Lahontan Gold: Updated Santa Fe Mine Report & PEA to Boost Resource Estimate | LG, LGCXF, Y2F

Lahontan Gold Corp. Updates Santa Fe Mine Project with New Resource Estimate and PEA

Toronto, ON – February 3, 2026 – Lahontan Gold Corp. (TSXV:LG) (OTCQB:LGCXF) (FSE:Y2F) has engaged RESPEC Company LLC and Kappes, Cassiday &amp. Associates to update the technical report for its Santa Fe Mine Project in Nevada, including a new Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA). The company announced the move today, building on recent positive drilling results.

The updated MRE will incorporate all drilling data collected since October 2024. It will also utilize new metallurgical data, mining costs, and current gold and silver prices to refine conceptual pit shells for constraining the resource estimate. Following completion of the MRE, the team will develop a revised PEA, expected to reflect the impact of the new technical data and metal prices. The MRE is anticipated to be completed in the coming months, with the PEA slated for completion in the second quarter of 2026.

“Lahontan is excited to begin the process of updating the Santa Fe Mine MRE and PEA,” said Kimberly Ann, Executive Chair, President, CEO, and Founder of Lahontan Gold Corp. “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.”

Ann further emphasized the importance of the PEA process, stating it will create an operational model for evaluating multiple mining scenarios across a range of metal prices. This model will provide key data, such as process plant throughput and waste rock tonnages, crucial for the mine permitting program.

Santa Fe Mine Project Background

The Santa Fe Mine project, covering 28.3 square kilometers, is a past-producing gold and silver mine. Between 1988 and 1995, open-pit mining and heap-leach processing yielded 359,202 ounces of gold and 702,067 ounces of silver.

As of the most recent Canadian National Instrument 43-101 compliant report, the Santa Fe Mine has an Indicated Mineral Resource of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained. (Au Eq is inclusive of recovery).

Recent drilling programs, including Phase Two drilling in 2025, have focused on expanding oxide gold mineralization in the Slab pit area. On January 27, 2026, Lahontan announced results from the 2025 Phase Two drilling program, including 68.6 metres grading 0.45 g/t Au Eq, including 16.8 metres grading 0.81 g/t Au Eq from drill hole CAL25-011R. Drill hole CAL25-012R returned 41.2 metres grading 0.32 g/t Au Eq.

On January 26, 2026, the company announced the mobilization of a core drill rig to the Santa Fe Mine project. Earlier, on January 13, 2026, Lahontan reported results showing 114m grading 0.33 g/t Au Eq at York and 23m grading 0.42 g/t Au Eq at Slab. Drilling at the West Santa Fe project commenced on December 16, 2025.

Brian J. Maher, M.Sc., CPG-12342, Vice President-Exploration for Lahontan Gold, is the Qualified Person responsible for the technical disclosure in this news release, excluding the Mineral Resource Estimate.