Lancaster completes acquisition of Lac Iris project

Executive Summary

• Lancaster Resources Inc. has completed the acquisition of a 100% interest in the Lac Iris polymetallic project in the James Bay region of Quebec.
• The acquisition consists of directly staked mineral claims that have been reviewed and approved by the Quebec mining authority (MRNF), following the rejection of previously shown claims due to technical defects.
• The project adds approximately 694 hectares to Lancaster's portfolio, strategically positioned near the Nisk and Lion discoveries by Power Nickel Inc. and the Li-FT Power Ltd. Rupert Lithium project.

Key Details

• Target Asset: Lac Iris polymetallic project, located in the James Bay region of Quebec.
• Ownership: 100% interest acquired via directly staked mineral claims.
• Claim Status: Claims were reviewed and approved by the Ministere des Ressources naturelles et des Forets (MRNF). The company notes that a map from a June 12, 2025, release is no longer accurate because certain claims were rejected due to technical defects; new claim blocks have since been staked and approved.
• Land Size: Approximately 694 hectares across three packages.
• Strategic Location:
  • Situated 4-5 km north and south of the Nisk and Lion discoveries by Power Nickel Inc.
  • Immediately adjacent to the Li-FT Power Ltd. Rupert Lithium project.
  • Lies along the geological trend hosting the Whabouchi lithium pegmatite deposit and the Nisk polymetallic nickel-copper sulphide deposit.
  • Positioned at the boundary between the La Grande and Opatica subprovinces, a crustal feature known for pegmatites and polymetallic mineralization.
• Portfolio Context: Complements Lancaster's existing option on the Trans-Taiga project in James Bay, uranium and gold projects in Saskatchewan, and the Lake Cargelligo gold project in New South Wales, Australia.
• Qualified Person: Andrew Watson, PEng, President and CEO, has reviewed and approved the scientific and technical information.

Notable Quotes

• "Lancaster is extremely pleased to have acquired these mineral claims. The properties significantly boost our exploration prospects in James Bay," said Andrew Watson, president and chief executive officer of Lancaster Resources. "This acquisition supports Lancaster's push for precious metal discoveries, alongside our Lake Cargelligo acquisition, as we continue to build shareholder value."