# Management discussion and analyses for the First Quarter ended Source Brief: https://evesgoldminers.com/research/source-briefs/abcourt-mines-inc-management-discussion-and-analyses-for-the-first-quarter-ended-318a4802 Original source: https://www.abcourt.ca/wp-content/uploads/2025/01/MDA_Q12025_2025_ENG.pdf EGM generated: 2026-09-27 Company: Abcourt Mines Inc. (ABI) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Management discussion and analyses for the First Quarter ended Source: https://www.abcourt.ca/wp-content/uploads/2025/01/MDA_Q12025_2025_ENG.pdf Fetched: 2026-09-06T09:38:03.961+00:00 Source artifact: 318a4802-9a7c-4299-9af0-461e806085d9 Normalizer input: text ## Content # 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 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]