Abcourt Mines increases loan financing by $2M (U.S.)

Executive Summary

• Abcourt Mines Inc. upsized its loan with Nebari Natural Resources Credit Fund II LP by an additional US$2 million, bringing total borrowings to US$10 million.
• The proceeds will be used to accelerate development of the Sleeping Giant mine, including adding a third underground diamond drill and advancing Phase 2 at the sleep camp.
• Concurrently, Abcourt issued 14,905,298 non‑transferable warrants to Nebari (exercise price C$0.093 per share, expiring July 3 2028, with reduction provisions if principal is prepaid).

Key Details

• Original Loan: US$8 million tranche funded on July 3 2025.
• Upsized Tranche 2: Additional US$2 million provided on the date of this release.
• Total Borrowed Amount: US$10 million across two tranches.
• Use of Proceeds: Accelerate Sleeping Giant mine development – add third underground diamond drill, expand mineral resources, and speed up Phase 2 at the sleep camp.
• Warrant Issuance: 14,905,298 non‑transferable warrants issued to Nebari; exercise price C$0.093 per share; expiry July 3 2028; term may be reduced if principal prepaid before July 3 2026 (new term = later of July 6 2026 or 30 days after repayment).
• Regulatory Conditions: Upsized loan and warrants subject to TSX‑V approval; warrants subject to a statutory hold period of four months and one day.

Notable Quotes

• “The partnership with Nebari is great… increasing the number of workers sleeping on site will reduce transportation and offsite lodging cost, as well as accelerating development underground.” – Pascal Hamelin, President & CEO, Abcourt Mines Inc.
• “Nebari is pleased to upsize our loan to Abcourt in support of advancing the development of its Sleeping Giant mine… positioned to achieve ramp‑up objectives in a favourable gold price environment.” – Steven Bowles, Managing Director, Nebari Natural Resources Credit Fund II LP.