Sleeping Giant Mine Hits First Profitable Quarter and Glencore Deal Secures Funding
Research Report

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Disclosures for Couloir Capital, Abcourt Mines Inc., March 15, 2026

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon. Couloir Capital’s recommendation categories include the following: Buy The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating. Hold The analyst believes that the security is expected to perform in line with other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. Sell Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. Tender The analyst is recommending that investors tender to a specific offering for the company’s stock. Research Comment An analyst comment about an issuer event that does not include a rating. Coverage Dropped Couloir Capital will no longer cover the issuer. Couloir Capital will provide notice to clients whenever coverage of an issuer is discontinued. Following termination of coverage, we recommend clients seek advice from their respective Investment Advisor.

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COULOIR CAPITAL SUBSCRIBE TO RESEARCH is a research-driven investment dealer focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • admin@couloircapital.com We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. RESEARCH DRIVEN

On March 15, 2026, analyst Tim Wright, MSc, CFA of Couloir Capital published an updated equity research report on Abcourt Mines Inc. (ABI:TSX.V; ABMBF:OTCPK), maintaining a BUY rating and raising the fair value estimate to CA$0.27 per share from CA$0.21 previously. The upgrade reflects Abcourt's first profitable quarter from mining operations, a transformative financing deal with Glencore, and continued production momentum at its Sleeping Giant mine in Quebec.

Abcourt is a gold exploration and development company whose primary asset is the Sleeping Giant mine and mill, complemented by its Flordin exploration project. The company reached a key operational milestone in Q2 FY2026 (ended December 31, 2025), generating CA$478K in profit from mining operations — the first profitable quarter since restarting the mine. This inflection point was driven by improving throughput, stronger grades, and growing operational stability. The company also set a record for monthly gold production in January 2026, with headcount surpassing 125 employees plus contractors.

A major catalyst for the company was the closing of a US$30 million senior secured debt financing and offtake agreement with Glencore on January 30, 2026. The facility, a five-year term priced at SOFR + 2.5%, replaces higher-cost start-up debt and significantly lowers Abcourt's cost of capital. The initial tranche of US$18.1 million has been drawn, with an additional US$11.9 million available in late 2026 or early 2027. Under the accompanying offtake agreement, Glencore will purchase 100% of gold and silver doré from Sleeping Giant for at least six years, providing revenue visibility that is uncommon for a company at this stage.

Proceeds from the Glencore financing are being directed toward repaying costlier debt, funding ongoing capital expenditures at Sleeping Giant — including camp expansion, hoist replacement, and tailings management upgrades — and providing working capital to sustain the ramp-up.

The Sleeping Giant mine and mill, located in Quebec's Eeyou Istchee region, features a fully permitted processing facility with approximately 800 tonnes per day nameplate capacity and historical gold recoveries exceeding 96%. The current bottleneck is underground mining capacity and workforce rather than surface infrastructure. To address this, Abcourt is expanding stope development, scaling its workforce through targeted hiring and a training partnership with the Val-d'Or mining school, and expanding on-site accommodations. Management's Phase 1 production target of approximately 30,000 ounces per year remains on track for late 2026 or early 2027, with Phase 2 (500 tpd) and Phase 3 (800 tpd, targeting 50,000–60,000 oz/year) representing medium-term growth milestones requiring no major incremental capital outlay.

Couloir Capital's projected production ramp shows tonnes milled increasing from 3,511 in Q1 FY2025 (September 2025 quarter) to 30,000 by Q3 FY2026 (March 2027 quarter), with mill head grade rising from 5.88 g/t to 8.10 g/t over the same period. Quarterly revenue potential is projected to grow from US$3 million to US$34 million at full production rates.

On the exploration front, Abcourt has launched a 20,000-meter Phase 2 drill program at its Flordin gold project, following an initial approximately 4,000-meter campaign completed in 2025. The program is split evenly between the Cartwright sector and the South Zone. Management believes these two mineralized envelopes may be connected over a strike length exceeding 2 kilometres along the Cameron Deformation Zone. Confirmation of this geological continuity could establish a sizeable gold corridor located less than 30 km from Lebel-sur-Quévillon and within trucking distance of the Sleeping Giant mill, potentially creating a satellite feed opportunity. The Flordin property has an existing mineral resource estimate in excess of 100,000 ounces of gold in measured and indicated categories. Notably, the Glencore financing agreement also includes offtake and financing rights covering the Flordin-Cartwright area.

The company's capital structure includes approximately 1.19 billion shares outstanding, 742.9 million warrants (average exercise price of CA$0.08), and 44.6 million options. Full exercise of all warrants would bring in approximately CA$61.0 million, and full exercise of options would add roughly CA$3.0 million, though this would result in significant dilution.

For the valuation, Couloir Capital used a cash flow model based on the preliminary economic assessment to determine net present value across various scenarios. Gold price scenarios ranged from US$3,500/oz to US$5,000/oz, discount rates from 5% to 10%, with production rates adjusted down to 80% and operating costs adjusted up to 120% to stress-test the economics. The report notes that even in the most bearish scenario — a US$3,500 gold price (a 30% decline), a 10% discount rate, a 20% production shortfall, and a 20% operating cost overrun — a small upside remains for the stock. The selected fair value scenario uses a 5% discount rate, PEA-level production and costs, and a gold price of US$4,500/oz (up from US$3,500 in the prior report), yielding the CA$0.27 per share estimate. The report highlights that since the initial coverage in November 2023, gold has risen from approximately US$1,980 to above US$5,000, representing more than a 150% increase.

Key financial data as of December 31, 2025, includes cash of CA$2.03 million, working capital of CA$8.35 million, mineral assets of CA$16.70 million, and total assets of CA$38.94 million. The company reported a net loss of CA$1.14 million for the three-month period.

Key risks identified include exploration risk if results prove less favorable than anticipated, production risk if grades and costs deviate from PEA estimates, commodity price risk given the company's high leverage to gold prices, broader market risk from macroeconomic fluctuations, and potential dilution if additional share issuances are needed.

At the report's current share price of CA$0.11, the CA$0.27 fair value estimate implies 143% potential upside. The company's market capitalization stands at approximately CA$131 million, trading at a price-to-book ratio of 46.9x, with a year-over-year return of 120.0% compared to the TSXV's 66.0% return. The risk rating is classified as Very High.

Disclosure: Couloir Capital has been retained by Abcourt Mines under a service agreement that includes analyst research coverage. The principal of Couloir Capital maintains a financial interest in the securities of the company through an affiliated fund entity.