Pershimex Announces New Special Meeting Date and Additional Information in Connection with Amalgamation with Abcourt

• The Special Committee and the Board unanimously determined that the Amalgamation continues to be in the best interest of the Corporation and fair to Shareholders
• The Board confirms its unanimous recommendation that Shareholders vote IN FAVOUR of the Amalgamation Resolution
• The Annual and Special Meeting is scheduled to be held at 10:00 a.m. (Val-d’Or Time) on December 27, 2022
• The Record Date for the Annual and Special Meeting remains November 2, 2022

VAL-D’OR, Québec, Dec. 16, 2022 (GLOBE NEWSWIRE) — Pershimex Resources Corporation (“Pershimex” or the “Corporation”) (TSX VENTURE:PRO) announces today additional information regarding the amalgamation agreement entered into on 18 November 2022, pursuant to which Abcourt Mines Inc. (“Abcourt”) agreed to acquire all of the issued and outstanding common shares of Pershimex to create one of the largest property portfolios among gold explorers across major gold districts in Québec and massive diversified emerging gold producer and explorer in Québec (the “Transaction”). The transaction is being carried out by way of a three-cornered amalgamation under the Canada Business Corporations Act.

The Corporation announces that the Special Committee of the Corporation (the “Special Committee”) formed in connection with the Transaction, and the Board of Pershimex have reviewed and considered the impact of Abcourt’s latest press release dated December 13, 2022, entitled “Abcourt Announces Mineral Resource Update at the Sleeping Giant Mine” (the “Recent Resources Press Release”) a copy of which has been filed on December 13, 2022 on the SEDAR site www.sedar.com, at Abcourt’s profile and on Abcourt’s website at www.abcourt.com. The information contained in this updated Mineral Resource Estimation for the Sleeping Giant Mine is not supported by a technical report from Abcourt at this time, but, in accordance with securities regulations, a new technical report for the Sleeping Giant Mine will have to be filed by Abcourt.

Following the Recent Resources Press Release and given the significant scope of the recent information disclosed by Abcourt on the Amalgamation, the Special Committee has carefully reconsidered the parameters of the Transaction and the Amalgamation described in the information circular dated November 18, 2022 (the “Circular”) and sent to its Shareholders in the context of this announcement by Abcourt. After analysis and discussion, the Special Committee and the Board of Pershimex unanimously determined that the Amalgamation continues to be in the best interest of the Corporation and fair to the Shareholders of Pershimex. Therefore, the Special Committee and the Board confirm their recommendation to the Shareholders to vote IN FAVOUR of the Amalgamation Resolution as described and defined in the Circular. Each Pershimex Shareholder is recommended to read the Circular carefully and in its entirety.

To allow all Pershimex Shareholders to review Abcourt’s Recent Resources Press Release and to consider its impact on their vote on the Amalgamation Resolution described in the Circular, the Board of Pershimex postpones the annual and special meeting to December 27, 2022 at 10:00 a.m., at the Albert Hotel, 84 Principale Avenue, Rouyn-Noranda, Québec, as set forth and described in the Circular.

In addition, Pershimex Shareholders who have already voted for the annual and special meeting of December 20, 2022, have the opportunity to change their vote on the Amalgamation Resolution, in conformity with the procedure described in the Circular, in view of the new annual and special meeting date of December 27, 2022. It should be noted that no action is required on the part of Shareholders who have already cast their vote and do not intend on changing their vote or exercise their right to dissent with respect to the Amalgamation, as described in the Circular.

About Pershimex Resources Corporation

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

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