Lancaster Resources Update on Phase 1 Gold and Silver Exploration Program for Lake Cargelligo Project

Executive Summary

• Lancaster Resources announced its 2026 Phase 1 Exploration and Project Development Program for the Lake Cargelligo Gold Project in New South Wales, Australia.
• The program includes up to 2,500 m of RC drilling at the Josephine Moulder target, extensive ground and airborne geophysical surveys (IP, magnetics‑radiometrics, LiDAR), and expanded geological mapping and surface sampling.
• Historical data highlight high‑grade intercepts (up to 204 g/t Au, 273 g/t Ag) and channel samples (16 m @ 5.83 g/t Au, 20 g/t Ag), supporting the district‑scale gold‑silver potential and prompting further exploration.

Key Details

• Program Scope: 2026 Phase 1 activities aimed at advancing district‑scale gold and silver potential, with ancillary focus on tin and tungsten.
• Historical Assays: Rock samples up to 204 g/t Au and 273 g/t Ag; channel intercepts up to 16 m @ 5.83 g/t Au and 20 g/t Ag from 4,176 geochemical samples.
• Target Highlights:
• Greater Avoca prospect – historic rock‑chip sampling returned up to 3.66 g/t Au.
• Josephine Moulder trend – recent chip sampling up to 31.5 g/t Au and 114 g/t Ag; strong anomalous pathfinder geochemistry (Au‑Ag‑Te‑Bi‑As‑Mo‑Sb).
• Exploration Activities:
• Drilling: Planned ~2,500 m RC drilling program at Josephine Moulder to test historic results, confirm subsurface grades, evaluate geophysical targets, and support resource modelling.
• Geophysics: Ground and airborne surveys (IP, magnetics‑radiometrics, LiDAR) scheduled for Q1‑Q2 2026; designed by Resource Potentials.
• Mapping & Sampling: Property‑scale geological mapping, surface sampling, review of historic mining work, and generation of new Au/Ag/Tin/W targets.
• Permitting & Land Access: Permitting activities commenced in late November 2025 with landowner consultations to align access agreements with the technical program.
• Field Trip (Dec 2025): Second field trip conducted for stakeholder discussions, prospect‑scale mapping, rock‑chip sampling, and LiDAR feature assessment.
• Metallurgical Evaluation: Drill samples will undergo testing to assess processing synergies with nearby operating mines, potentially accelerating cash flow.
• Qualified Person Statement: Andrew Watson, P.Eng., President & CEO (also a Director), has reviewed and approved the scientific and technical information in this release per NI 43‑101.

Notable Quotes

“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 CEO. “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.”