ACG Metals (ACG) investor relations material

Strategic asset development and operational progress

• Acquired a high-grade VMS deposit in Turkey in 2024, now fully permitted and operational, with major construction completed and ramp-up underway.

• Raised $200 million in bonds for investment; main processing facility built, with a smaller SART plant under construction to treat enriched ore.

• Production profile targets 36,000 tonnes copper equivalent per year, with potential to reach 40,000 tonnes as new oxide resources are processed.

• Significant increase in reserves and resources, with updated CPR valuing the asset at $1.2 billion.

• Additional nearby deposit acquired to extend oxide operation life.

Financial performance and outlook

• EBITDA reached $76 million last year and $48 million in the first half of this year, driven by gold and silver heap leach production.

• Cash flows and production estimates are based on consensus pricing; spot prices could increase cash flows by 20–25%.

• Built copper capacity at below $9,000 per tonne, significantly under industry average.

• Bonds initially issued at 14.75% coupon, with plans to refinance at high single digits, saving ~$10 million annually.

• Market cap has grown sixfold in two years, with shares trading at a significant discount to NAV and peers.

Market positioning and growth strategy

• Trading at low multiples (EV/EBITDA, price to free cash flow), with expectations for share re-rating as ramp-up completes and production scales.

• Eligibility for FTSE 250 inclusion expected as market cap surpasses $750 million, potentially boosting liquidity.

• Focus on cash generation, shareholder returns, and disciplined M&A to replicate the value creation model.

• Actively pursuing acquisitions in the Tethyan Metallogenic Belt and Central Asia, with several deals under review.

• Uses milestone payments and share-based mechanisms to bridge valuation gaps in M&A.