Condensed consolidated interim financial statements Three and nine months ended (unaudited - in canadian dollars)

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# Condensed consolidated interim financial statements Three and nine months ended (unaudited - in canadian dollars)

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# Condensed consolidated interim financial statements Three and nine months ended (unaudited - in canadian dollars)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED MARCH 31, 2026
(Unaudited - in Canadian dollars)
Three and nine months ended March 31, 2026
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Interim Statements of Financial Position .......................................................... 3
Condensed Consolidated Interim Statements of Comprehensive Loss ..................................................... 4
Condensed Consolidated Interim Statements of Changes in Equity.......................................................... 5
Condensed Consolidated Interim Tables of Cash Flows............................................................................. 6
Notes to Condensed Consolidated Interim Financial Statements ............................................................. 7
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
MARCH 31, 2026 AND JUNE 30, 2025
MARCH 31, 2026 JUNE 30, 2025
(Unaudited) (Audited)
NOTES $ $
ASSETS
CURRENT ASSETS
Cash 14,834,664 2,578,587
Receivables 2,467,030 439,272
Inventory 4 6,332,519 733,080
Refundable tax credit resources and
refundable credit on mining rights 5,365,736 2,874,070
Prepaid expenses and deferred expenses 4,164,328 4,159,512
33,164,277 10,784,521
NON-CURRENT ASSETS
Deposits 210,000 211,683
Deposits for restoration 6,457,424 2,024,708
Property, plant and equipment 5 18,013,816 8,387,241
24,681,240 10,623,632
57,845,517 21,408,153
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities 6 8,011,869 7,471,718
Current portion of lease obligation 7 213,709 18,237
Current portion of long-term debt 8 1,742,375 –
Other liabilities 789,561 341,841
10,757,514 7,831,796
NON-CURRENT LIABILITIES
Lease obligation 7 105,569 13,257
Long-term debt 8 33,995,729 2,250,342
Warrants 8 3,100,725 –
Provisions for restoration of mining sites 9 12,205,048 11,912,292
60,164,585 22,007,687
NEGATIVE EQUITY
Share capital 10 85,095,334 73,770,396
Warrants 10,186,825 6,230,572
Equity component of convertible debenture – 585,844
Contributed surplus 9,045,235 8,295,499
Deficit (106,646,462) (89,481,845)
(2,319,068) (599,534)
57,845,517 21,408,153
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
On behalf of the Board:
‘Pascal Hamelin’, Director
U ‘Noureddine Mokaddem’, Director
U
PAGE 3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
THREE AND NINE MONTHS ENDED MARCH 31, 2026
THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31,
2026 2025 2026 2025
NOTES $ $ $ $
Revenues 7,877,554 – 12,766,703 –
Costs of sales 12,779,778 – 24,457,126 –
Tax credit resources (1,032,250) – (3,288,901) –
Loss from mining operations (3,869,974) – (8,401,522) –
Expenses
Administration 12 1,469,001 1,068,917 3,646,730 2,499,582
Care and maintenance 70,402 692,919 321,316 2,743,950
Exploration and evaluation 12 1,190,798 4,063,635 1,542,544 5,158,388
Gain on disposal of property and assets – – (382,769) –
Operating loss (6,600,175) (5,825,471) (13,529,343) (10,401,920)
Other items
Finance income (96,600) (27,028) (198,861) (65,719)
Change in fair value of warrants 8 (633,899) – (633,899) –
Change in fair value of investments – 644,886 – 855,118
Finance costs 1,370,989 123,279 3,609,248 (161,343)
Change in estimates of provisions for
restoration of mining sites 9 79,262 – 79,262 –
Exchange loss 550,820 – 616,440 –
Loss before income and mining taxes (7,870,747) (6,566,608) (17,001,533) (11,029,976)
Deferred income and mining taxes (160,008) (1,100,000) (630,841) (1,273,000)
