Lahontan Gold Corp. announced that, further to its press releases of May 15, 2023 and July 20, 2023, the Company has entered into an amending agreement (the "Amending Agreement") with Golden Arrow Mining Corporation ("Golden Arrow") and Lahontan Gold (US) Corp. ("Lahontan US") dated August 8, 2023, pursuant to which the lease with option to purchase agreement (the "Option Agreement") dated July 19, 2023 between the Company, Golden Arrow and Lahontan US was amended.

Pursuant to the Option Agreement, the Company was granted an option (the "Option") to acquire the advanced West Santa Fe gold-silver exploration project (the "Property"), located only 15 km West of Lahontan's Flagship asset, the Santa Fe Mine, in Nevada's prolific Walker Lane. In order to exercise the Option, the Company must make option payments (the "Option Payments") in the aggregate amount of USD 1,845,000 over a period of seven years and incur an aggregate of USD 1,400,000 in Expenditures on the Property. At the election of the Company, up to 50% of each Option Payment may be paid through the issuance of common shares in the capital of the Company (each, a " Common Share") at a price per Common Share equal to the greater of: (i) the price equal to the volume weighted average closing price of the Common Shares on the TSX Venture Exchange for the thirty (30) trading days immediately preceding the date of any issuance of Common Shares as partial payment for the Option Payment; and (ii) CAD 0.075.

If any issuance of Common Shares would result in Golden Arrow or its designee holding greater than 9.99% of the Common Shares outstanding at the time of issuance, such payment must be made in cash rather than in cash and Common Shares. The securities issued in connection with the Option Payment are subject to a four-month hold period from the date of issuance in addition to any other restrictions under applicable law.