- Lahontan Gold is advancing toward near-term with over 2 million ounces of open-pit gold potential and no debt
- CEO Kimberly Ann’s track record, capital discipline, and commitment to responsible development stood out in a recent investor discussion
- Broader gold market dynamics, including inflation hedging and executive optimism, point to major upside for well-positioned juniors
With inflation concerns lingering and gold prices hovering near record levels, long-term investors are increasingly eyeing undervalued junior miners positioned for near-term development. The big story is simple: the world still runs on hard assets, and gold remains a core hedge against monetary instability, geopolitical shocks, and overleveraged markets.
But there’s a disconnect. Despite bullish fundamentals, many juniors remain beaten down victims of risk-off sentiment, shareholder dilution fears, or legacy ownership issues. For smart capital, that’s not a deterrent; it’s an opportunity.
Lahontan Gold: Ready to Build in Nevada
Lahontan Gold Corp. (TSX-V: LG) (OTCQB: LGCXF) is one of those rare juniors that checks every box. With no debt, robust insider ownership, a path to production, and significant gold-silver resources in a top-tier jurisdiction, the company stands out in a crowded field of hopefuls. It holds the past-producing Santa Fe mine in Nevada and has outlined a resource exceeding 1.9 million ounces gold equivalent, likely over 2 million once pending drilling is factored in. And all of it sits on permitted, brownfield ground with access to water and power.
As CEO Kimberly Ann explained in a recent interview with John Feneck and Don Durrett, Lahontan is already on a fast track toward construction readiness by 2027, with metallurgical testing underway and permitting expected to cost just $1.8 million. “It’s not a lot of money from now till production,” she said, estimating total capital requirements of $8–10 million over the next two years,” a figure which factors not only bringing Sante Fe to production, but expanding the project and developing the nearby West Sante Fe project.
Metallurgy and Recoveries Point to Strong Economics
One of the key concerns for any gold project is metallurgical recovery. Lahontan has a favorable profile here, particularly in its oxide material. Early test work from the Santa Fe pit area shows oxide gold recoveries between 80% and 86%, with potential upside using new technologies to convert sulfides into leachable oxides. If successful, this could unlock an additional million-plus ounces of higher-grade sulfide gold.
Ann emphasized that recovery rates for the first six years of mining, focused on oxides, should reliably hit the 80% mark or higher. “It’s no risk for us to try to improve as much as possible,” she said, referencing ongoing studies that could dramatically enhance project economics. Moreover, these calculations are determined without the benefit of the new data, which should be coming early in 2027, along with an updated PFS.
Low Valuation, Strong Management, Real Ownership
With a current market cap of just $26 million and 285 million shares outstanding (385 million fully diluted), Lahontan is trading at what the interviewers believe is a nonsensically low valuation. As Durrett pointed out in the interview, “It’s a 2+ million-ounce open pit story in Nevada… and it checks all the boxes.”
He likened the setup to a potential 20-bagger, especially if Lahontan ramps production to 80,000 ounces per year. At that rate, the math supports a billion-dollar market cap, nearly 40x the current valuation.
Ann herself has skin in the game and is cautious about dilution. “When we do the next raise, it will be focused on how much can we raise with minimal dilution,” she said, adding that in-the-money warrant exercises could bring in $1–$1.5 million alone, meaning the company is not in a big rush to take bad debt or heavily dilute to meet capital requirements.
Her entrepreneurial history, including starting a business at 18 and selling it for $3.5 million before entering the mining world and a savvy mining investment thereafter, gives her a grounded but driven approach to company-building. She’s not just talking about building a mine; she’s committed to building this mine, the right way before selling it to another company that can be proud of the mine and assets they acquire.
Silver Exposure and Strategic Flexibility
Lahontan also owns the Redlich silver project, which Ann described as an “extension of what Silver One is drilling” next to it. While she’s exploring strategic options for it, she recognizes its value in a market where silver could vastly outperform gold. With a16.5-million-ounce historic silver resource and robust disseminated silver system, it is imaginable for Redlich to be a 30+ million ounce project.
Selling or spinning out Redlich could bring in additional non-dilutive capital, giving Lahontan more flexibility as it pushes toward its production goal.
A Broader Theme of Mispriced Gold Stories
The unifying theme outside of the focus on Ann and Lahotan was clear: gold developers and small producers with scale, leadership, and jurisdictional stability are trading well below intrinsic value. For those with a 2–3-year horizon, the upside could be enormous, especially if gold does what many expect and breaks north of $3,000 or even $5,000 (and silver swells to $100+).
Lahontan Gold may not be on every investor’s radar yet, but the interview made it clear that it has the core ingredients of a breakout story: strong assets, execution-focused leadership, minimal capital needs, and a jurisdiction that favors development. If market tailwinds continue and Lahontan hits its milestones, this stock should be on the radar of all.
For more information, visit the company’s website at www.LahontanGoldCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to LGCXF are available in the company’s newsroom at http://ibn.fm/LGCXF
