Ms. Dawn Zhou reports

ABASCA FILES NI 43-101 TECHNICAL REPORT, COMMENCES SUMMER EXPLORATION PROGRAM AT LOKI AND ELECTS TO FILE SEMI-ANNUAL INTERIM FINANCIAL STATEMENTS AND RELATED MD&A

Abasca Resources Inc. has filed an independent technical report titled "Technical Report on the Key Lake South Project with Updated Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada" and dated Aug. 27, 2026, on SEDAR+. The report, prepared in accordance with National Instrument 43-101, supports the updated pit-constrained mineral resource estimate for the Loki flake graphite deposit at its 100-per-cent-owned Key Lake South project in Northern Saskatchewan, Canada, previously announced on July 14, 2026. The MRE provides the geological foundation and mineral resource base for the company's preliminary economic assessment, previously announced on Aug. 19, 2026.

Highlights:

• Abasca Resources has filed an independent technical report on SEDAR+, prepared in accordance with NI 43-101, supporting the updated pit-constrained mineral resource estimate for its 100-per-cent-owned Loki flake graphite deposit.
• The MRE established an indicated resource of 6.99 million tonnes at 8.27 per cent graphitic carbon (Cg), representing 67 per cent of the prior inferred resource on a contained graphite basis, while the inferred resource grew 40 per cent, from 11.31 million tonnes at 7.65 per cent Cg to 15.83 million tonnes at 6.93 per cent Cg.
• The report provides the geological foundation and mineral resource base underpinning the preliminary economic assessment (PEA) announced on Aug. 19, 2026.
• Abasca has commenced its summer exploration program at the Loki deposit, focused on continuing to collect data required for environmental impact, permitting and feasibility study. Infill drilling will facilitate the collection of representative samples for a pilot plant that will further test the graphite flotation flow sheet, targeting concentrate grading 95 per cent Cg or greater for downstream battery-grade anode testing.
• The company has elected to file semi-annual interim financial statements and related MD&A (management discussion and analysis).

Mineral resource update (effective date of mineral resources 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

Brian McEwan, vice-president of exploration and development, commented: "We are pleased to file the technical report with our updated graphite resource estimate and confirm the remarkable progress at the Loki deposit. We are proud to showcase the Loki deposit among Saskatchewan's resource projects. Together with the PEA results, we believe that we have a strong base to continue pushing the project forward."

Commencement of summer exploration program

The company is also pleased to announce that it has begun its summer exploration program at the Loki deposit. The program will focus on continuing to collect data required for the requisite environmental impact studies, permitting and the feasibility study. Infill drilling across the Loki deposit is planned to collect additional representative samples of graphite mineralization to be processed in a pilot plant. The holes will be drilled at PQ diameter (85-millimetre core) to provide the volume of bulk sample material required for the test work.

A pilot plant is planned to further test the graphite flotation flow sheet developed through the company's metallurgical testing at SGS Canada to produce flake graphite concentrate of 95 per cent Cg or greater. The graphite concentrate will subsequently be used for downstream testing of battery-grade anode material.

Participation in semi-annual filing of interim financial statements and related MD&A pilot program

Abasca also announces its participation in the semi-annual financial statements and related MD&A pilot program, effective immediately. The program, which provides an exemption from the requirement to file first quarter and third quarter interim financial statements, has been adopted under Coordinated Blanket Order 51-933, Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers, which came into effect on March 19, 2026. This news release is being filed pursuant to Coordinated Blanket Order 51-933, Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers.

The company confirms that it meets the program's eligibility criteria, including being a venture issuer with exchange-listed securities and no annual revenues and having maintained a clean 12-month continuous disclosure record. The company will continue to disclose and report all material changes and significant developments in a timely manner, as required under NI 51-102 and the polices of the TSX Venture Exchange.

Abasca will not be filing an interim financial report and related MD&A for the quarter ended July 31, 2026, in reliance upon the quarterly reporting exemption. Abasca will continue to file audited financial statements and related MD&A (due within 120 days of April 30, its year-end) and six-month interim financial statements and related MD&A (due within 60 days of Oct. 31).

Qualified persons

The technical information in this news release has been reviewed and approved by Brian McEwan, PGeo, a qualified person as set out in NI 43-101, Standards of Disclosure for Mineral Projects. Mr. McEwan is the vice-president of exploration and development of 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 Ltd.

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 (KLS) project, 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 possesses geological similarities with and is along strike of the past-producing Key Lake mine and hosts over 50 kilometres of prospective conductors for potential uranium mineralization. KLS is also host to the Loki flake graphite deposit comprising a total indicated resources of 6.99 million tonnes at 8.27 per cent Cg and inferred resource of 15.83 million tonnes at 6.93 per cent Cg. Abasca has completed a preliminary economic assessment for the Loki deposit with positive result of after-tax net present value of $130-million (U.S.) and 16.7 per cent internal rate of return. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Please refer to the news releases dated Aug. 19, 2026, for more information about the PEA, and the technical report dated Aug. 27, 2026, with an effective date of April 23, 2026, and titled "Technical Report on the Key Lake South Project with Updated Mineral Resource Estimate for the Loki Flake Graphite Deposit, Saskatchewan, Canada," filed under the company's profile on SEDAR+, for further information about the current resource estimate.

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