Lancaster Resources Announces Closing Conditions Met for Lake Cargelligo Acquisition

Core Viewpoint - Lancaster Resources Inc. has received approval to acquire the Lake Cargelligo Gold Project and has completed a $400,000 private placement financing, expecting the acquisition to close imminently [1][2]. Acquisition Terms - Lancaster will acquire a 100% interest in the Lake Cargelligo Gold Project with no finders' fees payable [2]. - The vendors will retain a 2% net smelter returns (NSR) royalty on all mineral production, with Lancaster having the option to repurchase 1% of the NSR for $2,000,000 [3]. - Lancaster must incur $400,000 in exploration expenditures within 12 months of closing, with a second optional work commitment of $3,000,000 over 36 months [4]. Milestone Payments - Milestone payments totaling up to $3.68 million are structured as follows: - $10,000 in cash at closing - $30,000 upon completion of the first geophysics program - $50,000 on commencement of the first drill program - $50,000 upon raising $1,000,000 post-closing - $50,000 upon receipt of conditional ASX listing approval - $500,000 on a NI 43-101 or JORC-compliant 1Moz gold resource - $1,000,000 on a NI 43-101 or JORC-compliant PEA for a 1Moz resource - $2,000,000 on a NI 43-101 or JORC-compliant PFS for a 1Moz resource [6]. Project Highlights - The Lake Cargelligo Gold Project covers 28,768 hectares with over 25 km of prospective strike and three primary target zones [5]. - Historical sampling results include high-grade findings of up to 204 g/t Au and 273 g/t Ag from rock chips, and up to 16m at 5.83 g/t Au and 7.20 g/t Ag from channel sampling [5]. Company Overview - Lancaster Resources Inc. is focused on advancing a diversified portfolio of critical mineral and precious metal assets, including the Piney Lake Gold Project and uranium exploration projects in Saskatchewan, as well as the Alkali Flat Lithium Project in New Mexico [8].