Lahontan Closes Final Tranche of Private Placement For an Aggregate of $13.6M

• On 2026‑04‑08 Lahontan Gold Corp. closed the final tranche of its three‑tranche private placement, issuing 1,079,000 units at CAD $0.41 per unit for gross proceeds of CAD $442,390.
• The cumulative offering now totals CAD $13.64 M, fully funding the company’s exploration and mine‑development programs through 2027.
• Proceeds are earmarked for Santa Fe Mine and West Santa Fe exploration, working capital, an updated MRE/PEA, and district‑scale drilling.
• The unit composition remains: 1 common share + ½ whole‑share purchase warrant (exercise price CAD $0.60, two‑year term, accelerated expiry if TSX‑V ≥ CAD $1.00 for ten consecutive days).
• Finder commissions of C$804,401 were paid and broker warrants (≈2 M) were issued at the same $0.41 price.

• Expectation vs. reality: The financing was announced on 2026‑03‑17 with a target of up to CAD $13.9 M; closing the final tranche at the originally disclosed price meets that guidance.
• Financial effect: Adds only ≈C$0.44 M cash, a modest increment relative to the already‑raised C$13.2 M and the company’s cash balance of roughly C$1.1 M (per presentation). The funding level was already sufficient to carry the 2026 program; therefore the news does not materially change the balance sheet or liquidity outlook.
• Operational impact: No new projects, milestones, or resource updates are attached. It simply confirms that the company remains fully funded for its existing work‑programs.
• Market perception: Because the financing was anticipated and the price per unit is unchanged, the market is unlikely to reprice the stock dramatically. The announcement reinforces confidence but does not introduce a new catalyst.

Conclusion: The news is routine and positive, confirming prior expectations without altering the company’s strategic trajectory.

• Flagship asset: Santa Fe Mine Project (Walker Lane, Nevada) – historic open‑pit heap‑leach operation (359 k oz Au & 702 k oz Ag produced 1988‑1995). Current NI 43‑101 compliant resources:
• Indicated: 1.539 M oz AuEq @ 0.92 g/t Au, 7.18 g/t Ag.
• Inferred: 411 k oz AuEq @ 0.74 g/t Au, 3.25 g/t Ag.
• Satellite: West Santa Fe Project – shallow oxide gold‑silver system with high‑grade RC intercepts (e.g., 37 m @ 3.11 g/t AuEq). Exploration target: +0.5–1.0 M oz shallow oxide ounces.
• Strategic focus: Complete updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) in H2 2026, advance permitting, and leverage existing infrastructure adjacent to an operating mine.