ACG Metals Reports Robust Margins and Strong Cash Generation in FY2025

FY2025 Highlights

Strategic Milestones

• Safety performance remained a core priority, with an LTIF of 0.66 achieved across approximately 1.6 million hours worked
• Delivered FY2025 AuEq production of 39.2 koz; 3% above the top end of revised guidance (c.17% above original guidance)
• Strong operational execution delivered an 18% reduction in C1 cash costs to US$499 per ounce AuEq, strengthening margins
• Gediktepe Sulphide Expansion Project advanced on schedule and within budget, positioning the group for first copper and zinc concentrate production in mid‑2026
• Enriched Ore Treatment Project progressed, enhancing near‑term value generation from existing enriched ore and stockpiles.
• Adjusted EBITDA of US$76.3 million generated for the year; reported net loss of US$43 million driven by non‑cash accounting fair value adjustments of US$81.7 million related to significant warrant price increases and upwards movements in the copper price.
• Ended FY2025 with net debt of US$55 million¹, reflecting disciplined capital allocation and active balance sheet management.
• Optimised Gediktepe royalty terms effective 1 January 2026 to support the copper transition, reducing oxide royalty from 10% to 2.25%, increasing sulphide royalty from 2% to 2.25%, and eliminating $6 million of sulphide commissioning milestone payments.
• Commenced trading on the OTCQX Market in September 2025, broadening access for U.S. investors and supporting improved secondary market liquidity.
• Appointed Peter Carter as Chief Operating Officer in June 2025, bringing additional operating depth to support production growth and asset optimisation.

Full-Year 2025 Gediktepe Mine Operating Performance

ACG Financial Summary

^{Note: (1) Refers to Financial Net Debt ("Financial Net Debt") as at 31 December 2025, showing long term borrowings at their contractual value of $200m, removing IFRS timing effects. It includes cash in bank and cash in escrow. It excludes any financial derivatives, taxation, trade payables or accounting provisions. (2) The financial results presented reflect only 4 months of operations at the Gediktepe Mine from 3 September 2024, the date of acquisition. Full year mine operational data, however, is provided for reference. (3) Adjusted EBITDA adds back shared-based payments, depreciation, and amortization.}

Capital Structure Highlights

• Completed a US$200 million senior secured bond issuance in January 2025, refinancing acquisition debt and fully funding the Gediktepe Sulphide Expansion Project; the bonds are listed on Nordic ABM and the Company has made all payments to date and remains in full compliance with the bond terms
• Reduced the effective interest expense on the bonds significantly due to active cash management and high interest income on Turkish Lira deposit accounts
• Simplified the capital structure through a tender offer completed in January 2025 for 70% of all outstanding warrants
• Completed an oversubscribed equity fundraise in November 2025, raising approximately US$16 million through an institutional placing and retail offer to fund the Enriched Ore Treatment Project
• Ended FY2025 with net debt of US$55 million¹ and a strong cash position of US$145 million, including US$46 million of restricted cash

Post Year-End Events

• Construction activities on the Gediktepe Sulphide Expansion Project continued through early 2026 in line with the approved schedule and budget, maintaining the target of copper and zinc concentrate production in the middle of 2026.
• Amendments to the Gediktepe royalty agreement became effective on 1 January 2026, reducing oxide royalties (from 10% to 2.25%), aligning sulphide royalties (at 2.25%) and removing sulphide‑related milestone payments ($6m) to support the transition to copper production.
• In January 2026, awards relating to 2025 performance were granted under the Company's Value Creation Plan and Employee Incentive Plans, supporting retention and alignment during the construction and ramp‑up phase.
• During February 2026, warrants, including sponsor warrants, were exercised, resulting in an increase in issued share capital and updated total voting rights, as announced on 4 February and 19 February 2026.
• In March 2026, ACG Metals was added to the MSCI World Micro Cap Index, increasing the Company's visibility within the institutional investment universe.

The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chief Executive Officer.

For further information please contact:
Thirty Three Communications
Communications Advisor
acgmetals-client-success@thirtythreecomms.com

Berenberg
Research Analysts
Richard Hatch
+44 (0) 20 3753 3070

Joint Broker
Jennifer Lee
+44 (0) 20 3207 7800

Canaccord
Research Analysts
Tim Huff
+44 (0) 20 7523 8374

Joint Broker
James Asensio /Rory Blundell / Charlie Hammond
+ 44 (0) 20 7523 4680

Stifel
Research Analysts
Alex Bedwany
+44 (0) 7788 392045

Joint Broker
Ashton Clanfield / Varun Talwar
+44 (0) 20 7710 7600

Cantor Fitzgerald
Research Analysts
Puneet Singh
+1 (416) 350-8153

About the Company  

ACG Metals is a company with a vision to build a global, high-margin, copper-focused producer with safe, efficient, and sustainable operations.

In September 2024, ACG successfully completed the acquisition of the Gediktepe Mine which is expected to transition to primary copper and zinc production from 2026 and will target annual steady-state copper equivalent production of 20-25 kt. Gediktepe produced 39.2koz of AuEq in 2025.

ACG's team has extensive M&A experience built through decades spent at blue-chip multinationals in the sector. The team brings a significant network as well as a commitment to ESG principles and strong corporate governance. 

(LON: ACG) (OTCQX: ACGAF) (LON: ACGW) (Xetra: ACG) (Bond ISIN: NO0013414565)
For more information about ACG, please visit: www.acgmetals.com

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SOURCE ACG METALS LIMITED