Abcourt announces its financial results for the quarter ended March 31, 2026

Abcourt reported its fiscal Q3 2026 financial results (quarter ended March 31, 2026). Revenue from gold sales totaled $7.88 million, but cost of sales of $12.78 million led to a loss from mining operations of $3.87 million. The net loss was $7.71 million, or $(0.01) per share, deeper than the $5.47 million loss in Q3 2025. Cash stood at $14.83 million, bolstered by the Glencore debt facility; however, shareholders’ equity turned negative at $(2.32) million, and total assets rose to $57.85 million. The company continues rehabilitation and development at the Sleeping Giant mine, and highlights the closing of the US$30 million senior debenture and offtake agreement with Glencore AG, plus the repayment of a $1.04 million loan to IQ. CEO Pascal Hamelin remarked that development toward commercial production is progressing.

The financial results reveal a clear deterioration compared to the preceding quarter (Q2 2025 ending December 2025) when Abcourt posted a profit from mining operations of $0.48 million. The swing back to a mining loss of $3.87 million is material in the sense that it underscores the ongoing cash burn and below‑breakeven ramp‑up. However, this quarterly loss was entirely predictable given the company’s early‑stage production status and elevated development spending; the market had no expectation of a profitable quarter. The real news—the Glencore debt package, director conversion, and IQ loan repayment—was already disclosed in prior releases (e.g., January 30 and February 19, 2026) and is only reiterated here. The deepening net loss and negative equity, combined with a $7.71 million quarterly loss on $7.88 million revenue, simply confirm that the Sleeping Giant mine is still consuming more cash than it generates. There is no genuinely new, market‑moving information. The development progress remains in line with the trajectory outlined in earlier operations updates (long‑hole stoping delayed to early summer 2026). Hence, the financial release represents a routine, incremental negative data point.

Abcourt Mines is a Quebec‑based gold developer focused on its 100%‑owned Sleeping Giant mine and mill in the Abitibi greenstone belt. The company also holds a large land package (~510 km²) that includes the past‑producing Elder mine, the Flordin‑Cartwright satellite deposit, and several other early‑stage gold and base‑metal projects. The flagship Sleeping Giant asset comprises a fully functional 750‑tpd mill (currently processing at ~250–350 tpd), underground infrastructure, and a NI 43‑101 resource of 173,300 oz M&I (755 kt at 7.14 g/t Au) plus 248,300 oz Inferred (884 kt at 8.74 g/t Au). A June 2023 PEA envisions steady‑state production of ~30,100 oz Au/year with AISC of US$1,120/oz over a 6‑year mine life. The company is in the pre‑commercial ramp‑up phase, having poured first gold in September 2025.