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LONDON, Sept. 15, 2025 – ACG Metals (LSE: ACG) today announced its Interim Financial Statements and Report for the first half of 2025, showcasing robust operational performance, a fortified balance sheet, and significant advancements in the Gediktepe Sulphide Expansion project.
The London-listed miner, focused on consolidating the copper industry, reported a strong first half, driven by higher realized precious metal prices and operational efficiencies at its Gediktepe mine. The results come as ACG seeks to expand its investor base, having recently begun trading on the OTCQX Best Market in the U.S. under the ticker ACGAF.
ACG’s full financial results are available in the Interim Financial Report.
Chairman and CEO Artem Volynets highlighted the company’s strategic progress: “The first half of 2025 has been a strong period…strengthening our foundations as a business and advancing our long-term growth plans.” Volynets emphasized the company’s commitment to a safe and reliable operating environment, noting over 800 LTI-free days (Lost Time Injury). He added that the Gediktepe Mine, currently producing gold and silver, is on track to reach full commercial production of copper and zinc concentrates by the end of H1 2026.
A key priority during the period was strengthening ACG’s financial standing. The company successfully repaid the Gediktepe acquisition facility and funded the sulphide expansion through a $200 million bond placement. Further actions included repaying legacy sponsor loans and executing a warrant tender to streamline the capital structure and mitigate potential dilution. Significantly, ACG made its first coupon payment post-period, demonstrating full compliance with bond terms and boosting investor confidence, evidenced by improvements in bond yields.
Volynets pointed to operational excellence as a key driver, with H1 2025 EBITDA reaching $36 million and cash flow from operations at $31 million, exceeding company targets. The company’s strategic hedging program also played a role. A structured gold hedge covering 13.4koz of gold provides downside protection while allowing participation in upside potential beyond $3,065/oz.
H1 2025 Highlights:
Strategic Achievements:
- Successful settlement of a $200 million four-year senior secured bond issuance to fund the Gediktepe sulphide expansion and refinance debt.
- Appointment of Michael R. Pompeo as a Non-Executive Director, adding geopolitical insights.
- Appointment of Damien Coles as Chief Legal Officer, bolstering international legal and transactional expertise.
- Implementation of a zero-cost collar gold hedge for downside protection and upside participation.
- Completion of a tender offer for up to 70% of outstanding warrants.
- Appointment of Berenberg and Canaccord as additional brokers.
- Appointment of Peter Carter as Chief Operating Officer, a veteran in mine engineering and operations.
- The sulphide expansion project, slated for completion by the end of H1 2026, is currently on schedule and on budget, with significant progress made in engineering design, procurement, and construction.
H1 2025 Gediktepe Mine Operating Performance:
| Operating KPI | H1 2025 Result | YoY Change |
|---|---|---|
| Safety | 818 LTI-free days | n/a |
| Ore Processed | 7,432 kt | -97 % |
| Average Gold Grade | 0.8 g/t | -57 % |
| Average Silver Grade | 141 g/t | 154 % |
| Gold Equivalent Production | 22,263 oz | 3 % |
| Gold Sales | 19,162 oz | -11 % |
| Silver Sales | 356,263 oz | 32 % |
| Gold Equivalent Sales | 23,021 oz | -7 % |
| Realised Gold Price | $2,950/oz | 37 % |
| Realised Silver Price | $32/oz | 27 % |
| C1 Cash Costs | $366/oz | -49 % |
| All-in Sustaining Costs (AISC) | $1,060/oz | -13 % |
ACG Financial Summary:
| Financial KPI | H1 2025 Results |
|---|---|
| Revenue | $71 million |
| EBITDA | $36 million |
| Cash From Operations | $31 million |
| Net Debt | $46 million |
- The Gediktepe site achieved 818 LTI-free days as of June 30, 2025.
- Gold equivalent production rose 3% to 22,263 oz.
- AISC decreased 13% to USD 1,060/oz.
- Increased gold and silver prices led to an EBITDA margin of approximately 51% and an operating cash flow margin of approximately 44%.
Capital Structure Highlights:
- ACG issued Bonds in January 2025, drawing $108 million to refinance debt and advance the Gediktepe expansion.
- The Bonds were listed on Nordic ABM in June 2025.
- All outstanding shareholder loans have been repaid.
- As of June 30, 2025, Financial Net Debt was $46 million.
Post Period End:
- The Company made its first scheduled coupon payment on the Bonds on July 13, 2025.
- ACG began trading on the OTCQX Best Market in the U.S. on September 9, 2025, under ticker ACGAF.
- Construction has commenced at the Gediktepe sulphide expansion site.
Looking Ahead
ACG Metals is betting on the increasing demand for copper driven by the global transition to renewable energy and electric vehicles. The Gediktepe sulphide expansion represents a critical step in the company’s strategy to become a major player in the copper market. Achieving projected copper production targets will be crucial for the company to generate substantial cash flow and deliver long-term value to shareholders. The company’s success hinges not only on efficient operations but also on its ability to navigate geopolitical risks and access capital markets effectively.
About ACG Metals
ACG Metals is focused on consolidating the copper industry via strategic acquisitions, with a focus on ESG and minimized carbon footprint. The company’s Gediktepe Mine is expected to transition to primary copper and zinc production from 2026, targeting annual steady-state copper equivalent production of 20-25 kt.
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