Management discussion and analyses for the First Quarter ended

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# Management discussion and analyses for the First Quarter ended

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# Management discussion and analyses for the First Quarter ended
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FIRST QUARTER
Quarter ended September 30, 2024
ABCOURT MINES INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
This management’s discussion and analysis (« MD&A ») provides an analysis of our exploitation and
exploration, evaluation and results of our financial situation which will enable the reader to evaluate
important variations in exploitation results and exploration, evaluation in our financial situation for the
quarter ended September 30, 2024, in comparison with same period of the previous year. This report
supplements our audited financial statements and should be read in conjunction with our annual
financial statements for the year ended June 30, 2024, which were prepared in accordance with the
applicable international accounting system. All monetary values included in this report are in Canadian
dollars, unless indicated otherwise. Our financial statements and the management’s discussion and
analysis are intended to provide a reasonable basis for investors to evaluate our exploration, evaluation
and operation results and our financial situation
This MD&A is dated as of November 21, 2024 and contains updated information, unless indicated
otherwise
You are invited to review the Company’s profile on SEDAR+ at www.sedarplus.ca, where you will
find all the documents filed pursuant to the applicable Canadian securities laws as well as our website:
www.abcourt.com where additional information will be found.
FORWARD LOOKING STATEMENTS
Some statements contained in this MD&A constitute forward looking statements including, without
limitation, anticipated developments in the Company’s operations in future periods and other events or
conditions that may occur in the future. These statements are about the future and are inherently
uncertain and actual achievements of the Company or other future events or conditions may differ
materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those mentioned herein under heading
« RISKS FACTORS ». Management believes that the expectations reflected in those statements are
reasonable but no assurance can be given that these expectations will prove to be correct. It is
recommended not to place undue reliance on forward-looking statements as the plans, intentions or
expectations upon which they are based might not occur.
2
HIGHLIGHTS FOR THE QUARTER AS AT SEPTEMBER 30, 2024
Exploration highlights
Exploration work totaling $2,603,486 for the quarter, incurred mainly on the Sleeping Giant property for the
underground drilling campaign in the amount of approximately $2,386,014.
During the quarter, the Company completed 1,127 meters 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. From December 1st, 2023 to
September 30, 2024, the Company completed 4,270 meters of definition and exploration drilling on the
property.
Highlights of the results obtained during the drilling program on the Sleeping Giant property in the Zone 20
West area on the 235th level are as follows:
 125,67 g/t Au over 0.5 meter in hole 23-489,
 46,08 g/t Au over 1 meter in hole 23-485
.
During the quarter, the Company carried out stripping work on the Flordin property in the Cartwright area.
Stripping on 3 zones exposed the high-grade gold mineralized zone, and subsequently over a distance of
more than 200 meters, during a second phase of stripping at the end of the quarter and proceeded with channel
sampling of the newly exposed mineralized zone. The work carried out during the quarter, and the results
obtained from drilling in November 2023, support the Company's belief that high-grade gold mineralization
associated with hematized pyrite bands is continuous over more than 2 km between the Cartwright deposit
and the South Zone discovered by Cambior in 1988.
On June 17, 2024, the Company entered into an option agreement with Québec Lafleur Minerals Inc.
(« LaFleur ») under which Abcourt granted LaFleur the right to acquire a 100% interest in 141 mining claims
owned 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.
On July 8, 2024, LaFleur elected to accelerate the exercise of the remaining conditions of the option
agreement by making payment through the issuance of shares of its share capital for a total amount of
$1,500,000, enabling it to acquire the remaining 75% interest in the property. LaFleur issued 4,299,211 shares
to the Company at a deemed price of $0.3489 per share. The amount of $1,500,000 was recognized in profit
or loss under prospecting and evaluation expenses as the sale of a property.
During the quarter, sales of approximately 189 ounces of gold at an average realized price of $3,181
(US$2,322) per ounce. The gold sales were from gold recovered from the Sleeping Giant property and the
residual from the 5,000-tonne bulk sample from the Courville (Pershing Manitou) property.
3
Corporate highlights
On August 1, 2024, the Company granted 3,500,000 share purchase options to a director and certain
employees of the Company.
The July 24th, 2024 private placement, resulted in the creation of a new controlling shareholder (as this term
is defined in the policies of the TSX Venture Exchange) through the issuance of 100,000,000 units to
