Lancaster Resources expands Lake Cargelligo property

Mr. Andrew Watson reports LANCASTER RESOURCES SECURES DISTRICT-SCALE EXPANSION, DOUBLING FOOTPRINT AT LAKE CARGELLIGO GOLD PROJECT TO 62,300 HECTARES Lancaster Resources Inc. has acquired additional mineral claims at the 100-per-cent-owned Lake Cargelligo gold project in New South Wales, Australia, more than doubling the size of the property. These claims were acquired through directly staked mineral applications that have been submitted to the state by Lancaster's wholly owned Australian subsidiary. Acquisition highlights: Strategic location: The additional Lake Cargelligo properties are immediately adjacent to Lancaster's existing ELA 9775. Situated only 60 kilometres (km) from the producing Mineral Hill mine in one of Australia's most prolific gold regions. District-scale land package: The acquisition adds approximately 33,400 hectares across a single claims package and significantly bolsters Lancaster's existing ELA in the Lake Cargelligo area. The combined claims are approximately 62,300 hectares. Prospective geology: The project is an advanced greenfield gold-silver project and is highly prospective for mineralization with both discrete lode-style mineralization. Diversified portfolio growth: The acquisition expands Lancaster's exploration footprint in Australia, while complementing its polymetallic, uranium and gold projects in Saskatchewan and Quebec. "Lancaster is extremely pleased to have acquired these additional mineral claims. The properties significantly boost our exploration prospects in Lake Cargelligo," said Andrew Watson, president and chief executive officer of Lancaster Resources. "This acquisition supports Lancaster's push for precious metal discoveries, alongside our recent Lac Iric polymetallic acquisition. We remain laser focused on continuing to build shareholder value." 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 the president and CEO of Lancaster and is not independent of the company. Lancaster is pleased to announce the successful amendment of certain outstanding unsecured convertible debentures held by existing investors, extending the maturity date to Dec. 31, 2026, revising the interest rate to 12 per cent per annum (calculated annually, not in advance), capitalizing accrued interest into the new principal, and bringing the aggregate amended principal amount to $511,731.10, demonstrating continued investor confidence and strengthening the company's balance sheet, and further announces a financing of up to $500,000 in five-cent units (each consisting of one share and one two-year warrant exercisable at eight cents), with finders' fees of 8 per cent in cash and 8 per cent in warrants payable to certain finders, and no related party participation expected. About Lancaster Resources Inc. Lancaster Resources is a Canadian exploration company advancing a portfolio of critical mineral and gold projects in established mining jurisdictions. The company holds a 100-per-cent interest in the Lake Cargelligo gold project in New South Wales, Australia, covering more than 62,300 hectares with a history of drilling and exploration. In Canada, Lancaster's assets include the Lac Iris polymetallic project and an option to acquire the Trans-Taiga project in Quebec's James Bay region, as well as the Piney Lake gold project and uranium projects at Catley Lake and Centennial East in Saskatchewan's Athabasca basin. Lancaster's diversified land position provides exposure to gold, uranium, polymetallic and lithium exploration opportunities. We seek Safe Harbor.