Lancaster Resources Completes Land Acquisition at Lake Cargelligo, Updates 2026 Exploration Program, and Revises Announced Financing

The May 13, 2026 release covers three items: - Land acquisition: Lancaster acquired Exploration Licence EL9880 (~33,400 ha) at Lake Cargelligo, increasing total claims to ~62,300 ha. The new license is 100% owned with a 4-year term. - Exploration update: Planned geophysical drone magnetic and IP surveys at Josephine Moulder, targeting drill readiness by Q4 2026. An initial field program and LiDAR/geophysical survey is scheduled for Lac Iris in Fall 2026. - Revised financing: The previously announced non-brokered private placement (March 10, 2026: up to $800,000 via 16M common shares at $0.05) has been restructured. The new structure is a unit offering of up to 20,000,000 units at $0.04 per unit, each consisting of one common share and one warrant (exercise price $0.12, 1‑year term). Gross proceeds remain up to $800,000. Closing is expected on or about May 22, 2026. Finder’s fees of up to 8% cash may apply.

The revision of the financing is the dominant event and is clearly negative. Three months earlier the company attempted to raise $800,000 via a straight common share sale at $0.05, but that deal was not completed on those terms. Now the price has been cut to $0.04 – a 20% discount – and a warrant exercise price of $0.12 (deeply out‑of‑the‑money) has been added to entice investors. The total share count increases from 16 million to 20 million shares, implying more dilution for existing holders.

This retreat signals that demand for Lancaster’s stock at $0.05 was insufficient, a tell‑tale sign of financial stress. The $0.04 offering price will likely reset the market’s perception of fair value and could accelerate the stock’s downtrend. The land acquisition and exploration update are incremental and do nothing to offset the funding warning.

Overall, the news constitutes a material negative development, indicating the company is struggling to raise capital and that the market has lost confidence. The share price is likely to come under further pressure.

Lancaster Resources is a Canadian‑based junior explorer focused on gold and polymetallic assets. Its flagship is the Lake Cargelligo Gold Project in the Cobar mining district of New South Wales, Australia – a district‑scale opportunity where historical sampling returned up to 204 g/t Au and 273 g/t Ag. The company also holds the Lac Iris Polymetallic Project in Quebec’s James Bay region, targeting gold, nickel, copper and lithium.

The Lake Cargelligo project is 100% owned by Lancaster’s subsidiary, with a total claim area now stated as approximately 62,300 hectares. Exploration is early‑stage; no resource estimate has been reported.