Lahontan Receives BLM Approval for West Santa Fe Drill Program, Grants Options

Rhea-AI Summary

Lahontan Gold Corp (OTCQB:LGCXF) received BLM approval for a maiden drill program at the West Santa Fe project, located ~13 km from its Santa Fe Mine project in Nevada's Walker Lane.

The BLM approved a Notice of Intent for drill sites on unpatented lode claims on federal land. Drilling will target validation of historic holes and test significant eastward strike and down-dip extensions of a shallow, oxidized gold–silver system. A rig currently active at Santa Fe will move to West Santa Fe when that program finishes, and the company expects drilling to commence in December 2025.

The company also granted 9,000,000 options exercisable at $0.15 per share for five years to directors, officers and consultants, with a four-month hold period on underlying shares.

Positive

• BLM approval obtained for West Santa Fe maiden drill program
• Drilling to test multi-kilometre strike and down-dip gold–silver extensions
• Drill program expected to start in December 2025

Negative

• 9,000,000 options granted at $0.15 may cause shareholder dilution

News Market Reaction

+11.51%

1 alert

+11.51% News Effect

On the day this news was published, LGCXF gained 11.51%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Distance to Santa Fe: 13 km Drill program start: December 2025 Options granted: 9,000,000 options +5 more

8 metrics

Distance to Santa Fe 13 km West Santa Fe located from flagship Santa Fe Mine

Drill program start December 2025 Expected commencement of West Santa Fe drilling

Options granted 9,000,000 options Granted to directors, officers and consultants

Option exercise price $0.15 per share Exercise price for newly granted options

Option term 5 years Exercise period for granted options

Hold period 4 months Hold on shares issuable from option exercise

Pre-news price change 7.06% 24h move prior to article publication

52-week range $0.0143 – $0.1675 52-week low and high before this news

Market Reality Check

Price: $0.1526 Vol: Volume 743,214 vs 20-day ...

low vol

$0.1526 Last Close

Volume Volume 743,214 vs 20-day average 1,089,369 (relative volume 0.68) shows no unusual trading ahead of this news. low

Technical Price 0.142 is trading above the 200-day MA at 0.08, indicating strength before this update.

Peers on Argus

While LGCXF was up 7.06%, peers were mixed: WPGCF and AGLDF were down -3.85% and...

While LGCXF was up 7.06%, peers were mixed: WPGCF and AGLDF were down -3.85% and -4.98%, while NAUFF, PGLDF, and BBBXF gained between 2.5% and 4.19%, pointing to a more stock-specific move.

Historical Context

5 past events · Latest: Dec 08 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Media interview	Neutral	+0.3%	CEO media feature on investor platform with modest positive price move.
Nov 26	Drill approval & options	Positive	+11.5%	BLM approval for West Santa Fe drilling and grant of stock options.
Nov 25	Private placement	Positive	+11.5%	Closing of upsized non-brokered financing to fund exploration work.
Nov 13	Exploration plan approval	Positive	-3.7%	BLM approval of Santa Fe Exploration Plan after NEPA assessment.
Nov 10	Drill mobilization	Positive	+3.0%	Mobilization of drill rig for resource-upgrade and expansion program.

Pattern Detected

Operational and financing news have generally seen positive price reactions, with one notable divergence on a major exploration approval.

Recent Company History

Over recent weeks, Lahontan Gold reported multiple operational milestones and a financing. On Nov 10, 2025, it mobilized a drill rig to Santa Fe, followed by BLM approval of the Santa Fe Exploration Plan on Nov 13. An upsized private placement closed on Nov 25, and the West Santa Fe BLM approval and option grants followed on Nov 26. A CEO-focused media feature was released on Dec 8. Most of these events coincided with positive 24-hour price reactions.

Market Pulse Summary

The stock surged +11.5% in the session following this news. A strong positive reaction aligns with a...

Analysis

The stock surged +11.5% in the session following this news. A strong positive reaction aligns with a pre-existing uptrend, as shares traded above the 200-day MA at 0.08 with a 7.06% gain ahead of publication. Recent history shows several operational and financing updates with mostly positive price responses. However, option grants and prior financings added new securities, which could weigh if enthusiasm fades, and one earlier exploration approval coincided with a -3.69% move, highlighting that not all permits translated into sustained strength.

