Ms. Dawn Zhou reports

ABASCA RESOURCES ANNOUNCES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT OF UP TO $1.25 MILLION AND CARRIES OUT SUMMER DRILL PROGRAM AT THE KEY LAKE SOUTH URANIUM PROJECT

Abasca Resources Inc. has arranged a non-brokered private placement of up to five million flow-through units of the company at a price of 25 cents per flow-through unit for gross proceeds to the company of up to $1.25-million.

Each flow-through unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 30 cents for a period of 24 months following the closing date of the offering.

The gross proceeds received from the sale of the flow-through units will be used for exploration programs on the company's Key Lake South (KLS) uranium project.

Finders' fees comprising cash and non-transferable warrants in connection with the offering will be paid, if applicable and subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance.

The company also announces that it initiated a summer drill program in June, 2023, planned for approximately 5,000 metres at the KLS project, continuing initial follow-up on historic drilling at Hart, Campbell and Twin target areas.

The KLS uranium project is situated along the Mudjatik-Wollaston geologic domain boundary, which hosts many of the top-tier uranium deposits, such as McArthur River, Cigar Lake and Eagle Point. It is located 15 kilometres southwest along strike of the past-producing Key Lake uranium deposits known as Key Lake uranium mine. The Key Lake uranium mill continues being in operation and currently processes uranium ores from the McArthur River uranium mine. The KLS project contains over 40 kilometres of highly prospective electromagnetic conductors within three major lithostructural corridors. Located close to the current Athabasca basin sandstone cover, the KLS project is an excellent candidate to hold a basement-hosted uranium deposit similar to Arrow and Eagle Point.

Dawn Zhou, president and chief executive officer, stated: "Abasca is pleased to continue focusing its exploration activities on the more than 10 prospective uranium targets areas at the KLS uranium project. With the close proximity to the past-producing Key Lake uranium mine and success with our winter 2023 program, our team is excited to test the targets at KLS this summer."

Qualified person

The technical information in this news release has been reviewed and approved by Dave Billard, PGeo, a qualified person as set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Billard is a director of Abasca.

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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