Ms. Dawn Zhou reports

ABASCA RESOURCES ANNOUNCES CLOSING ITS PRIVATE PLACEMENT

Abasca Resources Inc. has closed the non-brokered private placement previously announced on Sept. 8, 2025. Pursuant to the private placement, the company has issued 15,625,000 flow-through common shares at a price of 16 cents per FT share to raise gross proceeds of $2.5-million.

101159623 Saskatchewan Ltd. (SaskCo), a corporation solely owned by Dawn Zhou, president, chief executive officer and a director of Abasca, subscribed for five million FT shares. CSIT Consulting Inc., a corporation solely owned by Ms. Zhou, subscribed for 3,625,000 FT shares. 9169601 Canada Inc., whose preferred shares are held by Ms. Zhou, subscribed for five million FT shares. Ms. Zhou is a related party to the company within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) of the Canadian Securities Administrators, and the participation of SaskCo, CSIT and 9169601 in the offering each 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 Venture Exchange. The company is also exempt from the minority approval requirement pursuant to Subsection 5.7(1)(b) of MI 61-101 on the basis that: (i) the common shares are listed on the TSX-V; (ii) at the time the transaction was agreed to, neither the fair market value of the FT shares distributed under the offering, nor the consideration to be received for those FT shares, insofar as the transaction involves the related parties, exceeds $2.5-million; (iii) the company has more than one independent director; and (iv) at least two-thirds of the independent directors of the company approved the offering.

The gross proceeds received from the sale of the FT shares will be primarily used for completing the 2025 summer drilling program, which is focused on upgrading the resource estimate at the company's 100-per-cent-owned Loki Flake graphite deposit situated on the company's Key Lake South 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 project, 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 the past Key Lake mine with prospective conductors of over 50 kilometres for potential uranium mineralization. KLS is also host to the Loki Flake graphite deposit comprising a total inferred resource of 11.31 million tonnes at 7.65 per cent graphitic carbon. Please refer to the technical report titled "Technical Report on the Key Lake South Project with Initial Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada," dated May 29, 2025, filed on the SEDAR+ website and on the company's website, for further information about the resource estimate.

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