The Canadian-listed miner Lahontan Gold Corp. announced the closing of the first tranche of a non-brokered private placement, following its releases of March 12, 2026 and March 17, 2026. The company issued 25,310,244 units at CAD$0.41 per Unit</strong), delivering gross proceeds of CAD$10,377,200. This financing round was disclosed publicly on March 20, 2026, and aims to underpin near-term exploration and corporate liquidity as Lahontan advances projects in Nevada’s Walker Lane.
Each Unit consists of one common share and one-half of a common share purchase Warrant. The Warrants allow holders to acquire a common share at CAD$0.60 per share for a period of two years from issuance. The company also included an acceleration mechanism: if the share price on the TSX Venture Exchange equals or exceeds CAD$1.00 for ten consecutive trading days after the four-month plus one-day hold period, Lahontan may shorten the warrant life (the Reduced Warrant Term) so that warrants expire 30 business days after a press release announcing the reduction.
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Use of proceeds and resale limitations
Proceeds from the Offering will be directed to exploration activities at the Santa Fe Mine and the satellite West Santa Fe property, with remaining funds reserved for general working capital. Securities issued under the tranche are subject to the standard statutory resale restriction of four months plus one day from the issue date and the applicable resale rules under securities legislation. Notably, securities to be distributed outside Canada and the United States, under Ontario Securities Commission Rule 72-503, may not carry a Canadian statutory hold period if regulatory conditions are satisfied.
Related party participation and regulatory relief
The Offering was a related party transaction as defined by TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (MI 61-101), because an insider subscribed for 60,000 Units. Lahontan relied on exemptions in sections 5.5(b) and 5.7(1)(a) of MI 61-101 from valuation and minority approval requirements, on the basis that the company is not listed on a specified market and the insider’s participation did not exceed 25% of the company’s market capitalization. Management determined it was reasonable to close the tranche without filing a material change report 21 days before closing in order to complete the financing promptly.
U.S. offering restrictions
The release emphasizes that this communication is not an offer to sell or a solicitation in the United States. The securities were not and will not be registered under the U.S. Securities Act of 1933 and therefore may not be offered or sold to U.S. Persons unless an exemption applies or registration is completed. Investors should note these restrictions when considering secondary market opportunities or cross-border distributions.
Project background, resources and technical oversight
Lahontan’s flagship Santa Fe Mine project covers 28.3 km2 and has historical production of 359,202 ounces of gold and 702,067 ounces of silver from operations between 1988 and 1995 using heap-leach methods. A NI 43-101 compliant resource estimates the Indicated mineral resource at 1,539,000 oz AuEq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and the Inferred mineral resource at 411,000 oz AuEq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag), all within pit-constrained shells. Lahontan plans to continue advancing the project towards production, update the Preliminary Economic Assessment (PEA), and press on with drilling at West Santa Fe during 2026.
Technical report and assumptions
The Santa Fe Technical Report – titled “Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project” – has an effective date of December 10, 2026 and a report date of January 24, 2026. Reported cut-off grades were 0.15 g/t AuEq for oxide and 0.60 g/t AuEq for non-oxide material. The AuEq calculations used assumed metal prices of US$1,950/oz gold and US$23.50/oz silver, with specified recovery ranges for oxide and non-oxide material documented in the report, which is available on the company website and SEDAR+.
All technical disclosure in the release was reviewed and approved by Brian J. Maher, M.Sc., CPG-12342, a Qualified Person under NI 43-101, who verified the sampling and analytical data for the news release except for the Mineral Resource Estimate as previously noted in the technical report. The release is signed on behalf of the board by Kimberly Ann, Founder, CEO, President and Executive Chair, and contains the customary cautionary language regarding forward-looking statements and associated risks.
