Abitibi Metals Corp. announced that drilling has commenced at the high-grade B26 Polymetallic Copper Deposit ("B26" or the "Project"). The drill program is the first undertaken by Abitibi at the Project and represents a significant milestone for the Company following the closing of its recent financings, totaling $14.37 million.

An initial 10,000-metre drill campaign is planned for the first phase of the fully funded 30,000-metre 2024 field season. The primary objective of the initial drilling will be to delineate the open-pit potential of the B26 Deposit while concurrently advancing and expanding the existing resource with a focus on high-metal factor trends within the first 300-metre vertical. During the program, the Company will continue to develop the 3D model, integrating the improvement points identified in the 2018 resource and inputting information from the progress of the current drill program.

The Company is also reviewing the history of geophysical surveys done on the Property to evaluate the signature of the B26 deposit and identify the best approaches to assist with extrapolating extensions of the fertile B26 volcanic contact across the Property. Considering the continuous overburden cover, the Company is evaluating parameters for a gravimetric survey to identify possible sulfides concentrations close to surface and at moderate depth of 300 to 600 metres. The initiated program is slated to be completed over the next eight to ten weeks and the Company will provide regular updates as fieldwork progresses.

B26 Polymetallic Copper Deposit Summary: Located within the prolific Abitibi Greenstone Belt, B26 comprises 66 claims covering 3,328 hectares in the Eeyou Istchee Baie-James territory and represents a substantial opportunity to develop a copper, zinc, gold, and silver Polymetallic Deposit in a region with a rich history of base and precious metal production, which includes the Detour and Casa Berardi Mines. There is year-round road access with a power line running through the Project. Abitibi is the first public company with the option to earn into the B26 Deposit.

With a strike length of 1 km and depth extent of 0.8 km, both of which are open to expansion, Abitibi will focus on delivering shareholder value with an aggressive exploration approach which includes a fully financed 30,000 metres of drilling in 2024 that will focus on advancing and expanding the existing underground resource (Ind: 7.0MT @ 2.94% Cu Eq & Inf: 4.4MT @ 2.97% Cu Eq) while delineating its open-pit potential. Property highlights include: 2018 resource that includes 254 holes over 115,311 meters, advancing the asset to a significant resource that includes, across all categories, 400 million pounds of copper, 286,000 ounces of gold, and significant zinc & silver exposure. B26 Resource Summary (2018): Indicated: 6.97 Mt at 2.94% Cu Eq (1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43 g/t Ag).

Inferred: 4.41 Mt at 2.97% Cu Eq (2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9 g/t Ag). Drilling has established the continuity down to a vertical depth of 800 meters and the deposit remains open at depth and laterally with strong historical intercepts including: 2.32% Cu Eq over 89.5 metres (1274-13-117). 3.05% Cu Eq over 48.1 metres (1274-16-224).

8.95% Cu Eq over 11.5 metres (1274-14-152). Within 7 km of the historical Selbaie Mine, a similar Polymetallic Copper Deposit with a variety of mineralization styles and element combination, that had a historical resource of 56.9 Mt @ 0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39 g/t Ag (CONSOREM 2012). Reference to this nearby property is for information only, and there are no assurances that the Company will achieve the same results at the B26 Deposit.