Ms. Dawn Zhou reports

ABASCA ANNOUNCES FILING OF TECHNICAL REPORT REGARDING POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR THE LOKI FLAKE GRAPHITE DEPOSIT AND PRIVATE PLACEMENT OF $2.25 MILLION

Abasca Resources Inc. has filed an independent technical report containing the preliminary economic assessment (the PEA) on SEDAR+ for the Loki Flake graphite deposit in Saskatchewan, Canada, which the company previously announced on Aug. 19, 2026. The report, entitled "Preliminary Economic Assessment, NI 43-101 Technical Report, for the Loki Flake Graphite Deposit, Key Lake South project, Saskatchewan, Canada," was prepared by Tetra Tech Canada Inc. of Vancouver, B.C., Canada, in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral projects and has an effective date of Aug. 19, 2026.

PEA and mineral resource update highlights -- Loki Flake graphite deposit

• Long-life graphite project: A 2,750-tonne-per-day open-pit mining and processing operation with a 19-year mine life, averaging 66,500 tonnes of graphite concentrate (with an average 95-per-cent grade) produced annually and 1.2 million tonnes of payable graphite over the life of mine. The project's scale and longevity provide exposure to multiple graphite price cycles.
• Positive project economics: Positive economics under the base case graphite price assumptions, generating approximately $662-million (U.S.) in cumulative after-tax free cash flow under the base case.
• Mineral resource update (effective date: April 23, 2026):
  • Indicated resources: 6.99 million tonnes at 8.27 per cent Cg;
  • Inferred resources: 15.83 million tonnes at 6.93 per cent Cg;
  • Conversion of 67 per cent of the prior inferred resource to indicated resource based on contained graphite.

The PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Loki Flake graphite deposit preliminary economic assessment base case assumes a graphite price of $1,450 (U.S.)/tonne and a United States dollar/Canadian dollar exchange rate of 0.72:1.00.

Non-brokered private placement financing of up to $2.25-million

The company also announces that it is raising aggregate gross proceeds of up to $2.25-million for the company's 2026 ongoing exploration programs at the Loki deposit by undertaking a non-brokered private placement, consisting of up to an aggregate of nine million flow-through shares of the company (the FT shares) at a price of 25 cents per FT share.

The gross proceeds from the issuance of the FT shares are intended to be used to incur Canadian exploration expenses (as this term is defined in the Income Tax Act (Canada)) that the company may renounce pursuant to the tax act as flow-through mining expenditures (as this term is defined in the tax act) or, if the company determines in its sole discretion, as flow-through critical mineral mining expenditures (as defined in the tax act).

In connection with the private placement, the company may pay cash finders' fees of up to 6.0 per cent of the gross proceeds raised from investors introduced to the company by finders.

All securities issued and sold under the private placement will be subject to a hold period expiring four months and one day from the date of closing of the private placement. Closing of the private placement is subject to the company's receipt of TSX Venture Exchange approval.

Insiders of the company, including directors and officers, may participate in the private placement. Such participants would each be 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 would each constitute a related party transaction under MI 61-101.

Qualified persons

The scientific and technical information contained in this news release has been reviewed and approved by Brian McEwan, PGeo, who is a qualified person as defined by National Instrument 43-101 and is not independent of the company. Mr. McEwan is the vice-president of exploration and development for Abasca.

The following qualified persons are responsible for the PEA, are independent of Abasca and the project, and have reviewed and approved the scientific and technical information contained in this news release:

• Matt Batty, PGeo, MSc, Understood Minerals Resources Ltd. -- geology/mineral resources;
• Hasssan Ghaffari, PEng, MASc, Tetra Tech -- infrastructure/capital costs and environmental/permitting;
• Sabry Hafez, PEng, PhD, Tetra Tech -- mining/mine planning and financial analysis;
• Jianhui Huang, PEng, PhD, Tetra Tech -- processing/metallurgy and operating costs;
• Chris Johns, PEng, Tetra Tech -- tailings management.

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 23,974-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 hosts the Loki Flake graphite deposit; it also possesses geological similarities with and is along-strike of the past-producing Key Lake mine and hosts over 50 km of prospective conductors for potential uranium mineralization.

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