Ms. Penny White reports

LANCASTER RESOURCES ANNOUNCES FINANCING

Lancaster Resources Inc. is offering a non-brokered private placement for aggregate gross proceeds of up to $200,000. The offering will consist of up to four million units at an issue price of five cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the company at an exercise price of eight cents per share for a period of three years.

The proceeds from the private placement will be used for exploration at the Alkali Flat lithium brine project in New Mexico, marketing publicity, additional property acquisitions and exploration, renewable energy and DLE (direct lithium extraction) testing and development, salaries, consulting fees, travel expenses, and debt settlement.

Finders' fees of up to 8 per cent cash and 8 per cent warrants may be paid to 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 Jan. 31, 2024.

About Lancaster Resources Inc.

Lancaster Resources is engaged in exploring critical minerals to take advantage of the global shift toward decarbonization and electrification. Lancaster has rights to acquire 100 per cent of the Alkali Flat lithium project, near Lordsburg, N.M., United States, a set of claims approximately 5,200 acres (8.1 square miles) in size that Lancaster is exploring for concentrated subsurface lithium brine deposits. Lancaster's vision is to produce net zero lithium using direct lithium extraction technology powered by solar or geothermal energy.

Lancaster also holds the rights to a 100-per-cent interest in the Trans-Taiga lithium property located within the James Bay lithium district of Quebec and lying on the same geological trend as significant lithium discoveries, including Patriot Metals' Corvette property. Lancaster plans to conduct exploration activities with a holistic view of stakeholder interests. Guiding Lancaster Resources' journey is a skilled management and technical team with collective involvement in over 15 commercial mineral discoveries, and endowed with extensive experience in the creation of lithium brine targets, and the exploration and development of lithium projects across Canada, the American West, Mexico and South America.

We seek Safe Harbor.