Abcourt Presents Operations Update for October 2025 in the Development of the Sleeping Giant Mine

The most recent news release, dated November 11, 2025, provides an operations update for October 2025 at Abcourt's Sleeping Giant Mine. Key operational highlights for October 2025 include: - Tonnes Milled: 2,563 tonnes. - Mill Head Grade: 6.0 g/t gold. - Recovery Percentage: 95.6%. - Ounces Produced: 475 ounces. - Ounces Sold: 124 ounces. - Diamond Drilling: 1,666 meters completed. - Underground Rehabilitation: 61 meters. - Underground Development: 82 meters. - Gold Inventory in Circuit: 955 ounces. President and CEO Pascal Hamelin stated that the company is continuing to advance development and production, with a primary focus on hiring, onboarding, and training new employees, increasing staff from 76 in June to 106 at the end of October, plus contractors. The company also noted participation in various investor relations and marketing activities, including conferences in Munich, Toronto (Red Cloud Mining Showcase), New Orleans, and London.

The October 2025 operations update for the Sleeping Giant Mine presents a mixed, but overall concerning, picture regarding the company's ramp-up towards commercial production. Negative Aspects: - Production Decline: The 2,563 tonnes milled in October is a notable decrease compared to the 3,511 tonnes milled during the first quarter of fiscal 2025 (July-September), which was itself an initial ramp-up period. This indicates a potential setback or inconsistency in throughput, rather than the expected progressive increase towards the PEA's planned 340 tonnes per day (approximately 10,000 tonnes per month). The CEO had previously indicated a near-term goal of 5,000 tonnes per month (September 9, 2025 news), which the October figures fall significantly short of. - Ounces Produced: Correspondingly, 475 ounces produced in October is lower than the 630 ounces produced during Q1 2025. While the mill head grade (6.0 g/t) and recovery (95.6%) are slightly improved over Q1 (5.88 g/t and 94.9% respectively), the reduced throughput is the dominant factor, leading to fewer ounces being produced. - No Mention of Custom Milling: Critically, the news makes no mention of any custom milling operations or associated revenues, despite the company having received its environmental certificate of authorization for custom milling on October 28, 2025 (a "Material - Positive" event). This was presented as a significant new revenue stream to maximize mill utilization (permitted for 950 tpd, compared to 340 tpd for Sleeping Giant's ore alone). The absence of this key driver suggests either delays in securing contracts or a lack of initial contribution, which is a disappointment following the positive announcement. Positive/Neutral Aspects: - Ounces Sold: 124 ounces sold in October is a substantial increase over the 26 ounces sold in Q1 2025, indicating some revenue generation. However, this is still a small fraction of the ounces produced. - Hiring Progress: The increase in employees from 76 to 106, plus contractors, is a positive indicator of the company's commitment to building its operational workforce, which is essential for sustained production. - Underground Development: Continued diamond drilling, rehabilitation, and development activities are necessary for long-term mine planning and accessing new stopes. Overall: The operational update does not demonstrate the consistent ramp-up expected following the restart of the mill and the first gold pour. The decrease in throughput and produced ounces from the previous quarter, combined with the lack of progress on the highly anticipated custom milling front, indicates that the path to commercial production and positive cash flow may be more protracted and challenging than initially communicated. The recent substantial financings (Nebari loan, private placements, IQ loan) were aimed at accelerating this ramp-up, and the October results do not yet reflect the intended impact of this capital. This makes the news Routine - Negative.

Abcourt Mines Inc. (ABI) is a Canadian mining company focused on the acquisition, exploration, and development of mineral properties, primarily gold in Quebec, Canada. - Flagship Project: Sleeping Giant Mine (Quebec, Canada) - Commodity: Gold. - Stage: Transitioning from development to production. The mine has a historical production record of over 1 million ounces of gold from 1987 to 2014. - Recent Milestones: The company secured significant financing in 2025 to restart operations, including an $8M USD loan from Nebari Natural Resources Credit Fund II LP (later increased to $12M USD), a $3M CAD convertible debenture, $5.8M CAD from Investissement Quebec, and multiple private placements totaling over $15M CAD. The mill was restarted in August 2025, and the first gold pour since 2014 was announced in September 2025. An environmental certificate for custom milling was obtained in October 2025, allowing for additional revenue streams. The Preliminary Economic Assessment (PEA) in June 2023 outlined a planned throughput of 340 tonnes per day (tpd) for Sleeping Giant's ore, with the mill having a permitted capacity of 950 tpd. - Ongoing Activities: Active underground development, rehabilitation, and diamond drilling campaigns aimed at defining and expanding resources, particularly in the deep 785N zone and upper levels. Construction of a sleep camp and work on tailing facilities have also been completed or are in progress. - Key Exploration Project: Flordin Property (Quebec, Canada) - Commodity: Gold. - Stage: Advanced exploration. - Recent Activity: Extensive drilling campaigns in 2025 have intersected high-grade gold mineralization (e.g., 3.7 g/t Au over 11m, 1.1 g/t Au over 47.2m), confirming continuity over significant strike lengths (up to 1.8 km). Geophysical surveys (Induced Polarization) have identified new target domains for future drilling. - Other Assets: Abcourt has equity investments in other Canadian Venture Exchange companies and has optioned some of its claims (portions of Courville and Abcourt Barvue projects) to LaFleur Minerals Inc.