Net loss and comprehensive loss (7,710,739) (5,466,608) (16,370,692) (9,756,976)
Basic and diluted net loss per share (0.01) (0.01) (0.02) (0.01)
Weighted average number of shares
outstanding (basic and diluted) 1,173,559,709 821,735,429 1,089,180,049 740,116,150
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
PAGE 4
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES OF EQUITY
(UNAUDITED)
NINE MONTHS ENDED MARCH 31, 2026
EQUITY
COMPONENT OF
CONVERTIBLE CONTRIBUTED
SHARE CAPITAL WARRANTS DEBENTURE SURPLUS DEFICIT TOTAL
NOTES $ $ $ $ $ $
BALANCE AS AT JUNE 30, 2025 73,770,396 6,230,572 585,844 8,295,499 (89,481,845) (599,534)
EQUITY FINANCING
Issuance of units 10 3,718,838 1,281,162 – – – 5,000,000
Issuance of flow-through units 10 2,916,675 1,004,764 – – – 3,921,439
Issuance of warrants 8 – 2,152,712 – – – 2,152,712
Exercise of warrants 10 1,161,759 (229,025) – – – 932,734
Expired warrants 10 – (253,360) – 253,360 – –
Exercise of stock options 10 620,345 – – (148,881) – 471,464
Share issuance costs – – – 92,882 (793,925) (701,043)
Conversion of convertible debenture 8 2,907,321 – (585,844) – – 2,321,477
STOCK OPTIONS
Granted to employees, officers, directors, consultants or IR
representatives – – – 552,375 – 552,375
NET LOSS FOR THE PERIOD – – – – (16,370,692) (16,370,692)
BALANCE AS AT MARCH 31, 2026 85,095,334 10,186,825 – 9,045,235 (106,646,462) (2,319,068)
SHARE CAPITAL WARRANTS CONTRIBUTED SURPLUS DEFICIT TOTAL
$ $ $ $ $
BALANCE AS AT JUNE 30, 2024 57,551,585 2,623,249 7,650,641 (74,109,611) (6,284,136)
EQUITY FINANCING
Issuance of units 6,813,808 2,650,085 – – 9,463,893
Issuance of flow-through shares 3,144,545 – – – 3,144,545
Exercise of warrants 648,020 (148,020) – – 500,000
Expired warrants – (27,658) 27,658 – –
Share issuance costs – – 77,000 (701,270) (624,270)
STOCK OPTIONS
Granted to employees, officers, directors, consultants or IR
representatives – – 109,068 – 109,068
NET LOSS FOR THE PERIOD – – – (9,756,976) (9,756,976)
BALANCE AS AT MARCH 31, 2025 68,157,958 5,097,656 7,864,367 (84,567,857) (3,447,876)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
PAGE 5
CONDENSED CONSOLIDATED INTERIM TABLES OF CASH FLOWS
(UNAUDITED)
THREE AND NINE MONTHS ENDED MARCH 31, 2026
THREE MONTHS ENDED MARCH 31, NINE MONTHS ENDED MARCH 31,
2026 2025 2026 2025
NOTES $ $ $ $
Operating activities
Net loss (7,710,739) (5,466,608) (16,370,692) (9,756,976)
Adjustments for:
Amortization 5 236,775 48,156 429,113 149,141
Change in fair value of warrants (633,899) – (633,899) –
Change in fair value of investments – 644,886 – 855,118
Stock-based compensation 105,014 28,056 552,375 109,068
Interests on lease obligation 7 8,493 489 18,759 1,846
Gain on disposal of assets – – (382,789) (1,500,000)
Foreign exchange loss 8 868,649 – 927,300 –
Long-term debt accretion 8 248,661 – 653,399 –
Convertible debenture accretion 8 10,852 – 71,135 –
Long-term debt interest 1,062,286 – 3,077,234 –
Warrants issuance costs 35,104 – 35,104 –
Accretion expense on provisions
for restoration of mining sites 9 – 101,230 213,494 257,957
Changes of estimates for
restoration of mining sites 9 79,262 – 79,262
Deferred income and mining taxes (160,008) (1,100,000) (630,841) (1,273,000)
Change in non-cash working capital
items 3 (1,799,435) 1,420,908 (10,136,057) (2,030,305)
(7,648,985) (4,322,883) (22,097,103) (13,187,151)
Financing activities
Repayment of lease obligation 7 (58,878) (4,502) (123,759) (15,009)
Long-term debt 8 24,787,750 – 42,217,950 –
Repayment of long-term debt 8 (1,040,000) (518,750) (1,040,000) (839,584)
Long-term debt interest (1,062,286) – (3,077,234) –
Proceeds from issuance of units 10 – 3,500,000 10,000,000 14,506,013
Proceeds from exercise of warrants
and stock options 325,388 – 1,404,198 –
Warrants issuance costs (35,104) – (35,104) –
Debt issuance costs 8 (197,891) – (197,891) –
Share issuance costs 10 – (47,977) (701,043) (624,270)
