Lancaster Resources Inc. agreed to Spin-Off unknown majority interest in Lake Copper property in Saskatchewan, Canada on January 3, 2024. On January 29, 2024, Lancaster Resources Inc. entered into an arrangement agreement to spin off 57% stake in Lake Copper property in Saskatchewan, Canada. Lancaster Shareholders holding shares as of the Record Date will receive shares in Nelson Lake Copper Corp.

in addition to shares held in Lancaster Resources. Shareholders of Lancaster as of January 9, 2024, will be eligible to receive Dividend Shares at a distribution ratio of one Dividend Share for every 50 Lancaster shares held. As of January 8, 2024, the record date has been revised to February 5, 2024.

the Completion of the spin-off transaction is conditional upon the parties entering into an Arrangement Agreement and a Plan of Arrangement, completing an audit of the financial statements of Nelson Lake, completing a 43-101 Technical Report of the Nelson Lake Copper Project and obtaining approvals of the British Columbia Supreme Court and of the shareholders of Lancaster. The spin-off transaction will not affect the shareholdings of Lancaster common shares and there will be no change in the corporate structure of Lancaster. Approximately 1,000,000 common shares of Nelson Lake will be distributed to Lancaster shareholders at the closing of the transaction.

Shareholders meeting is expected to be held on March 15, 2024. Transaction is expected to close on March 22, 2024. As of February 2, 2024, the transaction is approved by Supreme Court of British Columbia.

If all necessary approvals are obtained, the Company expects that the Arrangement will close in March 2024. As of March 19, 2024, Lancaster shareholders approve spinoff of Nelson Lake. On March 25, 2024, British Columbia Supreme Court has approved the transaction.

Endeavor Trust Corporation acted as a transfer agent.