Mr. Paul Anderson reports

ABACUS CLOSES FIRST TRANCHE OF EQUITY OFFERING

Abacus Mining & Exploration Corp. has completed the first tranche of its non-brokered private placement and has issued 14,215,000 units at a price of two cents per unit for gross proceeds of $284,300. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of five cents per common share for a period of three 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 toward exploration and for general working capital and payment of $80,000 (U.S.) 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-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 TSX-V, the company is relying on a minimum price exception in order to issue securities at less than five cents per listed security. As such, theaggregate number of common shares issued by the company at less than five cents in this offering and in the next 12-month period may not exceed 100 per cent of the number of common shares which were issued and outstanding prior to the offering.

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.

We seek Safe Harbor.