ACG Metals (ACG) Acquisition presentation summary

Transaction overview

• Signed SPA to acquire Blue Moon Norway for $220m in new shares, implying 0.59x the Norwegian portfolio’s $375m broker consensus NAV.

• Consideration is ~8.85m shares; Blue Moon shareholders would hold 21.8% of the enlarged fully diluted share count and receive the shares 6–12 months after completion.

• Completion is targeted by 30 November 2026, subject to shareholder and in-country regulatory approvals, Hartree-related conditions and other requirements.

• The acquisition includes 94.52% of Nussir ASA, with 100% ownership expected within 12 months, plus 100% of NSG or ~30% of an enlarged VMS if its proposed combination completes.

Pro forma scale and economics

• Pro forma 2029–33 average production is 49.7 ktpa CuEq and EBITDA is $370m; free cash flow averages $267m over the same period, based on asset-level estimates.

• Nussir contributes 18.4 ktpa CuEq and $151m EBITDA annually on a 100% basis in 2029–33; the attributable production estimate is 17.4 ktpa at 94.52% ownership.

• Combined proven and probable reserves total 51.5 Mt on a 100% basis, nearly double the existing 26.5 Mt; reserve figures use different reporting standards.

• Copper’s share of pro forma revenue is estimated at 53%, up from 40% standalone, while its share of reserve value rises from 29% to 42%.

Nussir project

• Nussir is a permitted, brownfield copper mine under construction and an EU Strategic Project; first production is expected in H1 2028, with a ~13-year feasibility-study mine life.

• The feasibility design includes a 2.0 Mtpa flotation plant and ~96% copper recovery; the mine plan estimates ~17 ktpa CuEq average output over the life of mine at 100%.

• Remaining development capex is estimated at $126m, with an additional $41m contingency added after technical review; funding proposals are being assessed alongside other options.

• Primary permits have been granted and appeals exhausted; waste and updated operating plans were approved in 2026.