H1 2026 Operations Update

 Exceeding Production Targets While Delivering Sulphide Project Milestones

LONDON, July 14, 2026 /PRNewswire/ -- ACG Metals Limited (LSE:ACG) is pleased to announce its operations update for the first half of 2026 ("H1 2026").

Artem Volynets (Chairman and CEO) and Patrick Henze (CFO) will provide a live presentation via Investor Meet Company on 21 July 2026, at 13:00 BST. To attend, investors can join via this link: https://www.investormeetcompany.com/acg-metals-limited/register-investor 

H1 2026 Summary

• 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.
• H1 2026 production of 18,487 oz AuEq exceeded the full-year oxide production target of 17,500 oz AuEq, with production sourced entirely from stockpiled ore following the completion of oxide mining activities at the end of 2025.
• Realised gold and silver prices increased materially in H1 2026 compared to H1 2025, rising by 64% and 142% respectively, to US$4,838/oz gold and US$78.2/oz silver, supporting strong revenues.
• H1 2026 AISC of US$1,609/oz was 52% higher than H1 2025, primarily due to higher royalties driven by elevated commodity prices and lower production volumes compared with H1 2025. Total oxide and sulphide production is expected to contribute a further approximately 2,500 oz AuEq by year end.
• The Gediktepe Sulphide Expansion Project continued to progress on schedule and within budget during H1 2026, reaching 87.2% overall completion on 30 June 2026, with all equipment delivered to site and first production expected in August 2026. Several outstanding workstreams are nearing completion and are expected to drive a significant increase in the overall completion rate in the near term.
• Net financial debt as of 30 June 2026 was US$140 million, supported by a cash balance of US$60 million, including US$28 million of restricted cash. The majority of project capex has now been incurred, including payment for substantially all major process equipment and key long-lead items.
• Production guidance for FY2026 is reiterated at 20–22 kt CuEq and AISC of US$2.40–2.60/lb CuEq, including both oxide and sulphide production expected in H2 2026.

Artem Volynets, Chairman and CEO of ACG, said:

"H1 2026 was a strong period for ACG, reflecting solid operational performance. We exceeded our full-year oxide gold production target in the first six months of the year, demonstrating the strength of our operating team, and disciplined execution.

Construction of the Gediktepe Sulphide Expansion Project also progressed on schedule and within budget. First copper and zinc concentrate production is expected in August 2026"

H1 2026 Operating Summary

All oxide mining was complete at the end of 2025

Safety And Sustainability

• Approximately 1.41 million man-hours worked during H1 2026.
• 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.

Oxide Operation

• H1 2026 production of 18,487 oz AuEq exceeded the full-year oxide production target of 17,500 oz AuEq, with production sourced entirely from stockpiled ore following the completion of oxide mining activities at the end of 2025.
• Total production of 18,487 oz AuEq in H1 2026, a 17% decrease compared to H1 2025, as expected and consistent with the mine plan during the transition from oxide to sulphide ore.
• Gold equivalent sales of 18,231 oz AuEq in H1 2026, representing a 21% decrease compared to H1 2025, reflecting the impact of lower production volumes during the 2026 transition period.
• Realised gold and silver prices increased materially in H1 2026 relative to H1 2025, rising by 64% and 142% respectively, to US$4,838/oz gold and US$78.2/oz silver, supporting strong revenues.
• Residual production and re-leaching activities are expected to contribute a further approximately 2,500 oz AuEq by year end.
• The final phase of the heap leach pad is being lined, creating additional leach capacity and positioning the Company to evaluate third-party ore processing opportunities.
• C1 cash costs in H1 2026 increased by 70% to US$ 622/oz gold compared to H1 2025, reflecting a decrease in production volume compared to the previous period.
• AISC increased by 52% to US$1,609/oz AuEq versus H1 2025 due to lower production as well but this was counteracted by higher realised silver prices increasing the AuEq production volume.

Patented Proprietary Recovery Process

• A proprietary technical approach developed by the Company, for which patent protection has been secured in Türkiye and is progressing in 35 other countries, delivered sustained and repeatable improvements in heap leach performance under commercial operating conditions between April 2025 and June 2026.
• Commercial gold recovery increased to approximately 85% from approximately 75% previously, while cyanide consumption decreased by approximately 45%. Together with faster leach kinetics, these improvements contributed to stronger cash flow and improved operating performance for oxide ore.

Strong Momentum Continues Across Sulphide Expansion Works

• The Gediktepe Sulphide Expansion Project continues to progress on schedule and within budget during H1 2026, reaching 87.2% overall completion on 30 June 2026.
• All major equipment has been delivered to site, with major civil works completed and mechanical, piping, electrical and structural installation activities advanced significantly during the period.
• Mining activities remained focused on sulphide waste stripping and ore exposure ahead of commissioning, with 10 Mt of waste stripped and 133 kt of sulphide ore rehandled during H1 2026.
• First copper and zinc concentrate production is expected in August 2026.
• The Company will transition to copper equivalents as its primary production reporting metric following the commencement of copper production in H2 2026.

Enriched Ore Project Underway

• The enriched ore project continued to advance during H1 2026, with plant design and engineering reaching the final stages.
• Procurement activities progressed significantly during the period, including the purchase of the SAG mill, ball mill, jaw crusher and cone crusher, while procurement of additional equipment is ongoing.
• Earthworks and geotechnical drilling commenced during Q2 2026 as part of preparations for construction.
• Engineering, procurement, permitting and EPC tender activities remain on track.

Capital Structure

• Financial net debt as of 30 June 2026 is US$140 million, supported by a cash balance of US$60 million, including US$28 million of restricted cash. The majority of project capex has now been incurred, including payment for substantially all major process equipment and key long-lead items.

Financial net debt is calculated using long‑term borrowings at their contractual value, including the US$200 million Nordic bond, net of cash held on the balance sheet (including cash in bank and escrow), and excludes IFRS timing effects and other non‑debt items.

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.

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:

The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chief Executive Officer. 

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 
Research Analysts 
Alex Bedwany +44 (0) 7788 392045

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 a company with a vision to build a global, high-margin, copper-focused producer with safe, efficient, and sustainable operations.

In September 2024, ACG successfully completed the acquisition of the Gediktepe Mine which is expected to transition to primary copper and zinc production from 2026 and will target annual steady-state copper equivalent production of 20-25 kt. Gediktepe produced 39.2koz of AuEq in 2025.

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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SOURCE ACG METALS LIMITED