Lahontan Gold Corp. · TSXV:LG
Lahontan Gold — Investor Presentation (January 2026)
30 slides from Lahontan Gold's investor presentation, January 2026
Slide 1: Nevada's Santa Fe Gold Mine: On Track to Production
January 2026 Presentation Nevada’s Santa Fe Gold Mine: On Track to Production TSX.V-LG; OTCQB-LGCXF; FSE -Y2F
Slide 2: Information Contained In This Presentation
Information Contained In This Presentation Disclaimers 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
L A H O N TA N CO R PO R AT E S NA P S H OT SHARE STRUCTURE LAHONTAN (Shares) Proforma Shares 359.4M SHAREHOLDERS Outstanding (C$M) Basic: $89.9M Market Capitalization FD: $109.7M Warrants 48.6M @ 15 cents Options 30.8M @ 15 cents KEY SHAREHOLDERS: Cash (C$M) $5.4M Ø KA GOLD (Founders) Ø MERK Debt (
Slide 4: Lahontan Revaluation Underway
L A H O N TA N R E VA LUATO N U N D E RWAY UP 12X YTD o Huge trading volumes equals high HistoricChartforCdn:LGbyStockwatch.com604.687.1500-(c)2026 MonJan52026Op=0.235Hi=0.245Lo=0.225Cl=0.24Vol=2,354,543Yearhi=0.27lo=0.02 liquidity: Cdn:LG 0.285 0.27 0.255 Canada: 3.93M shares/day 0.24 0.225 US: 1.4
Slide 5: Management & Board
MANAGEMENT & BOARD FOUNDER FOUNDER KIMBERLY ANN, FOUNDER BRIAN MAHER, FOUNDER EXECUTIVE CHAIR, CEO, PRESIDENT VICE PRESIDENT - EXPLORATION EVAN PELLETIER JOSH SERFASS SHANE WILLIAMS JOHN MCNEICE MAX PLUSS INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR CHIEF FINANCIAL OFFICER INDEPEND
Slide 6: Large-Scale Gold Oxide Deposits
L A RG E - S C A L E G O L D OX I D E D E PO S I TS 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
Slide 7: 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 8: 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 > 28 km2 Project Boundary 2 INDICATED AND INFERRED RESOURCES o Occur in five separate deposits Slab Calvad
Slide 9: Significant Oxide Remaining in High-Wall
SA N TA F E D E P O S I T WHAT TO KNOW S I G N I F I C A N T 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 Min
Slide 10: 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 CES ET S OS UB ST AT IO SLA NO B-C NL ALVA GP DA C RO OMP PE LEX RT P I T E X PA N S I O N Y
Slide 11: Santa Fe Mine PEA: Low Capex, Low Cost, Rapid Payback
SA N TA F E M I N E P E A : LOW C A P E X , LOW CO S T, R A P I D PAY BAC K WALKER LANE, NEVADA USA o LOM strip ratio of only 1.6* o Capex of US$135 M including a 20% Study published in December 2024 Done with $1950 Pit shells contingency* o 8 year project life o Low cash costs* o 12,500 tpd, eight-
Slide 12: Slab November 2025 Drill Program
SLAB NOVEMBER 2025 DRILL PROGRAM 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 NE Design 9.2m @ 0.41g/t Au, 3.5g/t Ag from 15.2m 39.6m @ 0.30g/t Au, 1.2g/t Ag from 67.1m 13.7m @ 0.16g/t
Slide 13: York December 2025 Drill Program
YORK DECEMBER 2025 DRILL PROGRAM South-Southwest North-Northeast York Deposit Concept Hole to Extend and Deepen the Pit Resource Pit Design Resource YOR25-004R Pit Design Au (ppm) Potential New Pit Shell o Six drill holes totaling ~ 900m completed 35m wide slice YOR25-002R:18.3m @ 0.73g/t Au, 2.9g/t
Slide 14: "New" York Claim Acquisition
“ N E W ” YO R K C L A I M ACQ U I ST I O N o Lahontan acuired27 claims from 1 km Emergent Metals Corp. o Adds approx. 2.1 km2 of strategic mineral rights to the Santa Fe Mine Project: Total 28.3 km2 o South and southeast of the York N open pit and resource o Allows the expansion of the York open pi
Slide 15: Santa Fe Mine - Pathway to Production: Exploration Plan of Operations
