Abcourt Mines Secures $30 Million Debt Facility and Offtake Deal with Glencore
Abcourt Mines has finalized a $30 million senior secured debt financing and a six-year production offtake agreement with Glencore AG for its Sleeping Giant mine.
Abcourt Mines has closed a senior secured debenture worth up to $30 million with Glencore AG. The deal provides an immediate $18.1 million tranche, with an additional $11.9 million available at the company's discretion in late 2026 or early 2027. The financing is designed to reduce the company's debt burden and fund operational infrastructure.
Parallel to the financing, Abcourt signed a six-year offtake agreement requiring the company to sell all gold and silver production from its Sleeping Giant mine to Glencore. The agreement also provides Glencore with financing and offtake rights regarding Abcourt’s other assets, including the Flordin-Cartwright project. CEO Pascal Hamelin stated that the partnership aims to leverage Glencore's expertise to accelerate the development of base metal projects and improve capital efficiency.
The debt matures in January 2031, carrying an interest rate of 1-month SOFR plus 2.5%. As part of the transaction, Glencore received 68.9 million warrants and secured the right to participate in future equity financings. Abcourt intends to use the capital to repay high-cost debt and fund capital expenditures for mine infrastructure.