Abasca Resources (TSXV: ABA) closed a brokered private placement on September 29, 2026, raising C$2.25 million through the issuance of 9 million flow-through shares at C$0.25 each. The proceeds will fund the 2026 exploration program at the Loki Flake Graphite Deposit in northern Saskatchewan.
The Loki deposit sits within the Key Lake South project, a 23,974-hectare land package in the Athabasca Basin region, approximately 15 km from the former Key Lake mine. Indicated resources stand at 6.99 million tonnes grading 8.27% graphitic carbon, while inferred resources reach 15.83 million tonnes at 6.93% Cg — figures that place Loki among Canada’s most significant flake graphite deposits.
The Preliminary Economic Assessment, prepared by Tetra Tech Canada with an effective date of August 19, 2026, and filed on SEDAR+, outlines an open-pit operation processing 2,750 tonnes per day over a 19-year mine life. Average annual production is estimated at 66,500 tonnes of graphite concentrate at an average purity of 95%, for a total of 1.2 million tonnes of marketable graphite over the life of the mine. Initial construction capital is estimated at US$216 million.
Proceeds from the placement will be directed toward resource update drilling, geometallurgical testing, and data collection for environmental studies. The project area also hosts conductive targets prospective for potential uranium mineralization, adding a further strategic dimension to the site. President and CEO Dawn Zhou, through three companies she controls, subscribed for a combined 2.25 million flow-through shares, reflecting direct leadership commitment to the financing. The transaction was exempt from formal valuation and minority approval requirements under MI 61-101, given the company’s TSX Venture Exchange listing and the transaction value falling below C$2.5 million.
Flake graphite is classified as a critical mineral by several Western governments, with demand rising on the back of electric vehicle battery and fuel cell production. Saskatchewan, with its well-established mining infrastructure and stable regulatory environment, ranks among the world’s most mining-friendly jurisdictions for developing this type of resource. With the PEA now filed and fresh capital in hand, Abasca Resources is moving to advance the Loki project toward development as quickly as possible, on a trajectory that could bring the deposit into production in the second half of the decade.
