Condensed consolidated interim financials statements three months ended .

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# Condensed consolidated interim financials statements three months ended .

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# Condensed consolidated interim financials statements three months ended .
ABCOURT MINES INC.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED SEPTEMBER 30, 2024 (unaudited)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated Interim Statements of Financial Position
Consolidated Interim Statements of Comprehensive Income
Consolidated Interim Statements of Changes in Equity
Consolidated Tables of Cash Flows
Notes to Consolidated Interim Financial Statements
ABCOURT MINES INC.
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(in Canadian dollars)
September 30, June 30,
2024 2024
$ $
ASSETS Notes
Current assets
Cash 792,879 757,753
Receivables 5 415,978 348,960
Prepaid expenses 128,722 353,595
Inventory 6 1,040,793 1,212,493
Listed shares 1,934,650 -
Credit on mining rights refundable and refundable tax credit for
resources 466,592 466,592
Total current assets 4,779,614 3,139,393
Non-current assets
Deposit 211,683 211,683
Deposits for restoration 11 2,024,708 2,024,708
Property, plant and equipment 7 9,383,370 8,688,199
Total non-current assets 11,619,761 10,924,590
Total assets 16,399,375 14,063,983
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 8 5,590,477 6,398,727
Deferred revenue - 38,641
Mining taxes payable 515,548 515,548
Current portion of lease obligations 9 17,490 17,221
Current portion of long-term debt 10 1,014,584 1,116,667
Total current liabilities 7,138,099 8,086,804
Lease obligations 9 26,690 31,499
Long-term debt 10 100,000 150,000
Provisions for restoration of mining sites 11 12,741,266 12,079,816
Total liabilities 20,006,055 20,348,119
NEGATIVE EQUITY
Share capital 12 60,809,102 57,551,585
Contributed surplus 13 7,731,653 7,650,641
Warrants 3,865,732 2,623,249
Deficit (76,013,167) (74,109,611)
Total equity (3,606,680) (6,284,136)
Total liabilities and negative equity 16,399,375 14,063,983
ON BEHALF OF THE BOARD,
(s) Pascal Hamelin, President and Chief Executive Officer and Director (s) Loïc Bureau, President of the board and Director
ABCOURT MINES INC.
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED SEPTEMBER 30,
(In Canadian dollars)
2024 2023
Notes $ $
Revenues - 255,000
EXPENSES
Administration 14 775,757 999,740
Care and maintenance expenses 887,433 873,438
Exploration and evaluation expenses 14 501,160 706,771
Total expenses 2,164,350 2,579,949
4
OPERATING EARNINGS (2,164,350) (2,324,949)
FINANCE COSTS AND INCOMES
Finance income (460,864) (9,022)
Finance costs 136,415 133,316
(324,449) 124,294
EARNINGS BEFORE INCOME AND MINING TAXES (1,839,901) (2,449,243)
NET EARNINGS AND TOTAL COMPREHENSIVE INCOME (1,839,901) (2,449,243)
NET EARNINGS PER SHARE
Basic and diluted (0.00) (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic and diluted 667,279,094 438,544,218
ABCOURT MINES INC.
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(in Canadian dollars)
Contributed
Share Capital Warrants Déficit Total Equity
Surplus
Notes
$ $ $ $ $
Balance as at June 30, 2024 57,551,585 2,623,249 7,650,641 (74,109,611) (6,284,136)
Net earnings and total comprehensive income - - - (1,839,901) (1,839,901)
Units issued 12 – 13 3,257,517 1,242,483 - - 4,500,000
Share purchase options issued 12 – 13 - - 81,012 - 81,012
Share issuance costs - - - (63,655) (63,655)
Balance as at September 30, 2024 60,809,102 3,865,732 7,731,653 (76,013,167) (3,606,680)
Balance as at June 30, 2023 52,464,386 621,918 7,374,384 (62,328,624) (1,867,936)
Net earnings and total comprehensive income - - - (11,585,571) (11,585,571)
Units issued 12 – 13 5,023,704 1,978,166 - - 7,001,870
Payment of a royalty 12 – 13 63,495 23,165 86,660
Share purchase options issued 12 – 13 - - 275,357 - 275,357
Share issuance costs - - 900 (195,416) (194,516)
Balance as at June 30, 2024 57,551,585 2,623,249 7,650,641 (74,109,611) (6,284,136)
ABCOURT MINES INC.
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED SEPTEMBER 30,
(in Canadian dollars)
Notes 2024 2023
$ $
OPERATING ACTIVITIES
Net earnings (1,839,901) (2,449,243)
Items not affecting cash:
Accretion expense 108,036 103,125
Share-based compensation 81,012 168,944
Amortization and depletion 53,631 43,267
Interests on lease obligations 714 -
Sale of a property (1,500,000) -
Change in fair value of listed shares (464,650) -
(3,531,158) (2,133,907)
Changes in non-cash working capital items 4 (517,336) 607 416
(4,048,494) (1,526,491)
FINANCING ACTIVITIES
Issuance of units 4,500,000 1,582,750
Share issuance costs (63,655) (6,569)
Repayment of long-term debt (152,083) (137,575)
Payments on lease obligation (5,254) -
4,279,008 1,438,606
INVESTING ACTIVITIES
Credit on mining rights refundable and refundable tax credit for resources - 186,485
Acquisition of property, plant and equipment (195,388) (2,184)
(195,388) 184,301
NET CHANGE IN CASH 35,126 96,416
CASH, AT THE BEGINNING 757,753 963,974
CASH, AT THE END 792,879 1,060,390
ABCOURT MINES INC.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2024 AND 2023
(en dollars canadiens)
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’Eglise Avenue, Rouyn-
