Abcourt Mines appoints Bureau as COO

Executive Summary

• Abcourt Mines Inc. appointed Loïc Bureau as Chief Operating Officer, effective immediately, while he resigns from the board of directors to focus exclusively on operational duties.
• CEO Pascal Hamelin announced the appointment of Noureddine Mokaddem as the new chairman of the board, highlighting 2026 as a pivotal year for growth and the start of production at the Sleeping Giant mine.
• The company provided a material update on its binding terms with Glencore AG for a senior debt financing of up to $30 million (U.S.) and a production purchase agreement, with a final agreement expected imminently.

Key Details

• COO Appointment: Loïc Bureau appointed as Chief Operating Officer, effective immediately.
• Board Resignation: Mr. Bureau resigns from the board of directors to dedicate himself fully to operational activities.
• Executive Background: Bureau is a trilingual geological engineer (Polytechnique Montreal) with over 20 years of mining operations management and executive leadership experience. Previously served as General Manager at Pershimco Resources and Chairman of Pershimex Resources, where he led the strategic merger with Abcourt Mines.
• New Board Chairman: Noureddine Mokaddem appointed as the new chairman of the board, replacing Mr. Bureau.
• Glencore Financing Update: Binding terms announced on Dec. 22, 2025, for a senior debt financing facility of up to $30 million (U.S.) and a production purchase agreement. Parties are progressing toward a final agreement in the coming days.
• Operational Context: CEO emphasized the recent return to production at the Sleeping Giant mine as a strategic milestone and outlined plans for continued exploration and growth in the Abitibi region.

Notable Quotes

• Loïc Bureau, Chief Operating Officer: "I am pleased to join the Abcourt Mines team and to actively contribute to the execution of the corporation's operational plan. The recent return to production of the Sleeping Giant mine represents a significant strategic milestone, and the timing is right for me to fully dedicate myself to achieving our operational and financial objectives, with a view to creating sustainable value for the benefit of the corporation and its shareholders."
• Pascal Hamelin, President and Chief Executive Officer: "I am very pleased to welcome Loic to the Abcourt operations team. 2026 will be a very exciting year for Abcourt and Loic's arrival on the team will be a significant asset to our growth and the start of production at the Sleeping Giant mine. Furthermore, I would also like to thank Loic for his past years as chairman of the board of directors of Abcourt. His organizational skills greatly benefited the corporation during this period. Finally, I welcome Mr. Noureddine Mokaddem as the new chairman of the board. His vision for growth aligns perfectly with our objectives at the Sleeping Giant mine and with our exploration projects in Abitibi. We have all the necessary elements to make Abcourt Mines a success in 2026."