Lahontan Gold Corp. · TSXV:LG
Lahontan Gold — Investor Presentation (September 2025)
29 slides from Lahontan Gold's investor presentation, September 2025
Slide 1: Nevada's Santa Fe Gold Mine: On Track to Production
September Presentation 2025 Nevada’s Santa Fe Gold Mine: On Track to Production TSX. V-LG; OTCQB-LGCXF; FSE -Y2F
Slide 2: Disclaimers
Disclaimers Information Contained In This Presentation This presentation (the “Presentation”) has been prepared by Lahontan Gold Corp. (the “Company”) solely for informational purposes. None of the Company, its affiliates or any of their respective employees, directors, officers, contractors, adviso
Slide 3: Lahontan Corporate Snapshot
LAHONTAN CORPORATE SNAPSHOT SHARE STRUCTURE Proforma Shares Outstanding (Shares) 286.7 M LAHONTAN Market Capitalization (C$M) Basic: $40.1M SHAREHOLDERS FD: $56.8M Warrants 14.0M @ 18 cents 92.4M total 25.0M @ 12 cents 28.5M @ 10 cents 24.9M @ 8 cents KEY SHAREHOLDERS: Options 26.6M @ 15 cents Ø KA
Slide 4: Management & Board
MANAGEMENT & BOARD FOUNDER FOUNDER KIMBERLY ANN, FOUNDER BRIAN MAHER, FOUNDER EXECUTIVE CHAIR, CEO, PRESIDENT VICE PRESIDENT - EXPLORATION JOHN MCNEICE MAX PLUSS EVAN PELLETIER JOSH SERFASS SHANE WILLIAMS CHIEF FINANCIAL OFFICER INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPEND
Slide 5: Large-Scale Gold Oxide Deposits, Walker Lane, Nevada
L A RG E - S C A L E GOLD OXIDE DEPOSITS WALKER LANE, NEVADA USA G O L D & S I LV E R A S S E T S I N T H E WA L K E R L A N E FLAGSHIP S AT E L L I T E HIGH GRADE SANTA FE MINE WEST SANTA FE MOHO MINE PA S T P R O D U C E R S AT E L L I T E A S S E T G O L D & S I LV E R o OPEN PIT, HEAP LEACH GOLD
Slide 6: Investment Highlights
Investment Highlights ! ! Producing Gold Mines WALKER LANE, NEVADA Top Rated Mining 100% Owned N E V A D A Jurisdiction Fondaway The 100% owned Borealis mine is ! Reno Nevada is the world’s top rated mining jurisdiction as fully equipped for present mine Canyon operations and future expansion: acces
Slide 7: Updated Resource Estimate
U P DAT E D R E S O U RC E E S T I M AT E : 1.54 MILLION OUNCES INDICATED AND 0.41 MILLION OUNCES INFERRED PIT CONSTRAINED RESOURCE* 1 AVERAGE GRADE 0.93 g/ t Au Eq o District scale land package 28Km2 Project Boundary 2 INDICATED AND INFERRED RESOURCES Slab o Occur in five separate deposits Calvada
Slide 8: Significant Oxide Remains - Santa Fe Deposit
SA N TA F E D E P O S I T WHAT TO KNOW SI GNI FI CANT OX I D E R E M A I N I N G I N H I G H - WA L L SANTA FE DEPOSIT 1 SANTA FE PIT OXIDE o Significant oxide & transition left to be mined SANTA FE FAULT o 0.70 g/t oxide gold with low strip* 2 COMPETENT WALL ROCK o 50-degree pit slopes o Mineraliza
Slide 9: Santa Fe Mine - Pathway to Production
100% Controlled S A N TA F E M I N E PAT H WAY T O P R O D U C T I O N SUBSTATION SANTA FE PIT ROUTE TO SU BSTATION PO RO WE AD RL AC IN CE ET SS OS UB ST AT IO SLA NO B-CA NL LVAD GP A CO RO MPL PE RT EX Y P I T E X PA N S I O N