Noranda, (Quebec) J0Z 1Y0.
These consolidated financial statements were approved for issue by the Board of Directors on November 21, 2024.
2- GENERAL INFORMATION AND BASIS OF PRESENTATION
These 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 consolidated interim financial statements
were prepared using the same basis of presentation and accounting policies outlined in the annual financial statements on June 30,
2024. 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, 2024.These consolidated
interim financial statements have not been reviewed by the Company’s auditor.
The Company's independent auditor has not performed a review of these unaudited consolidated interim financial statements for the
period ended September 30, 2024, in accordance with standards established by the Chartered Professional Accountants of Canada
for a review of interim financial statements by the Company’s auditor.
GOING CONCERN
These 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.
The Company's ability to ensure the continuity of its operations relies on the realization of its assets and on additional financing.
Despite the Company's ability to obtain financing in the past, there can be no assurance that it will be able to obtain financing in the
future, and there can be no assurance that such financing will be available on terms acceptable to the Company. The Company has
not yet determined whether the mining properties contain ore reserves that can be economically exploited and has not yet generated
operating revenues. Recovery of the cost of mineral properties depends on the ability to economically exploit the ore reserves,
obtaining the necessary financing for the exploration of these properties and bringing them into commercial production or proceeds
from the sale of the properties. As of September 30, 2024, the Company has a deficit of $76,013,167, cash of $792,879 and
negative working capital of $2,358,485.
These conditions indicate the existence of a material uncertainty that may cast significant doubt upon the Company's ability to
continue as a going concern.
The consolidated financial statements do not reflect the adjustments that would be necessary to the carrying amount of assets and
liabilities, the amounts reported for revenues and expenses, and the classifications of items in the statement of financial position if
the going concern assumption were not appropriate. These adjustments could be material.
3- NEW OR REVISED STANDARDS AND INTERPRETATIONS
New and revised IFRSs issued but not yet effective
At the date of authorization for publication of these consolidated financial statements, several new, but not yet effective, Standards,
amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards, amendments or
interpretations have been adopted early by the Company
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date
of the pronouncement. New Standards, amendments and Interpretations neither adopted nor listed below have not been disclosed
as they are not expected to have a material impact on the Company’s financial statements.
ABCOURT MINES INC.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2024 AND 2023
(en dollars canadiens)
4- ADDITIONAL INFORMATION ON CASH FLOWS
Net change in non-cash working capital items
September 30, September 30,
2024 2023
$ $
Account,receivable (67,018) 694,652
Prepaid,expenses 224,873 (13,706)
Inventory 171,700 -
Accounts,payable,and,accrued,liabilities (808,250) (73,530)
Deferred,revenue (38,641) -
(517,336) 607,416
No mining and income taxes paid as at September 30 and June 30, 2024.
Items not affecting cash:
September 30, September 30,
2024 2023
$ $
Warrants granted to investors 1,242,483 437,674
Warrants granted to intermediaries - 700
5- RECEIVABLES
September 30, June 30,
2024 2024
$ $
Commodity taxes 327,344 285,834
Other receivables 88,634 63,126
415,978 348,960
6- INVENTORY
September 30, June 30,
2024 2024
$ $
Gold and silver inventories 463,300 773,000
Mines supplies 577,493 439,493
1,040,793 1,212,493
ABCOURT MINES INC.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2024 AND 2023
(en dollars canadiens)
7- PROPERTY, PLANT AND EQUIPMENT
Cost Accumulated Amortization September 30, 2024
Provision for
restoration Valeur nette
June 30, 2024 Addition adjustment September 30, 2024 June 30, 2023 Amortization September 30, 2024 comptable
$ $ $ $ $ $ $ $
Corporate
Office furniture 63,529 - - 63,529 42,515 1,333 43,848 19,681
Computer equipment 41,773 - - 41,773 29,689 2,537 32,226 9,547
105,302 - - 105,302 72,204 3,870 76,074 29,228
Elder mine site
Terrains 37,263 - - 37,263 - - - 37,263
37,263 - - 37,263 - - 37,263
Sleeping Giant mine site
Mill and production equipment 8,856,069 1,501- 448,265 9,305,835 1,982,439 5,458 1,987,897 7,317,938
Land 19,000 - - 19,000 - - - 19,000
Mobile equipment 528,539 - - 528,539 474,580 8,365 482,945 45,594
Computer equipment 167,601 - - 167,601 115,737 9,595 125,332 42,269
9,571,209 1,501 448,265 10,020,975 2,572,756 23,418 2,596,174 7,424,801
Exploration
Land 55,000 - - 55,000 - - - 55,000
Buildings 1,475,993 43,535 105,149 1,624,677 242,667 2,413 245,080 1,379,597
Equipment 457,551 150,352 - 607,903 174,3

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