Lahontan Gold Provides Santa Fe Mine Development Update and Permitting

Lahontan Gold has issued an update on development, permitting and exploration at its flagship Santa Fe Mine in Nevada’s Walker Lane, signaling accelerated activity after closing a recent private placement.

According to the company release, the private placement raised aggregate gross proceeds of approximately CAD 13.64 million, with the final tranche consisting of 1,079,000 units at CAD 0.41 per unit; units included share purchase warrants and broker warrants issued in connection with the offering. Management said the proceeds will fund exploration, permitting and mine development activities into 2027.

On the permitting front, Lahontan continues to advance its Exploration Plan of Operations (EPOO) and related National Environmental Policy Act (NEPA) processes with the U.S. Bureau of Land Management, while preparing expanded drilling programs including testing historic heap-leach pads for residual gold and silver. The company highlights that reprocessing historic HL material could provide low-cost, near-surface ounces to improve project economics.

Technically, the Santa Fe project already hosts a NI 43‑101 compliant resource base cited in prior reports — an Indicated resource of c.1,539,000 Au‑eq ounces and an Inferred resource of c.411,000 Au‑eq ounces — and Lahontan has engaged consultants to update the Mineral Resource Estimate and produce a revised Preliminary Economic Assessment to underpin development planning.

Market observers say the near-term catalysts for Lahontan’s share performance will be the updated MRE, the PEA results and the pace of permitting and drilling outcomes; successful technical updates and timely BLM approvals could materially de‑risk the project and influence financing or partnership options ahead of a potential production decision.