ACG Metals (ACG) Investor presentation summary

Financial highlights and valuation

• Market capitalization stands at $412m, with net debt of $56m and an EV of $468m as of March 2026.

• Share price is £13.30 ($17.82), with consensus analyst target at £20.10 and NAV per share at £44 ($33).

• Cash-rich position with a low net debt/EBITDA ratio of 0.66 and strong OCF/market cap ratio compared to peers.

• Trading at a premium to par, with significant upside potential based on P/NAV and EV/EBITDA multiples.

• All-in sustaining costs for gold and copper are in the first quartile globally, supporting robust margins.

Operations and production

• Gediktepe Mine is fully owned, located in western Türkiye, with 11-year life of mine and full infrastructure.

• 2025 actual production was 39.2 koz AuEq, exceeding guidance, with AISC at $1,244/oz and C1 cash cost at $499/oz.

• 2026 is a transition year, targeting 20-22 kt CuEq production as sulphide operations ramp up.

• Sulphide expansion is fully permitted and financed, with a $146m fixed-price EPC contract and 64% completion as of Jan 2026.

• Enriched ore project underway, with phase 1 commissioning in Q4 2026 and total capex of $39m.

Growth strategy and market positioning

• Aims to become a leading midsize copper company on the LSE through roll-up acquisitions and multi-asset expansion.

• Targeting 200-300 ktpa Cu production within 3-5 years, with 10+ assets in the acquisition pipeline.

• Positioned as a scarce pure-play copper company on the LSE, benefiting from market preference for copper-focused miners.

• Key value catalysts include operational delivery, capital market upside, and further M&A.