ACG Metals (ACG) H2 2025 earnings summary

Executive summary

• Generated $76 million in adjusted EBITDA and $65 million in operating cash flow, with revenue of $136 million and a 56% margin, exceeding production guidance with 39,200 gold equivalent ounces produced.

• C1 cash costs reduced by 18% to $499/oz AuEq, and AISC was $1,244/oz AuEq, supporting strong margins.

• Maintained low net debt of $55 million and a year-end cash balance of $145 million, supporting ongoing project investments.

• Sulfide Expansion Project remains on time and on budget, targeting production in mid-2026, with transition from gold and silver doré to copper and zinc concentrate production.

• Share price increased 250% year-over-year, with warrants up 800% and bonds trading at 109%.

Financial highlights

• Revenue reached $136 million for the year, up 39% year-over-year, with a 56% adjusted EBITDA margin.

• Cost of sales was $57 million, resulting in a 60% gross profit margin.

• Operating cash flow totaled $65 million, and $58 million was invested in the sulphide project during 2025.

• Net debt stands at $55 million, with a $200 million bond outstanding and an effective interest rate of 3.15%.

• Gross profit margin was 58%, supported by strong commodity prices and operational efficiency.

Outlook and guidance

• 2025 production guidance: 17,500 gold equivalent ounces from oxide and 15,000–17,000 copper equivalent ounces from sulfide.

• 2026 is a transition year, with guidance for 20–22 kt CuEq production and AISC of $2.40–$2.60/lb CuEq.

• Sulfide flotation plant on track for July start, with significant production ramp-up expected; sulphide production to commence mid-2026.

• Cost guidance remains at $2.4–$2.6 per unit for the transitional year.

• Expecting inclusion in additional indices as liquidity and market cap grow.