Couloir Capital Is Pleased to Announce That It Has Updated Its Research Coverage on Abcourt Mines

Executive Summary

• Couloir Capital updated its coverage on Abcourt Mines, issuing a BUY rating after the company recorded its first profitable quarter from mining operations.
• A landmark Glencore transaction closed on January 30 2026, replacing high‑cost start‑up debt with a US$30 million senior secured facility (5‑year term, SOFR + 2.5%).
• The deal includes a 6‑year, 100% offtake of all Sleeping Giant doré, providing revenue predictability and supporting the ramp‑up at the Sleeping Giant mine.

Key Details

• Transaction Structure: US$30 million senior secured loan from Glencore, five‑year maturity, interest rate SOFR + 2.5%.
• Capital Stack Impact: Replaces prior high‑cost start‑up debt, lowering overall cost of capital.
• Use of Proceeds: Repayment of existing higher‑cost debt; funding ongoing capex at Sleeping Giant (camp expansion, hoist replacement, tailings management upgrades); working‑capital runway for ramp‑up.
• Offtake Agreement: Glencore will purchase 100% of doré produced at Sleeping Giant for six years, beginning September 2025, securing predictable revenue streams.
• Operational Milestone: First profitable quarter (Q2 FY2025, ending Dec 31 2025) following commissioning of the Sleeping Giant mill and commencement of commercial gold sales in Sep 2025.
• Production Highlight: Record production reported for January 2026.
• Analyst Opinion: Tim Wright (Mining Analyst, Couloir Capital) rates Abcourt Mines BUY, citing operational progress, improved capital structure, and off‑take security as key value drivers.

Notable Quotes

• “Abcourt Mines has crossed a meaningful operational threshold… the Glencore transaction materially restructures Abcourt's capital stack… providing revenue predictability rare for a company at this stage of development.” – Tim Wright, Mining Analyst, Couloir Capital.