Ms. Penny White reports

LANCASTER RESOURCES ACQUIRES HIGH-IMPACT URANIUM CLAIMS IN ATHABASCA BASIN

Lancaster Resources Inc. has acquired two high-impact mineral claims in the world-class Athabasca basin. The two claims are targeting high-grade uranium-in-basement and unconformity type deposits. The two properties, called Catley Lake and Centennial East, at 3,036 hectares and 5,081 hectares, respectively, provide significant exploration opportunities. These strategic acquisitions bolster Lancaster's commitment to discovering critical minerals in support of the energy transition.

The Catley Lake and Centennial East mineral claims are located immediately adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca basin. The Centennial deposit, which is approximately 11 kilometres west of Lancaster's Centennial East claim, was the first significant high-concentration uranium deposit located along the Snowbird tectonic boundary. The Centennial deposit has shown assays up to 8.78 per cent U308 (triuranium octoxide) over 33.9 metres below the Athabasca sandstone and Virgin River unconformity from a Cameco drill. Concentrations of U308 up to 25.6 per cent were seen over 0.5 m in a drill hole assay (SMDI-2758).

Approximately 24 km southwest of Lancaster's claims is the Cameco Dufferin deposit. Dufferin has shown assays from drilling up to 1.73 per cent U308 over 6.5 m. The Dufferin deposit also shows numerous intervals of uranium mineralization within the sandstone and unconformity.

Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster's properties.

Lancaster is planning to progress exploration on the claims with new, modern technologies, to identify favourable geology, structures, and corridors that could host high concentrations of uranium.

"We are truly excited to embark on this strategic advancement of LCR to acquire, explore and develop critical mineral opportunities," said Andrew Watson, vice-president of engineering and operations for Lancaster Resources. "With the rapidly increasing demand for clean energy, storage and electrification of our energy systems, adding a clean fuel source like uranium to our exploration pipeline is an ideal step. These assets, in a world-class deposit like the Athabasca basin, in underexplored areas, will allow us to leverage our technical team and partners' modern exploration techniques to find and unlock the next high-concentration unconformity-type uranium deposit in Saskatchewan. Lancaster is continuing to build on our ability to develop and provide critical minerals with uranium to support our lithium projects."

Alkali Flat lithium brine project update

In 2023, Lancaster identified drilling targets for lithium-rich aquifers approximately 150 metres deep and approximately 650 m subsurface as a result of its magnetotelluric geophysics program at its Alkali Flat project in New Mexico. Lancaster is planning a maiden drilling program to commence on permitting approvals. Archeological representatives from the United States Bureau of Land Management (BLM) were on site last week for site review and cultural resources clearance. This review is an essential step in progressing the drilling regulatory process for approval by the BLM and New Mexico Energy, Minerals and Natural Resources Department (EMNRD). Lancaster is actively working with both regulators for drilling approval, which is expected in early Q2 2024.

Mr. Watson, PEng, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is the vice-president of engineering and operations for Lancaster.

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 holds a 100-per-cent interest in the Catley Lalk and Centenniel East Uranium projects in the Athabasca basin in Saskatchewan, Canada. 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. 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.

We seek Safe Harbor.