17th Sep 2026 12:19
(Alliance News) - ACG Metals Ltd on Thursday reported increased revenue and earnings for its first half, alongside a "material uplift" in the Gediktepe mine's net present value.
However, ACG shares were down 3.9% at 1,899.00 pence on Thursday in London.
The British Virgin Islands-based company, which focuses on acquiring and consolidating copper assets, said revenue for the first half of 2026 rose 27% to USD89.8 million from USD70.8 million the previous year.
The realised gold price increased 64% on-year to USD4,838 an ounce, and silver's price more than doubled to USD78.2 an ounce. Gold sales fell 23% to 14,683 ounces, and silver sales fell 39% to 216,185 ounces.
Spot gold was quoted at USD4,310.74 an ounce on Thursday, down from USD4,349.09 on Wednesday. Silver was quoted at USD64.08, down from USD64.79, while copper was higher at USD14,225 a tonne against USD14,114.50 the day before.
Gold equivalent production fell 17% on-year to 18,487 ounces, but ACG said this exceeded its full-year oxide production target of 17,500 ounces. "Residual production and re-leaching of Gediktepe oxide ore is expected to contribute a further approximately 2,500 oz AuEq by year end," the firm added.
Adjusted earnings before interest, tax, depreciation and amortisation increased 19% to USD48 million from USD40 million. Statutory operating profit rose to USD35.3 million from USD28.8 million.
The company swung to a pretax loss of USD22.3 million from a profit of USD20.7 million. This was after finance expenses increased to USD16.1 million from USD7.1 million, and net value losses of USD55.1 million, widened from USD10.8 million.
"ACG delivered a strong first half of 2026 through safe and disciplined execution at Gediktepe," commented Chair & Chief Executive Artem Volynets. "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."
Also on Thursday, ACG announced the release of an updated competent person's report for its Gediktepe mine.
ACG said the new CPR reports a total post-tax net present value of approximately USD1.2 billion, up from the NPV of USD265 million reported in 2024.
ACG expects the mine's average annual production to increase by around 60% to around 36,000 tonnes of copper equivalent between 2027 and 2031, up from the original 20,000 to 25,000 target. It also expects the mine to produce 352,000 tonnes over the initial 11-year life of mine.
It said first-half oxide production has already exceeded full-year guidance, and that it has revised full-year guidance to approximately 12,000 to 14,000 tonnes of copper equivalent, "reflecting a three-month rephasing of sulphide production into FY2027 as management follows a deliberately measured and risk-managed commissioning schedule."
ACG also said Gediktepe's total ore reserves tonnage increased by approximately 43% to 26.5 metric tonnes from 18.5 metric tonnes in the previous CPR.
By Emma Curzon, Alliance News reporter
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