Surpassing Output Goals and Hitting Key Milestones on Sulphide Development

/PRNewswire/ -- ACG Metals Limited (LSE:ACG) releases its operational review covering the opening six months of 2026.

Artem Volynets, serving as Chairman and CEO, alongside CFO Patrick Henze, will host an interactive session through Investor Meet Company on 21 July 2026 at 13:00 BST. Interested parties may register to participate.

H1 2026 Highlights

Workplace safety metrics strengthened over the period, with the cumulative lost time injury frequency rate improving to 2.9 incidents per million hours worked even as staffing rose and construction intensified on the sulphide growth initiative.
Output reached 18,487 ounces of gold equivalent, surpassing the annual oxide goal of 17,500 ounces, drawn solely from previously stockpiled material after oxide extraction concluded in late 2025.
Average realized prices for gold and silver rose sharply versus the prior year period, climbing 64 percent and 142 percent respectively to reach US$4,838 per ounce for gold and US$78.2 per ounce for silver, bolstering income.
All-in sustaining costs stood at US$1,609 per ounce, up 52 percent from H1 2025 mainly owing to elevated royalties from higher metal prices and reduced volumes relative to the earlier period. Combined oxide and sulphide output is projected to add roughly 2,500 ounces of gold equivalent before year end.
Development of the Gediktepe Sulphide Expansion Project stayed on track and on budget, attaining 87.2 percent completion by 30 June 2026. All equipment arrived on site and initial output is slated for August 2026, with remaining tasks expected to lift completion levels markedly soon.
Net financial debt at the end of June 2026 totaled US$140 million, backed by US$60 million in cash including US$28 million of restricted funds. Most capital spending on the project has been completed, covering nearly all major processing equipment and critical long-lead components.
Full-year 2026 guidance remains unchanged at 20 to 22 thousand tonnes of copper equivalent with all-in sustaining costs of US$2.40 to 2.60 per pound of copper equivalent, encompassing both oxide and sulphide streams in the second half.

Artem Volynets, Chairman and CEO of ACG, commented:

"The first half of 2026 proved highly successful for ACG, marked by dependable operational delivery. Oxide gold output exceeded the full-year target within six months thanks to the capability of our operations group and careful project management. Work on the Gediktepe Sulphide Expansion Project also advanced according to plan and budget. Initial copper and zinc concentrate output is anticipated in August 2026."

H1 2026 Operational Overview

All oxide mining wrapped up by the close of 2025

H1 2026	vs H1 2025
Au	oz	14,714	-19 %	Production
Ag	oz	229,045	-39 %
AuEq	oz	18,487	-17 %
Au	oz	14,683	-23 %	Sales
Ag	oz	216,185	-39 %
AuEq	oz	18,231	-21 %
Au	$/oz	4,838	64 %	Realised Price
Ag	$/oz	78.2	142 %
C1 Cash Costs (produced)	$/oz	622	70 %	Cost
AISC (sold)	$/oz	1,609	52 %

Safety And Sustainability

Roughly 1.41 million man-hours were completed during the half-year.
Safety indicators improved, bringing the project-to-date lost time injury frequency down to 2.9 per million man-hours amid higher staffing and active construction on the sulphide project.

Oxide Operation

Output of 18,487 ounces gold equivalent topped the yearly oxide target of 17,500 ounces, relying entirely on stockpiled ore after oxide mining ended in December 2025.
Total production of 18,487 ounces gold equivalent fell 17 percent from H1 2025, aligning with the scheduled shift from oxide to sulphide material.
Gold equivalent sales reached 18,231 ounces, down 21 percent year-on-year due to lower volumes in the transition phase.
Realized gold and silver prices climbed 64 percent and 142 percent respectively versus H1 2025, reaching US$4,838 per ounce gold and US$78.2 per ounce silver and supporting revenue.
Remaining output and re-leaching are forecast to add approximately 2,500 ounces gold equivalent by year end.
The final section of the heap leach pad is under lining to expand capacity and allow assessment of third-party ore processing options.
C1 cash costs rose 70 percent to US$622 per ounce gold, reflecting reduced production volumes.
All-in sustaining costs increased 52 percent to US$1,609 per ounce gold equivalent, influenced by lower output yet offset partly by stronger silver prices boosting gold equivalent volumes.

