REG - ACG Metals Ltd. - Q3 2024 Operations Update

ACG MetalsAnnouncement

07/11/2024 07:00

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RNS Number : 3376L  ACG Metals Limited  07 November 2024

07 November 2024

 

ACG Metals

ACG METALS LIMITED

("ACG" or the "Company")

Q3 2024 Operations Update

ACG Metals Limited is pleased to announce its operations update for the third
quarter of 2024 ("Q3 2024" or the "Period").

Key Highlights

·    Gediktepe has now achieved 565 LTI-free days and 1,608,452 LTI-free
man-hours.

·    Given that pre-stripping typically happens in the first part of the
year, the cash generation continues to be weighted to the second half of the
year.

·    The Gediktepe Mine mined 173,972 tonnes of ore, a decrease from the
last quarter, as the stockpile was used to feed the plant. This resulted in
294,989 tonnes of ore processed in Q3 2024 which is in-line with expectations.
The average Gold grade was 2 g/t and Silver grade was 74 g/t.

·    Gediktepe produced 15,397 oz of Gold and 222,493 oz of Silver
resulting in 18,178 oz of Gold Equivalent for the quarter.

·    C1 costs have remained within the budget at $455 per ounce, with
all-in sustaining costs of $1,069 per ounce. The mine is currently ahead of
budget for Q3 and the year-to-date.

 

Artem Volynets, Chairman and CEO of ACG, said:

"This is our first quarter since acquiring Gediktepe and we are managing the
transition efficiently. Operations continue to perform well and in-line with
expectations, producing 18,178 oz of Gold Equivalent for the quarter.

Safety is our top priority and we are incredibly proud to have continued
operating with no LTIs for the whole production period since our first gold
pour.

We have added high-calibre project management leadership to our strong
operational team on site. The combined team is implementing the value adding
opportunities identified in our due diligence."

 

Operating Summary

 

 Mine Production and Processing                Q3 2024  % (+/-) vs Q3 2023
 Total Ore Mined             t                 173,972  -22%
 Gold Grade Mined            g/t               2.0      -35%
 Silver Grade Mined          g/t               53.0     -6%
 Total Ore Processed         t                 294,989  38%
 Gold Grade Processed        g/t               2.0      -12%
 Silver Grade Processed      g/t               74.0     0%
 Gold Production             oz                15,397   53%
 Silver Production           oz                222,493  106%
 Gold Equivalent Production  oz                18,178   60%

 

 Sales and Cash Costs                     Q3 2024  % (+/-) vs Q3 2023
 Total Gold Sold             oz           13,990   71%
 Total Silver Sold           oz           180,147  136%
 Total Gold Equivalent Sold  oz           16,455   81%
 Gold Sales Price            $/oz         $2,484   29%
 Silver Sales Price          $/oz         $30      25%
 C1 Cash Costs (produced)    $/oz         $455     25%
 AISC (sold)                 $/oz         $1,069   14%

 

Safety And Sustainability

 

The Company's strong safety performance was maintained in Q3 2024, with
operations continuing to operate fatality-free.

Gediktepe has now achieved 565 LTI-free days and 1,608,452 LTI-free man-hours.
This figure is a reflection of the whole team's efforts to maintain the
highest standards of safety and operational excellence at the mine.

Sulphide Expansion Project

ACG was pleased to announce on 04 November 2024 that it signed an engineering,
procurement and construction contract ("EPC") with Gap İnşaat Yatırım ve
Dış Ticaret Anonim Şirketi ("GAP INSAAT"), to construct the expansion of
the sulphide and water facilities at the Gediktepe Mine.

This will allow for the mining and processing of sulphide ore in addition to
the oxide currently being mined and processed. The expansion project targets
annual production of up to 25kt copper equivalent over an 11-year initial mine
life.

 

- ENDS -

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

 

For further information please contact:

 

Palatine

Communications Advisor

Conal Walsh / James Gilheany/ Kelsey Traynor/ Richard Seed

acg@palatine-media.com (mailto:acg@palatine-media.com)

 

About the Company

 

ACG is a company with a vision to consolidate the critical metals industry,
starting with the copper sector. Through a series of roll-up acquisitions, ACG
intends to become a premier supplier of copper and other critical metals to
the western OEM supply chain, with best-in-class ESG and carbon footprint
characteristics.

 

In September 2024, ACG successfully completed the acquisition of the Gediktepe
Mine, an operating open pit mine in Türkiye currently producing 34 koz of
gold and 361 koz of silver. Gediktepe is expected to transition to primary
copper and zinc production from 2026 and will target annual steady-state
copper equivalent production of 20-25 kt.

 

ACG's team has extensive M&A experience built through decades spent at
blue-chip multinationals in the sector. The team brings a significant network
as well as a commitment to ESG principles and strong corporate governance.

 

For more information about ACG, please visit: www.acgcorp.co
(http://www.acgcorp.co/)

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