29Metals announced the formalisation and execution of a US$50 million ($75.7 million) copper and zinc concentrates offtake finance facility with Glencore International.

The offtake facility is designed with a maturity date of Oct. 1, 2028 and offers a secured, fully subordinated financial structure.

Interest on the loan will be calculated based on the secured overnight financing rate plus an additional margin, and repayments will commence in April 2028 through equal monthly instalments.

"We are pleased to have finalised this significant offtake finance facility with Glencore, which will support our long-term growth plans," noted 29Metals CEO James Palmer.