Mr. Shaun Dykes reports

AMERICAN CUMO MINING UPDATES SHAREHOLDERS

American CuMo Mining Corp. has provided shareholders with an update on its projects and corporate developments.

All eligible shareholders have been issued or mailed their rights, and ineligible shareholders have been sent a letter explaining the process for making their rights eligible. The rights are now trading under the symbol MLY.RT. As announced in the company's Nov. 2, 2017, news release, eligible shareholders receive one right for each common share held. Two rights entitle the holder to subscribe for one common share of the company upon payment of the subscription price of seven cents per share. For example, a holder of 1,000 common shares will be entitled to subscribe for 500 common shares for an aggregate subscription price of $35.

Shareholders who fully exercise their rights will also be entitled to subscribe for additional shares in the rights offering, if available, as a result of unexercised rights prior to the expiry time, subject to certain limitations set out in American CuMo's rights offering circular.

The rights will continue to trade on the TSX Venture Exchange under the symbol MLY.RT until 9 a.m. PST on Dec. 9, 2017. The rights will expire at 2 p.m. PST on Dec. 9, 2017, after which time unexercised rights will be void and of no value. No fractional shares will be issued.

The process for exercising rights varies according to how shareholders hold their shares.

If shares are held at a brokerage firm, shareholders should instruct their broker to exercise the rights, and the broker sends the financing to Computershare. Upon closing, Computershare will issue a share certificate directly to the broker.

If the shares are registered in a shareholder's name, the shareholder will receive a rights certificate, which needs to be signed and sent along with a certified check, bank draft or money order for the shares to Computershare, and upon closing, Computershare will issue the shares directly to the shareholder.

The company intends to use the funds to repay the debentures owed to IEMR (Hong Kong), to finance a prefeasibility study for the CuMo project that will include the ore-sorting results and other optimizations to improve on the results in the Nov. 15, 2015, preliminary economic analysis (PEA) and to continue analyzing the results of the 2017 Calida gold work program.

At the company's Calida gold project, the first set of assays have been completed. These are for the surface grab samples taken from various exposures on the project site. The company has created an interactive photo web page that shows the location of various points of interest, including photos taken at the locations, and examples of the mineralization exposed. Also, photographs of hole 18 have been added to show an example of an intersected mineralized zone.

The assay results, shown in the attached table, confirm the presence of copper and gold in the Calida system, with gold values ranging from 0.02 to 3.32 grams per tonne gold and copper values ranging from 0.66 per cent to 4.72 per cent copper.

                                        ASSAY RESULTS

Location               Cu         Au         Ag         Bi         La          U         Te
                        %        ppm        ppm        ppm        ppm        ppm        ppm

OP345 zone           1.13       0.02       0.19       1.11       <0.5        1.3       0.35
Centre zone          3.43       1.50       1.33       13.1        3.7       20.5       0.48
Upper zone           1.90       0.05       0.95       12.4        5.8       45.1       0.64
W2 zone              0.98       0.03       0.18       4.44        6.1        8.4       0.07
Lower zone           0.66       0.05       0.16       3.34        2.5        2.9       1.35
R2 adit zone         0.99       0.03       0.89       0.77       49.4        3.7       0.07
East trench          4.72       0.17       0.51       9.96        7.5       13.8       0.56
F zone adit          1.49       3.32       3.23        139       47.4         35       0.46
Calida trench        0.73       0.04       0.85       1.09          6        2.1       0.15

Readers are cautioned these are grab samples from the zones exposed and may not represent 
the entire width of the mineralized zone and are an indication of the target mineralized 
zones.

In addition to the copper and gold, several other elements were noted. The higher gold samples also had elevated bismuth (13.1 and 139 parts per million), anomalous tellurium (0.35 to 1.35 ppm), lanthanum (47.4 to 49.4 ppm) and uranium (13.8 to 45.1 ppm). These additional elements suggest that the mineralization at Calida may be similar in age to the Tertiary Lemhi Pass rare-earth-bearing deposits, located approximately 20 kilometres to the east of Calida. Work is still in progress, completing the core logging from the 2017 drilling program at Calida.

On Nov. 15, 2017, the U.S. Forest Service determined a supplement to the 2015 environmental assessment(EA) is the appropriate level of National Environmental Protection Act (NEPA) analysis needed to complete the current round of permitting for the CuMo project. The determination is based on the culmination of a USFS interdisciplinary team's review, which recorded all findings in a recently released supplemental information report (SIR). Responding to the September, 2015, USFS decision related to Sacajawea's bitterroot (LESA plant) and the subsequent 2016 Pioneer wildfire that burned 55 per cent of the project area, Idaho CuMo Mining Corp. entered a memorandum of understanding with USFS to hire third party NEPA contractor Stantec to draft the SIR and complete a revised supplemental environmental assessment (SEA).

The SIR addresses new information and changed circumstances regarding the Sacajawea's bitterroot and all the natural resources that may have been impacted by the wildfire, including soils and vegetation. The analysis indicates that the Pioneer fire had little or no effect on the LESA plant and that the plant's population is far more numerous than previously established. Several large LESA populations have been found well outside the CuMo project area. Additionally, it has been established that ground-disturbing activities appear to have no negative effect on LESA numbers. Rather, plant populations appear to benefit when the ground is disturbed.

During a recent tour of the CuMo property by management and potentially interested parties, a historical ore pile from underground workings was found 4,500 feet (1371 metres) east of the easternmost drill hole at CuMo on the recently optioned Coon Dog claim, showing several distinct types of mineralization. Mineralization consisted of quartz vein, quartz breccia and quartz stockwork, with visible pyrite and chalcopyrite and local patches of massive sulphide. A grab sample has been sent for assaying to determine which of the two porphyry systems (the younger molybdenum-copper-silver or the older copper-gold system) that are present at CuMo the mineralization belongs to. The company is intending to drill the eastern extension of CuMo during the 2018 field program from the private land recently optioned.

Shaun Dykes, president and chief executive officer of American CuMo, commented, "The discovery of mineralization this far out from the CuMo deposit continues to confirm the enormous size and extent of the mineralization present within the CuMo property."

Finally, the company continues to work with several parties regarding its financing activities and projects.

Shaun M. Dykes, MSc (eng), PGeo, president and chief executive officer of the company, is the designated qualified person for the CuMo project and the Calida gold project and has prepared the technical information contained in this news release.

About American CuMo Mining Corp.

American CuMo is focused on advancing its CuMo project toward feasibility. American CuMo is also advancing its newly acquired Calida gold project.

We seek Safe Harbor.