Lahontan Gold Corp. has completed an upsized non-brokered private placement, raising $2,499,880.20 through the issuance of 16,665,868 units at $0.15 per unit. Each unit consists of one common share and one-half warrant, with full warrants exercisable at $0.25 for a two-year period, subject to an acceleration clause. The offering represents a significant capital infusion for the Canadian mineral exploration company as it advances its Nevada-based mining projects. The proceeds from this financing will support general working capital requirements and fund exploration activities at the company's flagship Santa Fe Mine and West Santa Fe Projects. The transaction included $28,910.39 in finder fees and the issuance of 192,735 broker warrants on the same accelerated-term structure as the primary offering. The private placement qualified as a related party transaction exempt from MI 61-101 valuation and minority approval requirements, streamlining the financing process.
Lahontan Gold's primary asset, the Santa Fe Mine project, covers 26.4 square kilometers in Nevada's Walker Lane region and has a substantial mining history. Between 1988 and 1995, the property produced 359,202 ounces of gold and 702,067 ounces of silver through open pit mining operations using heap-leach processing methods. The project currently hosts a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of gold equivalent and an Inferred Mineral Resource of 411,000 ounces of gold equivalent, all pit constrained. The company's technical disclosure, reviewed and approved by Qualified Person Michael Lindholm, confirms the resource estimates align with the detailed technical report available through the company's website and SEDAR+. The mineral resources are reported using cut-off grades of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources, based on specific metal price assumptions and recovery rates. Additional technical details can be found in the full press release and the company maintains an online newsroom for ongoing updates.
Looking forward, Lahontan Gold plans to use the newly raised capital to continue advancing the Santa Fe Mine project toward production, update the Santa Fe Preliminary Economic Assessment, and conduct drill testing at the satellite West Santa Fe project during 2025. The successful completion of this upsized private placement provides the company with strengthened financial resources to execute its exploration and development strategy in one of North America's most productive mining jurisdictions. This financing matters because it demonstrates investor confidence in Lahontan Gold's Nevada assets at a time when gold exploration companies face challenging capital markets. The funds will enable the company to advance projects with established mineral resources and historical production, potentially moving them closer to development in a region with proven mining infrastructure. The implications extend beyond Lahontan Gold's immediate operations, as successful exploration could contribute to Nevada's position as a leading gold-producing region and highlight the ongoing potential of previously mined properties. The streamlined financing process through a related party transaction exemption also shows how junior mining companies can efficiently secure capital for project advancement without lengthy regulatory hurdles, potentially serving as a model for similar companies in the sector.
