Abasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First Tranche of Its Private Placement
NEWS RELEASE
Abasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First
Tranche of Its Private Placement
Abasca Resources Inc. – News Release 2025-04 May 1, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 3
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Abasca Resources Announces Engagement of Environmental
Baseline Study and Closing of the First Tranche of Its Private
Placement
May 1, 2025 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX V: ABA)
is pleased to announce that the Company has engaged CanNorth Environmental Services to conduct
environmental studies in 2025 at its 100%-owned Key Lake South Project (“KLS”). The purpose of the studies
is to initiate data collection for components that require longer baseline datasets, specifically hydrology,
water chemistry, and bathymetry to further advance the development of the Loki Flake Graphite Depos it
(“Loki Deposit”) and support an Environmental Impact Assessment.
The Company also announces that it has closed the first tranche (the “First Tranche”) of its non -brokered
private placement (the “Offering”) previously announced on April 22, 202 5. Pursuant to the First Tranche,
the Company has issued 1,785,515 non-flow-through units (the “Units”) at a price of $0.14 per Unit to raise
gross proceeds of $2 50,000.10. Each Unit is comprised of one common share of the Company (a “Unit
Share”) and each common share in the authorized share structure of the Company, a “Common Share”) and
one-half of a share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the
holder thereof to purchase one additional Common Share (a “Warrant Share”) at a price of $0.20 per Warrant
Share for a period of two years. Each of the Unit Shares and Warrant Shares are subject to a four month hold
period expiring on August 31, 2025. The gross proceeds from the sale of the Units will be used for general
and administrative expenses and for working capital.
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 at 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 km
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 ura nium
mineralization. KLS is also host to the Loki Flake Graphite Deposit comprising a total inferred resource of
11.31 Mt at 7.65 % Cg . Please refer to the Company’s news release dated April 15, 2025 for further
information about the resource estimate.
NEWS RELEASE
Abasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First
Tranche of Its Private Placement
Abasca Resources Inc. – News Release 2025-04 May 1, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 3
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 Engagement of Environmental Baseline Study and Closing of the First
Tranche of Its Private Placement
Abasca Resources Inc. – News Release 2025-04 May 1, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 3
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 and statements (“ 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 this press release includes, but is not limited to , statements relating to the mineral resource
estimate for the Loki Deposit . 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 gener al business and
economic conditions; risks related 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; 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 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.