ASSOCIATE OF DAWN ZHOU PARTICIPATES IN ABASCA RESOURCES INC. PRIVATE PLACEMENT

SASKATOON, SK, June 22, 2023 /CNW/ - Dawn Zhou ("Ms. Zhou"), 2102-88 4^th Avenue SW, Calgary, Alberta T2P 0V2, announces that in connection with the closing of a non-brokered private placement (the "Private Placement") by Abasca Resources Inc. ("Abasca") (TSXV: ABA), #208 ? 211 4^th Avenue North, Saskatoon, Saskatchewan, S7K 2L8, on June 21, 2023, 9169601 Canada Inc. (the "Subscriber"), having an address at 2102-88 4^th Avenue SW, Calgary, Alberta T2P 0V2, acquired 2,000,000 units of Abasca (the "Units") at a subscription price of $0.50 per Unit for a total subscription price of $1,000,000. Each Unit is comprised of one flow-through common share of Abasca (an "Abasca Common Share"), and one half of one common share purchase warrant of Abasca(each whole warrant, a "Unit Warrant"). Each Unit Warrant entitles the Subscriber to purchase one non-flow-through Abasca Common Share at a price of $0.60 per share for a period of 24 months.

Ms. Zhou owns 34% of the common shares and 100% of the preferred shares of the Subscriber, and she exercises control and direction over the Abasca Common Shares held by the Subscriber. The remaining common shares of the Subscriber are owned by Ms. Zhou's children, Yuning Billy Fan (33%) and Dongning Donna Fan (33%).

Prior to the closing of the Private Placement, Ms. Zhou and the Subscriber collectively owned, directly and indirectly, and exercised control over, 29,389,788 Common Shares, 1,875,000 share purchase warrants and 850,000 stock options, representing approximately 65.12% of the issued and outstanding Abasca Common Shares, on a partially diluted basis. Upon completion of the Private Placement, Ms. Zhou and the Subscriber now own, directly and indirectly, and exercise control over, 31,389,788 Common Shares, 2,875,000 share purchase warrants and 850,000 stock options, representing approximately 67.71% of the issued and outstanding Abasca Common Shares on a partially diluted basis.

The Subscriber acquired the Units for investment purposes and to help provide funding for Abasca's exploration program. Ms. Zhou and the Subscriber may in the future take such actions in respect of their holdings as they may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional Abasca Common Shares or other securities of Abasca or the disposition of all or a portion of their holdings in open market or in privately negotiated transactions.

A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.

SOURCE Dawn Zhou