Abcourt Presents Operations Update for the Quarter ended March 31st, 2026, in the Development of the Sleeping Giant Mine

Operational Progress and Production Metrics

• The April 15, 2026 operations update confirms continued production growth at the Sleeping Giant Mine for the quarter ended March 31, 2026.
• Milling activity increased to 7,445 tonnes milled with a head grade of 5.2 g/t Au, yielding 1,197 ounces produced and 1,138 ounces poured.
• Recovery rates remain high at 95.8%, indicating stable mill performance following the ramp-up phase initiated in late 2024/early 2025.
• Workforce expansion continues with 143 employees on site, targeting 190 to support increased underground activity.

Strategic Transition to Long-Hole Stoping

• The company is transitioning from room-and-pillar mining to long-hole stoping methods.
• Commissioning of the first long-hole drill is scheduled for April 2026, with stope production expected in early summer 2026.
• Management projects an additional 1,500 tonnes per month average increase per long-hole stope, aiming to operate three stopes simultaneously at steady state.

Exploration and Infrastructure Expansion

• A new large-scale gravimetric geophysical survey is underway across the entire Sleeping Giant property (750 measurement points) targeting deep-seated massive sulfide deposits up to 2 kilometers depth.
• Camp infrastructure expansion continues with a second phase of 37 rooms commissioned in April, with a third block scheduled for early summer.

Capital Allocation and Shareholder Returns

• The company recently received TSXV approval (April 2, 2026) for a Normal Course Issuer Bid (NCIB) to repurchase up to 80 million shares (~10% of public float).
• Management views the NCIB as an advantageous use of capital funded by existing cash balances, signaling confidence in intrinsic value relative to market price.

Validation of Financing Strategy

• The most recent news serves as a validation of the January 30, 2026 Glencore financing deal ($30M senior secured facility + 100% offtake).
• Production volumes (approx. 1,200 oz/month run rate) provide the revenue predictability required to service the SOFR + 2.5% debt and fund the NCIB buyback program.
• The transition to long-hole stoping was anticipated in previous updates (Feb/Mar 2026); therefore, this news is incremental rather than a surprise catalyst.

Cash Flow Sufficiency for Buybacks

• The ability to execute an NCIB funded by existing cash balances confirms the company has moved beyond pure survival financing into capital allocation mode.
• This reduces immediate dilution risk compared to equity financings but introduces execution risk if production targets are not met consistently.

Routine Nature of Update

• Production updates of this nature are standard for companies in the pre-production/early production phase.
• While positive, it does not materially alter the investment thesis established by the Glencore transaction or the NCIB approval; it confirms the timeline is on track.
• No new strategic investors or major asset acquisitions were announced in this release.

Sleeping Giant Mine

• Location: Abitibi Region, Quebec, Canada.
• Status: Development / Early Production. Mill is operational; underground mining transitioning to long-hole stoping.
• Infrastructure: 750 tpd fully permitted mill, surface camp (expanding to ~124 rooms), tailings facility.
• Production Guidance: Targeting steady-state production of approximately 30,000 oz Au annually based on PEA data.
• Resource Base: Measured & Indicated: 755,000 t @ 7.14 g/t Au; Inferred: 884,000 t @ 8.74 g/t Au (Dec 2022 estimate).

Satellite Projects

• Flordin Property: High-grade exploration asset with recent drilling confirming continuity of gold zones (>300m length).
• Discovery Deposit: Satellite deposit near the mill with significant resource potential (M&I ~177,700 oz Au).
• Abcourt-Barvue: Silver-zinc project undergoing geological reassessment.