Lahontan Gold aims to release Santa Fe MRE, PEA in Q2

Executive Summary

• Lahontan Gold Corp. has retained Respec Company LLC and Kappes, Cassiday & Associates (KCA) to update the Santa Fe mine project technical report, specifically focusing on a new Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA).
• The updated MRE will incorporate all drilling data completed since October 2024, new metallurgical data, updated mining costs, and revised gold and silver prices to design conceptual pit shells.
• The MRE is expected to be completed in the coming months, with the revised PEA expected in Q2 2026. The PEA will evaluate multiple mining scenarios to support the mine permitting program.

Key Details

• Contractors: Respec Company LLC and Kappes, Cassiday & Associates (KCA) retained to update the Santa Fe mine project technical report.
• MRE Scope:
  • Incorporates all drilling completed since October 2024.
  • Utilizes new metallurgical data, mining costs, and revised gold and silver prices.
  • Will use conceptual pit shells to constrain the MRE.
• PEA Scope:
  • To be developed after the MRE is completed.
  • Will reflect the impact of new technical data and metal prices.
  • Will create an operational model to evaluate multiple mining scenarios.
  • Will provide key data for the mine permitting program, including process plant throughput and waste rock tonnages.
• Timeline:
  • MRE completion: Coming months.
  • PEA completion: Q2 2026.
• Current Resource Status (Santa Fe Project):
  • Indicated: 1,539,000 oz AuEq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t AuEq).
  • Inferred: 411,000 oz AuEq (16.76 million tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq).
  • All resources are pit-constrained.
• Historical Production: 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing.
• Future Plans: Continue advancing the Santa Fe mine project toward production, update the PEA, and drill test the satellite West Santa Fe project during 2025.
• Qualified Person: Brian J. Maher, MSc, CPG-12342, Vice-President, Exploration for Lahontan Gold.

Notable Quotes

• "Lahontan is excited to begin the process of updating the Santa Fe mine MRE and PEA. Not only do we have additional drilling to incorporate into the MRE, but also a revised and very detailed three-dimensional geologic model, which will greatly aid gold and silver grade interpolation. Combined with new metallurgical data and upward trending metal prices, we look forward to an updated MRE." — Kimberly Ann, Executive Chair, President, CEO, and Founder.
• "The PEA process is vital to Lahontan as it creates an operational model that can be used to evaluate multiple mining scenarios over a range of metal prices that in turn, will provide key data, i.e. process plant throughput, waste rock tonnages, et cetera, that will be used in our mine permitting program." — Kimberly Ann.