ACG Metals (ACG) Corporate presentation summary

Copper market fundamentals

• Copper demand is surging due to AI data centers, EVs, robotics, renewables, and defense spending, with projections of a 5x increase in data center-driven demand and EVs accounting for 25% of copper demand by 2040.

• Supply is constrained by aging mines, declining ore grades, and a lack of major new discoveries, leading to a projected 10 Mt structural deficit by 2040.

• No single country or company dominates copper supply, and demand is broad-based across construction, infrastructure, technology, and consumer sectors.

Financial and operational highlights

• Market cap stands at $585m, with $60m cash, $200m bond, $136m revenue, $76m adjusted EBITDA, and $140m net debt as of mid-2026.

• Strong cash flow and prudent balance sheet management, with $65m operating cash flow in 2025 and a net debt/EBITDA ratio of 1.83x.

• Share price at £19, with consensus target of £22.50 and NAV/share at £38.

Gediktepe mine and project pipeline

• Gediktepe mine in western Turkey is fully owned, with robust infrastructure, high-grade copper (2.32% CuEq), and a diversified metal mix (Cu, Au, Zn, Ag).

• Oxide operations exceeded guidance in H1 2026 due to a patented recovery process, increasing recoveries from ~75% to ~85% and reducing cyanide use by 45%.

• Sulphide expansion project is on schedule, with most capex spent and commissioning underway as of June 2026.

• Enriched ore project is fully funded, with phased capex and production starting Q4 2026.