Mr. Pascal Hamelin of Abcourt reports

ABCOURT COMPLETES ACQUISITION OF PERSHIMEX BY MERGER

Abcourt Mines Inc. has completed the previously announced acquisition of all of the issued and outstanding common shares of Pershimex Resources Corp. by way of a three-cornered amalgamation under the Canada Business Corporations Act.

Pursuant to the amalgamation, Abcourt acquired all of the issued and outstanding Pershimex shares for consideration of 0.5712 of a common share of Abcourt for each outstanding Pershimex share. Abcourt now owns 100 per cent of the outstanding Pershimex shares. On closing of the amalgamation, Abcourt issued an aggregate of 79,294,373 Abcourt shares to former Pershimex shareholders, who now hold approximately 18.5 per cent of the 428,108,503 Abcourt shares issued and outstanding, on an undiluted basis. Outstanding options and warrants to acquire Pershimex shares have been adjusted as a result of the amalgamation based on the exchange ratio and will be exercisable in the aggregate for 14,614,560 Abcourt shares.

The delisting of the Pershimex shares from the TSX Venture Exchange is expected to occur at the close of business on or about May 18, 2023.

Full details of the amalgamation and certain other matters are set out in the management information circular of Pershimex dated Nov. 18, 2022. A copy of the information circular can be found under Pershimex's profile on SEDAR or by contacting Abcourt.

Pershimex shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact Computershare Investor Services, the depository for the amalgamation, toll-free (North America) at 1-800-564-6253 or outside of North America at 1-514-982-7555, or by e-mail at corporateactions@computershare.com.

About Abcourt Mines Inc.

Abcourt is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mill and mine, where it concentrates its activities.

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