Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Gold equivalent production rose 3% in H1 2025 to 22,263 oz, while AISC decreased 13% to USD 1,060/oz.

  • Gediktepe sulphide expansion 48% engineered, 36% procured, and 15% constructed, on track for H1 2026 completion.

  • Net debt reduced to USD 46 million with shareholder loans fully repaid ahead of maturity.

ACG Metals Limited (LSE:ACG) has released its Interim Financial Statements and Report for the six months ended 30 June 2025, approved by the Board of Directors on 12 September 2025. The period was marked by operational progress, key strategic appointments, and the advancement of its flagship Gediktepe sulphide expansion project.

Gold equivalent production rose 3% year-on-year to 22,263 ounces in H1 2025. The all-in sustaining cost (AISC) decreased by 13% to USD 1,060/oz, supported by a 37% increase in gold prices and a 27% increase in silver prices. These factors contributed to an EBITDA margin of approximately 51% and an operating cash flow margin of around 44%.

Project Development: Gediktepe Sulphide Expansion

The Gediktepe sulphide expansion project remains firmly within budget and schedule, with completion of 48% of engineering design and draft, 36% of procurement, and 15% of construction by 30 June 2025. Full commercial production is expected by the end of H1 2026.

During the period, the project site achieved 818 lost time injury (LTI)-free days. Post-period end, the Company commenced concrete and steel works at the site, with equipment deliveries marking the transition into the operational build-out phase.

Strengthened Leadership and Governance

To support its long-term strategy, ACG made several senior appointments in H1 2025. Michael R. Pompeo joined the Board as a Non-Executive Director in January, enhancing the Company’s global positioning. Damien Coles was appointed Chief Legal Officer in the same month, bringing more than 20 years of legal and transactional experience.

In June 2025, Peter Carter was appointed Chief Operating Officer. With over four decades of mine engineering, operations management, and project development experience, he will oversee operations as ACG advances its copper growth strategy.

Capital Structure and Financing

On 13 January 2025, ACG successfully completed a USD 200 million four-year senior secured bond issuance. Of this, USD 108 million has been drawn to refinance acquisition debt, cover transaction costs, and fund the Gediktepe sulphide expansion.

The bonds were listed on Nordic ABM in June 2025, enhancing secondary market liquidity for investors. All shareholder loans were fully repaid ahead of their October 2025 maturity, reducing financial net debt to USD 46 million as of 30 June 2025.

Post-period end, ACG made its first coupon payment of USD 14.75 million on 13 July 2025. On 9 September 2025, the Company began trading on the OTCQX Best Market in the United States under the ticker ACGAF, while maintaining its London Stock Exchange listing.

Risk Management and Market Engagement

In March 2025, ACG implemented a structured gold hedge covering 13.4koz of its forecast 2025 production of 36–38koz AuEq. The zero-cost collar provides downside protection at levels above budget assumptions, while retaining upside exposure above the USD 3,065/oz strike price.

To improve market engagement, ACG appointed Berenberg and Canaccord as additional brokers in April 2025, aimed at enhancing liquidity and investor awareness.