LONDON, ON, April 18, 2024– Abitibi Metals Corp. (TSXV: ABT) (FSE: FW0) (“Abitibi” or the “Company”) is pleased to announce that its technical team has completed its first comprehensive 3D geological model for the B26 Polymetallic Deposit (“B26”, the “Project” or the “Deposit”). On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. (“SOQUEM”), a subsidiary of Investissement Québec (see news release dated ).

The new 3D geological model represents a fundamental evolution in understanding the geological controls of mineralization within the B26 Deposit and is expected to enhance confidence in mineral potential evaluation and refine drill planning initiatives currently underway.

Highlights of the 3D Model:

The footprint of the deposit extends along a strike length of 1.6 km by 0.8 km at depth, occupying a corridor of approximately 150 metres in width. It is made up of three historical zones1:

Feeder Cu Zone1: 3.71 Mt @ 2.01% Cu, 0.1% Zn, 0.87 g/t Au, and 7 g/t Ag (indicated) 4.23 Mt @ 2.10% Cu, 0.4% Zn, 1.03 g/t Au, and 7 g/t Ag (inferred)

Horizon Zn1: 2.24 Mt @ 4.98% Zn, 0.24% Cu, 99 g/t Ag, and 0.09 g/t Au (indicated)

Remobilized Ag-Zn1: 0.81 Mt @ 3.02% Zn, 0.01% Cu, 138 g/t Ag, and 0.07 g/t Au (indicated)

Abitibi’s technical model was prepared using Oasis montaj software by applying a kriging tool. Multiple assumptions were tested to find the best orientation to grade shells using 0.2 g/t gold, 0.3% copper and 5 g/t silver respectively. The exercise was validated using both sections and plans with drill results. The illustrative summary was later created in Leapfrog, as highlighted in Figures 1 to 6 below.

From Abitibi’s technical team’s review of the database and modeling work to date, the following observations have been made:

Individual element: Each element (Cu, Au, Ag, Zn) was broken down during the modeling process to better understand the trends within the deposit.

Plunge: Overall, the copper-gold system representing the main volume of the deposit is plunging to the west along a 40 to 50-degree trend with a 70-degree dip. The confirmed zinc-rich VMS lens marking the southern contact of the mineralized system follows a stronger plunge between 50 and 70 degrees to the west.

Lithological and Structural Controls: Ongoing modelling puts in relation the porphyritic rhyolite dome, sills, and dykes complex with the bulk of the copper-gold mineralization.

Geophysics: To improve the property-wide target model, a mag inversion along the B26 corridor and property-wide gravity survey will commence shortly.

Expansion Potential: Through the Oasis montaj grade modeling, section-to-section interpretation, and Phase 1 drilling observations, the Company has identified high-priority expansion targets and trends within and outside the main deposit area that will be drilled in Q2 and Q3. The Company is finalizing these targets, which will be outlined in subsequent releases.

Our Phase 1 drilling was designed to improve and expand the model by:

North Bedrock / Open Pit: To evaluate the open pit potential and potential up-dip near-surface extensions of the main deposit to the north. This testing is distributed over a 1.2-kilometre strike length.

Infill Gaps: Previous drill coverage was done using 50-metre centers; infill drilling was targeted to better define high-grade and higher metal factor trends. This will assist in better-defining targets at depth for drilling throughout the remainder of the year.

Strike Expansion: Drilling has been targeted to expand the strike extent of the deposit at both the Satellite West and Eastern Extension targets.

Jonathon Deluce, CEO of Abitibi Metals, commented, “We are excited to highlight our new 3D model of the B26 Deposit, which showcases its size, scale and growth potential. There are few polymetallic opportunities of this grade and size within Canada and we believe these will be highly sought after as this commodity and precious metals market continues to break out. We will continue to refine the model as we receive results and provide updates to the market. We are still awaiting assays from over 30 holes from our phase 1 drill program, which we look forward to announcing over the coming weeks.”