Abcourt to boost Sleeping Giant underground development

Executive Summary

• Abcourt Mines reports progress on the Sleeping Giant project, including commissioning of the crushing and grinding circuit and completion of a 50‑room camp.
• The company outlines an August 2025 work plan to ready the mill for gold dore production and a September 2025 outlook targeting 5,000–10,000 t/month ore throughput and the start of gold dore pouring.
• A board amendment changes the exercise price of previously granted stock options from $0.07 to $0.08 per share.

Key Details

• Mill Ramp‑Up: Mill circuit now has a full inventory; plan to operate 40 h/week at 30 t/h, then increase to 80 h/week at the same rate.
• Gold Production Goal: Target of 30,000 oz of gold annually once steady‑state operations are achieved.
• August 2025 Activities:
• Commission crushing and grinding circuit.
• Fill leach circuit tanks.
• Complete 50‑room camp and kitchen installation.
• Begin using tailings facility for pulp storage.
• Hire miners for seven‑day, two‑shift underground operation.
• September 2025 Outlook:
• Underground development to reach 5,000 t/month ore production, moving toward a steady state of 10,000 t/month as per the 2023 PEA.
• Commence pouring gold dore.
• Request construction permit to expand camp capacity from 50 to 100 rooms.
• Increase underground diamond drilling rigs from two to three.
• Stock Option Exercise Price Amendment: Board approved raising the exercise price of 21.6 million common share purchase options to $0.08 per share (previously $0.07).
• Conference Attendance: Abcourt will present at Mining Forum Americas 2025, Sept 14‑17, Colorado Springs, CO.

Notable Quotes

“We are progressing very well with the project by now having the mill circuit with a full inventory… The next phase … will be to start delivering gold bars to the market in a high gold priced environment.” – Pascal Hamelin, President & CEO

Qualified Person: Pascal Hamelin, Eng., qualified under NI 43‑101.