Lahontan Gold Corp. · TSXV:LG
Lahontan Gold — Investor Presentation (October 2026)
27 slides from Lahontan Gold's investor presentation, Oct 14, 2026
Slide 1: Nevada's Santa Fe Gold Mine: On Track to Production
NEVADA’S SANTA FE GOLD MINE On Track to Production PRESENTATION OCTOBER 14, 2026 LAHONTAN GOLD CORP · SANTA FE PROJECT 1
Slide 2: Information Contained In This Presentation: 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, adv is
Slide 3: Lahontan Corporate Snapshot
LAHONTAN CORPORATE SNAPSHOT Average is $69MC per resource ounce SHARE STRUCTURE Market Cap for Great Basin Junior Explorers: Cdn$/Oz Au Eq OP Resource Shares Issued and ● Outstanding 432.3M Market Capitalization Basic: $172.9M (April 2026) FD: $192.4M ▤ Warrants 27.1M @ Ave 45 cents ≡ Options 30.5M
Slide 4: Walker Lane, Nevada: Checking All The Boxes
WALKER LANE, NEVADA CHECKING ALL THE BOXES ✓ NEVADA • #1 Jurisdiction in the USA • Straight-forward permitting ✓ SIZE & SCALE • 2.39M Ounces & Growing* • District-scale land package ✓ EXCELLENT INFRASTRUCTURE • Year-round access, substation on site, access to three water wells • Adjacent to an opera
Slide 5: Large-Scale Gold Oxide Deposits
LARGE–SCALE GOLD OXIDE DEPOSITS GOLD & SILVER ASSETS Walker Lane · Nevada, USA FLAGSHI P SATELLI TE HIGH GRADE FLAGSHIP SATELLITE HIGH GRADE SANTA FE MINE WEST SANTA FE MOHO MINE PAST PRODUCER SATELLITE ASSET GOLD & SILVER • Open-pit heap-leach gold & silver • Oxide starts at the surface • Multiple
Slide 6: Santa Fe Mine: Updated Resource Estimate
SANTA FE MINE | UPDATED RESOURCE ESTIMATE AUGUST 2026 UPDATED PIT-CONSTRAINED MRE 2.385 Moz AuEq +22% | +435 koz AuEq Growth over the 2024 Mineral Resource Estimate INDICATED INFERRED 1.195 Moz 1.190 Moz 0.78 g/t AuEq 0.61 g/t AuEq RESOURCE GROWTH HIGHLIGHTS 37%+ SLAB + YORK Increase in shallow oxid
Slide 7: Santa Fe Deposit: Significant Oxide Remaining in the Highwall
SANTA FE DEPOSIT SIGNIFICANT OXIDE REMAINING IN THE HIGHWALL WHAT TO KNOW PIT OXIDE 01 Significant oxide and transition material remains to be mined. Approximately 0.70 g/t oxide gold with a low strip ratio.* COMPETENT WALL ROCK 02 Approximately 50° pit slopes. Mineralization crops out in the pit bo
Slide 8: Santa Fe Mine: Pathway to Production
100% Controlled S A N TA F E M I N E PAT H WAY TO P R O D U C T I O N SANTA FE PIT SUBSTATION P I T E X PA N S I O N 8
Slide 9: Sonic Drilling Results: Heap Leach Pad Two
SONIC DRILLING RESULTS SANTA FE MINE | HEAP LEACH PAD TWO RESULTS TO DATE SF26-019S 16.5 m grading 2.72 g/t Au plus 2.8 g/t Ag | 2.75 g/t Au Eq 10 holes reported 168.9 m total drilling First results from 26 completed holes on HLP Two WEIGHTED AVERAGE OF ALL SAMPLES 0.50 g/t Au 3.3 g/t Ag 0.54 g/t Au
Slide 10: Santa Fe Exploration Campaign 2026
SANTA FE EXPLORATION CAMPAIGN 2026 THREE-PROGRAM DRILL STRATEGY 2026 DRILL PROGRAM · WEST SLAB · EM · GUZZLER FIELD EXECUTION Multiple drill methods support resource growth and permitting across Santa Fe. RC PROGRAM 10,000 m Planned exploration drilling West Slab · EM · Guzzler CORE PROGRAM 2,023 m
Slide 11: Santa Fe 2026 Drill Results
SANTA FE 2026 DRILL RESULTS DISCOVERY + EXPANSION DRILLING CALVADA EAST DEPOSIT NEW WEST SLAB GOLD DISCOVERY 01 CALVADA EXPANSION 02 NEW GOLD ZONE 03 OPEN FOR GROWTH 90.8 m grading 0.44 g/t AuEq, West Slab drilling returned 35.0 m Results extend mineralization beyond the including 12.3 m grading 1.2
