Ms. Dawn Zhou reports

ABASCA RESOURCES TO PARTICIPATE IN CORE DAYS 2026 AND CLOSES $2.5 MILLION PRIVATE PLACEMENT

Abasca Resources Inc. will be presenting at the annual Core Days conference, taking place May 11 to May 13, 2026, in La Ronge, Sask. Core Days brings together industry, government and Northern Saskatchewan communities to advance dialogue on responsible resource development and shared regional prosperity -- an alignment that reflects Abasca's continuing commitment to the communities in which it operates.

Highlights

• Abasca to participate in Core Days 2026 in La Ronge, Sask., May 11 to May 13, 2026, reinforcing the company's long-standing engagement with Northern Saskatchewan communities;
• Closed $2.5-million non-brokered private placement, comprising nine million flow-through common shares at 25 cents and 1.25 million non-flow-through common shares at 20 cents;
• Flow-through proceeds will finance Canadian exploration expenses on the Key Lake South project, which hosts the Loki Flake graphite deposit.

The company also announces the closing of its previously announced non-brokered private placement for aggregate gross proceeds of $2.5-million.

A continued commitment to local education and work force development

Abasca is committed to supporting Saskatchewan's northern communities, including La Ronge. As part of this commitment, the company has previously provided a geologist to review the geology curriculum for the Mining Engineering Technician Program at Northlands College, as well as geological support to assist the Saskatchewan Precambrian Core Lab -- both of which are key support of the Core Days Conference. These efforts reflect Abasca's continuing dedication to local work force development, geological education and the broader northern community.

"Engaging with local communities and supporting the next generation of mining professionals has always been a core value of our group. Seeing how programs in La Ronge have evolved into a major annual event like Core Days is a point of great pride for us, and we remain committed to that legacy. We look forward to providing an update at the conference, which is open to all who wish to attend and hear directly about progress at the Loki Flake graphite deposit," said John Shmyr, vice-president of engagement and communication of Abasca.

Non-brokered private placement

The company also announces that it has closed the non-brokered private placement previously announced on April 14, 2026. Pursuant to the offering, the company has issued nine million flow-through common shares of the company at a price of 25 cents per FT share to raise gross proceeds of $2.25-million; and 1.25 million non-flow-through common shares (the NFT shares) at a price of 20 cents per NFT share to raise gross proceeds of $250,000.

Insiders of the company, including certain directors and officers, participated in the offering, including Brian McEwan, the company's vice-president, exploration and development, who subscribed for 60,000 FT shares, and John Shmyr, the company's vice-president, engagement and communications, who subscribed for 20,000 FT shares. In addition, 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 Dawn Zhou, director, president and chief executive officer of the company, subscribed for 3.81 million FT shares. Canada DBD Management Inc., a corporation the shares of which are solely owned by Ms. Zhou, subscribed for 3.8 million FT shares. Mr. McEwan and Mr. Shmyr, 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 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 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). The gross proceeds from the issuance of the NFT shares are to be spent on general and administrative expenses.

All common shares issued and sold under the private placement are subject to a hold period expiring on Aug. 31, 2026.

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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