LGCXF - Lahontan Gold

CEO Interview

🌟 Flagship Project: Santa Fe Mine

• Location: Walker Lane District, Mineral County, Nevada

• Ownership: 100%

• Historical Production:

  • 359,202 oz gold

  • 702,067 oz silver (1988–1995) via low-cost heap leach

• Current Resource: ~2 million ounces of gold equivalent

• Cash Costs: ~$1,230/oz (estimated)

• Infrastructure: Existing roads, power, and processing footprint

📅 Development Timeline

Phase	Status	Target Completion
Drilling & Metallurgy	Ongoing	2025–2026
Permitting	Fast-tracked	2026–2027
Construction Start	Planned	Late 2027
Initial Production	Targeted	Early 2028

Lahontan is leveraging its past-producing status and existing infrastructure to accelerate permitting, aiming for production by 2028, which is faster than typical greenfield timelines.

💵 Financials (USD)

Metric	Value
Share Price	~$0.0766
Market Cap	~$22.75 million
EPS (TTM)	-$0.01
Net Income (TTM)	-$1.36 million
Debt	Not disclosed (likely minimal)

📌 Other Assets

• Moho, West Santa Fe, and Redlich projects in Nevada

• Bald Hill Antimony Project in New Brunswick, Canada (early-stage)

📈 Santa Fe Mine – Modeled NPV Scenarios

Gold Price (USD/oz)	Annual Production	Recovery Rate	CapEx (est.)	After-Tax NPV (8%)	IRR (est.)
$2,500	~80,000 oz/year	~80–86%	~$50–60M	$180–220M	~25–30%
$5,000	~80,000 oz/year	~80–86%	~$50–60M	$500–600M+	~50–60%+

These projections are based on:

• ~2 million ounces of gold equivalent resources

• Heap leach processing of oxide material

• Low strip ratios and existing infrastructure

• Favorable metallurgy with 80–86% recovery rates

At $5,000 gold, Santa Fe’s NPV could exceed $600 million, representing a 25–30x upside from Lahontan’s current market cap of ~$22 million.

💰 Capital Requirements Breakdown

Category	Estimated Cost (USD)
Initial CapEx	~$60–70 million
Permitting & Engineering	~$10–15 million
Working Capital & Contingency	~$15–25 million
Total Estimated Capital	~$100 million

This capital will fund:

• Final engineering and feasibility studies

• NEPA permitting and environmental compliance

• Construction of heap leach pads, crushing circuits, and site infrastructure

• Initial working capital for ramp-up and operations

📈 Supporting Economics

• After-Tax NPV (5%): ~$200 million at $2,705 gold

• IRR: ~34.2%

• Payback Period: ~2.5 years (modeled)

• Resource Base: ~2 million oz gold equivalent

Lahontan’s capital-light model and past-producing status make it one of the most cost-efficient gold developers in Nevada. The company is actively pursuing strategic partnerships, offtake agreements, and federal funding to minimize dilution.

✅ Pros

🏔️ Past-Producing Asset

• Santa Fe Mine produced 359,202 oz gold and 702,067 oz silver (1988–1995), confirming mineralization and heap-leach viability

💰 Low-Cost Development Path

• Estimated cash costs of ~$1,230/oz and CapEx under $60M, making it one of the most capital-efficient juniors

🧪 Strong Metallurgy

• Oxide gold recoveries between 80–86%, with potential upside from sulfide conversion technologies

🗺️ Top-Tier Jurisdiction

• Located in Nevada’s Walker Lane District, near majors like Barrick and Newmont, with access to water, power, and roads

📈 Fast-Track Permitting

• Brownfield status and existing infrastructure allow for accelerated permitting, targeting production by 2028

🧑‍💼 Experienced Leadership

• CEO Kimberly Ann has a track record of capital discipline and project execution, with strong insider ownership

📊 Media & Visibility Campaign

• National TV, Times Square billboards, and digital outreach have boosted investor awareness and market visibility

⚠️ Cons

💸 Small Market Cap

• At ~$22 million, Lahontan remains undervalued relative to its resource base, which may limit institutional interest

🧾 Dilution Risk

• As a pre-revenue junior, future equity raises could dilute shareholders unless offset by strategic partnerships or offtakes

🧱 Sulfide Uncertainty

• While oxide economics are strong, sulfide conversion is still under study, and success isn’t guaranteed

🐢 Exploration Timeline

• Despite fast-tracking, full production is still 2–3 years away, and delays in permitting or metallurgy could push timelines

🌐 Limited Diversification

• Lahontan is heavily reliant on Santa Fe; other assets like Bald Hill (antimony) are early-stage and not yet de-risked