Slide 12: Santa Fe Mine: Resource Growth
SANTA FE MINE | RESOURCE GROWTH AUGUST 2026 UPDATED PIT-CONSTRAINED MRE INDICATED INFERRED 2.385 Moz AuEq 1.195 Moz 1.190 Moz +22% | +435 koz AuEq 0.78 g/t AuEq 0.61 g/t AuEq Growth over the 2024 Mineral Resource Estimate RESOURCE HIGHLIGHTS 37%+ SLAB + YORK 26%+ SANTA FE DEPOSIT UPSIDE BEYOND PIT S
Slide 13: Santa Fe Mine PEA: 11-Year Mine Life, US$820M Post-Tax NPV
SANTA FE MINE PEA* 11-YEAR MINE LIFE · US$820M POST-TAX NPV₅ Walker Lane, Nevada, USA | Updated PEA announced October 14, 2026 US$172M 12,500 to 17,000 tpd US$1,909/oz INITIAL CAPITAL THROUGHPUT GOLD CASH COST Includes US$22.2M contingency Expansion from Year 4 AISC: US$2,250/oz PROJECTED ANNUAL PRO
Slide 14: 14.4x NPV: Still Trading at Just 15% of Project NPV
SANTA FE MINE/ PEA EXCEPTIONAL HIGHLIGHTS Lahontan Gold Corp. • 2024 vs. 2026 base case Metric 2024 2026 Change 14.4× NPV After-tax NPV₅ $57 M $820 M +1,339% • IRR nearly triples to 40.1% After-tax IRR 14.0% 40.1% +186% • Net revenue grows to 5.3× Net revenue $696 M $3,680 M +429% Nearly double annu
Slide 15: EMR Acquisition: Strategic Benefits to Lahontan
TRANSACTION HIGHLIGHTS EMR ACQUISITION | STRATEGIC BENEFITS TO LAHONTAN 100% ~C$2.39M 2.0M WEST SANTA FE OWNERSHIP FUTURE PAYMENTS ELIMINATED LAHONTAN SHARES RETURNED Consolidates full ownership and Removes US$1.73M of future payments Returns shares to treasury with a adds New York Canyon, directly
Slide 16: Land Position Before and After the EMR Acquisition
SANTA FE LAND POSITION BEFORE AND AFTER THE EMR ACQUISITION BEFORE EMR ACQUISITION AFTER EMR ACQUISITION GROWTH HIGHLIGHTS • Santa Fe has more than doubled in size following the EMR transaction • Santa Fe land position: 55.8 sq km • West Santa Fe land position: 19 sq km • Combined Santa Fe and West
Slide 17: Santa Fe Mine: Pathway to Production
SANTA FE MINE | PATHWAY TO PRODUCTION MINE PLAN OF OPERATIONS PERMIT DEVELOPMENT FRAMEWORK LGC FACILITIES 2026 · SANTA FE MINE PLAN OF OPERATIONS 01 BLM-regulated process running in parallel with the Exploration POO. Covers siting of mine facilities. MINE PLAN 02 12,500 tonnes per day with three-sta
Slide 18: Santa Fe Mine: Path to Production
SANTA FE MINE | PATH TO PRODUCTION LAHONTAN GOLD CORP 2026 H1 2027 H2 2027 2028 RESOURCE METALLURGY + ENGINEERING PERMITTING FINANCING CONSTRUCTION COMMISSIONING FIRST GOLD UPDATE MINE PLAN TECHNICAL MRE • METALLURGY • MINE PLAN • ENGINEERING FINAL DESIGN • OPTIMIZATION PERMITTING BASELINE STUDIES •
Slide 19: Key Milestones & Catalysts
LAHONTAN KEY MILESTONES & CATALYSTS FOUNDATION IN PLACE ✓ Plan of Operations approved ✓ Multiple Santa Fe targets being drilled ✓ Sonic rig added for heap-leach-pad drilling ✓ West Santa Fe drilling underway ✓ Santa Fe mine permitting advancing NEAR-TERM CATALYSTS CORE ASSAYS Mine-permitting core pr
Slide 20: West Santa Fe: A Focus for Resource Growth in 2026
WEST SANTA FE A FOCUS FOR RESOURCE GROWTH IN 2026 NEVADA · WALKER LANE Lahontan Gold Corp. T S X .V - L G ; O T CQ B - L G C X F ; FS E - Y 2 F 20
Slide 21: West Santa Fe: Shallow Oxide Resource-Growth Opportunity
WEST SANTA FE SHALLOW OXIDE RESOURCE-GROWTH OPPORTUNITY WHAT TO KNOW PROXIMITY 01 Only 13 km west of the flagship Santa Fe Mine. District-scale 19 km² land package. HISTORIC DATABASE 02 Historical work outlines a shallow oxide gold-and-silver system of approximately 0.5–1.0 Moz beginning at surface.
