Ms. Penny White reports

LANCASTER RESOURCES ANNOUNCES SHAREHOLDER MEETING RESULTS

Lancaster Resources Inc. has released the results of its annual general and special meeting held on March 15, 2024. At the meeting, the shareholders of the company approved the plan of arrangement previously announced on Jan. 30, 2024, pursuant to which the company will spin off the majority of its ownership in Nelson Lake Copper Corp. by issuing a stock dividend of Nelson Lake common shares to Lancaster shareholders.

A total of 30,037,612 votes, or approximately 99.999 per cent of the votes cast at the meeting, were cast in favour of the special resolution approving the arrangement. The special resolution approving the arrangement was required to be passed by at least two-thirds (66-2/3rds per cent) of the votes cast by shareholders. Details of the voting results will be filed under the company's profile on SEDAR+.

The company will seek a final order approving the arrangement from the B.C. Supreme Court on March 25, 2024. Closing of the arrangement remains subject to court approval. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the arrangement in March, 2024.

Further details regarding the arrangement, including the principal closing conditions and the benefits for the shareholders, can be found in the company's management proxy circular dated Feb. 8, 2024, in respect of the meeting, which can be found under the company's SEDAR+ profile.

A total of 130,403,233 common shares, constituting 58.12 per cent of the company's issued and outstanding common shares, were represented at the meeting. Shareholders voted in favour of all agenda items, which encompassed the appointment of Saturna Group Chartered Professional Accountants LLP as auditor for the forthcoming year and the election of all nominated individuals for the board of directors. Amongst the elected directors were returning board members Penny White, Heather Williamson and Daniel Kang, alongside the newly elected director Stephen Andrew Watson, the company's vice-president of engineering and operations, bringing the total number of directors to four.

The company is also pleased to announce the launch of a 12-month on-line marketing campaign through Agoracom to target new potential investors interested in the company's business model and to engage current shareholders. Leveraging Agoracom's digital network, which garnered over 700 million lifetime page views from 8.9 million investors, the campaign aims to provide exposure to the Lancaster hub, featuring various multimedia assets and real-time updates. Additionally, the company has established a moderated CEO verified discussion forum on Agoracom to facilitate communication with shareholders. The fees for these services amount to $125,000 over a 12-month period.

About Lancaster Resources Inc.

Lancaster (Canadian Securities Exchange: LCR, OTCQB: LANRF and Frankfurt Stock Exchange: 6UF0) is engaged in exploring lithium, uranium and other 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 technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation and artificial-intelligence-driven predictive modelling service exploration.

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. 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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