Patented Proprietary Recovery Process

A company-developed technical method, patented in Türkiye and advancing in 35 additional jurisdictions, produced consistent gains in heap leach results from April 2025 through June 2026.
Commercial gold recovery lifted to around 85 percent from roughly 75 percent earlier, while cyanide use dropped about 45 percent. Faster leach rates further aided cash flow and oxide performance.

Strong Momentum Continues Across Sulphide Expansion Works

The Gediktepe Sulphide Expansion Project advanced on schedule and within budget, reaching 87.2 percent overall completion by 30 June 2026.
All major equipment reached site, major civil works finished, and mechanical, piping, electrical plus structural installation moved forward substantially.
Mining focused on sulphide waste stripping and ore exposure ahead of start-up, removing 10 million tonnes of waste and rehandling 133 thousand tonnes of sulphide ore.
First copper and zinc concentrate production remains expected in August 2026.
The company will shift to copper equivalent as its main reporting metric once copper output begins in H2 2026.

Enriched Ore Project Underway

The enriched ore initiative progressed, with plant design and engineering nearing completion.
Procurement advanced, covering acquisition of the SAG mill, ball mill, jaw crusher and cone crusher, with further equipment purchases continuing.
Earthworks and geotechnical drilling started in Q2 2026 to prepare for construction.
Engineering, procurement, permitting and EPC tender processes stay on schedule.

Capital Structure

Financial net debt stood at US$140 million on 30 June 2026, supported by US$60 million cash including US$28 million restricted. The bulk of project capital expenditure has been spent, including payment for nearly all major process equipment and key long-lead items.

Financial net debt uses long-term borrowings at contractual value, including the US$200 million Nordic bond, net of cash on the balance sheet (including bank and escrow holdings), and excludes IFRS timing effects and other non-debt items.

Inside information

The details in this release are deemed inside information under the Market Abuse Regulation (EU) No.596/2014 as incorporated into UK law via the European Union (Withdrawal) Act 2018. Upon dissemination through a Regulatory Information Service the information enters the public domain.

Forward looking statements

This release may include certain forward-looking information and statements. Such statements are recognized by terms and phrases including believe, targets, expects, aim, anticipate, project, would, could, envisage, estimate, intend, may, plan, will or their negatives, variations or comparable wording, along with references to assumptions. The forward-looking statements rest on current expectations and face known and unknown risks and uncertainties that may cause actual outcomes, performance and achievements to differ materially from those expressed or implied. Factors that could produce such differences are noted. These statements rely on numerous assumptions about present and future business strategies of the Group and the environment in which it operates now and will operate. All later oral or written forward-looking statements by the Company or persons acting on its behalf are fully qualified by the preceding caution. Each statement applies only as of the date of this release. Except where required by applicable law, regulatory requirements, the UK Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party plans to update or revise these statements due to new information, future events or otherwise.

For further information please contact:

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

For further information please contact:

Thirty Three Communications
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[email protected]

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About the Company

ACG Metals aims to develop into a global, high-margin copper-focused producer operating safely, efficiently and sustainably.

In September 2024, ACG completed the purchase of the Gediktepe Mine, which is set to move to primary copper and zinc production from 2026 and targets steady-state annual copper equivalent output of 20-25 kt. Gediktepe produced 39.2 koz of AuEq in 2025.

ACG's leadership possesses extensive M and A experience gained over decades at leading multinationals in the sector. The team offers a broad network together with dedication to ESG principles and robust corporate governance.

LON: ACG | OTCQX: ACGAF | LON:ACGW | Xetra: ACG | Bond ISIN: NO0013414565

For more information about ACG, please visit: www.acgmetals.com

SOURCE ACG METALS LIMITED