Abcourt Mines Inc.

Good morning, everyone. Pleasure to be here to present the newest gold producer in Quebec. So I’m the QP for the company, mining engineer. Been building mines and operating mines for the last 35 years.

So Abcourt, why? Well, we have 500 square kilometers of land, all in Quebec, within trucking distance from our mill. We’re on the Hydro-Québec grid. We have skilled workforce in the camp. We’re in the BCB camp where a lot of mining company were born. We have a diversified package of property, mostly gold, silver, zinc, and copper. We have strong financial partners with Glencore. Glencore came in in January 2026 in a offtake agreement and also a debt structure. I’ll get into that later.

Sleeping Giant is fully permitted. The environmental bond a hundred percent covered in place. We have custom milling permit also for the Sleeping Giant mill. And we begin production in 2025. We’re currently ramping up the production at the Sleeping Giant mine.

Our capital structure, 33% of the shares are held by officers and directors. Four of us are in a lock-up agreement with Glencore. For the duration of the loan, our shares are not available. So pretty well a third of the shares on the market are locked in for the next five years. Fully diluted, almost two billion shares. Market cap around $90 million Canadian. Cash at hand, we had 14.8 at the end of March. We’re very close with the receivable and the credit and the loan that we still have ongoing and the line of credit, we’re about $12 million cash at hand.

Current focus, very simple. When you start a gold-producing mine, guess what? Your focus is on ramping up production and reaching commercial production. So that’s our goal for the next few months. I live within 160 kilometers from the mine. I’m very close to the operation. I’m there very, very often. So right now we’re building up production. We’re drilling underground. We’re drilling on average 3,000 meters per month, converting inferred into indicated resource. And Q1 2027, we’re increasing the drilling to start extending the life of mine.

So Sleeping Giant mine is one kilometer off the highway. It’s on the power grid. Historically, the mine was owned by Combiore from the early nineties till 2005. Historically, it’s been close to a million ounces produced at 10.3 grams head grades to the mill. We have 1.2 million meters of drilling in our database. Combiore gave us a very nice database, well-built, so we were thankful for that.

We’re currently ramping up production. We’re updating the market every month on our activities at the mine. The key for us, it’s to hire miners and train them. The miners that we have at the mine are handheld miners. They’re not equipment operators, so it needs about eight to ten months of training, even after school. So that’s our focus right now is to train the miners to become proficient and productive.

So Sleeping Giant, we completed a PEA in 2023. I’ll summarize this slide. It’s a heavy slide. Seven years, 180,000 ounces for the life of mine with margins today over $2,000 per ounces. So that’s a nutshell. So very good margin with this deposit, and that’s gonna be the foot base for Abcourt to grow.

The potential for expansion is huge. What you see in green on that slide is our life of mine. For the next seven years, we’re gonna mine all the stopes in green. We have a resource estimate close to almost two hundred, four hundred and fifty thousand ounces. Off that, there’s 180,000 that went into our life of mine, and it represented in green. The red dots are outside the resource estimates. The reason they’re not in the resource estimate is because they’re too far apart to make inferred to category. So they’re drill intercept. So all we have to do is follow up drilling, drill beside it to close the spacing on drilling, and we have inferred resource.

Right now, our focus is near the openings. So all the red dots that you see on your right to the east for us, it’s targets for 2027, 2028, 2029. We’re gonna do exploration development. We’re gonna do the drifting to get closer to those red dots so we can do drilling with 300-meter holes. So Sleeping Giant, again, 30,000 ounces a year, good margin. It’s ramping up right now.

But Abcourt is not a single asset company. We have other projects in the camp. This is our second priority. That’s the reason probably that Glencore came in. This is a brand-new discovery that we did in 2024. It’s a sulfide ore, disseminated sulfide ore right on surface where you see that yellow star. There was a resource estimate in the past there, but it was for the quartz zone that was to the north. To the south, in 1988, Combiore made a discovery hole that was never followed up. We followed up in 2023 and did the stripping in 2024, and we did the discovery.

So this is the quartz zone resource estimate that we published in May ’23. You see the forestry roads. It’s 138 kilometer east of our mill. So that’s the discovery in July ’24. Where the pen is, you see the disseminated pyrite. This discovery is right on surface. It was 22 gram over seven meters. So we applied for the exploration permit to expand the stripping. Now we have 300 meter long. It’s between 15 to 20 meter wide. The average grade of all these channels was five grams on surface.

So that sampling, that was disclosed to the market in the fall 2024. So immediately after, we applied for the exploration permit to start drilling underneath it and to the east and to the west. So we began that in 2025. So far, we did over twen- 15,000 meters of drilling, 100% hit. We disclose all that information to the market, where all the holes have been hitting that structure. So we’re continuing drilling throughout 2026, of course. We have one rig at the site. We’re gonna continue in 2027, and we’re just gonna keep expanding that deposit with drill results.

On that same Cameron Shear Zone, eight kilometers to the west, we have the Discovery deposit. So it’s on the Shear Zone, also the Cameron Shear, so we have another resource estimate there. So there’s a big potential there for... there’s an eight-kilometer strike with resource estimate already to the west at Discovery. In the middle, we have a 50/50 with Canadian Royalties, and to the east, we have the Flordin-Cartwright.

