Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non- Brokered Private Placement of up to $2.5 Million
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 10
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Abasca Resources Announces Completion of Winter
Exploration Program and Arrangement of Non-Brokered
Private Placement of up to $2.5 Million
Saskatoon, Saskatchewan – 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
o 4,517 m in 18 diamond drillholes
o 405 m in 12 sonic drillholes
Program focused on:
o Extending the Loki Deposit to the southeast alongside geotechnical and hydrogeological
work
o Exploration drilling at the Thor Zone
Loki Deposit Expansion
o 8 drillholes completed across two drill fences
o Successfully extended the Loki Deposit by 200 m of strike-length
o Strike-length now delineated by 1.4 kilometres; 2025 resource estimate had initial strike
length of 600 metres
Thor Zone Exploration
o 4 holes completed targeting the up-dip extension of previously identified graphite
mineralization
o 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
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 10
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 meters 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.
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 10
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.
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 10
Figure 1: Map of the Key Lake South Project area showing the location of the Loki Flake Graphite Deposit.
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 10
Figure 2: Map of the area around the Loki Flake Graphite Deposit area showing the drillhole locations from
this release as well as previous drillholes.
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 10
Figure 3: Oblique view of the Loki Flake Graphite Deposit showing the mineralized graphite zones from
included in this release as well as previous releases.
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 7 of 10
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.
Drillhole ID Easting Northing Elevation Azimuth Inclination Total Length
KLS-26-104 446138 6329963 548 35 -60 126
KLS-26-105 446089 6329887 546 35 -60 195
KLS-26-106 446027 6329795 540 35 -61 252
KLS-26-107 445976 6329716 539 35 -60 308
KLS-26-108 446202 6329878 538 35 -60 141
KLS-26-109 446176 6329821 537 35 -60 176
KLS-26-110 446114 6329736 541 35 -60 185
KLS-26-111 446042 6329642 541 35 -55 323
KLS-26-112 446191 6331251 535 35 -60 390
KLS-26-112A 446190 6331249 535 35 -60 33
KLS-26-113 446248 6331334 539 35 -60 381
KLS-26-114 446300 6331409 539 35 -60 323
KLS-26-115 446328 6331273 541 35 -60 429
KLS-26-116S 445942 6330432 563 0 -90 45
KLS-26-117 445871 6329749 545 35 -60 322
KLS-26-118S 446203 6330111 556 0 -90 47
KLS-26-119S 445811 6329835 546 0 -90 33
KLS-26-120 445451 6330018 557 35 -60 302
KLS-26-120S 445493 6330006 557 0 -90 27
KLS-26-121S 444889 6330410 551 0 -90 24
KLS-26-122S 445518 6330569 560 0 -90 43
KLS-26-123S 444695 6329793 556 0 -90 21
KLS-26-124 445771 6330481 553 215 -60 294
KLS-26-124A 445766 6330471 554 215 -60 36
KLS-26-125S 444100 6329031 559 0 -90 28
KLS-26-126S 443749 6328485 553 0 -90 45
KLS-26-127S 444510 6328116 543 0 -90 25
KLS-26-128S 444778 6328684 542 35 -90 33
KLS-26-129S 445867 6329829 544 35 -90 33
KLS-26-130 445094 6330209 552 35 -60 302
NEWS RELEASE
Abasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-
Brokered Private Placement of up to $2.5 Million
Abasca Resources Inc. – News Release 2026-05 April 14, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 8 of 10
Table 2: Drillholes and their composited graphite intersections. All lengths are as measured downhole and
do not represent true thickness. Composite intervals are calculated using a 3.0 % Cg cut-off and may include
a maximum of 2.0 m internal dilution.
Drillhole ID From To Length Cg % S %
KLS-26-104 59.00 65.00 6.00 5.38 0.06
69.00 75.00 6.00 6.51 0.16
KLS-26-105 87.00 88.00 1.00 3.30 0.28
102.00 119.00 17.00 4.38 0.32
122.00 125.00 3.00 5.04 0.38
133.00 140.00 7.00 5.02 0.96
KLS-26-106 122.00 123.00 1.00 3.61 0.60
128.00 130.00 2.00 3.20 0.39
178.00 184.00 6.00 4.58 0.61
187.00 192.00 5.00 3.69 0.67
197.00 213.00 16.00 6.68 1.34
KLS-26-107 198.00 199.00 1.00 3.08 0.39
215.90 239.00 23.10 4.89 0.73
242.00 254.50 12.50 6.28 1.31
KLS-26-108 37.20 38.00 0.80 5.10 < 0.01
56.00 57.00 1.00 5.53 < 0.01
KLS-26-109 45.00 46.00 1.00 3.22 0.44
68.00 70.00 2.00 4.59 < 0.01
KLS-26-110 123.30 129.00 5.70 5.91 0.18
136.00 144.00 8.00 4.63 0.30
KLS-26-111 216.50 236.00 19.50 4.88 0.89