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Abcourt inks $30m debt facility and offtake deal with Glencore

Sleeping Giant mine

Sleeping Giant mine

1st February 2026

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canada-based gold developer Abcourt Mines has closed a senior secured debt financing facility of up to $30-million and an offtake agreement with commodities major Glencore.

Abcourt will supply Glencore with all the gold and silver doré production from the Sleeping Giant mine in Quebec for at least six years.

A first tranche of $18.125-million has been made available to the company, with a second tranche of up to $11.875-million available to be drawn in December 2026 or January 2027.

Besides the Sleeping Giant offtake, the parties have also entered into agreements granting Glencore certain offtake and financing rights relating to the Flordin-Cartwright project and other Abcourt properties.

“We are extremely pleased to enter this partnership with such a major player in our industry," said Abcourt president and CEO Pascal Hamelin.

"Not only can Glencore help us with their knowledge and expertise in many fields, but they can also help us realise the full potential of many of our great assets by leveraging their current processing operations. They have the means to help us start the Flordin project much faster and to advance our base metal projects like Barvue or Aldermac. Having a partner with financial resources that specially requested a right to participate on all our subsequent financing packages is securing the future of our company and bringing predictability to our shareholders.”

Proceeds from the debenture will be used to repay higher-cost debt, fund exploration and capital expenditure at Sleeping Giant, including worker accommodation, hoisting and tailings infrastructure, and provide additional working capital.

Edited by Creamer Media Reporter

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Sleeping Giant mine
Abcourt inks $30m debt facility and offtake deal with Glencore
Updated 2 hours 49 minutes ago By: Mariaan Webb

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