Third, we have another deposit, Barview. It’s a former zinc mine. We have a resource estimate that is historical now, but it’s around eight million tons at 3% zinc and 55%, sorry, not 55%, 55 grams. [laughs] If it was 55% silver, we would not be here. [laughs] So the 55 grams per ton silver. That project, it’s on our portfolio, it’s on our to-do list. But as an emerging gold producer, you don’t chase two or three rabbits at once. You chase one at a time. So our priority first is Sleeping Giant, Flordin-Cartwright, and eventually Barview. Barview is within a thousand feet from a electrical substation. It’s near the city of Barrote. Barrote is 60 kilometers north of Val-d’Or. So it’s right in the middle of the mining camp.

The board of director, well-versed, Nourredine Mokaddem, the founder of Maya Gold & Silver, who became Haya Gold & Silver, who operate gold mines in Morocco. Nourredine joined the board in 2024. He holds 13% of the company. François Mestrelle is a businessman from France. He owns 18% of the company. And the rest of the board, we have Amélie Rouleau from Glencore. She was deeply involved with the team at Raglan that signed, I would say, one of the breakthrough IBA in Canada with the Inuit of Nunavut, Nunavik, sorry. We have René Branchaud from Lavry. He’s been with us since 2021. And Chad William and myself are the mining engineer on the team.

The mining team, we have Danny Senec with me here today. The rest of the team are busy at the site. Robert Gagnon, VP Exploration. He lives in Val-d’Or in the mining camp. All the management people here, they’re all based in Quebec.

So again, very simple story. Putting Sleeping Giant in commercial production in the next few quarters. Resource growth at Sleeping Giant go from seven years to over ten years life of mine. Continue expanding the production. One thing I forgot to mention, at 30,000 ounces a year, the mill is operating at 40% capacity. So to expand the production at Sleeping Giant, what you have to do is expand the mining fronts underground. The shaft can hoist 1,500 tons a day. The mill can process 800 tons a day. So Sleeping Giant, with minimal investment, could go over 60,000 ounces a year.

In the meantime, while we build up production at Sleeping Giant, we’re always open for discussion for custom milling because there’s a lot of gold projects starting. Building a mill in Canada takes time. The operating license takes time. So sometime for many of them, it’s quicker to enter into a commercial arrangement with a custom mill. There is a few in Quebec that have a custom milling permit, and only two have room in their mill. So that’s it. Thank you. [audience applauding]

Thank you, Pascal. Any question from the room? So we can talk about partners, right? You have a partnership working together to train your miners, and we have partners came in September. Glencore came in September for the debenture, and we have partners for offtakes. So let’s talk about the partners, how you guys work together.

Yeah. So first, on the operating side, we have shareholders and partners. We have Tecnica Mining Group from Sudbury. They’re an underground mining contractor. They have offices in Quebec, Sudbury, and I believe in Western Canada. So they’re specialized in underground mining and construction. They’re at the site. They’re providing us with the trainers. So what we do is the young adults, when they graduate from high school, they have a mining certificate. So you have all the theoretical course to be a miner but doesn’t make you a miner. So what we do is we pair them with a trainer for three to four months, then they become a miner. But then we don’t put them as a leader on a team of two miners. They become a second man, and then they’re paired with a leader. So it takes another about five, six months, then they can become a leader. So that’s our training program we do with Tecnica.

The partnership with Glencore, the debenture is a five-year loan, $40 million. Right now we’re paying interest only until winter 2027. Starting in February 2027, we start paying for the following 48 months, we pay Glencore. Glencore, the offtake arrangement is for all the metals we’ll produce. Right now we’re selling gold to them. There’s no discount on that offtake. Even for base metal, there’s no discount. We sell average spot price for the next five years. For the next five days, sorry. Five years. [chuckles] So the five-day rolling average, we sell spot price. For the base metal that we’ll produce eventually, let’s say our zinc mine in Barot, it’s 30-day average. So it’s all set in the offtake.

For the construction of Floridin, they have first right of participation for construction financing. They wanna have that Floridin mine built fast. They need the sulfide for the Horne smelter. The Horne smelter is a copper smelter in Rouyn-Noranda. Our Floridin deposit is one kilometer off the railroad, so for us it’s very easy to put a concentrate on railroads and ship it to the Horne smelter. So they’re very keen on that. They want it. So we basically have the lead order for the construction of Floridin.

Question from the room? Thank you. And also you mentioned that the catalyst of the new mineral resources estimate in ’27. That’s our next big news to expect. And in that renewed estimates, are you focusing on increase the volume to including the new mine plan, or you’re gonna include more of the extension or new exploration efforts to the east side of the current deposit, current volume?

Okay. So you’re talking about Sleeping Giant? Yeah, yeah. Sleeping- Yeah. Okay. Because we’re also contemplating a resource estimate at Floridin. Okay. That’s why. [chuckles]

So Sleeping Giant, we’ve been drilling since ’23. So what we wanna show the market is the potential at depth and to the east. So that’s why we’re looking at updating the market and show that we’re increasing the life of mine at Sleeping Giant. And also, when we did the resource estimate in 2022, gold price, we used $1,600, $1,650. So today, most likely we would use a higher number, so there is change in there. But also we’ve been drilling since 3,000 meter a month, so that has an impact on the resource estimate. So that’s why we’re looking at doing the resource update at Sleeping Giant.

Floridin, we’ve been hitting all the holes over two kilometer long now, and it’s open at depth. The deepest hole we drilled so far is at 400 meter. So we think there’s a value there also to have an initial resource estimate to show the market the potential at Floridin.

Great. Thank you, Pascal. My pleasure. Thank you. [audience applauding] And next up we have