ACG Metals (ACG) Corporate presentation summary

Financial performance and capital structure

• Market capitalization stands at US $593m, with an enterprise value of US $733m and net debt of US $140m as of September 2026.

• H1 2026 revenue reached US $90m, with adjusted EBITDA of US $48m and a 53% EBITDA margin.

• Cash balance at period end was US $60m, with net debt at US $145m.

• Bonds are trading at a premium to par, with strong investor returns and an effective interest rate of approximately 2.5%.

• Operating cash flow remained robust despite significant investment in sulphide project expansion.

Operational transformation and growth

• Life of mine extended to 2037, with ore resources up 59% and reserves up 43% between 2024 and 2026.

• Average annual production (2027-2032) projected at 36 ktpa CuEq, a 60% increase from previous guidance.

• Processing facilities include operating heap leach, ramping sulphide plant, and under-construction SART plant.

• Proprietary oxide recovery technology has increased recovery rates from ~75% to ~85%, reducing cyanide consumption by 45%.

• Diversified revenue streams: copper (40%), gold (30%), zinc (15%), and silver (14%) over 2027-2031.

Project economics and competitive positioning

• Post-tax NPV8 of US $1.2bn (2026 CPR), up from US $265m in 2024, with further upside potential identified.

• Total investment of US $326m delivers copper equivalent capacity at $8,890/t, well below industry benchmarks.

• Free cash flow margin (2027E) of 32%, outperforming peer average of 26%.

• Trades at a P/NAV of 0.55x, a discount to copper peer average of 0.96x.

• Turkish government incentives include 50% lower corporate tax and royalty rebates, supporting low AISC of $2.4/lb CuEq.