11 December 2025

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

ACG METALS LIMITED

("ACG" or the "Company")

Statement of no intention to make an offer for Anglo Asian Mining Plc

Further to the announcement issued by ACG under Rule 2.4 of the Takeover Code on 26 November 2025, ACG confirms that it does not intend to make an offer for Anglo Asian Mining Plc ("Anglo Asian").

This decision has been reached following a thorough review by ACG of Anglo Asian's asset base. ACG has, from inception, applied a highly disciplined approach to capital allocation including to potential M&A opportunities. Together with its focus on protecting the value of ACG's equity, this discipline is a hallmark of ACG's management ethos. 

Applying these two core filters ACG does not believe that an acquisition of Anglo Asian would result in value creation for ACG's stakeholders.

This is a statement to which Rule 2.8 of the Takeover Code applies. Accordingly, ACG (and any person acting in concert with it) will, except with the consent of the Takeover Panel, be bound by the restrictions under Rule 2.8 of the Takeover Code.

Under Note 2 on Rule 2.8, ACG (and any person acting in concert with it) reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

a)   with the agreement of the Board of Anglo Asian;

b)   if a third party announces a firm intention to make an offer for Anglo Asian;

c)   if Anglo Asian announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Takeover Code);  

d)   or if there has been a material change of circumstances (as determined by the Takeover Panel).

- 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:

Canaccord Genuity Limited

Financial Adviser and Joint Broker

Raj Khatri / James Asensio

RKhatri@cgf.com / JAsensio@cgf.com

Palatine

Communications Adviser

Conal Walsh / James Gilheany / Kelsey Traynor / Richard Seed

 acg@palatine-media.com

About the Company

ACG Metals is a company with a vision to consolidate the copper industry through a series of roll-up acquisitions, with best-in-class ESG and carbon footprint characteristics.

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 55koz of AuEq in 2024.

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: www.acgmetals.com

Publication on websites

A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on ACG's website at www.acgmetals.com by no later than 12 noon (London time) on 12 December 2025. The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER OFFER OR AN OFFER OF SECURITIES. NO OFFER OR SALE OF SECURITIES MAY OCCUR IN THE UNITED STATES UNLESS THE TRANSACTION HAS BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR IS EXEMPT FROM REGISTRATION THEREUNDER. NO SECURITIES HAVE BEEN OR WILL BE REGISTERED UNDER THE SECURITIES ACT AND THERE WILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES.