Author: Couloir Research Team July 4, 2026
PLEASE REVIEW THE DISCLAIMER ON PAGE 9
Recent high-grade drilling results, including off-target intersections of up to 170.9 g/t Au over 0.8 metres, demonstrate that Sleeping Giant remains open for resource expansion. Having completed more than 40,000 metres of drilling and with a third underground drill rig being added, we believe the upcoming resource update has the potential to extend mine life and enhance the long-term value of the operation.
Beyond Sleeping Giant, Flordin represents a meaningful exploration catalyst. While initial drilling confirmed the continuity of gold mineralization, management has redirected the balance of its 20,000-metre drill program toward the higher-priority western corridor, where stronger mineralization has previously been identified. We believe this strategic shift improves the likelihood of resource growth and reinforces Flordin’s potential as a future satellite deposit capable of supplying the Sleeping Giant mill.
Abcourt also offers additional upside through the historical Abcourt-Barvue silver-zinc project. The maiden drill program is testing high-grade mineralization beneath the former open pit, where a historical resource of 8.08 Mt grading 55.45 g/t silver and 3.06% zinc and past production of 6.7 Moz silver and 320 Mlb zinc highlight the project’s potential. Successful drilling could establish Barvue as a second long-term value driver alongside Sleeping Giant. We reiterate our Buy rating on Abcourt Mines.
Investment Highlights
- Abcourt Mines Inc. (TSX: ABI) (“Abcourt” or the “Company”) is a gold exploration and development company operating in Quebec, Canada. Its primary development asset is the Sleeping Giant mine and mill, complemented by its key exploration project, Flordin.
- High-grade drilling strengthens resource upside: Recent off-target intersections of up to 170.9 g/t Au over 0.8 metres demonstrate that Sleeping Giant remains open for high-grade discoveries. With over 40,000 metres drilled, a third rig being added, and a resource update planned, we see scope for resource growth and mine-life extension.
- Flordin drilling targets higher-potential western corridor: Initial eastern drilling confirmed gold mineralization, highlighted by 1.7 g/t Au over 12.0 metres (including 15.2 g/t Au over 1.0 metre), but management is now shifting the remaining 20,000-metre drill campaign toward the higher-grade western corridor, where it aims to connect multiple mineralized zones and unlock greater resource growth potential.
- Barvue adds a second exploration catalyst: Abcourt has commenced its first drill program at the historical Abcourt-Barvue silver-zinc mine, targeting untested high-grade mineralization below the former open pit. With a historical resource of 8.08 Mt at 55.45 g/t Ag and 3.06% Zn and past production of 6.7 Moz silver and 320 Mlb zinc, successful drilling could unlock meaningful long-term optionality beyond Sleeping Giant.
- We update our fair value estimate to $0.28 per share (earlier $0.27) and maintain our BUY rating.
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