Noureddine Mokaddem in connection under the private placement, for a total consideration of $4,000,000.
The latter participated in the private placement to support the Company's short- and medium-term growth.
He intends to hold his securities for investment purposes and may, depending on certain circumstances,
including market conditions, increase or decrease his beneficial ownership of or control over the common
shares, warrants or other securities of the Company.
On July 24, 2024, the Company appointed Noureddine Mokaddem as a director. Mr. Mokaddem is a mining
engineer with approximately 40 years of professional experience in Africa and North America. He has
successfully led all stages of implementation in several projects, from feasibility studies to start-ups of
production units of different scales, including maintenance of complex units, functional departments and
distribution networks.
On July 24, 2024, Daniel Adam resigned as a director of the Company, leaving a vacancy for Mr. Mokaddem.
Financial highlights
On July 24, 2024, the Company closed a non-brokered private placement of 112,500,000 units at a price of $0.04
per unit for total gross proceeds of $4,500,000.
Net loss of $1,839,901, or a loss per share of $0.00, compared with a net loss of $2,449,243, or a loss per
share of $0.01, for the same period in 2023.
As at September 30, 2024, negative working capital of $2,358,485, compared with negative working capital
of $4,947,411 as at June 30, 2024. During the quarter, there was an improvement in the Company's working
capital.
Subsequent
On October 10, 2024, the Company closed a non-brokered private placement of 20,866,666 units at a price of
$0.06 per unit for total gross proceeds of $1,252,000.
4
TRAVAUX RÉALISÉS SUR LES PROPRIÉTÉS MINIÈRES
Option agreement
On June 17, 2024, the Company entered into an option agreement with Québec Lafleur, under which the Company
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) areas, and adjoins the Swanson property.
Under the terms of the agreement, LaFleur was to pay $500,000 in cash within 10 days of signing the agreement
to acquire 25% of the property (conditions met), and three additional payments of $500,000 to acquire 50%, 75%
and 100% within 6, 18 and 24 months of signing the agreement. The agreement provided for the possibility of
making the three payments under certain conditions through the issuance of LaFleur shares.
On July 8, 2024, LaFleur elected to accelerate the exercise of the remaining conditions of the agreement by making
payment through the issuance of shares from its share capital for a total of $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.
Flordin property
The Flordin property is located approximately 25 kilometers north of Lebel-sur-Quevillon and is 100% owned by
Abcourt. It comprises 25 cells covering 976 hectares (5.9 km2).
On June 29, 2023, the Company published the Technical Report and and mineral resource estimate for the Flordin
Project (MRE ») in accordance with National Instrument 43-101 - Disclosure Standards for Mining Projects. The
technical report entitled "NI 43-101 Technical Report & Mineral Resource Estimate for the Flordin Project,
Québec, Canada” and dated June 29, 2023 (with an effective date of May 15, 2023), was prepared for Abcourt by
InnovExplo of Val-d'Or. The technical report is available on SEDAR (www.sedar.com) under Abcourt's issuer
profile. This MRE reflects the results of approximately 73.4 thousand metres of drilling, of which 34.9 thousand
metres were carried out from 2010 to 2020. In summary, the report identifies 134,700 Measured and Indicated
Resource ounces in 1,758,000 tonnes at an average grade of 2.38 g/t Au; and 59,700 Inferred Resource ounces in
575,000 tonnes at an average grade of 3.23 g/t Au.
In November 2023, the Company carried out a drilling program on the property. A total of 1,512 meters of drilling
(8 holes) were completed in the fall of 2023 in the eastern sector of the property. This drilling campaign confirmed
the presence of new near-surface high-grade gold zones initially identified by hole FL- 18-254 drilled in 2018.
During the drilling in November 2023, 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. The mineralization consists mainly of fine cubic pyrite
disseminated in a sheared, strongly hematized and ankeritized basalt. Further drilling on either side of hole FL-
5
23-265 confirmed the lateral continuity of the mineralization over more than 200 meters. Indeed, each of the gold
mineralized zones intercepted in the lateral extensions have the same geological signature as that observed in hole
FL-23-265.
The drilling work carried out in 2023 as well as the new petrographic study, carried out on various mineralized
intersections confirm that gold mineralization is not only associated with the presence of quartz veins and veinlets.
Compilation work has enabled us to confirm that the Company's recent drilling in 2023 intersected a style of
mineralization similar to Cambior Inc.'s historic hole S-158, published in 1988. Indeed, the geological similarities
observed in drilling, combined with the historical data, confirm the possible continuity of the South Zone in the
area of the recent drilling. The southern zone could be connected to the Cartwright deposit.
Since June 2024, the Company has carried out 2 phases of stripping on the Cartwright deposit. The stripping
carried out exposed the high-grade gold mineralized zone over a distance of more than 200 metres, as well as
channel sa

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