Abacus ends Nevada lease, shifts focus to Willow

Abacus Mining & Exploration Corporation has terminated the lease on its Nev-Lorraine property in Nevada, citing escalating and unrenegotiable annual payments. The company continues to hold its wholly owned Willow porphyry copper-molybdenum property in Yerington, Nevada, where recent drilling has identified a fifth Cu-Mo porphyry.

Abacus also maintains a 20% carried interest in the Ajax copper-gold joint venture with KGHM Polska Mied S.A. in British Columbia. The project holds a significant NI 43-101 proven and probable mineral reserve. The B.C. Minister of Environment declined to issue an environmental assessment certificate for Ajax in December 2017, and KGHM is currently working on stakeholder engagement for a potential resubmission.

Abacus Mining & Exploration Corporation (AME) terminated its Nev-Lorraine lease as a cost-saving measure, removing escalating lease payments from its balance sheet. However, the financial impact is immaterial relative to the company's overall capital structure and operating losses. The move does not alter the company's fundamental going concern status, nor does it provide immediate revenue or near-term production catalysts. The news represents a routine operational adjustment that aligns with management's stated strategy to focus capital on the 100% owned Willow property and the KGHM-carried Ajax project, but it does not change the underlying financial distress or the massive debt maturity looming in December 2026.

Abacus Mining & Exploration Corporation (AME) is an exploration-stage junior focused on two primary assets: the Willow Project in Nevada and the Ajax Project in British Columbia. The company generates zero revenue and relies entirely on external financing to fund exploration and administrative operations.

The Willow Project is a 100% owned porphyry copper-molybdenum property. Drilling has identified a fifth Cu-Mo porphyry in the Yerington camp, but it remains in early exploration with no validated resources or reserves.

The Ajax Project is a copper-gold development held via a 20% carried interest (carried through to production) with KGHM Polska Mied S.A. as the 80% operator. It holds a significant NI 43-101 proven and probable mineral reserve, but remains stalled due to regulatory rejections and ongoing stakeholder engagement.