Mr. Paul Anderson reports

ABACUS COMPLETES NON-BROKERED PRIVATE PLACEMENT

Abacus Mining & Exploration Corp. has closed its non-brokered private placement of units as announced on April 17, 2023, and April 21, 2023, pursuant to which the company raised total gross proceed of $550,000 and issued 18,333,333 units at a price of three cents per unit. Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"), with each full Warrant exercisable to purchase one Share at a price of $0.05 per Share until May 16, 2026.

All securities issued in connection with the Private Placement are subject to a statutory four month hold period expiring September 17, 2023, and the Private Placement is subject to final acceptance by the TSX Venture Exchange (the "TSXV"). The Company also paid a total of $8,700 in cash commissions and issued a total of 35,000 Warrants to certain arm's length finders in connection with the Private Placement.

The Private Placement was offered to existing shareholders of Abacus who were permitted to subscribe pursuant to British Columbia Instrument 45-534 Exemption from Prospectus Requirements for Certain Trades to Existing Security Holders, as well as under other available prospectus exemptions.

Proceeds from the Offering will be applied towards exploration and for general working capital, and payment of US$82,500 in respect of a property payment to the owners of the Nev-Lorraine property.

The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties near Yerington, Nevada, and a 20% interest carried to production in the advanced Ajax copper-gold development project in B.C. Investors are referred to the Company website for the latest news and project descriptions.

About Abacus

Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company's main asset is a 20% ownership interest, together with KGHM Polska Mied S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the Project. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.

We seek Safe Harbor.