Ms. Penny White reports

LANCASTER RESOURCES ANNOUNCES RECEIPT OF INTERIM ORDER FOR NELSON LAKE SPIN-OFF

On Feb. 2, 2024, the Supreme Court of British Columbia granted an interim order to Lancaster Resources Inc. in connection with the proposed spinoff of Nelson Lake Copper Corp. by Lancaster by way of plan of arrangement. For further information on the arrangement and the arrangement agreement, please refer to Lancaster's news release dated Jan. 30, 2024.

The interim order, among other things, directs Lancaster to call and hold a special meeting of the holders of Lancaster common shares in accordance with the Business Corporations Act, British Columbia, to pass a special resolution to approve the arrangement. In accordance with the interim order, the meeting will be held at 10 a.m. (Vancouver time), March 15, 2024, at the offices of the company.

The record date for determining the shareholders entitled to receive notice and to vote at the meeting was the close of business on Feb. 5, 2024, as was described in the company's press release dated Jan. 30, 2024.

In connection with the meeting, the company will mail an information circular, together with related proxy materials to shareholders in accordance with applicable securities laws. The meeting materials will also be available on SEDAR+ under Lancaster's profile.

To be effective, the arrangement must be approved by a special resolution passed at the meeting by at least two-thirds of the votes cast at the meeting in person or by proxy by the shareholders.

If all necessary approvals are obtained, the company expects that the arrangement will close in March, 2024.

About Lancaster Resources Inc.

Lancaster Resources is engaged in exploring critical minerals. Its Alkali Flat lithium project, in Lordsburg, N.M., United States, involves the exploration of a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce net-zero lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation and artificial-intelligence-driven predictive modelling services for the exploration of lithium, uranium, rare-earth elements (REE) and other critical minerals

Lancaster's project portfolio includes rights to acquire the Trans-Taiga lithium property located within the James Bay lithium district of Quebec and the Nelson Lake copper project in Saskatchewan, Canada, held through its subsidiary Nelson Lake Copper Corp. Lancaster is in the process of divesting a majority of its ownership in Nelson Lake through a spinoff transaction. 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 exploration projects across Canada, the American West, Mexico and South America.

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