estimated at approximately C$121 million, based on 432.3 million shares and a recent price of C$0.28. A Q1-2026 filing showed 408.7 million shares, which would imply a market capitalisation of about C$114 million; the exact current share count is not included in this release. Lahontan Gold Corp. currently has no revenue. Q1-2026 financials reported US$11.96 million in cash and a US$11.9 million working-capital surplus, alongside a going-concern warning and dependence on future financing. An April 2026 placement raised approximately C$13.6 million gross.