Mr. Pascal Hamelin reports

ABCOURT ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

Abcourt Mines Inc. has released its results for the three months ended Sept. 30, 2023. All monetary values in this news release are expressed in Canadian dollars, unless otherwise indicated.

Highlights for the quarter ended Sept. 30, 2023:

• Revenue of $255,000 for the quarter ended Sept. 30, 2023, from the sale of waste rock at the Elder mine site;
• A net loss of $2,449,243, compared with a net income of $1,110,358 for the quarter ended Sept. 30, 2022;
• Cash of $1,060,390, compared with $963,974 as of June 30, 2023; working capital of the company of negative $5,069,466, compared with negative $4,476,223 as of June 30, 2023;
• On July 12, the company announced the appointment of Robert Gagnon, geologist, as vice-president of exploration for the company. As part of his new role, Mr. Gagnon will direct all exploration activities for mining properties, including the evaluation of partnerships to accelerate the development of certain of the company's properties. Mr. Gagnon holds a bachelor's degree in geology from the University of Quebec at Chicoutimi and is a member of the Order of Geologists of Quebec. Mr. Gagnon has extensive experience in managing exploration projects and evaluating deposits. He was president of Pershimex Resource Corp. from 2013 until its merger with the company in May, 2023, and as such, has very good knowledge of the mining properties thus acquired from Pershimex;
• On July 19, 2023, the company announced the filing of the technical report and preliminary economic assessment (PEA) of the Sleeping Giant project in accordance with Regulation 43-101 respecting information concerning mining projects;
• On Aug. 23, the company granted 17.5 million stock options to directors, officers, employees and consultants of the company. Of the 17.5 million stock options, 13.3 million were granted to directors and officers, and 1.8 million stock options were granted to persons providing investor relations services. The stock options have an exercise price of five cents and a term of five years. These options were granted under the company's stock option plan, which was amended to increase the maximum number of shares that may be issued upon exercise of options to 42.81 million, representing 10 per cent of the number of issued shares of the company;
• On Aug. 29, 2023, the company announced the appointment of Jasmine Hinse as director of the company, replacing Renaud Hinse, who died in June, 2023;
• On Sept. 14, 2023, Abcourt announced the restart of the Sleeping Giant mill in fall of 2023. The plant will begin the processing with material from the Pershing-Manitou deposit.

About Abcourt Mines Inc.

Abcourt is a Canadian gold exploration corporation with properties strategically located in northwestern Quebec, Canada. Abcourt 100 per cent owns the Sleeping Giant mill and mine, where it concentrates its activities. The Sleeping Giant mine has a mining lease as well as environmental certificates of authorization to extract up to 750 tonnes per day from its underground mine.

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