ACG Metals (ACG) Investor presentation summary

Business transformation and operational highlights

• Achieved a market cap of $593m and enterprise value of $733m, with net debt at $140m and average production of 36 ktpa CuEq projected for 2027-2031.

• Gediktepe project NPV increased to $1.2bn after $320m investment, with a 60% uplift in planned annual production to 36.2 ktpa CuEq.

• Safety performance improved in H1 2026, with LTIF reduced to 2.9 per million man-hours during major project ramp-up.

• Processing facilities include operating heap leach and SART plants, with sulphide plant ramping up and further construction ongoing.

• Revenue streams are diversified: copper (40%), gold (30%), zinc (15%), and silver (14%), with average annual revenue of $456m from 2027-2031.

Resource growth and project expansion

• Ore reserves increased by 43% to 26.5 Mt and resources by 59% to 38.7 Mt, extending mine life to 2037 and raising project NPV from $265m to $1.2bn.

• Accelerated Enriched Ore Project brings all four metals online by Q3 2027, increasing post-tax NPV8 from $212m to $365m and advancing copper/zinc revenue by two years.

• Keşkek oxide feed extends heap leach gold production, with first gold expected mid-2027 and a 1.5 Mt indicated resource plus further exploration potential.

• Proprietary oxide recovery technology increases recovery rates from ~75% to ~85%, reduces cyanide use by 45%, and is protected by patents in Türkiye and pending in 35 countries.

• Additional upside potential includes further enriched feed, heap/waste retreatment, and significant exploration targets not yet in the base case.

Financial performance and capital structure

• H1 2026 revenue reached $90m with adjusted EBITDA of $48m (53% margin), operating cash flow of $30m, and period-end cash of $60m.

• Strong cash generation and disciplined cost control support growth, with low effective tax rate and robust balance sheet.

• Bonds trade at a premium to par, with implied yield to maturity declining and strong investor returns since issuance.

• Total investment in Gediktepe ($320m) delivers copper equivalent capacity at $8,890/t, well below industry benchmarks.

• Free cash flow projected to rise from $152m in 2027 to $229m in 2029, with ongoing capex and operational cash flows.