Abacus Closes First Tranche of Equity Offering

Press Release

August 20, 2024

Vancouver, British Columbia — August 20, 2024. Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) is pleased to announce that it has completed the first tranche of its non-brokered private placement (the “Offering”) and has issued 14,215,000 units (each, a “Unit”), at a price of $0.02 per Unit for gross proceeds of $284,300

Each Unit consists of one common share (a “Common Share”) and one-half of one share purchase warrant (the “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.05 per Common Share for a period of three (3) years from the date of issuance. For further information on this previously announced private placement, refer to the Company’s news release dated July 23, 2024.

Proceeds from the Offering will be applied towards exploration and for general working capital, and payment of US$80,000 in respect of a property payment to the owners of the Nev-Lorraine property.

The Company anticipates closing a second tranche of the Offering in mid-September 2024. Completion of the second tranche of the Offering remains subject to acceptance by the TSX Venture Exchange. All securities issued and issuable under the first tranche of the Offering will be subject to a four (4) month and one day hold period. Securities issued under any subsequent tranche(s) will be subject to a four month and one day hold period calculated from their date of issuance.

In accordance with the policies of the TSXV, the Company is relying on a minimum price exception in order to issue securities at less than $0.05 per listed security. As such, the aggregate number of common shares issued by the Company at less than $0.05 in this offering and in the next 12-month period may not exceed 100% of the number of common shares which were issued and outstanding prior to the offering.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

“Paul G. Anderson”
Paul G. Anderson, P.Geo.
President, Chief Executive Officer & Director
(604) 682-0301

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