Abasca Resources has filed on SEDAR+ an independent technical report compliant with NI 43-101 for its Loki Flake Graphite Deposit, located within the Key Lake South (KLS) project in Saskatchewan, Canada. The numbers are substantive: an Indicated Resource of 6.99 Mt at 8.27% graphitic carbon, representing 67% of the previous Inferred Resource on a contained graphite basis. The Inferred Resource, meanwhile, has grown by 40%, expanding from 11.31 Mt at 7.65% Cg to 15.83 Mt at 6.93% Cg.
The report provides the geological foundation and mineral resource estimate underpinning the Preliminary Economic Assessment (PEA) announced on August 19, 2026, which outlined an after-tax net present value of USD 130 million and an internal rate of return of 16.7%. The updated resource estimate carries an effective date of April 23, 2026, and was prepared in accordance with CIM standards and NI 43-101. The mine plan evaluated in the PEA covers a 19-year mine life, with an open-pit shell defined above a cut-off grade of 2.30% Cg.
The Loki deposit lies within the KLS project, a 23,974-hectare exploration area in the Athabasca Basin region, approximately 15 km south of the former Key Lake mine. The area also carries geological significance for uranium: the project’s principal conductor corridors are recognized as priority targets for potential uranium mineralization, tied to the same regional magnetic structure that hosts the Athabasca Basin’s major deposits. Two drilling campaigns conducted in 2025, comprising 51 diamond drill holes totaling 11,950 metres, extended the defined zone by 300 metres to the northwest and 400 metres to the southeast. The deposit remains open at depth and along strike.
Alongside the report’s release, Abasca has launched its summer exploration program at the Loki deposit, aimed at gathering the data required for environmental impact studies, permitting, and a full feasibility study. Infill drilling will also provide representative samples for a pilot plant to test the graphite flotation process. Demand for graphite continues to rise: electric vehicle sales and the energy storage sector have driven strong growth in demand for the material, which Canada has classified among its six essential minerals for the national supply chain.
Brian McEwan, Vice President of Exploration and Development at Abasca, validated the technical information as Qualified Person under NI 43-101. CEO Dawn Zhou stated that results at the Loki Deposit are encouraging and that the company aims to contribute to Saskatchewan’s Critical Minerals Strategy. If the summer program delivers the expected data, Abasca will be well-positioned to advance toward a definitive feasibility study, backed by a resource base that now ranks among the strongest in the Canadian graphite exploration space.
