ACG Metals (ACG) H1 2024 earnings summary

Executive summary

• Completed acquisition of Gediktepe Mine in Türkiye on 3 September 2024, establishing ACG as a premier copper miner on the London Stock Exchange.

• Gediktepe Mine currently produces gold and silver, targeting 20-25 kt annual copper equivalent from 2026 after sulphide expansion.

• Strategic partnerships initiated with Lidya and Çalık Holding post-acquisition.

• Actively pursuing further acquisitions to consolidate the copper sector.

Financial highlights

• Net loss for the six months ended 30 June 2024 was $5.9 million, compared to $17.2 million loss in the same period last year.

• Administrative expenses decreased to $3.2 million from $14.8 million year-over-year.

• Loss per share improved to $(1.32) from $(5.50) year-over-year.

• Cash and cash equivalents at 30 June 2024 were $873,632, down from $1.45 million at year-end 2023.

• Sponsor loans received during the period totaled $2.84 million.

Outlook and guidance

• Gediktepe Mine expected to reach steady-state copper equivalent production of 20-25 kt annually from 2026.

• Ongoing discussions for additional acquisitions to expand copper asset base.

• Board expects the company to continue as a going concern for at least 12 months post-report.