Abasca hires High Grade Mining as consultant on Lori

Executive Summary

• Abasca Resources engaged High Grade Mining Consulting Ltd., led by Gary Haywood, to provide strategic technical consulting for the Loki flake graphite deposit and assist in preparing a Preliminary Economic Assessment (PEA).
• The company announced a non‑brokered private placement of up to 12 million flow‑through common shares at C$0.25 per share, targeting gross proceeds of up to C$3.0 million.
• Proceeds from the placement will be used to fund exploration activities on the Loki deposit, with potential cash finders’ fees of up to 6% and a four‑month‑plus hold period for the issued securities.

Key Details

• Consulting Engagement
• Consultant: High Grade Mining Consulting Ltd. (led by Gary Haywood, PEng).
• Scope: Strategic technical consulting for advancement of the 100 % owned Loki flake graphite deposit; assistance with preparation of a Preliminary Economic Assessment (PEA).

• Expertise: Haywood’s background includes senior roles at Fission Uranium Corp., Golden Band Resources, and Cameco Corp.

• Private Placement

• Offering size: Up to 12 million common shares.
• Price: C$0.25 per flow‑through (FT) share.
• Gross proceeds target: Up to C$3.0 million.
• Share type: Flow‑through shares, eligible for Canadian tax renunciation or critical mineral mining expenditures at the company’s discretion.
• Use of proceeds: Exclusively for exploration expenses on the Loki deposit.
• Finders’ fees: Up to 6% of gross proceeds may be paid to introducers of investors.
• Hold period: Securities subject to a lock‑up expiring four months and one day after closing.

• Closing condition: Subject to receipt of exchange approval.

• Qualified Person

• Technical information reviewed and approved by Brian McEwan, PGeo (Vice‑President of Exploration, Abasca).

Notable Quotes

“We are delighted to bring Gary Haywood and High Grade Mining Consulting on board at this pivotal time for Abasca. Gary's deep expertise in mine planning and his track record of successfully advancing projects in Northern Saskatchewan make him an invaluable consultant to the company.” – Dawn Zhou, President & CEO

Materiality Assessment: Material – Positive** (the financing provides significant capital for exploration and the consulting engagement is expected to de‑risk a key asset).