Highlights

  • FY 2025 production exceeded guidance with 39.2 koz AuEq produced and 39.5 koz AuEq sold.
  • Gediktepe Sulphide Expansion Project remains on schedule for commercial production by H1 2026.
  • Enriched Ore Treatment Project aims to unlock c.57 kt CuEq over four years, with Phase 1 commissioning in Q4 2026.

ACG Metals Limited (LSE:ACG) has reported its full-year 2025 results and Q4 2025 operations update, confirming production above guidance and continued progress on its Gediktepe Sulphide Expansion Project. The Company produced 39.2 koz AuEq in 2025, with sales of 39.5 koz AuEq, while implementing operational efficiency measures and cost controls. ACG also provided guidance for 2026 production and shared updates on enriched ore processing initiatives.

FY 2025 Production Exceeds Guidance

ACG Metals delivered 39.2 koz AuEq in 2025, surpassing the top end of its annual guidance by 3%, with total sales of 39.5 koz AuEq from the Gediktepe mine during its first full year under ACG ownership. Operational improvements helped reduce C1 cash costs by 18% to US$499/oz AuEq. All-in sustaining costs (AISC) increased to US$1,244/oz AuEq, primarily due to higher gold and silver prices that raised royalty payments.

The year concluded with an LTIF of 0.66 over 1.6 million man-hours, recording zero lost-time injuries.

Sulphide Expansion and Enriched Ore Projects on Track

The Gediktepe Sulphide Expansion Project advanced according to schedule and is expected to achieve commercial production by the end of H1 2026, transitioning ACG into a copper producer. The Enriched Ore Treatment Project aims to recover an additional c.57 kt CuEq over four years from on-site stockpiles.

In Q4 2025, ACG completed a scoping study and basic engineering for enriched ore processing, with permitting, metallurgical tests, and detailed engineering set to begin in Q1 2026. Phase 1 gold and silver recovery commissioning is planned for Q4 2026, followed by Phase 2 in 2028 to recover copper and zinc alongside precious metals.

2026 Production Guidance and Cost Outlook

ACG Metals expects 2026 production of 20–22 ktpa CuEq, including 17.5 koz AuEq of oxide material currently under leach. Projected AISC for 2026 is US$2.40–2.60/lb CuEq. Reduced royalty rates with EMX Royalty Corporation (2.25% versus 10% last year) are expected to lower oxide production costs.

Capital Position and Financial Update

At 31 December 2025, ACG reported net debt of US$65 million and cash of US$144 million, including a US$46 million restricted balance and US$43 million allocated for the sulphide project. In January 2026, the Company fully paid the coupon on its US$200 million Nordic bonds and remains compliant with all bond terms.

ACG Metals shares opened at GBX 1,340 on 19 January 2026, up 5.10% on the day, reflecting investor confidence following the FY and Q4 update.