Highlights

• Abasca Resources Inc. announces the updated Mineral Resource Estimate (the "MRE") at its 100%-owned Loki Flake Graphite Deposit (the "Loki Deposit"), increasing the Inferred Resource from its previously announced maiden mineral resource estimate and upgrading a portion of the Inferred Resources to Indicated Resources:

  • Indicated Resources: 6.99 Mt at 8.27 % Cg

  • Inferred Resources: 15.83 Mt at 6.93 % Cg

  • Conversion of 67% of prior Inferred Resource to Indicated Resource based on contained graphite

• The Loki Deposit is situated in one of the world's premier mining jurisdictions, 15 km south of existing Key Lake mill infrastructure and directly adjacent to provincial highway 914.

• The updated MRE includes results from the 2025 and 2026 exploration programs and will be incorporated into the in-progress Preliminary Economic Assessment ("PEA").

• Assays from 4 drillholes at the mineralized graphitic Thor Zone, parallel to the Loki Deposit, each intersected multiple zones of mineralization up-dip of KLS-25-072 which included a main zone of 40 m at 8.57 % Cg (the Company previously released such results on August 25, 2025). Composited intervals include:

  • KLS-26-112: 74.75 m at 5.13 % Cg, including 18.75 m at 7.78 % Cg and 14.0 m at 7.8 % Cg.

  • KLS-26-113: 89.0 m at 4.28 % Cg, including 13.0 m at 6.18 % Cg and 17.0 at 6.48 % Cg.

  • KLS-26-114: 101.80 m at 4.31 % Cg, including 20.3 m at 5.56 % Cg and 17.0 m at 6.46 % Cg.

  • KLS-26-115: 114.0 m at 3.91 % Cg, including 14.0 m at 7.42 % Cg.

SASKATOON, SK / ACCESS Newswire / July 14, 2026 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) is pleased to announce the updated Mineral Resource Estimate (the "MRE") (Table 1) at its Loki Flake Graphite Deposit at the Company's 100%-owned Key Lake South Project (the "Project") located in northern Saskatchewan (Figure 1). The pit-constrained MRE conforms to the Reasonable Prospects of Eventual Economic Extraction (RPEEE) requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and 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).

Advancing the Loki Flake Graphite Deposit

The updated MRE will be incorporated into the PEA and underpins the study which will provide the technical and economic framework that the Company believes will be required to advance the Loki Deposit into the Feasibility stage and used to identify additional exploration work. Work on the PEA is on-going and will include work on the key pillars of the Project, including: Open Pit Mine Engineering, Mineral Processing, Infrastructure Design, Environmental, Permitting, and Social/Community Impacts, and Economic Analysis.

"This updated Mineral Resource Estimate is a transformational step for Abasca. We have increased the tonnage at the Loki Deposit and converted the majority of our initial inferred resource to Indicated, providing the on-going PEA a substantially stronger foundation. With the size of the resource growing and the PEA advancing, our Fast-Track Roadmap to Production remains firmly on schedule," said Brian McEwan, Vice President Exploration and Development.

Table 1: Loki Flake Graphite Mineral Resources

2026 Winter Exploration Program Assays

The Company is also pleased to release assays from the 4 drillholes completed during the 2026 winter exploration program at the Thor Zone, a parallel mineralized graphite zone north of the Loki Deposit, and the remaining hole at the Loki Deposit (KLS-26-117) (Figure 3). Each of the 4 drillholes at the Thor Zone intersected multiple zones of graphite mineralization. Similar to the KLS-25-072 (previously released on August 25, 2025), higher grade graphite was intersected above and below a lower-grade graphitic interval (Figure 4). Consistent with the Loki Deposit, KLS-26-117 intersected 33.5 m at 6.58 % Cg. Drillhole locations and their composited assay results are shown in Table 2 and Table 3.

Brian McEwan, Vice-President of Exploration and Development commented "The results from the Thor Zone are remarkably positive. Demonstrating the up-dip continuity of the mineralization we see in KLS-25-072 provides us confidence to continue our exploration along-strike while we prioritize work on fast-tracking the Loki Deposit. The prospects of the Thor Zone represent another opportunity for Abasca to bolster Saskatchewan's Critical Mineral inventory to support local supply chains".

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.

An independent technical report in respect of the updated mineral resource estimate will be prepared and filed on SEDAR+ (www.sedarplus.ca) and on the Company's website (https://www.abasca.ca) within 45 days of this news release.

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

Table 3: 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 5.0 m internal dilution and a maximum of 2.0 m internal dilution for KLS-26-117.