Ms. Penny White reports

LANCASTER RESOURCES COMPLETES UNIT OFFERING

Lancaster Resources Inc. has completed the first tranche of a non-brokered private placement, previously announced on Jan. 19, 2024.

The company has completed the first tranche of the offering with the issuance of 2,125,000 units, each consisting of one share and one warrant to purchase one common share at a price of eight cents for three years after issuance. In connection with the offering, the company paid $2,000 in cash commission to a finder and issued finder warrants to purchase 40,000 shares at eight cents per share for a period of three years.

All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day from the issuance date. The total value of units issued was $106,250, of which $41,250 was conversion of debt. Part of the debt converted was $6,250 for past fees of an officer. Proceeds of the offering will be used for exploration at the Alkali Flat lithium brine project in New Mexico and consulting fees of $38,000.

About Lancaster Resources Inc.

Lancaster (Canadian Securities Exchange: LCR, OTCQB: LANRF and Frankfurt Stock Exchange: 6UF0) is engaged in exploring critical metals to take advantage of the global shift toward decarbonization and electrification. Lancaster has rights to acquire 100 per cent of the Alkali Flat lithium brine project, near Lordsburg, N.M., United States, a set of claims approximately 5,200 acres (8.1 square miles) in size where 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. Lancaster also has a wholly owned subsidiary, Nelson Lake Copper Corp., which owns the Nelson Lake copper project in Saskatchewan, Canada. Lancaster plans to conduct exploration activities with a holistic view of stakeholder interests. Guiding Lancaster's 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.

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