Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-Brokered Private Placement of up to $2.5 Million

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SASKATOON, SK / ACCESS Newswire / April 14, 2026 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) is pleased to announce it has completed its Winter 2026 exploration program at the Company's 100%-owned Loki Flake Graphite Deposit (the "Loki Deposit") in northern Saskatchewan (see Figure 1) and that it has arranged a non-brokered private placement of up to $2.5 million.

Highlights

• Completed 4,922 m of drilling at the 100%-owned Loki Flake Graphite Deposit, Saskatchewan

  • 4,517 m in 18 diamond drillholes

  • 405 m in 12 sonic drillholes

• Program focused on:

  • Extending the Loki Deposit to the southeast alongside geotechnical and hydrogeological work

  • Exploration drilling at the Thor Zone

• Loki Deposit Expansion

  • 8 drillholes completed across two drill fences

  • Successfully extended the Loki Deposit by 200 m of strike-length

  • Strike-length now delineated by 1.4 kilometres;2025 resource estimate had initial strike length of 600 metres

• Thor Zone Exploration

  • 4 holes completed targeting the up-dip extension of previously identified graphite mineralization

  • Confirmed continuity of graphite mineralization similar to previous drilling, assays pending

• Announcement of non-brokered private placement of up to $2.5 million

Winter Exploration Program

A total of 4,922 m of drilling was completed - 4,517 m over 18 diamond drillholes and 405 m over 12 sonic drillholes. The drilling focused on three objectives: 1) continued extension of the Loki Deposit toward the southeast at 100 x 100 m grid-spacing, 2) geotechnical and hydrogeological drilling, and 3) exploration drilling at the Thor Zone.

A total of 8 drillholes were completed over two fences to extend the delineation of the Loki Deposit by 200 m of strike-length (Figure 2 and Figure 3). The drilling was designed to verify the folded EM-conductor interpretation and support geotechnical work. Moderate graphite mineralization was intersected, and the zone remains open down-dip. Drillhole locations and assay results for these drillholes are shown in Tables 1 and 2, respectively.

An additional 4 drillholes were completed at the Thor Zone which focused on testing the up-dip continuation of the two graphitic zones identified in KLS-25-072 (Figure 2). The drilling at the Thor Zone intersected graphitic zones similar to those intersected in the previous drilling program. Assay results for these drillholes are pending.

Geotechnical and hydrogeological drilling was successfully completed and will be incorporated into project studies to further investigate the Loki Deposit's resource quality and support the environmental baseline study along with other wild animal and aquatic data collection. Assay results for these drillholes are pending.

Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, an independent laboratory accredited under ISO/IEC 17025:2017 for preparation and ICP-MS multi-element analysis, boron by fusion as well as graphite content (% Cg) and total sulphur by LECO. Samples were collected in accordance with industry-standard quality assurance / quality control practices and included the insertion of blanks, standard reference materials, and repeats into the sample stream at regular intervals. Samples were also collected for in-field and lab density measurements at regular intervals and through the mineralized zones.

Brian McEwan, Vice-President of Exploration and Development stated "We are pleased to have completed another season delineating the Loki Deposit and even more excited to have put additional metres into the Thor Zone where we confirmed the up-dip extension of the graphitic zones. We look forward to exploring Thor along-strike in parallel to advancing the Loki Deposit."

Non-Brokered Private Placement

The Company also announces that it is raising aggregate gross proceeds of up to $2.5 million for the Company's 2026 ongoing exploration program to be conducted at the Loki Deposit and Thor Zone and general corporate purposes by undertaking a non-brokered private placement (the "Private Placement"), consisting of up to an aggregate of 9,000,000 Flow-through Shares of the Company (the "FT Shares") at a price of $0.25 per FT Share (the "FT Share Price") and 1,250,000 Non-Flow-through Shares of the Company (the "NFT Shares" and collectively with the FT Shares, the "Offered Shares") at a price of $0.20 per NFT 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) (the "Tax Act")) 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.

In connection with the Private Placement, the Company may pay cash finder's fees of up to 6.0% 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 ("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 ("MI 61-101") and their participation in the Offering would each constitute 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 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 Exchange; (ii) at the time the transaction was agreed to, neither the fair market value of the Offered Shares to be distributed under the Private Placement nor the consideration to be received for those Offered Shares, insofar as the transaction involves the related parties, exceeds $2,500,000; (iii) the Company has more than one independent director; and (iv) at least two-thirds of the independent directors of the Company have approved the Private Placement.

For more information on the Loki Flake Graphite Deposit and an overview of the Key Lake South Project, please visit the Company's website at https://www.abasca.ca.

Table 1: Locations and orientations of drillholes included in this release. Coordinates are in UTM NAD 83 Zone 13N and all lengths are measured in metres.