• The Special Committee and Board of Directors unanimously determine that the merger continues to be in the best interests of the Company and fair to shareholders
• The Board of Directors confirms its unanimous recommendation that shareholders should vote FOR the merger resolution
• The Annual and Special Meeting will be held on December 27, 2022 at 10:00 am (Val d’Or time).
• The record date for the Annual and Special Meetings remains November 2, 2022

VAL-D’OR, Quebec, December 16, 2022 (GLOBE NEWSWIRE) — Pershimax Resources Corporation (“ Pershimex ” or the ” company “) (TSX VENTURE: PRO) today announces additional information regarding the merger agreement entered into on November 18, 2022, under which Abcourt Mines Inc. (” court “) had agreed to acquire all of the issued and outstanding common shares of Pershimex to acquire one of the largest portfolios of properties among explorers in Quebec’s major gold regions and among emerging and diversified Quebec gold producers and explorers (the transaction “). The transaction, announced on November 21, 2022, is to be completed by way of a tripartite merger (the ” merger “) under the Canada Business Corporations Act.

The Company announces that the Company’s Special Committee (the ” special committee ) formed in connection with the transaction and the board of directors of Pershimex have approved Abcourt’s latest press release dated December 13, 2022, titled ” Abcourt Announces Mineral Resource Update at Sleeping Giant Mine ” (the ” Current resource release ’), a copy of which was filed December 13 on SEDAR at www.sedar.comon Abcourt’s profile and on Abcourt’s website at www.abcourt.com. The information about this update of theMineral Resource Estimate for the Sleeping Giant mine are not currently supported by an Abcourt technical report, but securities regulations require a new technical report to be filed in respect of Abcourt’s Sleeping Giant mine.

Pursuant to the Recent Resources Communiqué, and given the significant amount of recent information disclosed by Abcourt regarding the merger, the Special Committee has taken care to review the parameters of the transaction and the merger set out in the information circular dated November 18, 2022 (the “ Circular ) and communicated by Abcourt to its shareholders in connection with this announcement. After analysis and discussion, the Pershimex Special Committee and Board of Directors unanimously state that the merger continues to be in the best interests of the company and fair to Pershimex shareholders. Accordingly, the Special Committee and the Board of Directors confirm their voting recommendations to shareholders IN FAVOR OF of the merger resolution as described and defined in the circular. Each Pershimex shareholder is advised to read the circular carefully and in its entirety.

In order for all Pershimex shareholders to be aware of Abcourt’s recent resource announcement and to consider its implications for their vote on the merger resolution described in the circular, the Company’s Board of Directors is postponing its Annual and Special Meetings to December 27, 2022 at 10:00 a.m Albert Hotel, 84 Avenue Principale, Rouyn-Noranda (Quebec), planned and described in the circular.

In addition, Pershimex shareholders who have already voted in view of the Ordinary and Extraordinary Meeting of December 20, 2022 will have the opportunity to change their vote on the merger resolution in accordance with the procedure described in the circular in view of the new date for the year – and Special Meeting on 27 December 2022. It should be noted that no action is required from Shareholders who have already voted and who do not intend to change their vote or exercise their right to object to the Merger as described in the Circular.

About Pershimax Resources Corporation

Pershimex Resources Corporation is a mining exploration and development company with projects primarily located in the Abitibi region of Quebec, Canada, focused on the discovery and exploitation of high-grade gold deposits.

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Facts set forth in this press release that are not historical facts are “forward-looking statements,” and readers are cautioned that such statements are not guarantees of performance and that future developments and results may differ from those projected in these forward-looking statements.