Slide 10: Santa Fe Mine PEA: Low Capex, Low Cost, Rapid Payback
S A N TA F E M I N E P E A : L O W C A P E X , L O W C O S T, R A P I D PAY B AC K WALKER LANE, NEVADA USA o LOM strip ratio of only 1.6* o Capex of US$135 M including a 20% contingency* o Payback period of 2.9 years* o Low cash costs* 1 km Slab Santa Fe Calvada Operating Nevada Heap-Leach Gold Mine
Slide 11: Santa Fe Mine PEA: Robust Economics
S A N TA F E M I N E P E A : RO B U S T E CO N O M I C S WALKER LANE, NEVADA USA 8 Year Project US$1,233 ~50,000 oz/year US$200M NPV5 IRR = 34.2% US$931M Life* LOM Cash Cost* Ave. LOM Au Eq After Tax, Spot After Tax, Spot LOM Gross 12,500 TPD Production* Case* Case* Revenue* Potential to grow Annual
Slide 12: Slab 2025 Drill Results
SLAB 2025 DRILL RESULTS Northwest Southeast Southern Extent of Calvada West “Slab” Pit 3.1m @ 0.40g/t Au, 3.2g/t Ag from surface Resource Pit CAL25-003R Design CAL25-004R Resource Pit o CAL25-004R: 39.6 metres (67.1 – Design 106.7m) grading 0.30 g/t Au: immediately below the south end 9.2m @ 0.41g/t
Slide 13: York 2025 Drill Results
YORK 2025 DRILL RESULTS South-Southwest York Deposit Concept Hole to Extend and Deepen the Pit North-Northeast o YOR25-001R:89.9 metres (45.7 Resource 96.02m @ 0.27g/t Au, – 135.6m) grading 0.23 g/t Au Pit Design 48.77m @ 0.20g/t Au, 0.10g/t Ag from 1.52m 0.04g/t Ag from surface (YOR25-001R): Shallo
Slide 14: New York Claim Acquisition
“NEW” YORK CLAIM ACQUISTION 1 km o Lahontan is acquiring 27 claims from Emergent Metals Corp. o Adds approx. 2.1 km2 of strategic mineral rights to the Santa Fe Mine Project: Total 28.3 km2 N o South and southeast of the York open pit and resource o Allows the expansion of the York open pit and pote
Slide 15: Santa Fe Exploration Upside 2025
SANTA FE EXPLORATION UPSIDE 2025 NORTH SLAB PINNACLE SF OXIDE Slab Calvada ATCHISON CALVADA GRABEN EXTN. Santa Fe SOUTH SLAB York GUZZLER YORK Slab Au Resource YORK Drill Target 13
Slide 16: Santa Fe Mine - Pathway to Production
S A N TA F E M I N E - PAT H WAY TO P R O D U C T I O N E X P L O R AT I O N P L A N O F O P E R AT I O N S & M I N E P L A N O F O P E R AT I O N S o Advanced permitting process covers 12.2 km2 area EXPLORATION o Permit will cover 50% of land package with over PLAN OF 700 permitted drill holes OPER
Slide 17: West Santa Fe
W E S T S A N TA F E A FOCUS FOR RESOURCE GROWTH IN 2025 TSX. V-LG; OTCQB-LGCXF; FSX-Y2F
Slide 18: West Santa Fe - What to Know
WEST SANTA FE OXI DE OXI DE OXI DE WHAT TO KNOW WEST SANTA FE 1 L O C AT I O N L O C AT I O N L O C AT I O N o Located only 13 km west of the Flagship Santa Fe Mine o District scale land package 2 S I G I F I C A N T H I S T O R I C D A TA B A S E o Outlines a shallow oxide Au & Ag deposit of 0.5-1.
