Ms. Dawn Zhou reports

ABASCA RESOURCES FILES NI 43-101 TECHNICAL REPORT ON ITS LOKI FLAKE GRAPHITE DEPOSIT CONFIRMING INITIAL RESOURCE ESTIMATE

Abasca Resources Inc. has filed an independent technical report on SEDAR+. The report, prepared in accordance with National Instrument 43-101 (NI 43-101), supports the initial mineral resource estimate (the MRE) for the Loki flake graphite deposit at its 100-per-cent-owned Key Lake South project in Northern Saskatchewan, Canada. The graphite MRE validates the company's belief in the Loki deposit's significant development potential.

Mineral resource highlights

• Total inferred resource: 11.31 Mt (million tonnes) of graphite at an average grade of 7.65 per cent Cg (graphitic carbon);
• Contained graphite: 0.86 Mt;
• Cut-off grade: 2.78 per cent Cg.

The MRE, with an effective date of April 10, 2025, was prepared following the CIM Definition Standards for Mineral Resources and Reserves (May, 2014). It primarily incorporates results from the 2024 summer drill program, which included 20 holes totalling 5,499 metres, as well as resampled holes from 2016 drill cores. The 2024 drilling aimed to establish a mineral resource and lay the groundwork for further expansion in future exploration campaigns, including the company's recent 2025 winter drill program. The Loki deposit remains open at depth and along strike.

Growing electric vehicle sales and activity in the energy storage sectors have significantly increased demand for graphite, in addition to its continuing traditional industrial applications. Graphite is designated as a critical mineral that is vital for economic stability in both Canada and the United States. It is also one of six essential minerals in the Canadian supply chain.

Dawn Zhou, president and chief executive officer of Abasca, commented: "We are strongly encouraged by the exploration results at the Loki deposit. The company looks forward to continuing to demonstrate its potential for shareholder value and to contribute to Saskatchewan's critical minerals strategy."

"We are pleased with the exploration progress and excited to keep advancing the project. The Key Lake South project has a lot of potential to still unlock with many open prospective corridors waiting to be tested," said Brian McEwan, vice-president of exploration.

Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., an independent laboratory accredited under ISO/IEC 17025:2017, for preparation and ICP-MS multielement analysis, boron by fusion as well as total graphite content (per cent Cg) and total sulphur by LECO. Samples were collected in accordance with industry-standard quality assurance/quality control practices and included the insertion of blanks, standard reference materials and repeats into the sample stream at regular intervals. Samples were also collected for in-field and lab density measurements at regular intervals and through the mineralized zones.

The full technical report dated May 29, 2025, with an effective date of April 10, 2024, is titled "Technical Report on the Key Lake South Project with Initial Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada." The report was prepared for Abasca Resources Inc. by Understood Mineral Resources Ltd. (UMR), and can be found under the company's issuer profile at SEDAR+ and on the company's website.

The company also announced that the second and final tranche of its private placement, previously announced on April 22, 2025, is expected to close in the first week of June, 2025. For more information on the Loki flake graphite deposit and an overview of the Key Lake South project, please visit the company's website.

Qualified person

The technical information in this news release has been reviewed and approved by Brian McEwan, PGeo, a qualified person as set out in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. McEwan is the vice-president of exploration at Abasca. The mineral resource estimate presented in this news release was completed by Matthew Batty, PGeo, a qualified person as defined under NI 43-101. Mr. Batty is a geostatistician and the owner of Understood Mineral Resources.

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 project (KLS), a 23,977-hectare 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. The project possesses geological similarities and along strike of past Key Lake mine with prospective conductors of over 50 km for potential uranium mineralization. KLS is also host to the Loki flake graphite deposit comprising a total inferred resource of 11.31 Mt at 7.65 per cent Cg. Please refer to the company's news release dated April 15, 2025, for further information about the resource estimate.

We seek Safe Harbor.