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
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 6
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
Highlights
• Abasca Resources Inc. 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%-owned Loki Flake Graphite Deposit.
• The MRE established a n Indicated Resource of 6.99 Mt at 8.27 % graphitic carbon (“Cg”),
representing 67% of the prior Inferred Resource on a contained graphite basis, while the Inferred
Resource grew 40%, from 11.31 Mt at 7.65% Cg to 15.83 Mt at 6.93% Cg.
• The Report provides the geological foundation and mineral resource base underpinning the
Preliminary Economic Assessment (“PEA”) announced on August 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. In-fill
drilling will facilitate the collection of representative samples for a pilot plant that will further test
the graphite flotation flowsheet, targeting concentrate grading 95% Cg or greater for downstream
battery-grade anode testing.
• The Company has elected to file semi-annual interim financial statements and related MD&A.
Saskatoon, Saskatchewan – August 28, 2026 – Abasca Resources Inc. (“Abasca” or the “Company”) (TSXV:
ABA) is pleased to announce it 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 August 27, 2026 (the “Report”) on SEDAR+. The Report, prepared in
accordance with National Instrument 43 -101 (NI 43 -101), supports the updated pit- constrained mineral
resource estimate (the “MRE”) for the Loki Flake Graphite Deposit (the “Loki Deposit”) at its 100% -owned
Key Lake South Project (the “Project”) in northern Saskatchewan, Canada (Figure 1), previously announced
on July 14, 2026. The MRE (Figure 2) provides the geological foundation and mineral resource base for the
Company’s Preliminary Economic Assessment (the “PEA”), previously announced on August 19, 2026.
Mineral Resource Update (effective date of mineral resources: April 23, 2026)
• Indicated Resources: 6.99 Million tonnes at 8.27% Cg
• Inferred Resources: 15.83 Million tonnes at 6.93% Cg
• Conversion of 67% 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
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 6
Loki Deposit. We are proud to showcase the Loki Deposit among Saskatchewan’s r esource 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. I n-fill 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 mm 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 flowsheet developed through the Company’s
metallurgical testing at SGS Canada to produce flake graphite concentrate of 95% 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 statement and related management
discussion & analysis (MD&A) pilot program (the “Program”) effective immediately . The Program, which
provides an exemption from the requirement to file 1 st and 3 rd quarter interim financial statements (the
“Quarterly Reporting Exemption”), has been adopted under Coordinated Blanket Order 51-933, Exemptions
to Permit Semi-Annual Reporting for Certain Venture Issuers that 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 National Instrument 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 statement
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 October 31).
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 6
Figure 1: Map of the Key Lake South Project area showing the location of the Loki Flake Graphite Deposit.
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 6
Figure 2 : Oblique view of the Updated (July 14, 2026) Loki Flake Graphite Deposit Mineral Resource
Estimate.
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 6
Qualified Persons
The technical information in this news release has been reviewed and approved by Brian McEwan, P.Geo., 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. The mineral resource estimate
presented in this news release was compl eted by Matthew Batty, P.Geo ., 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 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 P roject 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. KLS is also host to the Loki Flake Graphite Deposit comprising a tota l
Indicated Resources of 6.99 Mt at 8.27% Cg and inferred resource of 15.83 Mt at 6.93% Cg. Abasca has
completed a Preliminary Economic Assessment for the Loki Deposit with positive result of after- tax NPV of
US$130 million and 16.7% IRR. 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 appl ied 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 August 19, 2026 for more information about the PEA , and the
technical report dated August 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 the SEDAR+ website, for further information
about the current resource estimate.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc., CPA
President, CEO and Director
For more information visit the Company’s website at https://www.abasca.ca or contact:
Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press
release.
NEWS RELEASE
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. – News Release 2026-12 August 28, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 6
Forward-Looking Information
This press release may contain certain forward-looking information (“forward-looking information”) within
the meaning of applicable Canadian securities legislation that is not based on historical fact, including
without limitation statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”,
“should”, “expects”, “continue”, “ estimate”, “forecasts” and other similar expressions. Forward -looking
information reflects management’s current beliefs with respect to future events and is based on information
currently available to management. Forward -looking information contained in th is press release includes,
but is not limited to, statements relating to the updated mineral resource estimate for the Loki Deposit; the
results of the preliminary economic assessment for the Loki Deposit, including the capital and operating
cost estimates, mine design and metallurgical recovery processes on which those results de pend; the de-
risking of the Loki Deposit; the advancement of the Loki Deposit from an exploration project towards a
development-ready asset; the PEA providing the technical and economic framework required to advance
the Loki Deposit into the feasibility stage and ultimately bring the project into production; the advancement
of the environmental assessment process and obtaining the regulatory approvals required to support future
Project development; the completion of the summer exploration program, including in-fill drilling and the
collection of representative samples for pilot plant testing, the production of flake graphite concentrate of
95% Cg or greater, the downstream testing of battery -grade anode material, and mineral resource
expansion; the Company’s adoption of semi -annual financial reporting; and the acceleration of the
Company’s path towards its production goals. Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments may differ materially from those
contemplated by these statements. Abasca undertakes no obligation to comment on analyses,
expectations, or statements made by third-parties in respect of Abasca, its securities, or financial or
operating results (as applicable). Although Abasca believes that the expectations reflected in forward -
looking information in this press release are reasonable, such forward-looking information has been based
on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and
are subject to numerous risks, uncertainties and factors, certain of which are beyond Abasca’s control,
including the impact of general business and economic conditions; risks related to the exploration activities
to be conducted on KLS, including risks related to government and environmental regulation; actual results
of exploration activities; industry conditions, including uranium and graphite price fluctuations, interest and
exchange rate fluctuations; the influence of macroeconomic developments; business opportunities that
become available or are pursued; title, permit or license disputes related to KLS; litigation; fluctuations in
interest rates; the impact of international trade disputes and the imposition of tariffs, international conflict
and other geopolitical tensions and events; the Company’s ability to raise additional capital; and other
factors. In addition, the forward -looking information is based on several assumptions which may prove to
be incorrect, including, but not limited to, assumptions about the availability of qualified employees and
contractors for the Company’s operations and the availability of equipment. The forward -looking
information contained in this press release is expressly qualified by this cautionary statement and is made
as of the date hereof. Abasca disclaims any intention and has no obligation or responsibility, except as
required by law, to update or revise any forward-looking information, whether as a result of new information,
future events or otherwise.