Lahontan Gold Corp. · TSXV:LG
Lahontan Gold — Investor Presentation (November 2025)
29 slides from Lahontan Gold's investor presentation, November 2025
Slide 1: Nevada's Santa Fe Gold Mine: On Track to Production
November Presentation 2025 Nevada’s Santa Fe Gold Mine: On Track to Production TSX.V-LG; OTCQB-LGCXF; FSE -Y2F
Slide 2: Disclaimers
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 Proforma Shares Outstanding (Shares) 304.1 M LAHONTAN Market Capitalization (C$M) Basic: $60.8M SHAREHOLDERS FD: $81.1M Warrants 12.2M @ 18 cents 82.7 M @ 24.9M @ 12 cents 11 cents 24.0M @ 10 cents 21.6M @ 8 cents KEY SHAREHOLDERS: Options
Slide 4: Lahontan Revaluation Underway
L A H O N TA N R E VA LUATO N U N D E RWAY UP 1000% YTD o Huge trading volumes equals high liquidity: Canada: 3.39M shares/day US: 1.24M shares/day TOTAL VOL: 4.63M shares/day Slab Complex looking west TSX.V-LG; OTCQB-LGCXF; FSE-Y2F 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, Walker Lane, Nevada
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, Santa Fe Deposit
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 o LOM strip ratio of only 1.6* WALKER LANE, NEVADA USA o Capex of US$135 M including a 20% contingency* o Low cash costs* o 12,500 tpd, eight-year project life 1 km Slab Santa Fe Calvada Operating Nevada Heap-Leach Gold Mine
Slide 12: Santa Fe Mine PEA: Gold Price Sensitivity
SA N TA F E M I N E P E A : G o l d P r i c e S e n s i t iv i t y WALKER LANE, NEVADA USA Gold Price (US$) 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 13: 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
Slide 14: 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 15: 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 0.10g/t Ag from 1.52m 48.77m @ 0.20g/t Au, 0.04g/t Ag from surface (YOR25-001R): Shallo
Slide 16: "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 17: 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 18: 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 19: 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 20: West Santa Fe: What to Know
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 21: West Santa Fe Excellent Resource Growth Potential
W E ST SA N TA F E E XC E L L E N T R E S O U RC E G ROW T H P OT E N T I A L 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 H
Slide 22: West Santa Fe Phase One Drilling
W E ST SA N TA F E P H AS E O N E D R I L L I N G I N 2 0 2 5 Down-dip drilling Step-out drilling Step-out drilling PHASE ONE DRILL PROGRAM, 3500 m o Up to 20 RC drill holes to verify historic Shallow oxidized Au-Ag system in drilling and step-out on strike and down dip historic drilling o Notice of
Slide 23: Lahontan Key Catalysts Q4 2025
L A H O N TA N K E Y C ATA LYSTS Q42025 1 PHASE ONE DRILL PROGRAM COMPLETE o Program designed to target Calvada, Slab & York 2 PLAN OF OPERATION IN NEPA PHASE!! o Estimated approval late Q4 2025 3 WEST SANTA FE PHASE ONE PROGRAM o Q4 2025 estimated program 3500 metres 4 ADVANCED MET TESTING UNDERWAY
Slide 24: 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: 1.530.414.4400
Slide 25: 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 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
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 27
Slide 28: 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 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
Lahontan Gold — Investor Presentation (November 2025) on 6ix