Lahontan Gold Advances Santa Fe Mine Toward 2027 Restart Leveraging Historical Production

Lahontan Gold Corp. is advancing its Santa Fe Mine project toward a planned restart in early 2027, building on the property's demonstrated production capabilities rather than theoretical potential. The mine previously operated successfully from 1988 to 1995, producing 359,202 ounces of gold and 702,067 ounces of silver through open-pit mining and heap leach processing, which remains the lowest-cost production method for oxide gold deposits. The mine's closure in 1995 resulted purely from economic factors, as gold prices at $340 per ounce made operations uneconomical at the time.

The cessation of mining left substantial mineralization in the ground, creating the foundation for Lahontan's current development strategy. According to company CEO Kimberly Ann, "We have enough to have mine again now and we're fast tracking it. We started this process about two and a half years ago because we all know permitting takes a long time. We need to do it responsibly. We're now deep in the weeds of it and we'll be breaking ground in early 2027, if not sooner." The Santa Fe Mine project holds a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained.

The company's technical documentation, including the Preliminary Economic Assessment, supports the viability of the restart project. Lahontan's approach represents a significant shift from typical mining development strategies that often focus on unproven deposits. The company's control of an asset with historical production provides a competitive advantage in an industry where project timelines frequently extend beyond expectations. The planned restart comes at a time when gold prices remain substantially higher than the $340 per ounce that forced the original closure, improving the economic viability of the operation.

The company plans to continue advancing the Santa Fe Mine project toward production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. This development strategy emphasizes responsible permitting and operational planning, recognizing the extended timelines typically associated with mining project approvals. The project's advancement signals potential economic benefits for the region while demonstrating how historical mining operations can be revitalized under improved market conditions.