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ACG Metals (ACG) investor relations material
ACG Metals Metals & Mining Virtual Investor Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Business overview and growth strategy
Market cap has grown from $100 million to $300 million since acquiring Gediktepe in Turkey last year, with plans for further growth via roll-up acquisitions and investment in new assets.
Focused on producing or near-producing mines, especially in copper, with a vision to build a globally diversified, copper-focused company.
Key shareholders include Turkish partner Lidya (33%), Argentem Creek (33%), and traders Glencore and Traxys, who also have offtake agreements.
Trading at 3x free cash flow, significantly below sector average, and at half of net asset value, indicating re-rating potential.
Actively pursuing 10 M&A opportunities across several global copper belts, aiming for at least one acquisition in the near term.
Financial and operational highlights
Net debt to EBITDA is 0.5, with $46 million net debt and $200 million in bonds; bonds yield 11.5% and trade above issue price.
Free cash flow for 2024 projected at $70 million from gold, rising to $100 million after copper production ramps up.
All-in sustaining cost for gold is $1,060/oz, with a current gold price of $3,950/oz, resulting in a $3,000 margin per ounce.
Copper production to reach 20,000–25,000 t/year by mid-2025, with first-quartile cost positioning and high IRRs due to low capital intensity.
2027 will be the first full year of copper production, with an all-in sustaining cost of $1.90/lb versus a copper price of $4.50/lb.
Asset and project development
Gediktepe mine in Turkey is high-grade (2.3% copper equivalent), open-pit, and well-located for European smelter supply.
Currently mining oxide cap for gold; transitioning to sulfide ore for copper and zinc, with parallel oxide and sulfide processing possible.
Brownfield expansion for copper flotation plant is halfway complete, on time and on budget, with fixed price contract at $146 million.
Mine life expected to extend beyond 25–30 years, with significant resource upside and mineralization open at depth and along strike.
Safety record is exemplary, with zero lost time injuries in over five years of operation and construction.
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