Announcement • Mar 11
Lancaster Resources Inc. announced that it expects to receive CAD 0.8 million in funding Lancaster Resources Inc. announced a non-brokered private placement of 16,000,000 common shares at an issue price of CAD 0.05 for total aggregate gross proceeds of CAD 800,000 on March 10, 2026. Finders' fees of up to 8% cash may be paid to qualified finders in connection with the offering. All securities issued as part of the offering will be subject to a statutory hold period of four months and one day from the issuance date. Closing of the offering is expected to take place on March 27, 2026. New Risk • Feb 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.2m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-CA$653k). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.33m market cap, or US$3.16m). Announcement • Jan 23
Lancaster Resources Inc. Reports Results from Lake Cargelligo Gold Project in New South Wales, Australia Lancaster Resources Inc. reported results from recent field work at its 100% owned Lake Cargelligo Gold Project in New South Wales, Australia. Field work 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. Extensive Strike Length: 75km of prospective granite-sedimentary contact strike length within Lancaster's tenure, which is largely unexplored, with recent field work undertaken at the Greater Josephine Moulder, Greater Avoca, and LiDAR Targets 1-4 (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 g/t Au and 1.6g/t Au respectively1 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 >1.25km of strike that was not previously recognized. Josephine Moulder Expands Northwards: Follow up reconnaissance of historical geochemical Au-Ag-Te-Bi-As-Mo-Sb auger anomalies identified evidence of widespread quartz veining and hydrothermal alteration, significantly expanding the Greater Josephine Moulder prospect, where a geochemical footprint now extends over >2km of strike. 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 31.5g/T-Au and 114g/T-Ag3 along with highly anomalous pathfinder geochemistry. W widespread quartz veining and hydroThermal alteration observed at Josephine Moulder North proximal to historical multi-element auger anomalies during recently completed field work. Proposed phase 1 gradient array (GAIP) and pole-dipole (PDIP) induced polarization survey to provide resistivity, conductivity, and chargeability measurements over 3.2km of strike to assess quartz veins and/or sulfide accumulations to assist drill hole targeting. Concurrent planning of a reverse circulation drill program at the main Josephine Moulder vein (15-20 RC holes on 60 x 80m grid over ~365m strike length) to allow comparison with historical percussion and diamond drill intercepts, undertake initial metallurgy test work, and advance resource modelling studies. Greater Avoca. 17 new rock chips collected with assay results expected in 2 to four weeks. Limited historical rock chip sampling with a peak of 3.66g/t Au focused on the old Avoca line of shallow workings that were up to 13m deep and spread along a 250m trend5. Lancaster reconnaissance in August 2025 identified a new zone of quartz veinletting ~800m north of the Avoca workings that returned highly anomalous results up to 0.2g/t Au, 12ppm Bi, 85ppm As, and 130ppb Te 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 >1.25 km of strike, with this new area being the largest zone of veining recognized at the project to date. The northeast 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. 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. 
