Abcourt Reports First Quarter Operations Update for the Sleeping Giant Mine Development

Executive Summary

• Abcourt Mines commenced processing ore at its fully‑owned Sleeping Giant Mill in mid‑August 2024 and achieved a 94.9% gold recovery on 3,511 t of material milled during Q1 2025.
• Underground development progressed with the opening of the first production stope in August; three stopes are planned for commissioning within the next 12 months.
• Surface infrastructure advances include completion of Phase 1 of the sleep camp/kitchen and civil works at the tailings facility in preparation for winter operations and a Summer 2026 lift.

Key Details

• Processing Start: Mid‑August 2024 – first gold feed to leach tanks/carbon circuit.
• Recovery Goal: Long‑term target of 95% gold recovery; Q1 achieved 94.9%.
• Underground Development (Q1):
• Drifts rehabilitated: 1,703 m
• New development: 71.1 m
• First production stope commissioned in August; three stopes targeted within 12 months.
• Mill Performance (Q1):
• Tonnes milled: 3,511 t (YTD)
• Head grade: 5.88 g/t Au
• Ounces milled: 664 oz Au
• Gold recovered: 630 oz Au (94.9% recovery)
• Gold sold: 26 oz Au
• Gold inventory in circuit end‑quarter: 604 oz Au
• Surface Infrastructure:
• Phase 1 sleep camp and kitchen commissioned on September 2, 2025.
• Civil construction at tailings facility completed for winter protection and preparation of lift to cell 2A (planned Summer 2026).
• Funding: Project funding secured with Nebari in early July 2024, enabling rapid start‑up of underground drift development and mill processing.

Notable Quotes

“I am very proud of what we accomplished in the first three months of the development phase of our project… The goal in the coming quarters is to continue the ramp up toward full commercial production status.” – Pascal Hamelin, President & CEO

Qualified Person: Pascal Hamelin, Eng., President and Chief Executive Officer (qualified under NI 43‑101).