Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 7
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Abasca Resources Announces Arrangement of Non-Brokered
Private Placement of up to $3.0 Million
Saskatoon, Saskatchewan – July 20 , 2026 – Abasca Resources Inc. (“Abasca” or the “Company”) (TSXV:
ABA) is pleased to announce that it is raising aggregate gross proceeds of up to $3.0 million that will support
the Company’s continued exploration at the Loki Flake Graphite Deposit (the “Loki Deposit”) at its 100%-
owned Key Lake South Project (the “Project”) located in northern Saskatchewan (Figure 1). The Loki Deposit
now hosts an updated pit-constrained Mineral Resource Estimate (the “MRE”) (Figure 2) that includes an
Indicated estimate of 6.99 Mt at 8.27 % Cg in addition to an Inferred estimate of 15.83 Mt at 6.93 % Cg (for
more information on the MRE, please refer to the news release previously released on July 14, 2026, on the
Company’s website).
Non-Brokered Private Placement
The Company announces that it is raising aggregate gross proceeds of up to $3.0 million for the Company’s
2026 ongoing exploration program to be conducted at the Loki Deposit as well as the Thor Zone and general
corporate purposes by undertaking a non -brokered private placement (the “ Private Placement ”),
consisting of up to an aggregate of 10,000,000 Flow-through Shares of the Company (the “ FT Shares”) at a
price of $0.25 per FT Share (the “FT Share Price”) and 2,500,000 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” or “Canadian development expenses” (as these terms are 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.
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 Private Placement 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 no securities of the Company are listed or
quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the
American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and the
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 7
United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS
markets operated by PLUS Markets Group plc (the “Specified Markets” and each, a “Specified Market”).
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) no securities of the Company are listed or quoted on a Specified Market ; (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 Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 7
Figure 1: Map of the Key Lake South Project area showing the location of the Loki Flake Graphite Deposit.
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 7
Figure 2: Oblique view of the Updated (July 14, 2026) Loki Flake Graphite Deposit Mineral Resource
Estimate.
Qualified Person
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.
About Abasca Resources Inc.
Abasca is a Canadian company focused on acquiring, exploring, and developing mineral properties. Its
flagship asset is the 100%-owned, 23,974-hectare Key Lake South (KLS) Project in northern Saskatchewan,
located 15 km south of the historic Key Lake mine a nd current mill. Geologically similar and along-strike of
the past-producing mine, KLS hosts over 50 km of prospective conductors for potential new discoveries,
alongside the Loki Flake Graphite Deposit (Loki Deposit) (Figure 1).
Per the announcement on July 14, 2026, t he Loki Deposit hosts an updated pit -constrained Mineral
Resource Estimate that includes an Indicated estimate of 6.99 Mt at 8.27 % Cg in addition to an Inferred
estimate of 15.83 Mt at 6.93 % Cg (Figure 2). An independent technical report in respect of the updated
mineral resource estimate will be prepared and filed on SEDAR+ and on the Company’s website within 45
days of the news release made on July 14, 2026 ). This resource expansion and classification upgrade will
underpin the in-progress Preliminary Economic Assessment (the “PEA”) initiated in May 2026 that marks a
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 7
major milestone in de -risking the Loki Deposit, advancing it from exploration toward a development -ready
asset on the Company’s Fast-Track Roadmap to Production.
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
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 7
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States of America. The securities have not been and will not be registered under the United
States Securities Act of 1933 (the “ 1933 Act”) or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act
and applicable state securities laws, or an exemption from such registration is available.
Forward-Looking Information
This press release may contain certain forward-looking information (“forward-looking information”) within
the meaning of applicable Canadian securities legislation that are 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 t his press release includes,
but is not limited to, statements relating to: the completion of the Private Placement, including the
anticipated terms and pricing thereof; the intended use of proceeds of the Private Placement, including the
use of gross proceeds from the issuance of the FT Shares to incur Canadian exploration expenses or
Canadian development expenses and to renounce such expenditures as flow-through mining expenditures
or flow-through critical mineral mining expenditures pursuant to the Tax Act; the use of gross proceeds from
the issuance of the NFT Shares for general and administrative expenses; the closing of the Private Placement
being subject to Exchange approval; the participation of insiders of the Company in the Private Placement;
the Company’s 2026 ongoing exploration program at the Loki Deposit and the Thor Zone; an updated mineral
resource estimate for the Loki Deposit and filing of an independent technical report in respect of the updated
mineral resource estimate within 45 days ; the preparation of a preliminary economic assessment for the
Loki Deposit that will provide an initial evaluation of the project’s economic potential, including capital and
operating cost estimates, mine design and metallurgical recovery processes; 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; and the acceleration of the Company’s
path towards its production goals pursuant to its Fast-Track Roadmap to Production. 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; the ability of the Company to complete
the Private Placement on the terms announced or at all; risks related to obtaining Exchange approval for the
Private Placement; risks related to the exploration activities to be conducted on KLS, including risks related
NEWS RELEASE
Abasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
Abasca Resources Inc. – News Release 2026-09 July 20, 2026
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 7 of 7
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; changes to tax legislation, including the treatment of flow -
through shares and flow-through mining expenditures under the Tax Act; 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 ope rations; the availability of equipment; the availability of equipment; the ability of the
Company to complete the Private Placement and obtain all necessary approvals; the anticipated use of
proceeds being consistent with the Company’s current intentions; and the assumptions underlying the
mineral resource estimate and the PEA. The forward-looking information contained in this press release are
expressly qualified by this cautionary statement and are 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.