Lancaster completes acquisition of Lac Iris project

Mr. Andrew Watson reports LANCASTER RESOURCES COMPLETES ACQUISITION OF LAC IRIS POLYMETALLIC PROJECT Lancaster Resources Inc. has acquired a 100-per-cent interest in the Lac Iris polymetallic project in the James Bay region of Quebec through directly staked mineral claims that have been reviewed and approved by the Quebec mining authority, Ministere des Ressources naturelles et des Forets (MRNF). Acquisition highlights Strategic location: The Lac Iris properties are situated just four to five kilometres north and south of the Nisk and Lion discoveries by Power Nickel Inc., and are immediately adjacent to the Li-FT Power Ltd. Rupert Lithium project. Significant land package: The acquisition adds approximately 694 hectares across three packages and complements Lancaster's existing option on the Trans-Taiga project in James Bay. Prospective geology: The project lies along the geological trend hosting the Whabouchi lithium pegmatite deposit and the Nisk polymetallic nickel-copper sulphide deposit, and is positioned at the boundary between the La Grande and Opatica subprovinces -- a deep-seated crustal feature known for pegmatites and polymetallic mineralization. Diversified portfolio growth: Expands Lancaster's exploration footprint in James Bay, while complementing its uranium and gold projects in Saskatchewan and its recently completed Lake Cargelligo gold project in New South Wales, Australia. "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." Lancaster discloses that the map contained in the June 12, 2025, news release is no longer accurate. Certain claims previously shown were rejected by the provincial government due to a technical defect. Lancaster has since directly staked new claim blocks, which have been reviewed and approved by the Quebec mining authority MRNF. The proximity of the Lac Iris property to adjacent or nearby mineral properties, including the NISK project and the Whabouchi mine, is not necessarily indicative of the mineralization on the Lac Iris property. There is no certainty that exploration on the Lac Iris property will result in similar discoveries or resource estimates. 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 chief executive officer of Lancaster and is not independent of the company. 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 28,768 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.