ACG Metals (ACG) H1 2026 earnings summary

Executive summary

• Project NPV and NAV per share increased significantly, with NAV/share at GBP 34 (consensus) and GBP 43 (spot), driven by asset acquisitions and higher commodity prices.

• H1 2026 revenue reached $90 million, adjusted EBITDA $48 million, and cash flow from operations $29–30 million, reflecting a 27% year-over-year revenue increase and strong operational execution.

• Gediktepe and Keşkek asset acquisitions extended mine life and production guidance, with three modern processing facilities operational or under construction.

• Sulphide Expansion Project advanced to 87.2% completion by June 2026, with first copper concentrate produced in August 2026 and ramp-up to full commercial production by year-end.

• Proprietary metallurgical technology and patent filings improve recoveries and reduce cyanide use, targeting projects with restricted cyanide usage.

Financial highlights

• H1 2026 revenue was $90 million, adjusted EBITDA $48 million (53% margin), and cash flow from operations $29–30 million.

• Cash balance at end of H1 was $60 million, with net debt at $140–145 million due to project investments.

• Average annual revenue projected at $450 million over the next five years at consensus prices, up from $130 million previously.

• AISC increased 52% to $1,609/oz due to lower oxide volumes and higher royalties; C1 cash costs rose 70% to $622/oz.

• Net profit impacted by non-cash IFRS adjustments, resulting in a net loss of $39 million.

Outlook and guidance

• Production guidance raised to 36,000 tons copper equivalent per year for the next five years, with 2027 expected to be lower due to ramp-up.

• Sulphide plant ramping to full commercial production by year-end 2026; SART plant to start in Q3 next year.

• New oxide feed from Keşkek license acquisition to begin processing mid-next year, extending heap-leach facility life.

• Guidance for 2027 to be published at the start of next year.

• Gold production from Keşkek ore expected mid-2027; enriched ore treatment plant construction underway.