22,718,979 2,928,771 48,447,117 13,027,150
Investing activities
Deposits 141,683 – 1,683 –
Deposits for restoration (855,311) – (4,432,716) –
Sale of investments – 644,882 – 644,882
Acquisition of property, plant and
equipment 5 (1,548,141) (13,501) (9,662,904) (304,901)
(2,261,769) 631,381 (14,093,937) 339,981
Net change in cash 12,808,225 (762,731) 12,256,077 179,980
Cash, beginning of period 2,026,439 1,700,464 2,578,587 757,753
Cash, end of period 14,834,664 937,733 14,834,664 937,733
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
PAGE 6
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
THREE AND NINE MONTHS ENDED MARCH 31, 2026
1. INCORPORATION AND NATURE OF ACTIVITIES
Abcourt Mines Inc. (together, with its subsidiary, the « Company ») was incorporated by letters patent of
amalgamation in January 1971 and continued under Part 1A of the Quebec Companies Act in March 1981. On
February 14, 2011, the Company was automatically continued under Business Companies Act (Quebec)
following the coming into force of this law. The Company is engaged in the acquisition, exploration and
evaluation, development and operating of mining properties in Canada, primarily gold. Its shares are trading on
the TSX Venture Exchange under the symbol ABI, on the Berlin Stock Exchange under the symbol AML-BE and
on the Frankfurt Exchange under the symbol AML-FF. The Company’s head office is located at 475 De l’Église
Avenue, Rouyn-Noranda, (Québec) J0Z 1Y0.
These condensed consolidated interim financial statements were approved for issue by the Board of Directors
on May 20, 2026.
2. GENERAL INFORMATION, BASIS OF PRESENTATION AND GOING CONCERN
These condensed consolidated interim financial statements have been prepared by the Company’s
management in accordance with International Financial Reporting Standards (« IFRS accounting standards »),
as established by the International Accounting Standards Board and in accordance with IAS 34 « Interim
Financial Reporting ». These condensed consolidated interim financial statements were prepared using the
same basis of presentation and accounting policies outlined in the annual financial statements on June 30, 2025.
They do not include all the information required in annual financial statements in accordance with IFRS
accounting standards and must be read in conjunction with the consolidated financial statements for the year
ended June 30, 2025.
The Company's independent auditor has not performed a review of these unaudited consolidated interim
financial statements for the three and nine months ended March 31, 2026, in accordance with standards
established by the Chartered Professional Accountants of Canada for a review of interim financial statements
by the Company’s auditor.
The unaudited condensed consolidated interim financial statements are presented in Canadian dollars, which is
the Company's functional currency.
The Company operates in one business segment, namely the mining and exploration of mining properties. All
of the Company's assets are located in Québec, Canada.
Going concern
These condensed consolidated interim financial statements have been prepared on the going concern basis,
where assets are realized and liabilities are settled in the normal course of business.
On July 3, 2025, Abcourt closed a debt financing with Nebari Natural Resources Credit Fund II, LP (“Nebari”) to
fund the rehabilitation of Sleeping Giant installations and start the mining operations. Considering this financing,
Abcourt meets all criteria to move into development phase for the Sleeping Giant property. The Company's
ability to ensure the continuity of its operations relies on the ability to start the mining operations at Sleeping
Giant and bring it into commercial production, on the realization of its assets and on additional financing.
PAGE 7
NOTES TO CONDENSED CONSOLIDATED INTE

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