ACG Metals (ACG) H1 2025 TU earnings summary

Executive summary

• H1 2025 focused on operational and capital structure updates, with strong cash generation, transition from gold to copper, and record safety of 817 LTI-free days as of June 2025.

• Production guidance for FY2025 raised to 36-38koz AuEq, reflecting operational improvements and higher recoveries.

• Sulphide expansion project at Gediktepe Mine progressing on time and within budget, with major contracts awarded and construction underway.

• Institutional marketing began in June, with share price up 60% in six weeks, still trading at a steep discount to NAV and cash flow multiples.

• Management targets significant share price upside, driven by operational delivery, M&A strategy, and new leadership appointments.

Financial highlights

• H1 2025 EBITDA reached $85m, with net debt reduced to $66m and cash balance at $133m as of July 2025.

• Free cash flow last year was close to GBP 90 million; H1 2025 performance shows improved production and cost efficiency.

• All-in sustaining costs (AISC) dropped 13% to $1,060/oz, and C1 cash costs fell 49% to $366/oz.

• Realised gold price rose 37% year-over-year to $2,950/oz; silver price up 27% to $32/oz.

• 2024 revenue was $536m, with a market cap of $170m and enterprise value of $236m.

Outlook and guidance

• FY2025 production guidance increased by 17% to 36,000–38,000 oz gold equivalent, with 20,000–25,000 tonnes copper equivalent expected from 2026.

• Gediktepe Sulphide Expansion Project on track for commissioning in Q1 2026.

• Management confident in achieving free cash flow above $100 million at spot prices.

• Focus on building cash reserves ahead of January 2026 bond coupon payment.