Mr. Andrew Watson reports

LANCASTER RESOURCES FIELD TRIP RESULTS FROM LAKE CARGELLIGO GOLD PROJECT

Lancaster Resources Inc. has released results from recent fieldwork at its 100-per-cent-owned Lake Cargelligo gold project in New South Wales, Australia.

Fieldwork undertaken in December, 2025, included meetings with landowners to advance access agreements and geological mapping and rock chip sampling of new prospect areas that were guided by interpretation of lidar data as previously announced.

Field trip highlights:

• Landowner agreements advancing: multiple landowners met in person, with significant progress made for access agreements to facilitate geophysical and drilling programs;
• Extensive strike length: 75 kilometres of prospective granite sedimentary contact strike length within Lancaster's tenure, which is largely unexplored, with recent fieldwork undertaken at the Greater Josephine Moulder, Greater Avoca and lidar targets 1 to 4 (LT1-4);
• Multiple vein systems: extensive areas of newly mapped veins at the Greater Avoca and Josephine Moulder North prospects, where limited historical rock chip sampling returned up to 3.66 grams per tonne gold and 1.6 g/t Au, respectively, as well as encouraging geological observations from the accessible portions of LT1;
• New vein system discovered at Greater Avoca: follow-up mapping of company reconnaissance rock chip sampling in August, 2025, has identified a large new vein system subcropping/outcropping over greater than 1.25 km of strike that was not previously recognized;
• Josephine Moulder expands northward: follow-up reconnaissance of historical geochemical gold-silver-tellurium-bismuth-arsenic-molybdenum-antimony auger anomalies identified evidence of widespread quartz veining and hydrothermal alteration, significantly expanding the Greater Josephine Moulder prospect, where a geochemical footprint extends over greater than two km of strike;
• Refined exploration programs developing: multiple, high-impact exploration programs are being considered across the project to include further geological mapping and sampling, detailed airborne magnetic surveying and expanded lidar coverage, ground-based induced polarization surveying, resource drilling at Josephine Moulder, and reconnaissance drilling at other targets.

Target prospects

Initial focus by Lancaster at Lake Cargelligo is on the Greater Josephine Moulder prospect, where historical exploration of an outcropping quartz vein breccia has identified a large-scale, multielement anomalous geochemical footprint over greater than two km of strike occurring proximally to a granite sedimentary contact.

Minimal historical exploration has occurred beyond the 400-metre-long outcropping portion of the Josephine Moulder vein, with only limited rock chip sampling (three samples) reported across the Josephine Moulder North auger geochemical anomaly that returned encouraging results up to 1.6 g/t Au.

Similarly, very limited exploration has been undertaken elsewhere along the strike-extensive granite sedimentary contact, with much of the prospective contact lying under partial, shallow cover. Minor rock chip sampling is reported at the historical Avoca line of workings 12 km north of Josephine Moulder, with a peak result of 3.66 g/t Au.

Recent geological mapping and rock chip sampling at the project by Lancaster followed up historical geochemical anomalies, company observations made during initial reconnaissance in August, 2025, and interpretation of lidar data that indicated the occurrence of additional historical workings and outcropping quartz veins.

The company remains highly focused on assessing the Lake Cargelligo project in a holistic manner, principally for large-scale gold-silver mineralization, as well as for tin-tungsten enrichment. Lancaster intends to undertake detailed airborne magnetic and extensional lidar surveying over a large portion of the project tenure to advance exploration of the prospective granite sedimentary contact while concurrently advancing prospect-scale geophysical surveying and drilling. In support of these programs, an in-depth review of existing geophysical data and targeting study by an expert, independent consultancy is nearing completion.

