Core Insights - Abcourt Mines Inc. has commenced operations at the Sleeping Giant Project mill in Eeyou Istchee, Québec, marking a significant milestone for the company [1][2] - The mill is currently processing material sourced entirely from the Sleeping Giant project, with plans to pour the first gold bar since 2014 within weeks [2] - Historically, from 1987 to 2014, the mill processed 3.37 million tons of ore at a grade of 10.29 g/t Au, yielding 1,073,111 ounces of gold [3] Company Operations - The mill has been out of care and maintenance mode, indicating progress in operations and a positive outlook for the ramp-up and testing phase [4] - Abcourt has invested in bringing the mill back to operational status, which includes processing a 5,000-ton bulk sample from the Pershing-Manitou deposit in 2024 [3] - The company plans to engage with the investment community through various trade shows, including the Mining Forum Americas 2025, to showcase its achievements [4] Company Background - Abcourt Mines Inc. is a Canadian exploration company with properties in northwestern Québec, focusing on the Sleeping Giant mine and mill, as well as the Flordin property [6]

Core Insights - Abcourt Mines Inc. is progressing well with the Sleeping Giant Project in Eeyou Istchee, Québec, following successful financing with Nebari in early July [2][5] - The company has initiated various activities including the installation of a sleep camp, rehabilitation of underground openings, and preparation for mining operations [2][5] July Activities - A surface stockpile of approximately 1,000 tonnes of ore was built [5] - The first stope underground was blasted in July [5] - Construction of a 50-person dormitory began, with plans to accommodate workers on a 7 days in, 7 days out schedule [5] August Outlooks - The dormitory is expected to accept its first occupants later in August, with additional facilities like a kitchen and rec room scheduled for delivery in the coming weeks [5] - The company is in the permitting process for a second phase to increase dormitory capacity from 50 to 100 rooms [5] - Underground activities are set to increase to start feeding the mill, with commissioning of the crushing plant and grinding and leaching circuits planned [5]

Core Points - Abcourt Mines Inc. has successfully closed a non-brokered private placement of secured convertible debentures, raising gross proceeds of $3,000,000 [1][2] - The debenture will bear interest at Term SOFR plus 10% per annum and is convertible into common shares at a price of $0.05 per share during the first year and $0.10 thereafter [2] - The company also closed a tranche of non-brokered equity financing, raising $1,056,000 through the sale of 21,120,000 units at a price of $0.05 per unit [4][5] - The proceeds from both offerings will be used to restart the Sleeping Giant mine and mill, repay outstanding payables, and for general corporate purposes [9] Financing Details - The debenture will mature four years from the issuance date and can be prepaid by the corporation without penalty [2] - Each unit in the equity offering consists of one share and one share purchase warrant, allowing the purchase of one share at $0.08 until June 26, 2028 [5] - All securities issued are subject to a restricted period of four months plus one day following their issuance [6] Related Party Transaction - The debenture was purchased by François Mestrallet, a director of the corporation, qualifying it as a related party transaction under MI 61-101 [3] - Prior to the offering, Mr. Mestrallet held 16.10% of the shares on a non-diluted basis, which will change to 15.76% post-offering [11][12] Financing Facility - The corporation is finalizing a secured financing facility with Nebari Natural Resources Credit Fund II, LP, amounting to $8 million for a 36-month period [8] - This facility is intended to support the restart of the Sleeping Giant mine and is part of the overall financing strategy [9]

Core Viewpoint - Abcourt Mines Inc. is initiating a non-brokered private placement of a secured convertible debenture to raise gross proceeds of $3,000,000, alongside a secured financing facility of $8 million and a non-brokered equity financing of $1,000,000, aimed at restarting the Sleeping Giant mine and mill [1][6][11][14]. Debenture Offering - The debenture will have an interest rate of SOFR plus 10% per annum and will mature in four years [2] - The principal amount can be converted into common shares at a price of $0.05 per share in the first year and $0.10 per share in subsequent years [2] - The debenture will be purchased by François Mestrallet, a director of the Corporation, constituting a related party transaction [3] - The Corporation will rely on exemptions from formal valuation and minority shareholder approval requirements as the transaction does not exceed 25% of its market capitalization [4] Financing Facility - The Corporation plans to close a secured financing facility with Nebari Natural Resources Credit Fund II, LP for $8 million, with an interest rate of SOFR plus 12% and a term of 36 months [6] - The Corporation has the option to prepay the outstanding principal amount after 365 days, subject to a minimum prepayment of $1,000,000 [7] - The Lender will receive 87,040,000 warrants, each exercisable for one common share at an exercise price of $0.0625 for 36 months [8] Equity Financing - The Corporation intends to close a tranche of non-brokered equity financing for gross proceeds of $1,000,000, selling units at a price of $0.05 per unit [11] - Each unit will consist of one common share and one common share purchase warrant, with the warrant exercisable at $0.08 for 36 months [12] - If the trading price of common shares exceeds $0.12 for 20 consecutive trading days, the Corporation may accelerate the expiry date of the unit warrants [13] Use of Proceeds - The net proceeds from the debenture offering, financing facility, and private placement will be used to restart the Sleeping Giant mine and mill, repay outstanding payables, and for general corporate purposes [14]

ROUYN-NORANDA, Quebec, June 16, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. ("Abcourt" or the "Company") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce its most recent channel sampling results from the former Cambior stripping that was done in the late 1980s and located immediately west of the 2024 Cartwright stripping. This new phase of sampling made it possible to add 4 new channels of approximately 20 metres in length on average and a smaller one (No. 18) of approximately 5 metres in length. A ...

