LBMA’s Good Delivery List Rules, dated January 2026 set the conditions a refiner must meet to join the Good Delivery List and to stay on it. Rule 4.1.1 requires a minimum tangible net worth of £15,000,000 and a minimum annual refined production — Throughput — of 10 tonnes for gold and 50 tonnes for silver, or a letter of guarantee from a parent company that will support and resolve any production issue. Both figures go to the LBMA Executive within three months of the refiner’s financial year-end, the TNW figure audited, and are assessed on a three-year moving average. One financial year below threshold places a refiner on a watch list, two consecutive years bring formal notification, and three require a remedial plan.
Section 1.4 lists a tangible net worth or a refined production volume that falls consistently below the minimum among the grounds for transfer to the Former List, alongside insolvency proceedings and failure to maintain the technical standards in the Rulebook. Rule 4.1.2 states that LBMA uses Throughput and TNW data solely to monitor the viability of a refiner’s business, holds it in the strictest confidence and does not share it with third parties. A counterparty reads accreditation from the List and the Former List, and the escalation behind a movement between them runs at least three financial years first.
Throughput is defined in Rule 4.1.1 as the annual refined production of a refiner, and Rule 4.1.2 separately requires each refiner to confirm how much of that Throughput was large Bars — the 350 to 430 fine ounce format. The 10-tonne threshold is therefore met on total refined output of gold, with the large-bar share reported to LBMA as a separate figure.
Under Section 1.4, bars produced before the date of transfer to the Former List may still be treated as Good Delivery, and that treatment is withdrawn where the transfer followed a breach of the Responsible Sourcing Programme or of trade and economic sanctions. Section 1.5.3 carries the same distinction into reinstatement: where a suspension resulted from sanctions, bars produced during the suspension period are not Good Delivery once the refiner returns to the List. Rule 2.1.5 requires the month and year of manufacture on every bar in MMYY format, as a standalone stamp or as the first four digits of the serial number, and Annex C carries that date onto the weight list, which is where a specific serial is read against the date of a refiner’s status change.
The thresholds govern the refiner’s listing. Acceptance of an individual bar on arrival rests with the vault manager, who under Section 2.1 holds complete discretion over which bars are accepted.