Ms. Dawn Zhou reports

ABASCA RESOURCES ANNOUNCES APPOINTMENT OF JOHN SHMYR AS VICE PRESIDENT, ENGAGEMENT AND comMUNICATIONS AND CLOSING OF $3.0 MILLION PRIVATE PLACEMENT

Abasca Resources Inc. has appointed John Shmyr as vice-president, engagement and communications, and has successfully closed its non-brokered $3.0-million flow-through private placement previously announced on Feb. 13, 2026.

Appointment of John Shmyr as vice-president, engagement and communications

Abasca is pleased to welcome Mr. Shmyr to the executive team. Mr. Shmyr brings over 14 years of specialized experience in mineral exploration, permitting and stakeholder engagement, with a particular focus on Saskatchewan's VMS (volcanogenic massive sulphide) and graphite-prospective regions. He most recently served as vice-president, exploration, for a TSX Venture Exchange-listed Saskatchewan VMS exploration company.

In this new role, Mr. Shmyr will lead Abasca's community engagement initiatives, lead environmental permitting strategies and co-ordinate communications as the company fast-tracks the Loki flake graphite deposit toward the development stage.

"We are delighted to have John join Abasca at this critical juncture. His deep expertise in managing the intersection of technical exploration and community engagement in Northern Saskatchewan will be invaluable. As we transition from mineral discovery to mine development, ensuring strong relationships with local stakeholders, and maintaining best practices and compliance of environmental stewardship are top priorities," stated Dawn Zhou, president and chief executive officer.

Closing of $3.0-million private placement

The company is also pleased to announce that it has closed the non-brokered private placement previously announced on Feb. 13, 2026. Pursuant to the offering, the company has issued 12 million flow-through common shares of the company at a price of 25 cents per FT share to raise gross proceeds of $3.0-million.

Insiders of the company, including certain directors and officers, participated in the offering, namely Dave Billard, Brett Kagetsu, Brian McEwan and Ms. Zhou. Mr. Billard subscribed for 80,000 FT shares, Mr. Kagetsu for 100,000 FT shares, Mr. McEwan for 100,000 FT shares and Ms. Zhou for 630,000 FT shares. In addition, 101159623 Saskatchewan Ltd. (SaskCo), a corporation the shares of which are solely owned by Ms. Zhou, president, CEO and a director of Abasca, subscribed for 2.2 million FT shares. CSIT Consulting Inc., a corporation the shares of which are solely owned by Ms. Zhou, subscribed for 1.4 million FT shares. 9169601 Canada Inc., a corporation 100 per cent of the common shares (including joint ownership) and 100 per cent of the preferred shares are held by Ms. Zhou, subscribed for 3.6 million FT shares. Canada DBD Management Inc., a corporation the shares of which are solely owned by Ms. Zhou, subscribed for 1.8 million FT shares. Mr. Billard, Mr. Kagetsu and Mr. McEwan, Ms. Zhou, SaskCo, CSIT, 9169601 and Canada DBD are each 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 their participation 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 common shares are listed on the TSX-V. 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 from the offering will be used to finance the continuing exploration and development activities at the company's 100-per-cent-owned Loki deposit. This includes the preparation of the upcoming preliminary economic assessment (PEA) and the continuation of the winter drilling program currently under way at the Key Lake South (KLS) project.

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 and development 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 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 (million tonnes) at 7.65 per cent Cg. Please refer to the technical report dated May 29, 2025, with an effective date of April 10, 2025, and titled "Technical Report on the Key Lake South Project with Initial Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada," filed under the company's profile on the SEDAR+ website, for further information about the resource estimate.

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