ACG Metals (ACG) investor relations material

Strategic vision and market positioning

• Transitioning from gold and silver to copper production in Turkey starting next year, aiming to consolidate the copper sector.

• Share price up 160% year-to-date, with warrants nearly 800% higher, reflecting strong market confidence.

• Key shareholders include former asset owner Lidya Madencilik, Argentem Creek, and The Herd, ensuring strategic alignment.

• Clean capital structure with cash and bonds, current EV at $350 million, and strong free cash flow generation.

• Focused on value creation through operational improvements and strategic partnerships, not just commodity price gains.

Operational performance and project execution

• Sulfide project in Turkey is 50% complete, on budget and on time, with $80 million spent so far.

• Zero lost time incidents (LTI) since production began, maintaining a strong safety record.

• Achieved 5% recovery improvement in heap leach operations, directly boosting cash flow.

• Operating at a high 2.3% copper equivalent grade in open pit, supporting robust cash flows.

• Cost reductions achieved despite high Turkish inflation, benefiting from local currency depreciation.

Financial outlook and growth plans

• Generated $90 million in free cash flow last year; targeting $65–$75 million this year, with $100 million expected annually from 2026.

• Raised a $200 million bond shortly after acquisition, lowering cost of capital and building a bond market track record.

• Plans to extend oxide mine life and utilize existing plant investments, with additional gold and toll treating opportunities.

• Sulfide expansion secured with a fixed price EPC contract and 17% contingency, aligned with key shareholder interests.

• Market cap increased from $100 million to $310 million post-acquisition, with targets of $500–$700 million after sulfide ramp-up and $1–$5 billion in 3–5 years.