Abasca Resources Completes Summer Drill Program at Loki Flake Graphite Deposit, Collects 10 Tonnes of Core for Pilot Plant Testing, and Appoints New Chief Financial Officer

SASKATOON, SK / ACCESS Newswire / October 28, 2026 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) is pleased to announce that it has completed its summer drill program at its 100%-owned Key Lake South Project (the "Project"). The drilling was focused on the Loki Flake Graphite Deposit (the "Loki Deposit") where the Company successfully collected approximately 10 tonnes of core (Figure 1) to be processed in an upcoming pilot plant program at SGS Canada's ("SGS") Lakefield laboratory in Ontario.

Summer Drill Program at Loki Flake Graphite Deposit

Abasca has successfully completed its summer drill program at the Loki Deposit (Figure 2), where 1,956 metres of drilling was completed over 16 drillholes (Table 1). Collectively, approximately 10 tonnes of core were collected across the length of the deposit (Figure 3). Drilling was completed using PQ-diameter rods to maximize the amount of material collected.

Samples will be processed and used in a pilot plant at SGS's Lakefield laboratory where flake graphite concentrate will be produced for further downstream purification and battery anode material testing. The pilot plant program builds on the initial metallurgical testing completed at SGS, which yielded flotation concentrate grades of up to 97.0 % C(t) (Total Carbon) and purified concentrate of 99.76 % C(t) through a combined leaching of sodium hydroxide and hydrochloric acid. Additionally, environmental characterization test work will also be completed and incorporated into a future Feasibility Study and used to support the Environmental Impact Assessment.

Appointment of New Chief Financial Officer

Abasca announces that it has appointed Lawrence Cheung, B.Com., CPA, as its Chief Financial Officer, effective October 27, 2026. Mr. Cheung serves as Controller for Malaspina Consultants Inc. ("Malaspina"), where he provides chief financial officer and controllership services to several other Canadian reporting issuers. Before joining Malaspina in 2021, Mr. Cheung was a senior associate at the Vancouver office of one of the Big 4 international accounting firms and he worked primarily with issuers in the mining sector. Mr. Cheung holds a Bachelor of Commerce in Accounting from the Sauder School of Business at UBC.

Abasca sincerely thanks its outgoing Chief Financial Officer, Erik H. Martin, for his service.

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 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.

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 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 Project hosts the Loki Flake Graphite Deposit; it also 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.

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: info@abasca.ca
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.

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 this press release includes, but is not limited to, statements relating the expected production of flake graphite concentrate for downstream purification and battery anode material testing; and the completion of environmental characterization test work, the incorporation thereof in a future feasibility study and the use thereof to support an environmental impact assessment. 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.

SOURCE: Abasca Resources Inc.