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 A P P R O V E D ü Advanced permitting process covers 12.2 km2 area ü Permit covers over 50% of land package with over 700 permitted drill holes ü Massive potential to grow resource through the
Slide 16: Santa Fe Exploration Upside
SA N TA F E E X P LO R AT I O N U P S I D E 2 0 2 5 NORTH SLAB PINNACLE SF OXIDE Slab Calvada ATCHISON CALVADA GRABEN EXTN. Santa Fe SOUTH SLAB York GUZZLER YORK Slab Au Resource YORK Drill Target TSX.V-LG; OTCQB-LGCXF; FSE-Y2F 16
Slide 17: Santa Fe Mine - Pathway to Production: Mine Plan of Operation Permit
S A N TA F E M I N E - PAT H WAY TO P R O D U C T I O N M I N E P L A N O F O P E R AT I O N P E R M I T o Mine POO regulated by BLM, runs in parallel to Exploration POO, covers siting of mine facilities o State permitting through NDEP covers air, water, waste rock characterization; simultaneous wit
Slide 18: West Santa Fe: A Focus for Resource Growth
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 19: West Santa Fe Oxide
W E ST SA N TA F E OX I D E OX I D E OX I D E 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 deposi
Slide 20: West Santa Fe Excellent Resource Growth Potential
W E S T SA N TA F E WHAT TO KNOW E XC E L L E N T R E S O U RC E G RO W T H P OT E N T I A L WEST SANTA FE 1 HISTORIC DRILLING 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
Slide 21: West Santa Fe Phase One Drilling in December
W E S T SA N TA F E P H AS E O N E D R I L L I N G I N D E C E M B E R PHASE ONE DRILL PROGRAM, 3500 m o Six twin holes completed in December o More drilling planned for Spring 2026 o Up to 16 additional drill holes planned, Almost 80m of oxidized rock starting at the surface TSX.V-LG; OTCQB-LGCXF;
Slide 22: Lahontan Key Milestones & Catalysts
L A H O N TA N K E Y M I L E S TO N E S & C ATA LY S T S ü PLAN OF OPERATION APPROVED ü PHASE ONE DRILL PROGRAM COMPLETED 1 ü YORK CLAIMS ACQUISITION ü CLOSED OVERSUBSCRIBED PP & MASSIVE WARRANT REDEMPTION: FULLY FUNDED HEADING INTO 2026 2 PHASE TWO DRILL PROGRAM COMPLETED AT SANTA FE 3 WEST SANTA F
Slide 23: Corporate Office
CORPORATE OFFICE FIELD OFFICE 80 Richmond Street West Suite 204 364 E Street Toronto, ON Hawthorne M5H 2A4, Canada NV 89415 Telephone: 1.530.414.4400 United States
Slide 24: Appendix – Santa Fe Mine Royalties
A p p e n d i x – S a n t a Fe M i n e Roya l t i e s 28.3 km2 Land Package o 416 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
Slide 25: 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 26: Appendix – Santa Fe Mine Mineral Resource Estimate
A p p e n d i x – S a n t a Fe M i n e M i n e ra l Re s o u rc e E s t i m a te Table One: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada TSX.V-LG; OTCQB-LGCXF; FSE-Y2F 26
Slide 27: Appendix – Continued: Notes to Table 1
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 28: 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
Slide 29: Santa Fe Mine PEA: Gold Price Sensitivity
SA N TA F E M I N E P E A : G o l d P r i c e S e n s i t iv i t y WALKER LANE, NEVADA USA Gold Price (US$) Silver Price (US$) NPV5 Post Tax (M US$) IRR Post Tax (%) Payback (Yrs) $2025* $24.2 $56.5 14.0% 4.2 $2705* $32.6 $200.0 34.2% 2.9 $3,000 $37.5 $263.2 42.2% 2.6 $3,500 $43.8 $368.0 54.8% 2.1 $
Slide 30: Santa Fe Mine PEA: Growth Potential
SA N TA F E M I N E P E A : G row t h Po te n t i a l WALKER LANE, NEVADA USA ?? on o Resource growth iti 100,000 is through drilling qu Ac 90,000 Annual Au Eq Production (oz)* o Met testing to improve 80,000 recoveries 70,000 o Develop minable 60,000 resources at West Santa 50,000 Fe Pre-Production