Greater Josephine Moulder prospect:

• 18 new rock chip samples collected with assay results expected in two to four weeks;
• Previous Lancaster rock chips at Josephine Moulder and Josephine Moulder East (reported October, 2025) returned up to 31.5 g/t gold and 114 g/t silver along with highly anomalous pathfinder geochemistry;
• Widespread quartz veining and hydrothermal alteration observed at Josephine Moulder North proximal to historical multielement auger anomalies during recently completed fieldwork;
• Proposed phase 1 gradient array and pole-dipole induced polarization survey to provide resistivity, conductivity and chargeability measurements over approximately 3.2 kilometres of strike to assess quartz veins and/or sulphide accumulations to assist drill hole targeting;
• Concurrent planning of a reverse circulation drill program at the main Josephine Moulder vein (15 to 20 RC holes on 60-by-80-metre grid over approximately 365-metre strike length) to allow comparison with historical percussion and diamond drill intercepts, undertake initial metallurgy testwork, and advance resource modelling studies.

Greater Avoca:

• 17 new rock chips collected with assay results expected in two to four weeks;
• Limited historical rock chip sampling with a peak of 3.66 g/t Au focused on the old Avoca line of shallow workings that were up to approximately 13 m deep and spread along a 250-metre trend;
• Lancaster reconnaissance in August, 2025, identified a new zone of quartz veinletting approximately 800 m north of the Avoca workings that returned highly anomalous results up to 0.2 g/t gold, 12 parts per million bismuth, 85 ppm arsenic and 130 parts per billion tellurium with this zone recognized as warranting further work;
• Recent follow-up geological mapping by the company has significantly extended this zone and resulted in discovery of a large, new quartz vein system subcropping/outcropping discontinuously over greater than 1.25 km of strike, with this new area being the largest zone of veining recognized at the project to date;
• The northeastern portion of the vein system is dominated by white, milky quartz occurring as discontinuous zones of weak to moderate veinlet to network zones that locally swell to more coherent veins and breccias;
• The southwestern portion of the vein system consists of massive, brecciated and comb style textures with increasing content of iron oxides weathered from ex-sulphide and ex-carbonate minerals;
• Outcrop styles, quartz textures and vein mineralogy suggest the surface expression is high level in the northeast and deepens southwest along strike where the system remains open under sand cover toward the granite sedimentary contact;
• Northeast-southwest orientation of veining across Greater Avoca indicates it is controlled by the Lancaster-named Avoca structure and Avoca splay fault, which trend obliquely to the prospective, undercover granite sedimentary contact; notably, the strike-extensive Avoca structure also intersects the northwestern extension of lidar target 1 and may exert a significant structural control on vein occurrence in the larger area;
• Pending rock chip assays, future exploration at Greater Avoca is anticipated to include detailed airborne magnetic and ground-based induced polarization surveying ahead of drill testing.

Refined exploration program

Significant progress was made during the company's second field trip to the project in December, 2025. Increased geological understanding of the mineralization potential at Lake Cargelligo has refined the exploration and drilling programs planned for mid-2026. In-person discussions with supportive landowners were completed, and final documents are being prepared to grant access in support drill approval applications.

The company is currently awaiting geochemical assays results from the recently collected rock chip samples that will help guide priorities for the proposed geophysical surveying program (magnetics and induced polarization) to finalize drilling targets and relevant approval applications.

"The Lancaster team is extremely optimistic with the refined and focused exploration progress made at Lake Cargelligo. In advance of rock chip assays, geological observations support the presence of a series of large-scale quartz veins/breccia that have the potential to host high-grade gold and silver mineralization at the project. They support our exploration model and path forward as we look to unlock district-scale gold and precious metal mineralization. We remain focused on building the value of this highly transformative property," said Andrew Watson, president and chief executive officer of Lancaster Resources.

The samples were taken by the Lancaster Australia team with the aim of confirming historically reported rock chip grades as previously announced and in support of new target areas identified by the company.

Andrew Watson, PEng, president, 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 a director, 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 diversified portfolio of gold and silver exploration projects in established mining jurisdictions. The company holds a 100-per-cent 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, 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 1 jurisdictions.

We seek Safe Harbor.