Mr. Paul Anderson reports

ABACUS PROVIDES CORPORATE UPDATE

Abacus Mining & Exploration Corp. has provided a summary of the company's activities during 2025. The company's stated objective is to build a copper exploration and development company, and to that end it has evaluated a number of copper projects and M&A (merger and acquisition) opportunities. The company will continue these activities for the remainder of 2025 and into 2026.

The company currently has interests in two significant porphyry copper projects. The Ajax copper-gold joint venture, located near Kamloops, B.C., is a partnership between Abacus and base metal major KGHM Polska Miedz S.A. Abacus holds a 20-per-cent interest in Ajax, carried through to production, with KGHM holding the remainder and acting as operator on the project.

The Ajax project contains significant quantities of copper and gold, within a National Instrument 43-101 proven and probable mineral reserve of 426 Mt (million tonnes) at 0.29 per cent Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of:

• 2.7 billion pounds Cu (copper);
• 2.6 million ounces Au (gold);
• 5.3 million oz Ag (silver).

It should be noted that the feasibility study was completed in 2016 using metal prices of $3.21 (U.S.)/pound Cu, $1,200 (U.S.)/oz Au and $17 (U.S.)/oz Ag, which are significantly lower than current prices.

The 2016 Ajax feasibility study proposed a mining rate of 65,000 tonnes per day over an 18-year mine life. The mine would provide significant employment during both construction and operation, and substantial tax revenues would accrue to all levels of government and to first nations.

Ajax was briefly mined as two open pits in the late 1980s by Teck as part of their Afton operation. Abacus acquired the Ajax project from Teck in the early 2000s and advanced it until 2010, when KGHM was brought onboard. The Ajax property also contains several satellite deposits, two with mineral resources, which have seen limited shallow drilling to date. The old Afton mine just west of Ajax, now known as New Afton, is currently in production under New Gold. New Afton has a proven and probable mineral reserve of 39.5 Mt (million tonnes) at 0.72 per cent Cu, 0.65 g/t Au and 1.77 g/t Ag.

The Ajax project underwent a comprehensive joint provincial and federal environmental review starting in 2011, which culminated in the decision by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the project in December of 2017. Since then, KGHM in consultation with Abacus has worked to re-evaluate the project, taking into account relations with all project stakeholders, especially first nations.

In addition to Ajax, the company in 2024 fully acquired the Willow porphyry copper-molybdenum property in Yerington, Nev., after working the property since 2017 under an option agreement. It also holds a lease on the contiguous Nev-Lorraine copper-molybdenum property near Yerington, Nev. Drilling to date by the company has identified a fifth Cu-Mo porphyry in the camp, the first new porphyry discovered in decades in Yerington, which requires further drilling to fully evaluate.

There are four other porphyry deposits at Yerington. Hudbay Minerals owns the Ann Mason deposit contiguous and east of Willow with an M&I (measured and indicated) resource of 2.2 billion tonnes at 0.34 per cent Cu. Lion Copper and Gold control the Yerington, Bear and MacArthur porphyries adjacent and to the east of Ann Mason, which are under option to Rio Tinto. Anaconda mined the Yerington porphyry between 1952 until 1978, producing 1.6 billion pounds of copper. Lion Copper and Gold report proven and probable reserves of 506.5 Mt at 0.21 per cent Cu at their Yerington copper project.

Note that the information disclosed from adjacent properties for both Ajax and Willow is not necessarily indicative to the mineralization on the property that is the subject of the disclosure.

The technical information in this news release has been reviewed and approved by Paul G. Anderson, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101.

About Abacus Mining & Exploration Corp.

Abacus is a mineral exploration and mine development company currently focused on copper and gold in British Columbia and Nevada. The company's main asset is a 20-per-cent ownership interest, together with KGHM Polska Miedz (80 per cent), in the proposed copper-gold Ajax mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. On Dec. 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the project. KGHM continues to work to facilitate first nation, community and governmental engagement in order to advance the project toward a potential resubmission of the environmental application.

Abacus also owns a 100-per-cent interest in the Willow copper-gold property located near Yerington, Nev., and it controls the contiguous Nev-Lorraine claims subject to a 10-year lease agreement.

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