Slide 19: West Santa Fe High-Grade Surface Sampling
WEST SANTA FE HI GH-GRADE SURFACE SAMPLI NG WHAT TO KNOW Sample 503416 WEST SANTA FE 1 WELL DEFINED STRUCTURE o Sampling and mapping has helped identify structural controls to Au & Ag mineralization o Intersections of northeast striking high- angle faults and low-angle thrust faults are key controls
Slide 20: West Santa Fe Excellent Resource Growth Potential
WEST SANTA FE EXCELLENT RESOURCE GROWTH POTENTI AL WHAT TO KNOW WEST SANTA FE 1 DRILLING TO DATE o Au & Ag begins at surface o Mineralization continues down-rake o All Oxide!!! 2 0.31 G/ T AU SHELL OUTLINE o Look alike to Santa Fe o Possible low-cost satellite operation o Historic drilling defines a
Slide 21: West Santa Fe Phase One Drilling in 2025
WEST SANTA FE PHASE ONE DRI LLI NG I N 2025 Down-dip drilling Step-out drilling Step-out drilling PHASE ONE DRILL PROGRAM, 4-5000m o 26 RC drill holes to verify historic drilling and Shallow oxidized Au-Ag system in step-out on strike and down dip historic drilling o Drilling can be done under a Not
Slide 22: Lahontan Key Catalysts
LAHONTAN KEY CATALYSTS 2025 1 PHASE ONE DRILL PROGRAM COMPLETE o Program designed to target Calvada, Slab & York 2 PLAN OF OPERATION PERMIT HEADING INTO NEPA PHASE o Estimated approval late Q4 2025 3 WEST SANTA FE PHASE ONE PROGRAM o Q4 2025 estimated program between 4000 & 5000 metres 4 SANTA FE PH
Slide 23: Corporate Office / Field Office
CORPORATE OFFICE FIELD OFFICE 80 Richmond Street West Suite 204 364 E Street Hawthorne Toronto, ON NV 89415 United States M5H 2A4, Canada Telephone: 1.775.945.6140 Telephone: 1.613.692.7704
Slide 24: Amodei Reintroduces Mining Regulatory Clarity Act
Amodei Reintroduces Mining Regulatory Clarity Act Congressman Mark Amodei (NV-02) and Congressman Steven Horsford (NV-04) reintroduced the Mining Regulatory Clarity Act of 2025, which reaffirms that public land use under a mining claim inherently accompanies mining-support activities. “The Rosemont
Slide 25: Appendix – Santa Fe Mine Royalties
Appendix – Sant a Fe Mine Royal t i es 26.4 km2 Land Package o 389 unpatented lode mining claims o 67 unpatented mill site clams 1.25% NSR o 24 patented lode mining claims o Except for 45 optioned unpatented lode mining claims, all mining claims are 100% owned by Lahontan Over 79% of known resources
Slide 26: Appendix – Santa Fe Mine History
Appendix Santa Fe Mine History Company Ownership Event Year Cordero Mining Co. Original Staking 1960 Callahan Mining Co. Option Agreement 1968 Bell Mountain Silver Mines Option Agreement 1971 Westley Mines Ltd. Option Agreement 1971 Bethlehem Mines Option Agreement 1974 Westley Mines Ltd. Option Dro
Slide 27: Appendix – Santa Fe Mine Mineral Resource Estimate
Appendix – Sant a Fe Mine Mineral Resource Est imate Table One: Project- wide Resources, Santa Fe Mine, Mineral County, Nevada TSX. V-LG; OTCQB-LGCXF; FSE-Y2F 25
Slide 28: Appendix – Continued
Appendix – Continued Notes to Table 1: 1. Mineral Resources have an effective date of October 9, 2024. The Mineral Resource Estimate for the Santa Fe Mine was prepared by Trevor Rabb, P.Geo., of Equity Exploration Consultants Ltd., an independent Qualified Person as defined by NI 43-101. 2. Mineral
Slide 29: Moho and Redlich
Moho and Redlich Moho Re d l i c h High Grade Au & Ag Disseminated Ag o Large land package 11 square o Located 45 km south of Santa Fe km, 35 km SW of Santa Fe, 100% owned by Lahontan o Disseminated Ag hosted by Tertiary age epithermal veins and o High-grade, oxidized Tertiary stockwork Au-Ag-Pb-Zn
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