Mr. Pascal Hamelin reports

ABCOURT'S MANAGEMENT CEASE TRADE ORDER

Abcourt Mines Inc. has applied to the Autorite des marches financiers (Quebec) (the AMF), as principal regulator of the corporation, and expects to be granted a management cease trade order (MCTO) on Oct. 31, 2023, pursuant to Policy Statement 12-203 Respecting Management Cease Trade Orders. Under the MCTO, the corporation's chief executive officer (CEO), chief financial officer (CFO) and directors will not be permitted to trade in securities of the corporation until such time as the corporation files its audited consolidated financial statements, its management's discussion and analysis, as well as the CEO and CFO certificates, for the year ended June 30, 2023, which were to be filed on Oct. 30, 2023.

The MCTO will not affect the ability of shareholders to trade their securities. The corporation expects to file the required documents as soon as they are available, but in any event no later than Nov. 15, 2023.

Until the required documents have been filed and the MCTO has been revoked, the corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in PS 12-203 by issuing default status reports in the form of further press releases every two weeks.

Reasons for the default and plans for remedying the default

Due to the acquisition of the shares of Pershimex Resources Corp. in May, 2023, the corporation must consolidate Pershimex's financial statements in its own audited financial statements for the year ended June 30, 2023.

Although the corporation's auditors undertook the audit of the corporation's financial statements for the year ended June 30, 2023, they have been unable to complete their work as of the date hereof and anticipate being able to do so during the week of Oct. 30, 2023.

Abcourt has identified and organized all the documentation required to enable its auditors to proceed with the audit. The corporation's audit committee requested that the auditors review the documentation in order to issue a report on the financial statements and a management's discussion and analysis. The auditors have notified Abcourt of their availability to carry out the audit and audit the financial statements as soon as possible.

The corporation's CFO and financial services personnel have made it a priority to prepare the audit file and a first draft of the financial statements and management's discussion and analysis for the week of Oct. 30, 2023. Once this work is complete and the audit report is sent to the auditors, the auditors will finalize the audit. The corporation's audit committee will review the financial statements and management's discussion and analysis and submit them to the corporation's board of directors for approval.

The corporation's board of directors will approve same, subject to any corrections or amendments put forward by the corporation's officers and directors. The corporation's will then file the required documents with the securities regulators.

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.

We seek Safe Harbor.