Abasca Resources Announces Assay Results from the Summer 2025 Drill Program and Start of Winter Drilling at its Loki Flake Graphite Deposit

The most recent news release (February 9, 2026) reports assay results from the Summer 2025 drill program at the Loki Flake Graphite Deposit and the commencement of the Winter 2026 program. Key data points include: - Completed 6,210 meters in 27 holes during the summer. - Significant high-grade intercepts: 10.11% Cg over 49.7m (KLS-25-101) and 9.43% Cg over 62.1m (KLS-25-095). - These grades are notably higher than the current Inferred Resource average of 7.65% Cg. - The 2026 Winter program has started, targeting the southeast extension of Loki, geotechnical/hydrological data for the PEA, and exploration at the Thor Zone.

The news is Material - Positive for the following reasons: - Resource Quality: The reported grades (9.39% to 10.11% Cg) consistently exceed the maiden resource grade of 7.65% Cg, suggesting a potential increase in the overall grade of the deposit in the next resource update. - Project De-risking: The transition into geotechnical and hydrogeological drilling indicates the company is moving beyond simple exploration toward engineering and development studies (PEA/PFS). - Consistency: Results from hole KLS-25-101 (10.11% Cg) and KLS-25-095 (9.43% Cg) demonstrate the thickness and continuity of the mineralization. - Strategic Progress: The company is adhering to the timeline established in December 2025 for a Preliminary Economic Assessment (PEA) in mid-2026.

Abasca Resources is focused on the Key Lake South (KLS) Project in the Athabasca Basin, Saskatchewan. While initially explored for uranium, the flagship asset is now the Loki Flake Graphite Deposit. - Resource: 11.31 Mt Inferred at 7.65% Cg (as of April 2025). - Jurisdiction: Saskatchewan is a top-tier mining jurisdiction with a clear critical mineral strategy. - Strategic shift: The company has pivoted from a uranium-first explorer to a graphite-focused developer over the last 18 months.