Lancaster Resources Announces Closing Conditions Met for Lake Cargelligo Acquisition
VANCOUVER, British Columbia, May 30, 2025 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF) (FRA:6UF0) ('Lancaster'), is pleased to announce it has received approval from the Canadian Securities Exchange to complete the acquisition of the Lake Cargelligo Gold Project and has today completed the $400,000 non-brokered private placement financing as announced on April 23, 2025, which was fully subscribed. With all key conditions met, Lancaster expects the acquisition to close imminently.
Lake Cargelligo Gold Project Highlights:
District-scale opportunity: 28,768 hectares in a single, contiguous claim with over 25 km of prospective strike and three primary target zones.
High-grade results: Historical sampling includes results up to 204 g/t Au and 273 g/t Ag from rock chips, and up to 16m @ 5.83 g/t Au and 7.20 g/t Ag from channel sampling.1
Acquisition Terms
Under the terms of the definitive agreement, Lancaster will acquire a 100% interest in the Lake Cargelligo Gold Project. The total consideration for the acquisition is payable as follows:
$10,000 in cash at closing;
10,000,000 common shares with voluntary resale restrictions, released over a 24-month period in staged tranches starting four months after closing.
No finders' fees are payable in connection with the acquisition.
The vendors will retain a 2% net smelter returns (NSR) royalty on all mineral production. Lancaster may repurchase 1% of the NSR for $2,000,000. The remaining 1% is subject to a repurchase right at fair market value based on a discounted cash flow valuation.
Lancaster must incur $400,000 in exploration expenditures within 12 months of closing as an initial work commitment. Failure to do so, after a 60-day cure period, allows the vendors to reacquire the Project for $10,000. A second work commitment of $3,000,000 over 36 months is optional, with similar cure rights for the vendors to reacquire the Project for $50,000.
Milestone payments of up to $3.68 million are payable as follows:
$30,000 on completion of the first geophysics program;
$50,000 on commencement of the first drill program;
$50,000 upon raising $1,000,000 post-closing;
$50,000 upon receipt of conditional ASX listing approval;
$500,000 on a NI 43-101 or JORC-compliant 1Moz gold resource;
$1,000,000 on a NI 43-101 or JORC-compliant PEA for a 1Moz resource;
$2,000,000 on a NI 43-101 or JORC-compliant PFS for a 1Moz resource.
Management Commentary
'With gold reaching record highs and demand remaining robust, we believe Lake Cargelligo is a timely and strategic addition to our portfolio,' said Lancaster CEO Andrew Watson. 'Our team is preparing a Phase 1 exploration program for Summer/Fall 2025 aimed at unlocking the Project's excellent geological and geochemical potential.'
All exploration results are historical in nature and have not been verified by a Qualified Person under NI 43-101. The Company considers these results relevant for exploration purposes but not necessarily indicative of mineralization on the property.
Andrew Watson, P.Eng., President and CEO and a Director of the Company, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Watson has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is not independent of the Company.
About Lancaster Resources Inc.
Lancaster Resources Inc. is a Canadian exploration company focused on advancing a diversified portfolio of critical mineral and precious metal assets. The Company holds a 100% interest in the Piney Lake Gold Project in Saskatchewan and maintains additional uranium exploration projects at Catley Lake and Centennial East in the Athabasca basin, Saskatchewan, as well as the Alkali Flat Lithium Project in New Mexico. Lancaster has also signed a definitive agreement to acquire the Lake Cargelligo Gold Project in New South Wales, Australia.
Andrew Watson, President & Chief Executive Officer, Lancaster Resources Inc.info@lancasterlithium.com Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster's future performance. The use of any of the words 'could', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, ability to complete the acquisition of the Lake Cargelligo Gold Project, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
1 Sources include: (1) Carpentaria Exploration Ltd., 2014 Annual Report for EL8095; (2) Aberfoyle Exploration Pty Ltd., First and Final Report for EL1770, June 1982; (3) Lachlan Resources N.L., First Six-Month Progress Report for EL2914; and (4) MinView database from the Geological Survey of NSW (https://www.resources.nsw.gov.au/geological-survey/minview).Sign in to access your portfolio
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