# Lahontan Gold Announces Updated Santa Fe Preliminary Economic Assessment Featuring an Eleven-Year Mine Life and Post-Tax NPV5 of US$820 Million

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee

Original source: https://orestocks.com/company/LG.V/press-releases/4988495810538564

Publisher: orestocks

Original announcement: 2026-10-14T14:55:48.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-14T15:19:12.226Z

Atlas analysis updated: 2026-10-14T15:19:12.226Z

- Company: Lahontan Gold Corp.

- Ticker: LG.V

- Exchange: Unavailable

- Region: Nevada

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Other, Resource update, Metallurgy

- Extracted: 2026-10-14 15:19:12 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Lahontan Gold announced highly positive results from an updated Preliminary Economic Assessment \(PEA\) for its Santa Fe Mine gold-silver project in Nevada. The PEA outlines a post-tax NPV5 of US$820 million and an IRR of 40.1%, representing a fourteen-fold increase from the prior 2024 PEA, based on base-case metal prices of US$3,600/oz gold and US$49/oz silver. The project projects an 11-year mine life with average annual production of approximately 91,900 gold-equivalent ounces and initial capital costs of US$172.0 million.

Reasoning: The updated Preliminary Economic Assessment for the Santa Fe Mine project shows significantly improved economics, with a post-tax NPV5 of US$820 million and an IRR of 40.1%, representing a fourteen-fold increase from the previous PEA. This is driven by higher metal prices and the inclusion of sulfide resources, although the study remains preliminary and includes Inferred resources.

- Positive factor: Post-tax NPV5 of US$820 million and IRR of 40.1% demonstrates strong project economics.

- Positive factor: NPV5 increased more than fourteen-fold compared with the 2024 PEA.

- Positive factor: Projected LOM net cash flow of US$1.68 billion before taxes.

- Positive factor: Manageable initial capital requirements of US$172.0 million with a 3.7-year payback period.

- Positive factor: Significant upside sensitivity to higher metal prices, with NPV5 increasing to US$1.13 billion at spot prices.

- Positive factor: NI 43-101 compliant study by reputable consultants.

- Positive factor: Average annual production of approximately 91,900 gold-equivalent ounces.

- Negative factor: PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered too speculative for economic considerations.

- Negative factor: No Mineral Reserves have been defined for the project.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 23

## Classification and evidence

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: the document describes a heap\_leach route \("heap leach"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 22. Some facts used in scoring do not have a stored record.

## Resource Estimates (20)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-2)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:ef51e97cf311af8192db
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: oxide

#### Resource Data

- Category: indicated
- Tonnes: 10000000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 209
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated oxide gold resource of 10 Mt at 0.65 g/t Au contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 0.65

Context: 10,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-3)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:ef51e97cf311af8192db
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: oxide

#### Resource Data

- Category: indicated
- Tonnes: 10000000
- Grade: 5
- Grade Unit: g/t
- Contained Metal: 1608
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated oxide silver resource of 10 Mt at 5.00 g/t Ag contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 5.00

Context: 10,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-4)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:e6e491c7a93f431bd54d
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 12000000
- Grade: 0.7
- Grade Unit: g/t
- Contained Metal: 270
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated transition gold resource of 12 Mt at 0.70 g/t Au contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 0.70

Context: 12,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-5)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:e6e491c7a93f431bd54d
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: transitional

#### Resource Data

- Category: indicated
- Tonnes: 12000000
- Grade: 6
- Grade Unit: g/t
- Contained Metal: 2315
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated transition silver resource of 12 Mt at 6.00 g/t Ag contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 6.00

Context: 12,000

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-6)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:e0056f3c3f6001aa5fad
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: sulphide

#### Resource Data

- Category: indicated
- Tonnes: 25532000
- Grade: 0.75
- Grade Unit: g/t
- Contained Metal: 616
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated sulfide gold resource of 25.532 Mt at 0.75 g/t Au contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 0.75

Context: 25,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-7)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:e0056f3c3f6001aa5fad
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: sulphide

#### Resource Data

- Category: indicated
- Tonnes: 25532000
- Grade: 5.5
- Grade Unit: g/t
- Contained Metal: 4515
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Indicated sulfide silver resource of 25.532 Mt at 5.50 g/t Ag contributes to the project's economic assessment.

