Lahontan Gold Corp. has agreed to acquire Emergent Metals Corp. under a definitive arrangement agreement, securing full ownership of the West Santa Fe project and eliminating future acquisition payments and royalties.

Under the transaction terms, Emergent shareholders will receive one Lahontan common share for every 3.21 shares held, representing an implied consideration of $0.115 per share. Existing shareholders of Lahontan and Emergent are expected to hold approximately 95.3% and 4.7% of the combined company upon completion.

The agreement removes approximately $2.39M (US$1.73M) in future cash payments required to acquire the remaining interest in West Santa Fe. It also terminates the underlying 1% net smelter return royalty on West Santa Fe and a similar royalty on 27 York claims at the flagship Santa Fe Mine project in Nevada. In addition, 2,000,000 Lahontan shares previously issued for the York claims acquisition will return to the company's treasury.

The acquisition brings in the New York Canyon project, adding two claim blocks south of the Santa Fe Mine. The transaction also transfers a promissory note and share holdings from a separate property sale in Nevada, alongside a portfolio of properties and gold royalties in Quebec.

The combined landholdings expand Lahontan’s regional-scale claim package in Nevada’s Walker Lane to over 93 square kilometres. In August 2026, Lahontan reported an updated Mineral Resource Estimate for the Santa Fe Mine that expanded total project-wide resources by 22% to 2,385,000 gold equivalent ounces.

"The acquisition of Emergent Metals represents another important step in Lahontan's disciplined growth strategy. This Transaction consolidates our ownership of West Santa Fe, eliminates royalties at both West Santa Fe and the York claims at Santa Fe, adds the strategically important New York Canyon project to our regional-scale Walker Lane land package, and provides Lahontan with additional royalties, claims and other assets."

— Kimberly Ann, Founder, Executive Chair, CEO and President

Completion of the transaction requires approval from at least 66⅔% of the votes cast by Emergent shareholders at a special meeting, alongside minority approval under regulatory rules, Supreme Court of British Columbia orders, and acceptance by the TSX Venture Exchange.

Lahontan plans to complete an updated Preliminary Economic Assessment for the Santa Fe Mine in 2026, incorporating the first analysis of sulfide resources. The company is advancing mine permitting with the objective of commencing construction in 2027, alongside a target for a maiden mineral resource estimate at West Santa Fe by year-end 2026.

Read the full announcement: Lahontan Consolidates Ownership of West Santa Fe, Eliminates Royalties, and Adds Strategic New York Canyon Project Through Acquisition of Emergent Metals