Management discussion and analyses for the Third Quarter ended

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# Management discussion and analyses for the Third Quarter ended

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# Management discussion and analyses for the Third Quarter ended
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE THIRD QUARTER
THREE AND NINE MONTHS ENDED MARCH 31, 2025
Management discussion and analysis
For the third quarter
Three and nine months ended March 31, 2025
TABLE OF CONTENTS
Forward-looking statements .........................................................................................................................................3
Description of the Company ..........................................................................................................................................4
Location of the properties .............................................................................................................................................5
Highlights from March 31, 2025, to date of report .......................................................................................................5
Highlights as at March 31, 2025 ....................................................................................................................................5
Property resource ..........................................................................................................................................................7
Outlook ..........................................................................................................................................................................8
Review of exploration activities.....................................................................................................................................8
Going Concern .............................................................................................................................................................12
Key financial data.........................................................................................................................................................12
Review of financial results ...........................................................................................................................................13
Key quarterly financial data .........................................................................................................................................15
Financial position .........................................................................................................................................................16
Cash and sources of financing .....................................................................................................................................16
Cash flows ....................................................................................................................................................................17
Outstanding share capital ............................................................................................................................................18
Related-party transactions ..........................................................................................................................................18
Basis of presentation and statement of compliance ...................................................................................................19
Information concerning capital ...................................................................................................................................19
Significant judgments and estimates ...........................................................................................................................19
Financial statements ....................................................................................................................................................19
Financial risks ...............................................................................................................................................................19
Risks factors .................................................................................................................................................................19
Certification .................................................................................................................................................................21
The Management's Discussion and Analysis ("MD&A") of Abcourt Mines Inc. ("Abcourt" or the "Company") dated
May 22, 2025, is intended to assist the reader in becoming more familiar with the Company's activities. It explains,
among other things, the changes in financial position and results of operations for the three and nine months ended
March 31, 2025 and compares the statements of financial position as at March 31, 2025 and June 30, 2024. The
unaudited condensed consolidated interim financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). Accordingly, all comparative financial information presented in
this MD&A reflects the consistent application of IFRS.
The unaudited condensed consolidated interim financial statements and MD&A have been reviewed by the Audit
Committee and approved by the Company's Board of Directors on May 22, 2025. Unless otherwise indicated, all
amounts presented in this MD&A are expressed in Canadian dollars
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
This MD&A contains forward-looking statements that relate to anticipated future events or performance and reflect
management's current expectations and assumptions regarding the Company's growth, results, performance and
business prospects and opportunities. These forward-looking statements reflect management's current beliefs and
are based on information currently available to management. In some cases, forward-looking statements may be
identified by words such as "may", "will", "should", "expect", "intend", "aim", "attempt", "anticipate", "believe",
"study", "target", "estimate," "forecast," "predict," "outlook," "mission," "aspires," "plan," "schedule," "potential,"
"progress" or the negative of these terms or other similar expressions concerning matters that are not historical
facts. The forward-looking information contained in this MD&A includes, among other things, statements regarding
the future results, economic performance, corporate development and strategy of the Company, statements relating
to the Company's projected capital and operating expenditures, mineral resource and mineral reserve estimates, as
well as statements relating to business opportunities and milestone achievements.
Forward-looking statements are based on reasonable assumptions made by the Company as of the date of such
statements and are subject to numerous known and unknown risks, uncertainties and other factors, including those
discussed in the section entitled "Risk Factors" of this MD&A, that may cause the actual results, level of activity
performance or achievements of the Company to be materially different from those expressed or implied by such
forward-looking statements. Factors that may lead to such material differences include, but are not limited to, the
actual results of current development and planning activities, access to capital and future gold prices, the speculative
nature of exploration and mine development, changes in mineral production performance, the risk that exploration
data may be incomplete and that additional work may be required to complete further evaluation, including, but
not limited to, drilling, engineering and socio-economic studies and investments, government regulation of mining
operations, environmental regulation and compliance, and broader economic conditions.
Forward-looking statements are based on assumptions that management believes are reasonable, including, but not
limited to: the Company's ability to continue as a going concern; the Company’s ability to realize its assets and
discharge its liabilities in the normal course of business as they come due into the foreseeable future; the generation
of interest for its review of a range of alternatives, in either a potential investment in Abcourt, or other strategic
initiatives with the goal of maximizing return in respect of the Company’s assets; general business and economic
conditions; supply and demand, shipments, price levels and volatility of gold commodities; operating and exploration
successes; the availability of financing for the Company's development of its properties; the ability to procure
operating materials and supplies in sufficient quantities and on a timely basis; the ability to attract and retain
MANAGEMENT’S DISCUSSION AND ANALYSIS – MARCH 31, 2025 PAGE 3
qualified personnel; development schedules; competitive and market risks; pricing pressures; the accuracy of the
Company's mineral resource and mineral reserve estimates and the geological, operational and pricing assumptions
on which they are based; the fact that certain business improvement initiatives are still in the early stages of
evaluation and that additional engineering and analysis is required to fully assess their impact; and other
assumptions and factors set out in this MD&A.
Although the Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking
statements. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive,
and new, unforeseeable risks may arise from time to time. All of the forward-looking statements made in this MD&A
are qualified by these cautionary statements. The Company does not undertake to update or revise any forward-
looking statements included or incorporated by reference herein, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws.
DESCRIPTION OF THE COMPANY
Abcourt is a gold mining company with several projects, principally the Sleeping Giant Mine, Flordin and Discovery
Properties, all of which are located in close proximity to the wholly owned Sleeping Giant Mill with a permitted
capacity of 900 tonnes per day (“tpd”). Abcourt owns over 510 km2 of mining assets in the prolific Abitibi mining
camp.
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 address of its head office is
475 De l’Église Avenue, Rouyn-Noranda, (Quebec) J0Z 1Y0. The securities of Abcourt are listed on the TSX Venture
Stock Exchange ("TSXV") under the symbol "ABI".
Robert Gagnon, P.Geo. is the Qualified Person of the Company within the meaning of NI 43-101 who has reviewed
and verified the technical content of this MD&A.
MANAGEMENT’S DISCUSSION AND ANALYSIS – MARCH 31, 2025 PAGE 4
LOCATION OF THE PROPERTIES
HIGHLIGHTS FROM MARCH 31, 2025, TO DATE OF REPORT
• On May 6, 2025, the Company closed a non-brokered private placement of $4,613,004.
• On April 9, 2025, the Company has entered into a non-binding term sheet with Nebari Natural Resources
Credit Fund II, LP for a US$8 million secured financing facility be

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