Abcourt Announces its Results for the Fourth Quarter and annuals ended June 30, 2024

For immediate release

TSX Venture: ABI.V

Abcourt Announces its Results for the Fourth Quarter and annuals ended June

30, 2024

Rouyn-Noranda, Canada, October 22, 2024 - Abcourt Mines Inc. (“Abcourt” or the

“Corporation”) (TSX Venture: ABI) (OTCQB : ABMBF) announces its results for the fourth

quarter and the year ended June 30, 2024. All monetary values in this press release are

expressed in Canadian dollars, unless otherwise indicated. The financial statements and

management report are available on SEDAR+.

Highlights for the year ended June 30, 2024

 In July 2023, the Company published the technical report and preliminary economic

assessment for the Sleeping Giant project in compliance with National Instrument 43-

101 - Standards of Disclosure for Mineral Projects;

 In July 2023, Robert Gagnon, geologist, was appointed Vice-President Exploration of

the Corporation;

 In November 2023, Abcourt completed a drilling campaign on the Flordin property. A

total of 1,512 metres of drilling was completed (8 holes) in the Fall of 2023 in the

eastern sector of the property, 1 km east of the area worked by Cambior in 1988. Hole

FL-23-265 intersected two gold mineralized zones in an interval of 36 to 52 m. The

first mineralized zone returned 3.58 g/t gold over 4 m from 36 to 40 m, and the second

returned 14.79 g/t gold over 4 m from 48 to 52 m. This drilling campaign confirmed the

presence of new high-grade gold zones located near surface;

 Exploration work totalled $4,682,986 for the year, with mainly prospecting and

evaluation expenses incurred on the Sleeping Giant property for the underground

drilling campaign in the amount of approximately $3,827,538 and for the processing of

the 5,000-tonne bulk sample from the Courville property (Pershing Manitou);

 The Corporation has completed the processing of a 5,000 tonnes bulk sample from

the Pershing-Manitou project in April 2024;

 The Corporation completed approximately 3,143 metres of definition and exploration

drilling at the Sleeping Giant mine on the upper 4 levels of the mine to refine the

geological model on these levels and support engineering planning towards a pre-

feasibility economic study;

 Recovered 327 ounces of gold from 1,428 tonnes from the Sleeping Giant mine at a

feed grade of 7.4 g/t, with a mill recovery of 95.7%;

 Recovery of 269.6 ounces of gold from 5,361 tonnes of the Pershing-Manitou project

at a feed grade of 1.7 g/t, with a mill recovery of 89.9%;

 Sales of approximately 345 ounces of gold at an average realized price of $2,674

(US$1,992) per ounce, compared with 5,545 ounces of gold at an average realized

price of $2,439 (US$1,832) in 2023. Gold sales are derived from gold recoveries during

bulk sampling at the Courville (Pershing Manitou) and Sleeping Giant properties;

 On June 17, 2024, the Company entered into an option agreement with Québec

Lafleur Minerals Inc. (formerly Québec Pegmatite Holdings Corp.) (« LaFleur »), under

which Abcourt granted LaFleur the right to acquire a 100% interest in 141 mining

claims held by the Company and covering approximately 5,579 hectares. The optioned

property includes portions of the Courville and Abcourt Barvue projects, namely the

Jolin (Courville) and Bartec (Abcourt-Barvue) sectors, and adjoins the Swanson

property. LaFleur was required to pay $500,000 in cash within 10 days of signing the

agreement to acquire 25% of the property (conditions met by June 30, 2024);

 On July 8, 2024, LaFleur chosed to accelerate the exercise of the remaining conditions

of the agreement by making payment through the issuance of shares from its share

capital for an amount totalling $1,500,000 to acquire the remaining 75% interest in the

property. LaFleur issued 4,299,211 shares to Abcourt at a deemed price of $0.3489

per share;

 In August 2023, the Company granted 19,000,000 stock options to directors and

officers, and certain employees and consultants of the Company;

 On April 30, 2024, at a special meeting of the Corporation's shareholders, the

disinterested shareholders approved a resolution permitting the creation of a

controlling shareholder of the Company (as this term is defined in the policies of the

Exchange), namely Francois Mestrallet, director, directly and through SARL MF;;

 Between September 6 th and December 15th, 2023, the Company closed four tranches

of a private placement of 64,503,750 units at a price of $0.04 per unit for total gross

proceeds of $2,580,150;

 Between March 26 th and June 27 th, 2024, the Company closed five tranches of a

private placement of 88,434,400 units at a price of $0.05 per unit for total gross

proceeds of $4,421,720;

 Cash of $757,753 at June 30, 2024, compared with $963,974 at June 30, 2023.

Company's negative working capital of $4,947,411 compared with $(4,476,223) at

June 30, 2023.

About Abcourt Mines Inc.

Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located

in northwestern Quebec, Canada. Abcourt owns the 100% owned Sleeping Giant Mine and Mill,

where it focuses its operations. The Sleeping Giant Mine has a mining lease and environmental

certificates of authorization to extract up to 800 tonnes per day from its underground mine.

For more information about Abcourt Mines Inc., please visit our website and view our filings

under Abcourt's profile on www.sedarplus.ca

Pascal Hamelin Dany Cenac Robert, Investor Relations

President and Chief Executive Officer Reseau ProMarket Inc.,

T : (819) 768-2857 T : (514) 722-2276, ext. 456

Email : [email protected] Email : [email protected]

FORWARD-LOOKING STATEMENTS

Certain information contained in this news release may constitute "forward-looking information" within the

meaning of Canadian securities legislation. Generally, forward-looking information can be identified by

forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates",

"estimates", "could", "should", "likely", or variations of these words and phrases or statements specifying

that certain acts, events or results "may", "would", "would", "would", "would", "would", "occur" or "be

achieved" or other expressions Similar. Forward-looking statements are based on Abcourt's estimates

and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's

actual results, level of activity, performance or achievements to be materially different from those

expressed or implied by such forward-looking statements or information. Forward-looking statements are

subject to business, economic and uncertainties and other factors that could cause actual results to differ

materially from these forward-looking statements, including the relevant assumptions and risk factors set

out in Abcourt's public filings, are available on SEDAR+ at www.sedarplus.ca. There can be no assurance

that these statements will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such statements. Accordingly, readers should not place undue reliance on

forward-looking statements and forward-looking information. Although Abcourt believes that the

assumptions and factors used in preparing forward-looking statements are reasonable, undue reliance

should not be placed on such statements. Except as required by applicable securities laws, Abcourt

disclaims any intention or obligation to update or revise any of these forward-looking statements or

information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy

of this release.