# Management discussion and analyses for the second quarter ended Source Brief: https://evesgoldminers.com/research/source-briefs/abcourt-mines-inc-management-discussion-and-analyses-for-the-second-quarter-ended-75f6236f Original source: https://www.abcourt.ca/wp-content/uploads/2025/03/MDA_Q22025_ENG_vfinal.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 second quarter ended Source: https://www.abcourt.ca/wp-content/uploads/2025/03/MDA_Q22025_ENG_vfinal.pdf Fetched: 2026-09-06T09:38:06.686+00:00 Source artifact: 75f6236f-1514-4616-bd1c-307d7e0c3b00 Normalizer input: text ## Content # Management discussion and analyses for the second quarter ended MANAGEMENT DISCUSSION AND ANALYSIS FOR THE SECOND QUARTER THREE AND SIX MONTHS ENDED DECEMBER 31, 2024 Management discussion and analysis For the second quarter Three and six months ended December 31, 2024 TABLE OF CONTENTS Forward-looking statements .........................................................................................................................................3 Description of the Company ..........................................................................................................................................4 Location of the properties .............................................................................................................................................5 Highlights from December 31, 2024, to date of report .................................................................................................5 Highlights as at December 31, 2024 ..............................................................................................................................5 Property resource ..........................................................................................................................................................6 Outlook ..........................................................................................................................................................................7 Review of exploration activities.....................................................................................................................................7 Going Concern .............................................................................................................................................................11 Key financial data.........................................................................................................................................................11 Review of financial results ...........................................................................................................................................12 Key quarterly financial data .........................................................................................................................................14 Financial position .........................................................................................................................................................15 Cash and sources of financing .....................................................................................................................................15 Cash flows ....................................................................................................................................................................16 Outstanding share capital ............................................................................................................................................17 Related-party transactions ..........................................................................................................................................17 Basis of presentation and statement of compliance ...................................................................................................18 Information concerning capital ...................................................................................................................................18 Significant judgments and estimates ...........................................................................................................................18 Financial statements ....................................................................................................................................................18 Financial risks...............................................................................................................................................................18 Risks factors .................................................................................................................................................................18 Certification .................................................................................................................................................................19 The Management's Discussion and Analysis ("MD&A") of Abcourt Mines Inc. ("Abcourt" or the "Company") dated February 20, 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 six months ended December 31, 2024 and compares the statements of financial position as at December 31, 2024 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 February 20, 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 future events or future performance and reflect management's 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. In particular, statements regarding the Company's future results, expected performance of the Sleeping Giant Mine and Flordin Property, economic performance and product development efforts, and achievements of milestones, are, or involve, forward-looking statements. Forward-looking statements are based on reasonable assumptions made by the Company as of the date of such statements and are subject to known and unknown risks, uncertainties and other factors 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, including, but not limited to, the actual results of current development and planning activities, access to capital and future gold prices and the factors discussed in the section entitled "Risk Factors" of this MD&A. The forward-looking information contained in this MD&A includes, among other things, in addition to the risks described above; the impact of the COVID-19 pandemic ("COVID-19") on the Company's operations; the Company's future prospects, corporate development and strategy; the Company's projected capital and operating expenditures; mineral resource and mineral reserve estimates; government regulation of mining operations, environmental regulation and compliance; and business opportunities that become available or are pursued by the Company. 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 being a going concern able 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; direct operational impacts resulting from infectious diseases or pandemics such as the COVID-19 pandemic; supply and demand, shipments, price levels and volatility of gold commodities; the speculative nature of exploration and mine development; changes in mineral production performance, operating and MANAGEMENT’S DISCUSSION AND ANALYSIS – DECEMBER 31, 2024 PAGE 3 exploration successes; 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; 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; increased costs; the ability to attract and retain 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 herein and 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. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. 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 and those made in the Company's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the "Risk Factors" section of the Company's Annual MD&A for the year ended June 30, 2024 and the cautionary statements more particularly set out hereinafter, under Section Going Concern of this MD&A. 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 in accordance with 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 Ma [Excerpt trimmed for readability. Open the original source for the complete filing or document.]