Lancaster Resources Clarifies News Release

Core Viewpoint - Lancaster Resources Inc. is clarifying its acquisition of the Lac Iris Polymetallic Project and providing updates on its exploration activities across various properties, focusing on gold, lithium, and uranium projects in Canada and Australia [1][3][16]. Group 1: Lac Iris Polymetallic Project - The Lac Iris project spans approximately 1,443 hectares and is located along the geological trend of the NISK polymetallic high-grade nickel-copper sulphide deposit, indicating its potential for polymetallic exploration [2]. - The acquisition of the Lac Iris project was completed through online staking using Quebec's Mining Title Management system, with titles pending provincial mining title review [3]. - Lancaster is collaborating with KorrAI to utilize hyperspectral imaging and conduct geological and geochemical programs to identify polymetallic and lithium-rich areas, aiming to construct detailed geological maps and evaluate high-value metals content [4]. Group 2: Lake Cargelligo Gold Project - The Lake Cargelligo Gold project covers over 28,768 hectares and has multiple historical high-grade gold and silver occurrences, with rock chip sampling results showing up to 204 g/t Au and 273 g/t Ag [5]. - Lancaster has initiated discussions with local stakeholders to expedite approvals, aiming to start exploration programs in Q3 2025 [6][7]. - The exploration program will focus on confirming previously reported gold and silver concentrations, with plans for detailed geological mapping and a targeted geophysical program to support follow-up drilling [7]. Group 3: Other Projects - Lancaster holds a 100% interest in the Trans-Taiga property in the James Bay lithium district and is exploring joint field programs with the Lac Iris project to optimize capital and confirm opportunities [8]. - The company also owns the Catley Lake and Centennial East uranium projects in Saskatchewan, adjacent to the Cameco Centennial deposit, which has notable uranium concentrations [9][10]. - The Piney Lake Gold Project in Saskatchewan has historical geochemical samples indicating significant gold showings, with concentrations of 7.55 g/T Au and 41.35 g/T Au reported [12]. Group 4: Management Commentary - The CEO of Lancaster expressed excitement about the Lake Cargelligo acquisition, emphasizing the acceleration of exploration programs and the potential for significant exploration results [13].