Mr. Pascal Hamelin reports

ABCOURT CLOSES A SECOND TRANCHE OF THE PRIVATE PLACEMENT OF UNITS PREVIOUSLY ANNOUNCED, FOR AN ADDITIONAL AMOUNT OF $538,400

Abcourt Mines Inc. has completed a second tranche of the non-brokered private placement announced on Aug. 31, 2023, for additional gross proceeds of $538,400, representing 13.46 million units of the corporation at a price of four cents per unit. Each unit consists of one common share of the corporation and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of five cents for a period of 36 months.

It is expected that the net proceeds from the offering will be used in a proportion of 60 per cent to advance activities for development and exploration at the Sleeping Giant gold project in the Abitibi greenstone belt of Quebec and 40 per cent for working capital and general corporate purposes.

Pascal Hamelin, president and chief executive officer, and Christine Lefebvre, chief financial officer of the corporation, respectively subscribed for 1.75 million units and 700,000 units under the second tranche of the offering, representing total gross proceeds of $98,000, which constitutes a related party transaction within the meaning of Regulation 61-101 -- Protection of Minority Security Holders in Special Transactions. The directors of the corporation who voted in favour of the offering have determined that the exemptions from formal valuation and minority approval requirements provided for respectively under subsections 5.5(a) and 5.7(1)(a) of Regulation 61-101 can be relied on as neither the fair market value of the units issued nor the fair market value of the consideration paid exceed 25 per cent of the corporation's market capitalization.

Payment of royalty in units

The corporation has also agreed to issue 2,166,506 units to Maverix Metals Inc. in settlement of an amount of $86,660.23 representing a 2-per-cent net smelter return royalty on metallic and non-metallic minerals mined or otherwise recovered from each of the Sleeping Giant and Dormex properties over the last 12 months pursuant to the terms of a royalty agreement previously announced by the corporation on Sept. 22, 2022.

All securities issued in connection with the offering and the royalty payment will be subject to a restricted period ending on the date that is four months plus one day following the date of their issuance, in accordance with Canadian securities laws and policies of the TSX Venture Exchange.

The offering and the royalty payment remain subject to final approval of the exchange.

About Abcourt Mines Inc.

Abcourt Mines is 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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