- Positive factor: Indicated resource category provides reasonable geological confidence.

Evidence · table

> 5.50

Context: 25,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-8)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:200b2517a5c9ae347212
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 47532000
- Grade: 0.72
- Grade Unit: g/t
- Contained Metal: 1095
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Indicated gold resource of 47.532 Mt at 0.72 g/t Au is a significant component of the project's value.

- Positive factor: Total Indicated gold resource provides a strong base for economic studies.

Evidence · table

> 0.72

Context: 47,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-9)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:200b2517a5c9ae347212
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 47532000
- Grade: 5.55
- Grade Unit: g/t
- Contained Metal: 8438
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Indicated silver resource of 47.532 Mt at 5.55 g/t Ag is a significant component of the project's value.

- Positive factor: Total Indicated silver resource provides a strong base for economic studies.

Evidence · table

> 5.55

Context: 47,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-10)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:191e47a7b69ea17e96aa
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: oxide

#### Resource Data

- Category: inferred
- Tonnes: 15000000
- Grade: 0.5
- Grade Unit: g/t
- Contained Metal: 241
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred oxide gold resource of 15 Mt at 0.50 g/t Au provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 0.50

Context: 15,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-11)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:191e47a7b69ea17e96aa
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: oxide

#### Resource Data

- Category: inferred
- Tonnes: 15000000
- Grade: 2
- Grade Unit: g/t
- Contained Metal: 964
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred oxide silver resource of 15 Mt at 2.00 g/t Ag provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 2.00

Context: 15,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-12)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:01d2f92d3d2c8d224603
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: transitional

#### Resource Data

- Category: inferred
- Tonnes: 18000000
- Grade: 0.6
- Grade Unit: g/t
- Contained Metal: 347
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred transition gold resource of 18 Mt at 0.60 g/t Au provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 0.60

Context: 18,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-13)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:01d2f92d3d2c8d224603
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: transitional

#### Resource Data

- Category: inferred
- Tonnes: 18000000
- Grade: 2.5
- Grade Unit: g/t
- Contained Metal: 1447
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred transition silver resource of 18 Mt at 2.50 g/t Ag provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 2.50

Context: 18,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-14)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:3220483a19ea0b6329b3
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: sulphide

#### Resource Data

- Category: inferred
- Tonnes: 27605000
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 577
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred sulfide gold resource of 27.605 Mt at 0.65 g/t Au provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 0.65

Context: 27,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-15)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:3220483a19ea0b6329b3
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit
- Material type: sulphide

#### Resource Data

- Category: inferred
- Tonnes: 27605000
- Grade: 2.7
- Grade Unit: g/t
- Contained Metal: 2400
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Inferred sulfide silver resource of 27.605 Mt at 2.70 g/t Ag provides exploration upside but has lower confidence.

- Negative factor: Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 2.70

Context: 27,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-16)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:06c6a92e4351a4aba2eb
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 60605000
- Grade: 0.59
- Grade Unit: g/t
- Contained Metal: 1165
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Inferred gold resource of 60.605 Mt at 0.59 g/t Au provides significant exploration upside but has lower confidence.

- Negative factor: Total Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 0.59

Context: 60,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-17)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:06c6a92e4351a4aba2eb
- Deposit or zone: Santa Fe Mine
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 60605000
- Grade: 2.4
- Grade Unit: g/t
- Contained Metal: 4811
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Inferred silver resource of 60.605 Mt at 2.40 g/t Ag provides significant exploration upside but has lower confidence.

