Mr. Pascal Hamelin reports

ABCOURT ANNOUNCES ADJUSTED NET EARNINGS OF $2.3 MILLION FOR THE QUARTER ENDED MARCH 31, 2023

Abcourt Mines Inc. has released its results for the three months ended March 31, 2023.

Highlights for the quarter ended March 31, 2023:

• Revenues of $6,230,336 for the quarter ended March 31, 2023, from the sale of gold ounces from the cleaning of the Sleeping Giant processing plant;
• Earnings of $2,089,828 and adjusted net earnings of $2,336,744, compared with a net loss of $1,342,164 and an adjusted net loss of $918,880 for the same period in 2022;
• Cost of sales of $2,007,760, compared with $6,333,486 in Q3 2022, a significant decrease explained by the cessation of mining operations at the Elder mine;
• Gold sales were 2,394 ounces, compared with 2,210 ounces for the same period in 2022, and come from mill cleaning; the average realized price on the gold sales for the quarter was $2,597 ($1,926 (U.S.)) per ounce of gold, compared with $2,369 ($1,880 (U.S.)) in Q3 2022, which is comparable;
• Cash of $3,328,497, compared with $720,512 as of June 30, 2022; negative working capital of $1,728,449 compared with a negative working capital of $5,246,416 as of June 30, 2022; a net improvement of cash and working capital during the quarter and the nine-month period ended March 31, 2023, compared with June 30, 2022, in part related to financing activities;
• The company published an updated mineral resource estimate (MRE) on Dec. 13, 2022, for the Sleeping Giant mine; Abcourt has almost doubled its inventory of mineral resources at the Sleeping Giant mine; the company has mandated an independent firm to carry out a preliminary economic assessment (PEA) based on the MRE of December, 2022; this PEA is expected to be published in June, 2023;
• On May 11, 2023, Abcourt completed the previously announced acquisition of all of the issued and outstanding common shares of Pershimex by way of a three-party amalgamation under the Canada Business Corporations Act;
• Abcourt mandated an independent firm to carry out a geological model and the initial Abcourt MREs for the Flordin and Discovery deposits, located 80 kilometres east of the Sleeping Giant Mill; Abcourt published Discovery's MRE in April and the Flordin's MRE on May 18, 2023.

About Abcourt Mines Inc.

Abcourt Mines 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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