Abcourt Mines Reports Record Development for Q4 2026 at Its Sleeping Giant Mine, Followed by a 160% Increase in Tonnage Processed
Abcourt ramp-up tonnage beat expectations, but grade collapse and ounce miss reflect transitional long-hole stoping with cash runway intact despite margin pressure.
Abcourt Mines Inc. (ABI) released a fourth-quarter 2026 operational update for its Sleeping Giant mine, highlighting accelerated mill throughput and underground development. Mill processing surged 160% quarter-over-quarter to 11,891 tonnes. However, average mill head grade fell sharply to 2.1 g/t Au, down from 5.2 g/t in the third quarter. Gold recovery also declined to 90.60%, compared to 95.8% in Q3.
Consequently, ounces produced dropped 60% to 720 oz, with 646 oz poured, down from 1,197 oz in the previous quarter. Underground development reached a record 554 meters, an increase of 180% quarter-over-quarter, while gallery rehabilitation totaled 1,052 meters, up 231% QoQ. Exploration drilling intensified to 11,059 meters, a 155% increase from the prior quarter. The company also commenced extraction from its first long-hole stope, marking a shift from room-and-pillar methods.
Year-to-date through Q4 2026, the mine milled 28,499 tonnes at an average grade of 4.18 g/t, yielding 3,628 oz produced and 2,647 oz poured. Management attributes the lower grades and ounces to planned mine sequencing during the transition to long-hole stoping, framing the results as a typical transitional phase.
Abcourt Mines Inc. (ABI) reported an operational update that aligns with expectations as the company transitions to long-hole stoping. This method initially processes lower-grade development ore, resulting in temporary compression of grade and recovery. While tonnage exceeded targets, the 60% drop in ounces produced and declining recovery rates offset the volume gain.
The company remains in a capital-intensive ramp-up phase characterized by negative near-term margins, a fundamental thesis that has not changed. The market has already priced in this transition, with the stock trading in a $0.07-$0.12 range for months. Consequently, the release does not materially alter the risk/reward profile.
Abcourt Mines Inc. (ABI) holds a portfolio of assets in Quebec, Canada, a Tier 1 jurisdiction. Its flagship Sleeping Giant mine is a 100% owned producing asset with a mill capacity of 800-950 tpd. The operation is transitioning from room-and-pillar to long-hole stoping methods, with first gold sales commencing in 2025.
The company also owns 100% of the Flordin exploration property, located 138 km east of Sleeping Giant. This asset contains 134,700 oz of Measured and Indicated resources (1.76M t @ 2.38 g/t) and 59,700 oz of Inferred resources. A 20,000-meter drilling campaign is currently underway at Flordin.
Additionally, Abcourt owns 100% of the Discovery property, situated 80 km east of Sleeping Giant. Discovery holds 177,700 oz of Measured and Indicated resources (1.19M t @ 4.66 g/t) and 303,700 oz of Inferred resources.
The Abcourt-Barvue project is a 100% owned historic silver-zinc VMS project near Barraute, containing 8.08M tonnes grading 3.06% Zn and 55.45 g/t Ag. The company holds a 51% interest in the Cameron Shear project through a joint venture with Canadian Royalties. Furthermore, Abcourt owns 100% of the Pershing-Manitou property, where bulk samples are processed at the Sleeping Giant mill.