H1 2026 Interim Results
ACG Metals Limited
17 September 2026
17 September 2026
ACG METALS LIMITED
H1 2026 Interim Results
ACG Metals Limited (LSE: ACG)
Strong Cash Generation Ahead of Commercial Sulphide Production
ACG Metals Limited ("ACG" or the "Company") is pleased to announce the release of its Interim Financial Statements and Report for the period ended 30 June 2026, approved by the Board of Directors on 16 September 2026.
Accompanying the results release, ACG is pleased to announce that Artem Volynets (Chairman and CEO) and Patrick Henze (CFO) will provide a live presentation on the 2026 Interim Financial Results via Investor Meet Company on 22 September 2026 at 16:00 BST.
Investors can register https://www.investormeetcompany.com/acg-metals-limited/register-investor
Artem Volynets, Chairman and Chief Executive Officer of ACG, said:
"ACG delivered a strong first half of 2026 through safe and disciplined execution at Gediktepe. We exceeded our full-year oxide gold and silver production target within six months, while higher realised metal prices and cost optimisation supported robust revenue, EBITDA and operating cash flow. At the same time, we advanced the Sulphide Expansion Project towards first copper concentrate production safely and within budget. Our focus now is on the disciplined ramp-up toward full commercial production by the end of 2026, and converting this investment into sustainable long-term value for shareholders."
Financial and Operating Highlights
· Revenue increased by 27% from US$71 million in H1 2025 to US$90 million in H1 2026, with adj. EBITDA increased by 19% from US$40 million to US$48 million.
· Realised gold and silver prices increased by 64% and 142%, respectively, to US$4,838/oz and US$78.2/oz, supporting strong revenues.
· Gold equivalent production of 18,487 oz exceeded the full-year oxide production target of 17,500 oz AuEq, down 17% on H1 2025 as expected during the transition from oxide to sulphide production. Residual production and re-leaching of Gediktepe oxide ore is expected to contribute a further approximately 2,500 oz AuEq by year end.
· AISC increased by 52% to US$1,609/oz vs H1 2025, reflecting lower oxide production volumes in line with mine plan and higher royalties linked to increased gold and silver prices.
· Financial Net Debt was US$140 million at 30 June 2026, supported by cash of US$60 million, including US$28 million of restricted cash.
· The Sulphide Expansion Project reached 87.2% completion at 30 June 2026, with all major equipment delivered to site; first copper concentrate was produced on 31 August 2026, safely and within budget.
H1 2026 Operating Performance
Safety performance improved during H1 2026, with Project-to-Date LTIF improving to 2.9 per million man-hours despite elevated workforce levels and intensive construction activity associated with the Sulphide Expansion Project
|
Operating KPI |
H1 2026 |
vs H1 2025 |
|
Gold Equivalent Production |
18,487 oz |
-17% |
|
Gold Sales |
14,683 oz |
-23% |
|
Silver Sales |
216,185 oz |
-39% |
|
Gold Equivalent Sales |
18,231 oz |
-21% |
|
Realised Gold Price |
US$4,838/oz |
64% |
|
Realised Silver Price |
US$78.2/oz |
142% |
|
C1 Cash Costs |
US$622/oz |
70% |
|
All-in Sustaining Costs (AISC) |
US$1,609/oz |
52% |
H1 2026 Financial Summary
|
Financial KPI |
H1 2026 |
|
Revenue1 |
US$ 90 million |
|
adj. EBITDA1 |
US$ 48 million |
|
Cash from operations 1 |
US$ 30 million |
|
Financial Net Debt2 |
US$ 140 million |
(1) Revenue, adj. EBITDA and cash from operations are presented on a consolidated basis. Gediktepe generated US$48 million of adj. EBITDA before corporate G&A.
(2) Financial Net Debt ("Financial Net Debt") as at 30 June 2026, showing long term borrowings at their contractual value of $200m bond minus $60m cash as at 30 June 2026, removing IFRS timing effects. It includes cash in bank and cash in escrow. It excludes any financial derivatives, taxation, trade payables or accounting provisions.
Capital Structure
· At 30 June 2026, Financial Net Debt was US$140 million. The majority of project capital expenditure had been incurred, including substantially all major process equipment and key long-lead items.
Post Half-Year Events
· On 31 August 2026, ACG produced the first copper concentrate from Gediktepe. Ramp-up is progressing as planned, with the focus on increasing throughput, optimising plant performance and progressing towards full commercial production, including zinc concentrate, by the end of 2026.
· On 7 September 2026, the Group entered into a binding agreement to acquire the Keşkek licence, extending the productive life of the Group's existing heap-leach facility at Gediktepe through the supply of additional oxide feed from 2027, subject to licence-transfer approval and permitting. Consideration comprises cash of $7.85 million, of which $4.0 million is payable on licence transfer and $3.85 million on environmental permitting, together with a 1% gross revenue royalty on gold produced.
ACG's full set of financial results can be accessed in our Interim Financial Report published on: https://acgmetals.com/results-reporting/ and has been submitted to the National Storage Mechanism, where it is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
- ENDS -
Inside information
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.
The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chief Executive Officer.
Forward looking statements
This announcement may contain certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements"). Forward-looking statements are identified by their use of terms and phrases such as "believe", "targets", "expects", "aim", "anticipate", "project", "would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Group and the environment in which it is and will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. Each forward-looking statement speaks only as of the date of this announcement. Except as required by applicable law, regulatory requirement, the UK Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
For further information please contact:
Thirty Three Communications
Communications Advisor
acgmetals-client-success@thirtythreecomms.com
Berenberg
Research Analysts
Richard Hatch
+44 (0) 20 3753 3070
Joint Broker
Jennifer Lee
+44 (0) 20 3207 7800
Canaccord
Research Analysts
Tim Huff +44 (0) 20 7523 8374
Joint Broker
James Asensio /Rory Blundell / Charlie Hammond
+ 44 (0) 20 7523 4680
Stifel
Joint Broker
Ashton Clanfield / Varun Talwar
+44 (0) 20 7710 7600
Cantor Fitzgerald
Research Analysts
Puneet Singh +1 (416) 350-8153
About the Company
ACG Metals is building a high-margin, copper-focused producer through safe, efficient and sustainable operations.
ACG acquired the Gediktepe Mine in September 2024 and produced first copper concentrate on 31 August 2026. The operation is now ramping up towards commercial production by the end of 2026.
ACG's team has extensive M&A experience built through decades spent at blue-chip multinationals in the sector. The team brings a significant network as well as a commitment to ESG principles and strong corporate governance.
LON: ACG | OTCQX: ACGAF | LON:ACGW | Xetra: ACG | Bond ISIN: NO0013414565
For more information about ACG, please visit: www.acgmetals.com
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