REG - ACG Metals Ltd. - Q1 2026 Operations and Capital Structure Update

ACG MetalsAnnouncement

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RNS Number : 2851B  ACG Metals Limited  21 April 2026

21 April 2026

ACG METALS LIMITED

("ACG" or the "Company")

Q1 2026 Operations and Capital Structure Update

 

Strong Execution and Project Momentum

ACG Metals Limited (LSE:ACG) is pleased to announce its operations and capital
structure update for the first quarter of 2026 ("Q1 2026").

Q1 2026 Summary

·    Lost time injury frequency increased during Q1 2026 as Construction
and Mining crews adjusted to the increasing intensity of activity in their
respective areas; an emphasis on personal responsibility and safety training
drove a downward trend in LTIF, with no LTIs recorded in March, while
Project‑to‑Date LTIF remained relatively unchanged at approximately 3.2
LTI per million man‑hours.

·    Total production of 12,168 oz AuEq in Q1 2026, a 22% decrease
compared to Q1 2025, as expected and consistent with the mine plan during the
transition from oxide to sulphide ore.

·    Year‑on‑year Q1 2026 C1 cash costs decreased by 12% to US$387/oz
AuEq compared to Q1 2025, reflecting the processing of stockpiled oxide ore
following the completion of oxide mining activities in 2025.

·    AISC increased by 49% to US$1,438/oz AuEq, due to higher royalties
resulting from significantly higher realised gold and silver prices.

·    Realised gold and silver prices increased materially in Q1 2026
compared to Q1 2025, rising by 77% and 166% respectively, to US$5,023/oz gold
and US$84.4/oz silver, supporting strong revenues.

·    Mining activities during Q1 2026 focused on sulphide ore stripping,
with oxide ore mining completed and all oxide material stockpiled by the end
of 2025.

·    The Gediktepe Sulphide Expansion Project continues to progress on
schedule and within budget, with production in the middle of 2026; as of 31
March 2026, US$101 million, excluding cash advances, has been spent of the
total US$146 million.

·    Technical, engineering and procurement activities for the enriched
ore project are progressing, with metallurgical test work largely complete,
early design commenced and key equipment awarded.

·    Net financial debt as at 31 March 2025 remained low at US$78 million,
supported by a strong cash balance of US$122 million, including US$28 million
of restricted cash.

 

Artem Volynets, Chairman and CEO of ACG, said:

"Q1 2026 represents a strong start to the year for ACG, reflecting disciplined
execution across operations, projects and prudent balance sheet management.
Lower C1 cash costs and strong revenues underscore the quality of the
operation, while sulphide stripping and the Gediktepe Sulphide Expansion
Project continue to progress in line with plan towards production in the
middle of 2026.

With a robust financial position and key growth projects advancing on
schedule, we are well positioned to deliver a transformational year as ACG
transitions into a long‑life copper producer."

 

Q1 YTD 2026 Operating Summary

All oxide mining was complete at the end of 2025

                                 Q1 2026  vs Q1 2025

 Au                        oz    9,995    -22%        Production
 Ag                        oz    129,408  -46%
 AuEq                      oz    12,168   -22%

 Au                        oz    9,437    -31%        Sales
 Ag                        oz    112,728  -50%
 AuEq                      oz    11,334   -30%

 Au                        $/oz  5,023    77%         Realised Price
 Ag                        $/oz  84.4     166%

 C1 Cash Costs (produced)  $/oz  387      -12%        Cost
 AISC (sold)               $/oz  1,438    49%

 

Safety And Sustainability

·    Lost time injury frequency increased during Q1 2026 as Construction
and Mining crews adjusted to the increasing intensity of activity in their
respective areas.

·    An emphasis on personal responsibility for safety, risk recognition,
and supervisor training produced a downward trend in LTIF with no LTIs
recorded in March.

·    Project-to-Date LTIF remained relatively unchanged at approximately
3.2 LTI/million man-hours.

Oxide Operation

·    No oxide ore mining was undertaken in Q1 2026, following the
completion of all oxide mining activities and stockpiling of material by the
end of 2025.

·    Total production of 12,168 oz AuEq in Q1 2026, a 22% decrease
compared to Q1 2025, as expected and consistent with the mine plan during the
transition from oxide to sulphide ore.

·    Gold equivalent sales of 11,334 oz AuEq in Q1 2026, representing a
30% decrease compared to Q1 2025, reflecting the impact of lower production
volumes during the 2026 transition period.

·    C1 cash costs in Q1 2026 decreased by 12% to US$ 387/oz gold compared
to Q1 2025, reflecting the absence of oxide ore mining activities during the
period.

