MD&A (Lahontan MDA March 31 2026 vFinal Compress)

L ahontan Gold Corp

TSX.V: LG | OTCQB: LGCXF | LAHONTANGOLDCORP.COM

An Expluratiun Stage Cump any

INTRODUCTION

The following provides management's discussion and analysis of results of operations and financial condition for the three month period ended March 31, 2026. Management's Discussion and Analysis ("MD&A") was prepared by Lahontan Gold Corp. (referred to herein with all of its subsidiaries as "Lahontan" or the "Company") management and approved by the Board of Directors on May 28, 2026.

The following discussion and analysis should be read in conjunction with the Company's condensed consolidated interim financial statements for the three month periods ended March 31, 2026 and 2025 which have been prepared in accordance with generally accepted accounting principles in Canada ("GAAP") as set out in the CPA Canada Handbook - Accounting ("CPA Handbook") which incorporates International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). The following discussion and analysis should also be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2025 and 2024 which have been prepared in accordance with IFRS Accounting Standards.

All figures are presented in United States dollars (unless otherwise indicated). The consolidated financial statements include all of the assets, liabilities and expenses of the Company and its wholly-owned subsidiaries, 1000166543 Ontario Inc., domiciled in Ontario, Canada; Lahontan Gold (US) Corp., domiciled in Nevada, USA; Gateway Gold Corp. ("Gateway"), incorporated in British Columbia, Canada; and, Gateway Gold (USA) Corp., domiciled in Nevada, USA. All intercompany balances and transactions have been eliminated upon consolidation.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document may contain or refer to certain forward-looking statements relating but not limited to Lahontan's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "estimate", "may" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, the failure to obtain sufficient funding for operating, capital and exploration requirements and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Lahontan Gold Corp. undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

NATURE OF OPERATIONS AND DESCRIPTION OF BUSINESS

The Company is an exploration stage junior mining company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Nevada, USA. The Company has not determined whether its properties contain mineral reserves that are economically recoverable. The recoverability of amounts recorded as exploration and evaluation assets is dependent upon the existence of economically

recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties.

The Company's current mineral exploration property interests include: the Santa Fe, West Santa Fe, Moho, and Redlich projects each located in Nevada, USA. Details regarding each mineral property interest is contained in the section entitled Overall Performance and Results of Operations in this MD&A.

RECENT ANNOUNCEMENTS

On May 20, 2026, the Company provided an update on mine development, permitting, drilling and exploration activities at its Santa Fe project.

On May 19, 2026, the Board of Directors approved the grant of 4,900,000 stock options to officers and consultants of the Company. Each stock option is exercisable at CDN$0.37 per share and will expire on May 19, 2031.

On April 28, 2026, the Company announced that it had exercised its right to accelerate the expiry of outstanding common share purchase warrants issued on September 1, 2023 pursuant to a non-brokered private placement. The original expiration date of September 1, 2026 has been brought forward to May 18, 2026.

On April 21, 2026, the Company announced that it had exercised its right to accelerate the expiry of outstanding common share purchase warrants issued on November 25, 2025 pursuant to a non-brokered private placement. The original expiration date of November 25, 2027 has been brought forward to June 3, 2026.

On April 20, 2026, the Company announced that, subject to receipt of final permits, it plans to commence a 95-hole sonic core drill program totalling 1,740 metres ("m") on the historical heap leach pads at its Santa Fe Mine Project in Nevada. The program will test the four historical heap leach pads on an approximate 30m drill spacing to evaluate residual gold and silver mineralization and, if supported by the drilling results, contribute to a potential inferred mineral resource.

On April 13, 2026, the Company announced that analyses of 158 pulp samples from its 2025 RC drilling program at the West Santa Fe project returned cyanide ("CN") extractable gold averaging 81% and silver averaging 60% relative to fire assay values, corroborating and validating previous metallurgical testing. The 81% average CN gold extraction exceeds the projected recovery of 70% gold and 50% silver reported in a 1982 summary report by Kappes Cassiday and Associates ("KCA"), which concluded a cyanide heap leach process with crushing to below one inch and agglomeration would be appropriate. These results provide additional support that West Santa Fe mineralization is amenable to cyanide heap-leach processing. Additional test work is planned to optimize recovery rates and costs.

On March 12, 2026, the Company announced that it had commenced a non-brokered private placement financing for gross proceeds of up to CDN$10,000,000 through the issuance of 24,390,244 units at a price of CDN$0.41 per unit. Each unit comprised of one common share and one-half of one whole common share

purchase warrant. Each whole warrant issued entitles the holder to purchase one common share of the Company at a price of CDN$0.60 per share for a period of two years from the date of issuance; provided, however, that should the closing price at which the common shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the common shares may trade at the applicable time) exceed CDN$1.00 for ten consecutive trading days at any time following the date that is four months and one day after the date of issuance, the Company may accelerate the warrant term such that the warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the reduced warrant term.

On March 17, 2026, due to investor demand, the Company upsized the offering to up to 33,902,439 units for gross proceeds of up to CDN$13,900,000.

The financing closed in four tranches as follows: the first tranche closed on March 20, 2026 for gross proceeds of $7,561,451 (CDN$10,377,200); the second tranche closed on March 24, 2026 for gross proceeds of $947,039 (CDN$1,299,700); the third tranche closed on April 2, 2026 for gross proceeds of

$1,093,549 (CDN$1,521,100); and, the fourth and final tranche closed on April 8, 2026 for gross proceeds of $318,043 (CDN$442,390). In total, the Company issued a total of 33,269,244 units for gross proceeds of $9,920,082 (CDN$13,640,390).

