ACG Metals Forges Ahead with Copper Pivot on Strong 2025 Results

LONDON, UK – April 14, 2026 – ACG Metals Limited (LON: ACG) today announced a year of powerful operational performance for fiscal year 2025, marked by robust cash generation and disciplined cost management. The results underscore the company's successful execution as it advances a pivotal transition toward becoming a primary copper producer, a move strategically timed to capitalize on a bullish outlook for the red metal.

Despite reporting a statutory net loss, investors reacted positively, driving shares up 1.3% in London trading. The market's focus appears fixed on the company's underlying financial health and the on-schedule progress of its flagship Gediktepe mine expansion in Turkey, which is set to begin producing copper and zinc concentrate by mid-2026.

In a statement accompanying the results, Chairman and CEO Artem Volynets highlighted the company's achievements. "2025 was a year of strong execution for ACG, with consistent operational delivery, ongoing optimisation across the business and robust financial performance," he said. "A disciplined, safety‑led operating culture and a continued focus on cost control underpinned strong margins and high levels of cash generation."

Unpacking the Financials: Beyond the Bottom Line

A deeper look at ACG's financial statements reveals a tale of two metrics. The company generated an impressive Adjusted EBITDA of US$76.3 million, a nearly six-fold increase from the US$13.0 million reported for the partial period in 2024 following the Gediktepe mine acquisition. Revenue more than doubled to US$135.6 million, fueled by strong realized prices for gold and silver.

This operational strength, however, was contrasted by a reported net loss of US$43 million. The company attributed this loss almost entirely to US$81.7 million in non-cash accounting adjustments. These fair value adjustments were driven by the rising price of copper—a positive indicator for the company's future—and significant increases in the value of its warrants, reflecting growing market confidence in its strategy. This distinction between operating cash flow and accounting-driven losses appears to have been well understood by analysts and investors.

Further bolstering its financial position, ACG demonstrated exceptional cost control, reducing its C1 cash costs by 18% to just US$499 per gold equivalent (AuEq) ounce. The company ended the year with a formidable cash balance of US$145.1 million and a manageable net debt of US$55 million, providing substantial liquidity to complete its strategic projects.

Gediktepe: The Copper Engine on Schedule

The centerpiece of ACG's strategy is the Gediktepe Sulphide Expansion Project in Turkey. The company confirmed the project is advancing on schedule and within budget, positioning it to commence first copper and zinc concentrate production in the middle of 2026. As of early 2026, the project was reported to be over 60% complete.

Once operational, the sulphide plant is expected to produce a steady-state average of 20,000 to 25,000 tonnes of copper equivalent annually. This will transform ACG from its current gold and silver production profile into a significant base metals producer. The project is fully funded, following a successful US$200 million senior secured bond issuance in January 2025.

"The planned transition to copper production in the middle of 2026 represents an exciting and transformational next phase for the Company, and the progress achieved in 2025 provides strong confidence in our ability to deliver this transition and create long‑term shareholder value," stated Volynets.

To support this transition, ACG proactively renegotiated its royalty agreement for the mine, effective January 1, 2026. The new terms significantly reduce the royalty on current oxide ore production from 10% to 2.25% while aligning the future sulphide royalty at the same rate, a move that enhances near-term cash flow and improves the economics of the upcoming copper operations.

A Strategic Pivot into a Bullish Copper Market

ACG's pivot to copper is timed to intersect with extremely favorable long-term market fundamentals. Global demand for copper is projected to surge in the coming years, driven by the massive needs of the global energy transition, including electric vehicles and renewable energy infrastructure, as well as the expansion of artificial intelligence data centers.

Market analysts forecast a growing structural deficit, as new mine supply struggles to keep pace with this accelerating demand. Some forecasts predict copper prices could exceed US$12,000 per metric ton during 2026, creating a highly profitable environment for low-cost producers like ACG. The company's projected cash costs of around $2.50 per pound during its copper ramp-up suggest the potential for very attractive margins.

While the Gediktepe mine will also produce zinc, the market outlook for that metal is more moderate, with some analysts predicting potential surpluses. However, copper is expected to be the primary value driver for ACG, insulating it from potential softness in the zinc market and positioning it to reap the rewards of the copper super-cycle.

Building Investor Confidence and a Global Footprint

Alongside its operational and project execution, ACG Metals has been actively working to broaden its investor base and increase its visibility on the global stage. In September 2025, the company began trading on the OTCQX Market in the United States, providing easier access for American investors. This was followed by its inclusion in the MSCI World Micro Cap Index in March 2026, a key milestone that places the company on the radar of a wider pool of institutional funds.

These strategic moves, combined with a strong year-over-year share price appreciation of over 260%, signal growing market alignment with the company's long-term vision. This vision extends beyond Gediktepe, with a stated ambition to consolidate the fragmented copper sector through a disciplined M&A strategy, aiming to build a company producing 200,000-300,000 tonnes of copper equivalent per year.

The strong performance in 2025 has laid a solid foundation, and with its transformational copper project nearing the finish line, ACG Metals is poised to enter a new phase of growth and value creation for its shareholders.