Mr. Paul Anderson reports

ABACUS ACQUIRES 100% OF THE WILLOW PORPHYRY COPPER PROPERTY

Abacus Mining & Exploration Corp. has signed an agreement with Almadex Minerals Ltd. and its wholly owned Nevada subsidiary, Almadex America Inc., to acquire a 100-per-cent ownership interest in the Willow porphyry copper property located in Yerington, Nev., and data associated with the Willow property.

Under the terms of the agreement, which is subject to TSX Venture Exchange approval, Abacus will issue common shares of Abacus to Almadex, as to:

• 7.5 million shares in the capital of the company (the initial shares) on closing of the transaction, expected to be on or about June 30, 2024; and,
• On July 31, 2025 (the top-up date), such number of shares owned by Almadex immediately following the completion of the transaction on the closing date, then divided by the number of shares outstanding on the top-up date, that equals 0.08, rounded down to the nearest whole share.

Title to the claims comprising the Willow property will be transferred to Abacus on issuance of the initial shares, and Abacus will, as soon as reasonably practicable following the closing date, and in any event no later than Dec. 31, 2025, complete the drilling of a minimum 600-metre exploratory hole on the Willow property within an area agreed upon with Almadex.

The Willow property is subject to a 2-per-cent NSR (net smelter return) from future production of minerals from the Willow property.

"An option agreement on Willow was signed in early 2017 between Abacus and Almadex, allowing Abacus to earn an aggregate 75-per-cent interest in Willow by meeting certain spending thresholds and by issuing shares," commented Paul G. Anderson, president and chief executive officer of Abacus. "This agreement removes the spending commitments, and it consolidates ownership of a very prospective porphyry copper property which remains poorly drill tested."

Abacus completed geological, geochemical and geophysical work on Willow beginning in 2017, identifying an extensive zone of intense silicic and advanced argillic alteration, marked by coincident geological, geochemical and geophysical signatures typical of a porphyry Cu-Mo (copper-molybdenum) deposit.

The company drilled two diamond drill holes in 2018 which intersected the Luhr Hill granite, which is the host rock of the four known porphyry copper-molybdenum deposits in the Yerington camp. The holes hit short intervals of copper in the 0.1 per cent to 0.2 per cent range, with elevated Mo.

In 2021, three additional core holes intersected broader intervals of the Luhr Hill granite with significant composited intervals of low-grade copper and molybdenum mineralization. The results indicate close proximity to a porphyry copper centre and clearly indicate that further drilling is warranted.

Cu-Mo porphyry deposits at Yerington occur at the contact of the Luhr Hill granite porphyry and surrounding volcanic rocks, or else close to the granite but associated with porphyry dike swarms farther into the volcanic package. As there are no known instances of this granite in the camp without an associated porphyry, the discovery of Luhr Hill granite on Willow marks a key new discovery, which means that there is a very high likelihood of a Cu-Mo deposit being found on Willow.

The company's target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit. Because the target at Willow is covered by later volcanism, prospecting by drill and sampling for geochemistry is the only effective means of trying to locate a porphyry centre, and this often takes several drill campaigns to achieve, with each successive campaign vectoring closer to a porphyry centre.

Of the known porphyries in the camp, the Ann Mason deposit lies adjacent and east of Willow, and is held by Hudbay Minerals. In 2021, Hudbay announced an updated PEA (preliminary economic assessment) on Ann Mason with a revised M&I (measured and indicated) resource of 2.2 billion tonnes at 0.34 per cent Cu.

Lion Copper and Gold controls the Yerington, Bear and MacArthur porphyries adjacent and to the east of Ann Mason. Anaconda mined the Yerington porphyry between 1952 and 1978, producing 1.6 billion pounds of copper. MacArthur (M&I of 159 million tonnes (Mt) at 0.212 per cent Cu) has seen some past production and is currently undergoing a prefeasibility study. In March of 2022, Lion announced that Rio Tinto had taken an option on the company's Yerington assets, and it announced the results of a new PEA in March of this year.

The company, in addition, has a lease on the Nev-Lorraine claims contiguous to Willow, giving it the right to explore and to elect to purchase these claims outright over a 10-year period.

Abacus also holds a 20-per-cent ownership interest in the Ajax copper-gold porphyry project, located near Kamloops, B.C., which is managed by base-metal major KGHM Polska Miedz SA, which holds the remaining 80 per cent. The Ajax project contains significant quantities of copper and gold, within a National Instrument 43-101 proven and probable mineral reserve of 426 Mt at 0.29 per cent Cu, 0.19 gram per tonne (g/t) gold (Au) and 0.39 g/t silver (Ag). Contained metal is in the order of 2.7 billion pounds Cu, 2.6 million ounces (Moz) Au and 5.3 Moz Ag.

The technical information in this news release has been reviewed and approved by Mr. Anderson, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101.

About Abacus Mining & Exploration Corp.

Abacus is a mineral exploration and mine development company currently focused on copper and gold in British Columbia and Nevada. The company's main asset is a 20-per-cent ownership interest, together with KGHM Polska Mied SA (80 per cent), 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 Dec. 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 has recently reopened an office in Kamloops, B.C., to facilitate first nations, community and governmental engagement to advance the project toward a potential resubmission of the environmental application.

Abacus is in the process of acquiring a 100-per-cent interest in the Willow copper-gold property located near Yerington, Nev., and it also controls the contiguous Nev-Lorraine claims subject to a 10-year lease agreement.

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