In connection with the financing, the Company paid aggregate cash finders' commissions of $584,600 (CDN$804,401) and an aggregate of 1,961,954 finders' warrants. Each finders' warrant entitles the holder to acquire one common share of the Company at a price of CDN$0.41 per common share for a two year period from the date of issuance.

On March 10, 2026, the Company announced the appointment of Antony Rowe and Miranda Werstiuk as independent directors to the Board of Directors. In conjunction with these appointments, Josh Serfass and Max Pluss stepped down as directors.

Between February 5, 2026 and February 24, 2026, the Company announced the results of the maiden drilling program at its West Santa Fe project. Significant drilling results include:

• WSF25-01R: 6.1m (38.1m to 44.2m) grading 1.53 grams per tonne ("g/t") gold equivalent ("Au Eq"). The drill hole targeted structure on the very east end of the south mineralized zone, successfully intercepting key fault-controlled precious metal mineralization.

• WSF25-02R: 48.8m (13.7m to 62.5m) grading 0.83 g/t Au Eq including 10.7m (47.2m to 57.9m) grading 1.83 g/t Au Eq. A shallow intercept of oxide gold and silver mineralization that shows continuity with adjacent Lahontan drilling and historical drilling. Individual intercepts range up to

  3.21 g/t Au Eq (1.52m, 25.9m to 27.4m, 2.08 g/t Au, 72.5 g/t Ag), similar in tenor to adjacent drill holes.

• WSF25-03R: 41.2m (15.2m to 56.4m) grading 1.94 g/t Au Eq, including 9.1m (42.7m to 51.8m) grading 4.14 g/t Au Eq. Individual intercepts in WSF25-03R contain up to 12.88 g/t Au Eq, corresponding to an east-west trending fault structure that controls higher grade precious metal mineralization in this portion of the West Santa Fe hydrothermal system (1.52m, 44.20m - 45.72m; 11.30 g/t Au, 135.0 g/t Ag).

• WSF25-04R: 36.6m (0m to 36.6m) grading 3.11 g/t Au Eq including 10.7m (1.5m to 12.2m) grading 5.75 g/t Au Eq from the surface, all oxide. The drill hole emphasizes the high gold and silver grades associated with the South Zone at West Santa Fe.

• WSF25-05R: 45.7m (0m - 45.7m) grading 0.64 g/t Au Eq. Oxide gold and silver mineralization begins at the surface and correlates with adjacent Lahontan drill hole WSF25-06R.

• WSF25-06R: 54.9m (24.4m to 79.3m) grading 1.00 g/t Au Eq including 16.8m (27.4m to 44.2m) grading 1.75 g/t Au Eq, confirming near surface gold and silver mineralization reported in historical drill holes.

  Engagement of RESPEC and KCA

  On February 3, 2026, the Company announced that it had retained RESPEC Company LLC ("RESPEC") and KCA to update the Santa Fe Mine Project Technical Report, including a new Mineral Resource Estimate ("MRE") and Preliminary Economic Assessment ("PEA"). The updated MRE will incorporate all drilling completed since October 2024 and utilize new metallurgical data, revised mining costs, and updated gold and silver prices to design conceptual pit shells to constrain the MRE.

  Phase Two drilling results at Santa Fe

  On January 13, 2026 and January 27, 2026, the Company announced the results of eight RC drill holes totalling 1,390 m from its 2025 Phase Two drilling program. Significant results include:

• YOR25-004R: 114.3m (76.2m to 190.5m) grading 0.33 g/t Au Eq, including 18.3m (172.2m to 190.5m) grading 0.90 g/t Au Eq, an intercept of gold mineralization that expands the footprint of the York gold zone to the north of the current mineral resource pit shell, leaving gold mineralization open and unconstrained to the north by modern drilling.

• CAL25-009R: 22.9m (19.8m to 42.7m) grading 0.42 g/t Au Eq near surface at the Slab pit shell.

• CAL25-010R: 29.0m (97.5m to 126.5m) grading 0.26 g/t Au Eq in CAL25-010R below the current mineral resource pit shell.

• CAL25-011R: 68.6m (45.7m to 114.3m) grading 0.45 g/t Au Eq including 16.8m (65.5m to 82.3m) grading 0.81 g/t Au Eq, an intercept of oxide gold mineralization below the current mineral resource pit shell.

• CAL25-012R: 41.2m (32.0m to 73.2m) grading 0.32 g/t Au Eq correlating with the structurally controlled gold mineralization seen in hole CAL25-011R and extending shallow oxide gold mineralization to the southwest and below of the Mineral Resource Estimate pit shell.

On January 26, 2026, the Company announced that it had mobilized a Super 90 track-mounted core drill rig to its Santa Fe Mine project. The core drilling is part of the Company's ongoing mine development program, focusing on collecting core samples for waste rock geochemical characterization as part of the State level mine permitting process. The drill holes will also be used to further define the distribution of ground water in the area of proposed open pit mining, another key component of the permitting process.

On March 3, 2026, the Company announced that it had mobilized a second MPD-1500 track-mounted RC drill rig to the Santa Fe project. The track-mounted RC drill rig will augment the diamond drill rig at Santa Fe with a focus on drilling areas of the project that have seen little or no exploration drilling.

OVERALL PERFORMANCE AND RESULTS OF OPERATIONS

Exploration and Evaluation Expenditures

During the three month period ended March 31, 2026, the Company capitalized a total of $1,285,262 to exploration and evaluation assets for its projects. Of this total, $1,247,658 related to the Santa Fe project and $37,604 related to the West Santa Fe project.