Lancaster Resources talks sampling at Lake Cargelligo

Mr. Andrew Watson reports LANCASTER RESOURCES UPDATE ON PHASE 1 GOLD AND SILVER EXPLORATION PROGRAM FOR LAKE CARGELLIGO PROJECT Lancaster Resources Inc. has provided details of its 2026 phase 1 exploration and project development program at its 100-per-cent-owned Lake Cargelligo project in New South Wales, Australia. The phase 1 program is tailored to advance the district-scale gold and silver potential of Lake Cargelligo during strong bullish market sentiment for gold, silver and critical minerals, including tin and tungsten. Historical assays: A comprehensive data set of historical drilling and sampling includes rock samples returning values of up to 204 grams per tonne gold and 273 g/t silver and channel intercepts up to 16 metres at 5.83 g/t Au and 20 g/t Ag, derived from 4,176 geochemical samples. The phase 1 program is poised to advance prospective exploration, support stakeholders and progress the project toward exploration drilling. The program will accelerate Lancaster's understanding of the scale and grade of mineralization at the Greater Josephine Moulder target area while also evaluating metallurgical characteristics and the potential for processing synergies with nearby operating mines to more rapidly reach cash flow. Planned exploration activities include exploration drilling, property-scale mapping and sampling (surface and drilling), airborne and ground geophysical surveys, and regulatory approvals for exploration activities. Phase 1 program highlights: Multiple vein systems: newly mapped veins and historical workings at the Greater Avoca prospect, where historical rock-chip sampling returned up to 3.66 g/t Au; Greater Josephine Moulder trend: recent rock-chip sampling returned values of up to 31.5 g/t Au and 114 g/t Ag, accompanied by highly anomalous gold-silver-tellurium-bismuth-arsenic-molybdenum-antimony pathfinder geochemistry; the mineralized system remains open to the north, supported by widespread anomalism in historical auger drilling at Josephine Moulder North, indicating strong potential for strike extension and scale; Historical compilation: channel intercepts up to 16 m at 5.83 g/t Au and 20 g/t Ag, with rock samples up to 204 g/t Au and 273 g/t Ag, from 4,176 geochemical samples; Geological mapping and sampling: expanded property-scale geological mapping, surface sampling and review of historical mining operations to refine geological interpretations and generate new gold, silver, tin and tungsten targets; Geophysics: planned ground and airborne geophysical surveys, including IP (induced polarization), magnetics/radiometrics and lidar, to image subsurface lithological, structural and alteration controls and prioritize drill targets at both deposit and district scales; will refine and prioritize future drill targets; Exploration drilling program: a planned 2,500-metre drilling program at the Josephine Moulder target to test historical drilling, confirm subsurface gold and silver grades, evaluate geophysical targets, and advance resource modelling. "Lancaster's phase 1 exploration program is structured to advance Lake Cargelligo at an ideal point in the gold and silver cycle," said Andrew Watson, president and chief executive officer at Lancaster Resources. "With strong precious metal fundamentals and a district-scale opportunity supported by compelling historical results, our program will systematically evaluate the project's gold and silver exploration potential while advancing our geological, geophysical and metallurgical understanding toward resource definition." Phase 1 exploration program details The phase 1 program includes stakeholder discussions and negotiations, geochemical sampling, geophysical surveying and exploration drilling (reverse circulation). This program will allow Lancaster to gather sufficient technical information and data for the continued development of the project and permitting activities. Permitting activities for the RC drilling program were started in late November with landowner consultation to ensure alignment with the technical exploration program. The program is aiming to support the mapping and understanding of the multiple prospects, grade and mineralization at both a property and district scale across Lake Cargelligo. December, 2025, field trip Lancaster is currently conducting the company's second field trip to the property. The purpose of this is to discuss exploration activities with the landowners to advance access agreements, undertake prospect-scale mapping and rock-chip sampling to refine exploration targets, and assessment of lidar features that may, as previously reported, represent outcropping veins and/or historical workings. Geophysics Lancaster has engaged Resource Potentials, as previously announced, for support on designing an aerial-based magnetics/lidar program along with a more targeted surface IP. This multimethod program is planned for Q1 to Q2 2026. Data gathered from the geophysics will support subsurface exploration interpretation, drilling target refinement (priority and future targets). Drilling Lancaster plans to complete an approximately 2,500-metre RC drilling program at the Josephine Moulder prospect. The program is designed to confirm historical drilling results, collect new samples from both near-surface oxide and deeper sulphide mineralization, assess the effectiveness of geophysical targeting, and advance resource modelling studies. Drill samples are also expected to undergo metallurgical testing to evaluate the potential for processing through nearby operating facilities, which may provide a pathway to accelerated cash flow. Andrew Watson, PEng, president and chief executive officer and a director of the company, is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Watson has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is a director and the president and CEO of Lancaster and is not independent of the company. About Lancaster Resources Inc. Lancaster Resources is a Canadian exploration company advancing a diversified portfolio of gold and silver exploration projects in established mining jurisdictions. The company holds a 100-per-cent interest in the Lake Cargelligo gold project in New South Wales, Australia, which is prospective for both gold and silver mineralization, covering approximately 62,300 hectares with a history of drilling and exploration and multiple high-priority targets. In Canada, Lancaster's assets include the Lac Iris polymetallic project in Quebec's James Bay region and the Piney Lake gold project in Saskatchewan. Lancaster's portfolio provides exposure to gold, silver and polymetallic exploration opportunities across Tier 1 jurisdictions. We seek Safe Harbor.