Key Terms

notice of intent, unpatented lode mining claims, options, hold period

4 terms

notice of intent regulatory

"The BLM approved Lahontan's Notice of Intent ("NOI") for drill sites"

A notice of intent is a formal written announcement that an organization plans to take a specific action—such as filing legal claims, seeking regulatory approval, issuing securities, or starting a procurement process. For investors it matters because it signals a likely future event that could change a company’s costs, revenues, risk profile or ownership; think of it like a heads-up that a major move is being prepared so stakeholders can anticipate and reassess their positions.

unpatented lode mining claims regulatory

"drill sites on unpatented lode mining claims located on BLM administered"

An unpatented lode mining claim is a legal right to explore and extract hard-rock minerals from a specific area on federal or public land without owning the surface or the land itself. Think of it as a permission slip to mine a spot rather than a deed to the property; the holder must follow filing, work, and environmental rules and can lose the claim if those duties aren’t met. For investors, these claims matter because they determine who can legally recover valuable minerals, carry regulatory and title risks, limit financing options, and affect the economic value and timeline of a mining project.

options financial

"it has granted an aggregate of 9,000,000 options to purchase common shares"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

hold period regulatory

"shares issuable upon exercise of the options are subject to a four month hold period"

A hold period is a specific span of time during which an investor is required or expected to keep a security or asset and cannot freely sell it or realize its value. It matters because it limits liquidity and can affect tax treatment, risk exposure and timing of gains or losses—like a cooling-off or fixed-term commitment that prevents you from quickly cashing out even if market conditions change.

AI-generated analysis. Not financial advice.

TORONTO, ON / ACCESS Newswire / November 26, 2025 / Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF)(FSE:Y2F) (the "Company" or "Lahontan") is pleased to announce that the Company has received approval from the Federal Bureau of Land Management ("BLM") for its maiden drill program at the West Santa Fe project, located only 13 km from Lahontan's flagship Santa Fe Mine project in Nevada's prolific Walker Lane. The BLM approved Lahontan's Notice of Intent ("NOI") for drill sites on unpatented lode mining claims located on BLM administered Federal lands at West Santa Fe. The drilling program will focus on validating historic drilling and testing significant extensions to the known gold and silver mineralized system at West Santa Fe. The Company currently has a drill rig active at the Santa Fe Mine project and will move the drill rig to West Santa Fe when that drill program is complete.

Kimberly Ann, Lahontan Gold Corp CEO, Executive Chair, and Founder commented: "The Company is excited to receive approval of the West Santa Fe NOI from the BLM. We appreciate the efficiency of the BLM in processing the permit. We can now focus on confirming the positive results from historic drilling at West Santa Fe which outlined a very shallow, oxidized, gold and silver system. Our geologic work at West Santa Fe shows that the gold and silver mineralization identified by historic drilling extends for several kilometres to the east along strike as well as down-dip to the north. The company expects the drilling program to commence in December".

The Company also announces that it has granted an aggregate of 9,000,000 options to purchase common shares of the Company exercisable at a price of $0.15 per common share for a period of five (5) years to directors, 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, 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 Executive Chair

FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, and Executive Chair
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com

Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange("TSXV") 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.sedarplus.com

SOURCE: Lahontan Gold Corp

View the original press release on ACCESS Newswire

FAQ

What did Lahontan (LGCXF) announce on November 26, 2025 about West Santa Fe?

The company received BLM approval for a maiden drill program at West Santa Fe and expects drilling to start in December 2025.

When will Lahontan move its drill rig to West Santa Fe (LGCXF)?

The drill rig will be moved to West Santa Fe after the current Santa Fe Mine drill program is completed.

How large are the option grants announced by Lahontan (LGCXF)?

The company granted an aggregate of 9,000,000 options exercisable at $0.15 per share for five years.

What will the West Santa Fe drilling target for Lahontan (LGCXF)?

The program will validate historic drilling and test significant eastward strike and down-dip extensions of a shallow, oxidized gold and silver system.

Are the optioned shares from Lahontan (LGCXF) subject to restrictions?

Yes, the common shares issuable on exercise are subject to a four-month hold period from the grant date.