Mr. Paul Anderson reports

ABACUS PROVIDES CORPORATE UPDATE

Abacus Mining & Exploration Corp. has noted the termination of the lease on the Nev-Lorraine property in Nevada.

Nev-Lorraine is a small property located adjacent to the company's much larger, wholly owned Willow property.

Nev-Lorraine was leased in 2018 with escalating lease payments incurred each year. The lease payment schedule was becoming onerous, however, and though the company made a sustained effort to reduce these payments and to spread them out over a longer period, the company's efforts were unsuccessful. The property has now been returned to the owners.

The company in 2024 fully acquired the Willow porphyry copper-molybdenum (Cu-Mo) property in Yerington, Nev., after working the property since 2017 under an option agreement. 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. Drill results indicate close proximity to a porphyry copper centre which requires further drilling to fully evaluate.

The company currently has an interest in one other 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 Mied 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 (copper), 0.19 g/t (gram per tonne) Au (gold) and 0.39 g/t Ag (silver). Contained metal is in the order of 2.7 billion pounds Cu, 2.6 million oz Au and 5.3 million oz Ag. The 2016 feasibility study used metal prices of $3.21 (U.S.)/lb Cu, $1,200 (U.S.)/oz Au and $17 (U.S.)/oz Ag, which are significantly lower than current prices.

Investors are referred to the company website for the latest news and project descriptions.

About Abacus Mining & Exploration Corp.

Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The company's main asset is a 20-per-cent ownership interest, together with KGHM Polska Mied S.A. (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.

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