Lahontan Provides Santa Fe Mine Development and Permitting Update, Grants Stock Options

About this update from Lahontan Gold Corp.

TORONTO, May 20, 2026 (GLOBE NEWSWIRE) -- Lahontan Gold Corp. (TSXV: LG, OTCQB: LGCXF, FSE: Y2F) (the "Company" or "Lahontan") is pleased to provide an update on mine development, permitting, and exploration activities at its flagship Santa Fe Mine project located in Nevada’s prolific Walker Lane. With the proceeds from Lahontan’s recently completed private placement (April 8, 2026; gross proceeds Cdn$13.6m), combined with ongoing warrant exercises, the Company is fully funded into 2027. Highlights of recent technical and permitting work are summarized below: Kimberly Ann, Lahontan Gold Chair, CEO, President, and Founder commented: “Lahontan continues to advance on multiple fronts, including mine development, permitting, exploration drilling, and preparation for future growth at West Santa Fe. With several important milestones expected in the near term, including an updated mineral resource estimate, exploration results, and advancement of engineering studies, we believe the Company is well positioned to continue building value. As we progress toward permitting and mine development, we are expanding both our geological and mine engineering teams to support the next phase of growth. We remain on track to complete permitting in 2027 and advance toward construction of a new Santa Fe Mine, leading to Nevada’s newest gold mining operation.” The Company also announces that it has granted an aggregate of 4,900,000 options to purchase common shares of the Company exercisable at a price of Cdn$0.37 per common share for a period of five (5) years to officers and consultants of the Company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant. About Lahontan Gold Corp. Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the 28.3 km2 Santa Fe Mine project, had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, toget...

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