Abcourt Announces its First Drilling Results at the Sleeping Giant Mine and Presents a Corporate Update - Seite 2

Figure 1: Level 295, Sector DAC 5, Plan View and Section View looking North.

Mohamed Haithem Bennia, Chief Geologist of the Sleeping Giant Mine comments: “The objective of this drilling campaign at Sleeping Giant is to optimize the mining plan for the first production stopes. The first observations of drilled cores and the first results received support our underground observations and encourage us to continue our drilling and modeling work to ensure the production of quality ore to supply our mill.”

At the corporate level, Abcourt announces a modification to the letter of credit supporting the bond with respect to its environmental obligations at the Sleeping Giant and Elder mines. The letter of credit was temporarily reduced from $2.9 millions to $2 millions. This modification provides additional short-term liquidity for the Company until the first deliveries of gold from the processing of the 5,000 tonnes bulk sample from the Pershing-Manitou property. Abcourt continues to advance work at the mill. Welding teams are carrying out the necessary repairs to three leach tanks. When these repairs are completed, Abcourt will be able to begin the cyanidation process to extract gold and silver from the circuit. The first gold deliveries are planned for the current quarter. Abcourt plans to remit the guaranteed letter of credit at $2.9 million before April 30, 2024.

Finally, Abcourt is organizing a virtual meeting on February 1, 2024 to provide an update on its operational and corporate activities. To participate in this meeting, interested people must write to [e-mail] to obtain a connection link and password. During the meeting, the Company will present its progress over the past few months and its plan for future operations as well as the new 3D model of the Sleeping Giant deposit.

The objectives achieved in 2023 include, among others:

• The publication of a mineral resource estimate (MRE) for the Sleeping Giant mine;
• The completion of a first MRE for the Discovery project;
• The acquisition of all the shares and amalgamation with Pershimex Resources Corporation;
• The completion of a first MRE for the Flordin project;
• The completion of an independent preliminary economic assessment (PEA) for the Sleeping Giant project;
• The preparation required for restarting the Sleeping Giant plant;
• The start of the processing campaign for mineralized materials from the Pershing-Manitou deposit; and
• The launch of a drilling campaign on the Sleeping Giant property.

The objectives for the year 2024 are: