Analyst: Tim Wright, MSc, CFA October 31, 2025
PLEASE REVIEW THE DISCLAIMER ON PAGE 16
Investment Highlights
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- Abcourt Mines (“ABI” or the “Company”) has restarted the Sleeping Giant mine and poured its first gold doré in September 2025. It produced 630 oz of gold in fiscal Q1-2025 (July to September) and will likely exceed 1,000 oz in fiscal Q2-2025. The Company endeavours to reach 30,000 oz of annual gold production within the next 12 months.
- Strong support for the Sleeping Giant project: With its clearly formulated strategy for bringing the mine back into production, the team at ABI was able to secure the funding support from private and government sources to restart the mine.
- Positive tailwinds from high gold prices: With gold trading at all-time highs, ABI stands to benefit from the gold price environment as a single asset producer that remains highly leveraged to the price of gold.
- Mineralized corridor at Flordin-Cartwright project: Exploration upside remains at the project, where surface and subsurface exploration methods are outlining the presence of a > 2 km long corridor of gold mineralization. 15 km of planned drilling in 2026 will provide a lot of exploration news.
- We are maintaining a positive outlook for the company over the next 12-month period with an improved target price of $0.21.
Overview
Abcourt Mines is a gold exploration and development company operating in Québec, Canada. Its primary development asset is the Sleeping Giant (SG) mine and mill, complemented by its key exploration project, Flordin. In addition, Abcourt Mines holds several non-core assets and remains open to strategic options such as earn-in agreements, joint ventures, or asset sales to optimize its portfolio, advance priority projects through non-dilutive funding, or realize value through monetization. The company has been advancing its flagship Sleeping Giant project and announced its first gold pour in September 2025, as it begins to ramp up production at site.
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