Slide 22: West Santa Fe: Excellent Resource-Growth Potential
WEST SANTA FE EXCELLENT RESOURCE-GROWTH POTENTIAL WHAT TO KNOW HISTORIC DRILLING · 0.31 g/t Au SHELL OUTLINE HISTORIC DRILLING 01 Gold and silver begin at surface. Mineralization continues down-rake and is entirely oxide. 0.31 g/t Au SHELL 02 Comparable geometry to Santa Fe, with potential for a low
Slide 23: West Santa Fe: 2025 Results + 2026 Expansion
WEST SANTA FE 2025 RESULTS + 2026 EXPANSION RESULTS CONFIRM HISTORIC DRILLING SYSTEM OPEN IN MULTIPLE DIRECTIONS 01 SHALLOW OXIDE INTERCEPT 02 HIGH-GRADE CORE 03 2026 EXPANSION DRILLING WSF25-04R returned 36.6 m Includes 10.7 m at 5.75 g/t Follow-up drilling will test in-fill, grading 3.11 g/t AuEq
Slide 24: West Santa Fe: Resource Growth + Metallurgy
WEST SANTA FE RESOURCE GROWTH + METALLURGY SHALLOW OXIDE SYSTEM REMAINS OPEN MODERN METALLURGICAL RESULTS 158 81% 60% AVERAGE Au AVERAGE Ag RC SAMPLES RECOVERY RECOVERY 2025 drilling CN-extractable CN-extractable RECOVERY OUTPERFORMANCE +11 pts gold vs. historic KCA +10 pts silver vs. historic KCA W
Slide 25: West Santa Fe: CN Assay Results Confirm Metallurgy
WEST SANTA FE CN ASSAY RESULTS CONFIRM METALLURGY AVERAGE Au AVERAGE Ag METALLURGICAL TAKEAWAYS 158 RC SAMPLES 81% RECOVERY 60% RECOVERY 202 5 d rilling CN-extr actab le CN-extr actab le MODERN TESTING CN-extractable assays mimic gold and silver recovery behavior in cyanide heap-leach processing. CN
Slide 26: Lahontan Revaluation Underway: Up 7x YTD
LAHONTAN REVALUATION UNDERWAY UP 7X YTD ▥ Huge trading volumes equals HUGE liquidity: (30 Days) ● CANADA: 2.6 M shares/day ● USA: 0.7 M shares/day ▥ TOTAL VOL: 3.3 M shares/day Slab Complex looking west T S X .V - L G ; O T CQ B - L G C X F ; FS E - Y 2 F 26
Slide 27: Management & Board
MANAGEMENT & BOARD FOUNDER FOUNDER KIMBERLY ANN, FOUNDER BRIAN MAHER, FOUNDER SENIOR VICE PRESIDENT - MINE DEVELOPMENT & EXECUTIVE CHAIR, CEO, PRESIDENT EXPLORATION BILLY CHOI MIRANDA WERSTIUK EVAN PELLETIER ANTONY ROWE SHANE WILLIAMS CHIEF FINANCIAL OFFICER INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR