ACG Metals (ACG) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 operational and financial performance, with 22,263 oz AuEq produced, sales exceeding targets, and over 818 LTI-free days.

• Gediktepe Mine is the core asset, with sulphide expansion fully funded, permitted, and on schedule for commercial production by mid-2026.

• Fully repaid sponsor and acquisition loans, paid first coupon on $200m bond, and completed a warrant buy-back to reduce dilution.

• Upgraded full-year production guidance to 36–38koz AuEq, with AISC expected at $1,060–1,200/oz.

• Management and board have deep industry experience, supporting robust expansion and operational safety.

Financial highlights

• H1 2025 revenue was $70.8m, EBITDA $35.7m (50% margin), and net profit after tax $16.5m.

• Net debt as of June 30, 2025: $46m; cash at period end: $161.1m; Net Debt/EBITDA: 0.54x.

• AISC at $1,060/oz, down 13% year-over-year; C1 costs at $366/oz, down 49%.

• Basic EPS was $0.80, diluted EPS $0.75, compared to -$1.32 in H1 2024.

• Operating cash flow reached $31m, supporting liquidity and bond coupon payment.

Outlook and guidance

• Sulphide expansion targeted for commercial production by mid-2026, expected to boost capacity and lower costs.

• Average annual revenue projected at ~$186m and EBITDA at ~$115m from 2026–2034.

• Ongoing engineering studies and exploration could further increase resources and extend mine life.

• Focus remains on safety, cost control, and high recovery rates amid commodity price volatility.

• Upgraded production guidance and continued disciplined capital allocation.