·    Realised gold and silver prices increased materially in Q1 2026
relative to Q1 2025, rising by 77% and 166% respectively, to US$5,023/oz gold
and US$84.4/oz silver, supporting strong revenues.

·    AISC increased by 49% to US$1,438/oz AuEq versus Q1 2025, due to
higher royalties resulting from significantly higher realised gold and silver
prices.

 

Strong Momentum Continues Across Sulphide Expansion Works

·    Significant progress made in formwork for plinths and the columns
that equipment sits on.

·    All major equipment delivered onsite including SAG and Ball Mill.

·    Mill now positioned on its foundations, teams are progressing with
structural steel installation and continuing the assembly of key processing
infrastructure, including flotation cells and several thickeners.

·    Mining activities during Q1 2026 focused on sulphide ore stripping,
in line with the mine plan.

·    The Gediktepe Sulphide Expansion Project continues to progress on
schedule and within budget, with production in the middle of 2026; US$101
million, excluding cash advances, has been spent of the total US$146 million.

 

Enriched Ore Project Underway

·    Key process test work for the enriched ore project is complete, and
remaining metallurgical work is ongoing to support upcoming design stages.

·    Early design and engineering activities have commenced under the MOU
with CH Engineering, with core layout and flow elements already reviewed.

·    Procurement is moving forward, with the grinding circuit awarded and
equipment enquiries underway.

·    Preparation of EPC tender documentation is underway, positioning the
Project to move efficiently toward the construction phase.

·    A new Environmental Impact Assessment is being finalised for
submission, with all regulatory workstreams progressing in line with schedule.

 

Capital Structure

·    Financial net debt as of 31 March 2025 remained low at US$78 million,
supported by a strong cash balance of US$122 million, including US$28 million
of restricted cash.

 

Financial net debt is calculated using long‑term borrowings at their
contractual value, including the US$200 million Nordic bond, net of cash held
on the balance sheet (including cash in bank and escrow), and excludes IFRS
timing effects and other non‑debt items.

 

- ENDS -

Inside information

 

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018). On the publication of this
announcement via a Regulatory Information Service, such information is now
considered to be in the public domain.

 

 

Forward looking statements

 

This announcement may contain certain "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking statements").
Forward-looking statements are identified by their use of terms and phrases
such as "believe", "targets", "expects", "aim", "anticipate", "project",
"would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and unknown risks
and uncertainties that could cause actual results, performance and
achievements to differ materially from any results, performance or
achievements expressed or implied by such forward-looking statements. Factors
that may cause actual results to differ materially from those expressed or
implied by such forward looking statements. These forward-looking statements
are based on numerous assumptions regarding the present and future business
strategies of the Group and the environment in which it is and will operate in
the future. All subsequent oral or written forward-looking statements
attributed to the Company or any persons acting on its behalf are expressly
qualified in their entirety by the cautionary statement above. Each
forward-looking statement speaks only as of the date of this announcement.
Except as required by applicable law, regulatory requirement, the UK Listing
Rules and the Disclosure Guidance and Transparency Rules, neither the Company
nor any other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events or
otherwise.

 

 

For further information please contact:

 

- 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:

 

Thirty Three Communications

Communications Advisor

acgmetals-client-success@thirtythreecomms.com
(mailto:acgmetals-client-success@thirtythreecomms.com)

 

Berenberg

Research Analysts

Richard Hatch

+44 (0) 20 3753 3070

 

Joint Broker

Jennifer Lee

+44 (0) 20 3207 7800

 

Canaccord

Research Analysts

Tim Huff +44 (0) 20 7523 8374

 

Joint Broker

James Asensio /Rory Blundell / Charlie Hammond

+ 44 (0) 20 7523 4680

 

Stifel

Research Analysts

Alex Bedwany +44 (0) 7788 392045

 

Joint Broker

Ashton Clanfield / Varun Talwar

+44 (0) 20 7710 7600

 

Cantor Fitzgerald

Research Analysts

Puneet Singh +1 (416) 350-8153

 

 

About the Company

 

ACG Metals is a company with a vision to build a global, high-margin,
copper-focused producer with safe, efficient, and sustainable operations.

 

In September 2024, ACG successfully completed the acquisition of the Gediktepe
Mine which 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. Gediktepe produced 39.2koz of AuEq in 2025.

 

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.

 

LON: ACG  |  OTCQX: ACGAF  |  LON:ACGW  |  Xetra: ACG  |  Bond ISIN:
NO0013414565

  For more information about ACG, please visit: (http://www.acgmetals.com/)
www.acgmetals.com (http://www.acgmetals.com/) (http://www.acgmetals.com/)

 

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