- Negative factor: Total Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 2.40

Context: 60,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-19)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:5456ce40d22a98e1b590
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 47532000
- Grade: 0.72
- Grade Unit: g/t
- Contained Metal: 1095
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Metal Eq. Grade: 1205
- Metal Eq. Unit: koz AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Indicated gold resource of 47.532 Mt at 0.72 g/t Au is a significant component of the project's value. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Total Indicated gold resource provides a strong base for economic studies.

Evidence · table

> 0.72

Context: 47,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-20)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:5456ce40d22a98e1b590
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 47532000
- Grade: 5.55
- Grade Unit: g/t
- Contained Metal: 8438
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Metal Eq. Grade: 1205
- Metal Eq. Unit: koz AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Indicated gold resource of 47.532 Mt at 0.72 g/t Au is a significant component of the project's value. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Total Indicated gold resource provides a strong base for economic studies.

Evidence · table

> 5.55

Context: 47,532

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-21)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:ef8da68e80ad8d078056
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 60605000
- Grade: 0.59
- Grade Unit: g/t
- Contained Metal: 1165
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Metal Eq. Grade: 1230
- Metal Eq. Unit: koz AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Inferred gold resource of 60.605 Mt at 0.59 g/t Au provides significant exploration upside but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Total Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 0.59

Context: 60,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-resource-facts-22)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Michael S. Lindholm, Caleb Cook, Thomas Dyer
- Resource group id: resource:ef8da68e80ad8d078056
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 60605000
- Grade: 2.4
- Grade Unit: g/t
- Contained Metal: 4811
- Contained Unit: koz
- Cutoff Grade: 0.1
- Cutoff Unit: g/t Au Eq

#### Prior Estimate

- Resource Date: 2026-10-01

#### Metal Equivalent

- Metal Eq. Grade: 1230
- Metal Eq. Unit: koz AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Inferred gold resource of 60.605 Mt at 0.59 g/t Au provides significant exploration upside but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Total Inferred resource category is speculative and cannot support economic studies alone.

Evidence · table

> 2.40

Context: 60,605

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (2)

### heap leach

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-metallurgical-facts-1)

Santa Fe Mine · gold

#### Identity

- Project: Santa Fe Mine
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Test Work

- Program Status: scoping
- Test Type: heap leach
- Processing Route: crush, heap leach, ADR plant, smelting
- Sample: York Transition

#### Recovery

- Recovery: 45 %
- Recovery Basis: actual\_test

#### Lab

- Consultant: Kappes, Cassiday & Associates

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Gold recovery of 45% for York Transition material is relatively low, indicating potential processing challenges for this ore type.

- Negative factor: Recovery of 45% for transition material is on the lower side for heap leaching.

Evidence · table

> 45%

Context: York Transition

#### Tags used in scoring

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: processing\_route matches the heap\_leach signal

### heap leach

[Link to this fact](https://atlas-staging.minestarters.com/news/lahontan-gold-announces-updated-santa-fe-preliminary-economic-assessment-featuri--498c59bc-873b-4925-9203-d51f3f073cee#fact-metallurgical-facts-18)

Santa Fe Mine · silver

#### Identity

- Project: Santa Fe Mine
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: LG.V

#### Test Work

- Program Status: scoping
- Test Type: heap leach
- Processing Route: crush, heap leach, ADR plant, smelting
- Sample: York Transition

#### Recovery

- Recovery: 0 %
- Recovery Basis: actual\_test

#### Lab

- Consultant: Kappes, Cassiday & Associates

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: Zero silver recovery for York Transition material is a significant negative, indicating that silver is not recoverable via heap leaching from this ore type.

- Negative factor: Zero silver recovery indicates no economic silver extraction from this material via heap leaching.

Evidence · table

> 0%

Context: York Transition

#### Tags used in scoring

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: processing\_route matches the heap\_leach signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 0% is below the weak band \(75%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.