Lahontan Announces Closing of Upsized Private Placement
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
LAHONTAN ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT
Toronto Ontario, November 25, 2025 – Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF) (the
"Company" or "Lahontan") announces that, further to its press release of October 29, 2025, it has closed
a non-brokered private placement through the issuance of 16,665,868 units (each, a "Unit") in the capital
of the Company at a price of $0.15 per Unit for gross proceeds of $2,499,880.20 (the "Offering"). Due to
investor demand, the Company upsized the Offering from 13,333,333 Units to 16,665,868 Units.
Each Unit was comprised of one common share (each, a "Common Share") in the capital of the Company
and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant entitles the holder thereof to purchase one Common Share at a price of $0.25 per Common Share
for a period of two (2) 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) is equal to or exceeds CDN$0.35 for ten
(10) 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 (the "Reduced 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.
Gross proceeds raised from the Offering will be used for general working capital purposes and for
exploration at the Company's Santa Fe Mine and West Santa Fe Projects. All securities issued in connection
with the Offering will be subject to a hold period of four months plus a day from the date of issuance and
the resale rules of applicable securities legislation.
In connection with the Offering, the Company paid certain eligible finders cash commissions in the
aggregate of $28,910.39 and issued 192,735 broker warrants (each, a "Broker Warrant"). Each Broker
Warrant entitles the holder thereof to acquire one Common Share at a price of $0.25 per Common Share
for a period of two (2) 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) is equal to or exceeds CDN$0.35 for ten
(10) 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 (the "Reduced Broker Warrant Term") such
that the Broker 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 Broker Warrant Term.
The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy
5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions
("MI 61-101") as an insider of the Company acquired 300,000 Units pursuant to the Offering. The Company
is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-
101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified
market and the fair market value of the participation in the Offering by the insider does not exceed 25% of
the market capitalization of the Company in accordance with MI 61-101. The Company did not file a
material change report in respect of the related party transaction at least 21 days before the closing of the
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
of the Offering, which the Company deems reasonable in the circumstances in order to complete the
Offering in an expeditious manner.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the
United States. The securities have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons as defined under applicable United States securities laws
unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
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, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000
grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained (Au Eq is
inclusive of recovery, please see Santa Fe Project Technical Report and note below*). The Company plans
to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary
Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more information,
please visit our website: www.lahontangoldcorp.com
* Please see the “Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project”, Authors: Kenji Umeno, P.
Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM;
Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company’s website
and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for
non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following
assumptions gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to
79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%.
Qualified Person
Brian J. Maher, M.Sc., CPG-12342, is a “Qualified Person” as defined under Canadian National Instrument
43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this
news release in respect of all technical disclosure other than the Mineral Resource Estimate as noted above.
Mr. Maher is Vice President-Exploration for Lahontan Gold and has verified the data disclosed in this
news release, including the sampling, analytical and test data underlying the disclosure.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Phone: 1-530-414-4400
Email:
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact,
this news release contains certain "forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made
and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties
with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information,
including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should change except as required by law. The reader
is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and
uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators,
which filings are available at www.sedar.com