Lahontan Gold Corp. (TSXV: $LG | OTCQB: $LGCXF) continues to move its flagship Santa Fe Mine Project forward, shifting focus from pure exploration toward permitting and development work in Nevada’s Walker Lane. The company’s latest update confirms that a core drill rig has been mobilized to site, a step tied directly to regulatory requirements rather than headline-driven discovery drilling.
Santa Fe is a past-producing open-pit, heap-leach operation, and Lahontan’s current work program reflects a company preparing the groundwork for a potential return to production rather than proving up a greenfield asset.
Drilling Focused on Permitting
The newly mobilized Super 90 track-mounted core drill rig is being used to collect waste rock geochemical data and hydrological information, both of which are required inputs for Nevada state-level mine permitting. These drill holes are designed to characterize material that would be mined and placed on surface, as well as to better define groundwater behavior in areas proposed for future open-pit operations.
Management has indicated that gathering this data early in 2026 is intended to keep the project on schedule for a possible construction decision later in the decade, with 2027 cited as a tentative target for breaking ground if permitting proceeds as planned.
This type of drilling typically flies under the radar compared to high-grade intercept headlines, but it represents a critical transition point from exploration story to development candidate.
Santa Fe’s Resource Base
Lahontan’s Santa Fe Mine hosts a sizeable NI 43-101 compliant resource that already underpins its development thesis. The project contains over 1.5 million ounces of gold equivalent in the Indicated category and an additional 411,000 ounces in the Inferred category, all within pit-constrained shells. Importantly, Santa Fe has a history of production between 1988 and 1995, which reduces certain technical unknowns relative to projects with no operating history.
Alongside permitting work, the company has been actively refining its geological model. Recent Phase Two drilling at the York and Slab deposits returned thick, shallow oxide gold intercepts that appear capable of expanding or deepening existing conceptual pit shells. These results are expected to feed into an updated Mineral Resource Estimate later this year, potentially improving the scale or economics of a future mine plan.
Lahontan Gold Market Performance
Lahontan Gold has already delivered exceptional performance over the past year. On a 52-week basis, the stock is up roughly 880–1,000%, rising from lows near $0.014 to a recent high just under $0.20. That move has pushed the company’s market capitalization into the mid-$50 million range.
Over the past six months, shares are still up approximately 109%, reflecting sustained investor interest even after the initial surge. On a one-month basis, the stock is higher by about 11%, suggesting continued accumulation. However, year-to-date performance shows a pullback of roughly 14-15%, and the most recent session closed with a modest 2.4% decline at around $0.16.
Technically, the stock remains well above its long-term trend lines. The 50-day moving average sits near $0.14, while the 200-day moving average is closer to $0.096, indicating that despite recent consolidation, the broader trend remains decisively upward. Trading volumes have also stayed elevated compared to historical norms, a sign that liquidity has improved alongside the higher valuation.
Valuation Snapshot
The company now trades at a price-to-book ratio near 2.8, up sharply from levels seen earlier in 2024, reflecting the market’s reassessment of Santa Fe’s development potential.
EBITDA remains negative, as expected at this stage, but enterprise value has expanded in line with the share price rather than through aggressive debt accumulation. Insider ownership remains notable, aligning management with long-term outcomes rather than short-term price action.
Is Lahontan Gold a Buy?
The stock’s bullish case rests on three core pillars. First, Santa Fe is a past-producing, oxide-dominant project in a mining-friendly jurisdiction, which materially lowers technical and geopolitical risk. Second, the company is clearly advancing along a development pathway, with permitting-focused drilling signaling intent beyond exploration headlines. Finally, recent drilling suggests that existing resources may still grow, potentially improving future economics ahead of an updated PEA.
For investors comfortable with development-stage mining risk, Lahontan Gold represents a company that appears to be transitioning from a speculative explorer into a more structured mine development story.
While the company remains a speculative investment, it is one that is increasingly grounded in tangible progress rather than promise alone. As such, adding Lahontan Gold to your portfolio in 2026 could potentially be a great move.
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