Ms. Dawn Zhou reports

ABASCA RESOURCES COMPLETES SUMMER DRILL PROGRAM AT LOKI FLAKE GRAPHITE DEPOSIT, COLLECTS 10 TONNES OF CORE FOR PILOT PLANT TESTING, AND APPOINTS NEW CHIEF FINANCIAL OFFICER

Abasca Resources Inc. has completed its summer drill program at its 100-per-cent-owned Key Lake South project. The drilling was focused on the Loki Flake graphite deposit where the company successfully collected approximately 10 tonnes of core to be processed in an upcoming pilot plant program at SGS Canada's (SGS) Lakefield laboratory in Ontario.

Summer drill program at Loki Flake graphite deposit

Abasca has successfully completed its summer drill program at the Loki deposit, where 1,956 metres of drilling was completed over 16 drill holes (Table 1). Collectively, approximately 10 tonnes of core were collected across the length of the deposit. Drilling was completed using PQ-diameter rods to maximize the amount of material collected.

Samples will be processed and used in a pilot plant at SGS's Lakefield laboratory where flake graphite concentrate will be produced for further downstream purification and battery anode material testing. The pilot plant program builds on the initial metallurgical testing completed at SGS, which yielded flotation concentrate grades of up to 97.0 per cent C(t) (total carbon) and purified concentrate of 99.76 per cent C(t) through a combined leaching of sodium hydroxide and hydrochloric acid. Additionally, environmental characterization testwork will also be completed and incorporated into a future feasibility study and used to support the environmental impact assessment.

Appointment of new chief financial officer

Abasca announces that it has appointed Lawrence Cheung, BCom, CPA, as its chief financial officer, effective Oct. 27, 2026. Mr. Cheung serves as controller for Malaspina Consultants Inc., where he provides chief financial officer and controllership services to several other Canadian reporting issuers. Before joining Malaspina in 2021, Mr. Cheung was a senior associate at the Vancouver office of one of the Big 4 international accounting firms and he worked primarily with issuers in the mining sector. Mr. Cheung holds a bachelor of commerce in accounting from the Sauder School of Business at UBC.

Abasca sincerely thanks its outgoing chief financial officer, Erik H. Martin, for his service.

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 23,974-hectare exploration project located in the Athabasca basin region in Northern Saskatchewan, approximately 15 km 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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