Lancaster Resources Provides Exploration Update for Lake Cargelligo and Corporate Update

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - Lancaster Resources Inc. (CSE: LCR) (OTC Pink: LANRF) (FSE: 6UF0) ("Lancaster" or the "Company"), as previously announced, has completed the additional land acquisition at Lake Cargelligo. The Exploration Licence, EL9880, added an additional ~33,400ha of land base immediately adjacent to the original Lake Cargelligo property. The total combined claims are ~62,300ha.

2026 Exploration Program Update

Lancaster is also continuing to advance exploration at both the Lake Cargelligo Gold & Silver project in Australia and the Lac Iris polymetallic project in Quebec.

Since acquiring the Lake Cargelligo project in 2025, Lancaster has rapidly advanced its geological understanding through technical studies, field reconnaissance, geochemical sampling, property expansion, and geophysical targeting initiatives.

The Project has evolved from an initial 28,768-hectare Exploration License in spring 2025 into a district-scale land package covering approximately 62,300 hectares, positioning Lancaster to explore multiple gold-silver (Au-Ag) systems across a large and underexplored mineralized corridor.

With historical rock chips showing grades of up to 204 g/t Au and 273 g/t Ag^[1] and recent Lancaster assays up to 31.5 g/t Au and 114 g/t Ag^[2], the opportunity for Lancaster to identify a district-scale Au-Ag discovery in one of Australia's premier mining jurisdictions is significant. Approximately 75 km of prospective granite-sedimentary contact occurs within Lancaster's tenure with much of this zone unexplored due to widespread but thin sand cover.

Work completed by Lancaster to date has allowed the Company to create a comprehensive exploration program that includes significant geophysical surveying and additional mapping and sampling to identify priority targets for high-impact drilling.

Of highest priority to advance drill targeting, Lancaster has designed an induced polarization (IP) survey over the Greater Josephine Moulder prospect. This area, which covers >500 ha including >3 km of prospective granite-sedimentary contact including the 400m long Josephine Moulder vein-breccia outcrop, will include three gradient array IP grids (GAIP) and a minimum of five pole-dipole IP (PDIP) section lines.

IP surveying will measure bedrock conductivity, resistivity, and chargeability over the survey area aiming to identify the presence of sulfide accumulations and/or quartz veining in the near surface to approximately 300-400m depth. Should such features be identified, they would rank as high-priority drill targets.

In addition to IP surveying, the Company is reviewing options to acquire high-resolution magnetic data that will aid structural interpretation and assist drill targeting by identifying zones of hydrothermal alteration. Magnetic surveying could include high-resolution airborne magnetics-radiometrics over a large portion of the Project hosting the c. 75km of prospective granite-sedimentary strike. Alternatively, ultra high-resolution drone magnetics may be undertaken over the Greater Josephine Moulder and Greater Avoca prospects.

While airborne magnetics-radiometrics would allow exploration to advance over much larger areas of the Project, the ultra high-resolution drone magnetic option would result in a quality dataset to expedite initial drilling by Lancaster at its priority prospects. Drone magnetics over both the Greater Josephine Moulder and Greater Avoca prospects would, collectively, cover >4,000ha and allow drill targeting over >12km of highly prospective granite-sedimentary strike.

Additional campaigns of geological mapping and sampling are planned by Lancaster over newly identified prospects resulting from the 2025 work programs. This work is planned to occur in parallel with IP and magnetic surveying and progression of drill approvals. Lancaster looks forward to its initial drill campaign at Lake Cargelligo and anticipates this will include follow up drilling of historical results at Josephine Moulder and first pass tests of new targets that are expected to be defined by the Company's proposed geophysical surveying.

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Corporate Update

Lancaster continues efforts to close the previously announced financing. The Company has received subscription agreements and subscription funds for an initial tranche of the private placement. While financing conditions for junior resource issuers remain challenging, the Company remains optimistic about closing the private placement.

The Company expects financial and audit work to be completed in mid July.

Effective June 22, 2026, Mr. Rob Heaslop has resigned from the Company's Board of Directors. The Company thanks Mr. Heaslop for his efforts in supporting and guiding Lancaster.

The Company has also decided not to continue exploration at the Catley Lake and Centennial East Uranium assets in the Athabasca Basin. These mineral claims have been relinquished back to the Province of Saskatchewan. No further costs or exploration are expected.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Andrew Watson, P.Eng., President & CEO 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 a Director and the President and CEO of Lancaster and is not independent of the Company.

Sampling and Historical Data: Rock chip and grab samples referenced in this news release are selective by nature and the grades reported (including up to 204 g/t Au and 273 g/t Ag from historical sampling and up to 31.5 g/t Au and 114 g/t Ag from recent Company sampling) are not necessarily representative of the mineralization across the Company's properties. The historical results were compiled from the noted references and have not been independently verified by the Company's Qualified Person; they should not be relied upon as an indication of the mineralization or exploration potential of the Company's properties and are not treated as current mineral resources or mineral reserves.

About Lancaster Resources Inc.

Lancaster Resources Inc. is a Canadian exploration company advancing a diversified portfolio of gold and silver exploration projects in established mining jurisdictions. The Company holds a 100% interest in the Lake Cargelligo Gold Project in New South Wales, Australia, which is prospective for both gold and silver mineralization, covering approximately 62,300 hectares with a history of drilling and exploration and multiple high-priority targets. In Canada, Lancaster's assets include the Lac Iris Polymetallic Project in Quebec's James Bay region and the Piney Lake Gold Project in Saskatchewan. Lancaster's portfolio provides exposure to gold, silver, and polymetallic exploration opportunities across tier-one jurisdictions.

The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian securities legislation. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated", "targeting", "intends" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information.

In particular, this news release contains forward-looking information relating to: the expected closing of the private placement and the anticipated use of proceeds therefrom; the expected timing and scope of the Company's exploration programs at Lake Cargelligo and Lac Iris, including geophysical surveys, drilling applications and LiDAR programs; the anticipated timing for drill readiness at Lake Cargelligo; and the Company's ability to raise capital, retain key personnel, and identify, acquire, explore and develop mineral properties.

Such forward-looking information is based on a number of material assumptions, including, without limitation: the Company's ability to complete the private placement on the terms described herein; receipt of all necessary regulatory and stock exchange approvals; the availability of equipment, qualified personnel and contractors to conduct planned exploration activities; the ability to obtain land access agreements with stakeholders and landowners; the continued validity of the Company's mineral tenure and exploration licences; general economic and market conditions; and the accuracy of current exploration data and geological interpretations.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such information, including, without limitation: the Company may not complete the private placement on the terms described or at all; securities regulatory and stock exchange approvals may not be obtained; the Company may not be able to negotiate satisfactory land access agreements; exploration results may not be as anticipated; mineral exploration is inherently uncertain and there is no assurance that any mineralization will be discovered or economically viable; the Company has limited operating history and may require additional financing; fluctuations in commodity prices, foreign exchange rates and capital markets; changes to applicable laws or regulations; and other risks described in the Company's public filings available on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

[1] Sources include: (1) Carpentaria Exploration Ltd., 2014 Annual Report for EL8095; (2) Aberfoyle Exploration Pty Ltd., First and Final Report for EL1770, June 1982; (3) Lachlan Resources N.L., First Six-Month Progress Report for EL2914; and (4) MinView database from the Geological Survey of NSW (https://www.resources.nsw.gov.au/geological-survey/minview).

^[2] https://lancaster-resources.com/lancaster-resources-rock-assay-results-from-lake-cargelligo-gold-project/ (Sept 24, 2025)

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Source: Lancaster Resources Inc.