Ms. Dawn Zhou reports

ABASCA RESOURCES ENGAGES RED CLOUD SECURITIES AND CLOSES THE NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT

Subject to regulatory approval, Abasca Resources Inc. has engaged Red Cloud Securities Inc. to provide market-making services to the company in compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

Under the agreement, the company will pay Red Cloud $5,000 per month during the initial term of three months starting June 15, 2023. The term of the agreement can be extended upon 30 days of written notice from Abasca. The company and Red Cloud have an arm's-length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of Abasca. The agreement is principally for the purposes of maintaining market stability and liquidity for the company's common shares. It is not a formal market-making agreement and no performance factors are contained in the agreement. Red Cloud will not receive any shares or options from the company as compensation for the services that it will render.

Abasca has closed its $1-million non-brokered private placement of two million flow-through units of the company at a price of 50 cents per FT unit, as previously announced in its news release of May 30, 2023. Each FT unit consisted of one common share of the company, issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase one non-flow-through common share of the company at a price of 60 cents for a period of 24 months, expiring on June 21, 2025. All securities issued in connection with the offering have a four-month hold period, expiring on Oct. 22, 2023.

A corporation controlled by Dawn Zhou, a director of the company, subscribed for the full offering and acquired two million FT units. Ms. Zhou is a related party within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, and the offering thereby constituted a related party transaction under MI 61-101. The company is exempt from the formal valuation requirement, pursuant to Subsection 5.5(b) of MI 61-101, on the basis that the securities of the company are listed or quoted on the TSX-V. The company is also exempt from the minority shareholder approval requirement, pursuant to Subsection 5.7(1)(b) of MI 61-101, on the basis that: (i) the common shares of the company are listed on the TSX-V; (ii) at the time the transaction was agreed to, neither the fair market value of the FT units distributed under the offering nor the consideration to be received for those FT units, insofar as the transaction involves the related party, exceeds $2.5-million; (iii) the company has more than one independent director; and (iv) at least two-thirds of the directors of the company approved the offering.

No finders' fees were paid with respect to the offering.

The gross proceeds of $1-million received from the sale of the FT units will be used for exploration programs on the company's Key Lake South uranium project.

About Abasca Resources Inc.

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The company owns the Key Lake South uranium project, a 23,977-hectare uranium exploration project located in the Athabasca basin region in Northern Saskatchewan, approximately 15 kilometres south of the former Key Lake mine and current Key Lake mill.

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