Core Viewpoint - Abcourt Mines Inc. reported a significant net loss for the third quarter ended March 31, 2025, with no revenues generated during the period, highlighting ongoing financial challenges despite improvements in working capital [1][2]. Financial Results Summary - For the three months ended March 31, 2025, Abcourt reported no revenues, compared to revenues of CAD 255,000 for the same period in 2024 [2]. - Administration expenses increased to CAD 1,068,917 in Q3 2025 from CAD 776,367 in Q3 2024 [2]. - Care and maintenance expenses rose significantly to CAD 692,919 in Q3 2025 from CAD 231,541 in Q3 2024 [2]. - Exploration expenses surged to CAD 4,063,635 in Q3 2025, up from CAD 1,765,615 in Q3 2024 [2]. - The net loss for the three months ended March 31, 2025, was CAD 5,466,608, compared to a net loss of CAD 2,892,142 for the same period in 2024 [2]. - The net loss per share remained at CAD 0.01 for both Q3 2025 and Q3 2024 [2]. - As of March 31, 2025, the company had cash reserves of CAD 937,733, an increase from CAD 757,753 as of June 30, 2024 [2]. - Total assets increased to CAD 16,493,159 as of March 31, 2025, compared to CAD 14,063,983 as of June 30, 2024 [2]. - Non-current liabilities stood at CAD 12,908,748 as of March 31, 2025, up from CAD 12,261,315 as of June 30, 2024 [2]. - Shareholders' equity improved to CAD (3,447,876) as of March 31, 2025, from CAD (6,284,136) as of June 30, 2024 [2]. - Working capital showed improvement, with a negative working capital of CAD (2,172,892) as of March 31, 2025, compared to CAD (4,947,411) as of June 30, 2024 [2]. Company Overview - Abcourt Mines Inc. is a Canadian gold exploration company with properties located in northwestern Quebec, focusing on the Sleeping Giant mine and the Flordin exploration property [5].

Objective 2: Confirm the presence and continuity of the South Zone that was discovered in 1988 by Cambior. Demonstrate that the mineralization of the South Zone is similar/different to that observed and described in the Cartwright area. In all, four (4) deep holes for a total of 2403 metres were made. All 2025 drilling in this area returned gold values over tens of metres in length. Hole FL-25-282 returned 1.1 g/t gold over 47.2 metres, including 7.6 g/t gold over 3 metres. The mineralization of the South Z ...

Core Viewpoint - Abcourt Mines Inc. has reported new drilling results from the Sleeping Giant mine, indicating promising mineral resource potential and plans for rapid production ramp-up [1][3]. Drilling Results - In 2025, Abcourt completed 36 underground drill holes totaling 5,632 meters, with seven holes targeting the 785N zone for a total of 3,316 meters [2]. - The results from drill holes 78-888 and 78-890 show significant gold grades, including 59.25 g/t over 0.5 meters and 24.3 g/t over 1.9 meters, respectively [3][6]. Operational Updates - The company plans to add a third underground drill rig to accelerate the resource conversion drilling program [6]. - Abcourt has renewed its drilling contract with G4 Drilling to enhance its operational capabilities [8]. Financing Progress - The company is progressing with due diligence for an $8 million loan, which is crucial for mine development and production initiation [9]. Quality Control Measures - Drilling and core description work is supervised by qualified personnel, ensuring adherence to industry standards for quality assurance [10][12]. Future Plans - The company aims to maximize the conversion of inferred resources into indicated resources and update the mineral resource estimate for the Sleeping Giant property [11].

Core Viewpoint - Abcourt Mines Inc. has successfully closed an additional tranche of its non-brokered private placement, raising a total of $9,281,044 to support the restart of the Sleeping Giant mine and for general corporate purposes [1][4]. Group 1: Private Placement Details - The recent tranche raised gross proceeds of $4,613,004, contributing to a total of $9,281,044 raised through private placements [1]. - The private placement consists of units priced at $0.05 each, with each unit comprising one common share and one warrant [2][9]. - Each warrant allows the holder to purchase one common share at a price of $0.08 for a period of 36 months following the closing date [2]. Group 2: Use of Proceeds - The net proceeds from the private placement will be utilized to restart the Sleeping Giant mine and mill, along with working capital and general corporate purposes [4]. Group 3: Related Party Transactions - The private placement involved related party transactions, with insiders purchasing a total of 20,000,000 units [5][11]. - The Corporation relied on exemptions from formal valuation and minority shareholder approval requirements due to the transaction's value being below 25% of the Corporation's market capitalization [5]. Group 4: Securities and Regulatory Compliance - All securities issued in connection with the private placement are subject to a restricted period of four months plus one day from the issuance date [6]. - The private placement remains subject to final approval from the TSX Venture Exchange [10].