Material Uplift in Gediktepe NPV to US$1.2bn

17 September 2026

ACG METALS LIMITED

ACG Delivers Material Uplift in Gediktepe NPV to US$1.2bn

ACG Metals Limited (LSE: ACG)

ACG Metals Limited ("ACG" or the "Company") announces updated Mineral Resource and Ore Reserve estimates and the publication of an updated Competent Person's Report for its Gediktepe mine (the "2026 CPR").

The updated estimates are derived from the technical work underpinning the 2026 CPR . The full 2026 CPR has been prepared by SRK Consulting (UK) Ltd. ("SRK") in accordance with the (2012) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code 2012"). The CPR is expected to be published within 30 days and will be made available on the Company's website.

Highlights

·    The 2026 CPR reports a total asset post-tax NPV₈ of approximately US$1.2 billion, compared with the project NPV₁₀ of $265m reported in the 2024 CPR.

·    Gediktepe's average annual production is expected to increase by c.60% to c.36 kt CuEq between 2027 to 2031 compared with the original 20-25 kt CuEq target.

·    H1 2026 oxide production has already exceeded full-year guidance, with further ounces expected before year end. FY2026 production guidance has been revised to approximately 12-14 kt CuEq, reflecting a three-month rephasing of sulphide production into FY2027 as management follows a deliberately measured and risk-managed commissioning schedule. The slower ramp-up prioritises safe, reliable plant performance and is designed to provide a robust foundation for sustainable long-term production. The rephased sulphide volumes remain within the updated mine plan set out in the 2026 CPR.

·    Over the initial life of mine of 11 years, Gediktepe is expected to produce a total of 352kt CuEq.

·    The 2026 CPR mine plan significantly increases value added over the same mine life, which in turn dramatically enhances the total asset NPV.

·    Total Ore Reserves tonnage increased by c.43% to 26.5 Mt in the 2026 CPR from 18.5 Mt in the 2024 CPR.

·    The 2026 CPR in-situ Ore Reserves contain 176kt copper, 381kt zinc, 535koz gold and 20moz silver, representing increases of approximately 34%, 1%, 19%, and 16%, respectively, versus the 2024 CPR Reserve estimate.

·    The enriched ore treatment project is expected to add approximately 84kt CuEq to the life of mine production profile, which was not included in the 2024 CPR. An improved construction schedule has replaced the original phased development approach, bringing forward previously deferred value from base metals and enhancing the total post-tax asset NPV₈ by $365m. Production is expected to start online in Q3 2027.

·    Heap-leach gold production is expected to continue beyond end-2026, supported by ACG's patented recovery technology, which has increased commercial gold recovery to approximately 85%, together with re-leaching and heap turning.

·    The revised operating plan described in the 2026 CPR provides increased flexibility to optimise production and maximise value across the Gediktepe orebody.

Notes:

·      Average annual CuEq production in the 2026 CPR is calculated using varying annual commodity price assumptions for the period 2027-2031, with average prices of US$4,240/oz Au, US$59/oz Ag, US$12,527/t Cu and US$2,969/t Zn.

·      The updated FY2026 production guidance of 12-14 kt CuEq is based on expected oxide production of approximately 19.8 koz Au and 330 koz Ag, and expected sulphide production of approximately 3.8 koz Au, 234 koz Ag, 2.2 kt Cu and 4.0 kt Zn. CuEq is calculated using assumed commodity prices of US$4,400/oz Au, US$60/oz Ag, US$14,230/t Cu and US$3,835/t Zn.

Artem Volynets, Chairman and Chief Executive Officer of ACG, said:

"Two years ago, Gediktepe was primarily a short-life gold operation with an unfunded plan to transition into copper production. Today, following significant investment and operational improvements, we have transformed the asset into a fully funded, copper-producing operation with three complementary processing streams, supported by precious metals and zinc production and a materially larger production profile.

The 2026 CPR reflects the value created through that transformation: a larger reserve base, a stronger and more flexible mine plan, and the ability to recover value from ore sources that were not captured in the previous plan. With the sulphide plant now in ramp-up, the enriched ore project advancing and further oxide optionality available, Gediktepe has evolved into a substantially broader and more valuable operation.

Our focus is now on disciplined execution of this plan and delivering the production and cash flow potential of the asset."

Artem Volynets, Chairman and Chief Executive Officer, and Patrick Henze, Chief Financial Officer, will provide a live presentation via Investor Meet Company on 22 September 2026 at 16:00 BST.

Investors can register at https://www.investormeetcompany.com/acg-metals-limited/register-investor

Gediktepe Mineral Resource Estimate 

Insitu Resources

Stockpiles and Heap Leach Facility Spent Ore

Notes:

·      All Mineral Resources are reported on an inclusive basis and therefore include all Mineral Resources modified to generate Ore Reserves.

·      Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

·      Depletion is applied for mining up to 31 December 2025. SRK notes that no ore mining has been completed since this date, but waste mining continues. The Effective Date of the Mineral Resource is 31 July 2026.

·      The Mineral Resources with Reasonable Prospects for Eventual Economic Extraction (RPEEE) are reported within an optimised pit shell. The optimised shell was defined using the following prices and recoveries:

o  Oxide Recovery Au, 80%, Ag, 45%

o  Sulphide Recovery: Cu 73%, Zn 79%, Au 52%, Ag 45%

o  Metal Prices: Cu $13,125/t, Zn $3,125/t, Au $5,000/oz, Ag $69/oz:

·      The reporting cut-off was based on a Cu equivalent and was also determined from the optimisation parameters, and was defined as 0.224% Cu_Eq for Oxide, and 0.344% Cu-Eq for Sulphide material. Enriched material, Stockpiles and Spent Ore are reported at a zero cut-off as this material will need to be mined in its entirety.

·      Mineral Resources that are not Ore Reserves do not have demonstrated economic viability.

·      Totals may not equal the sum of the component parts due to rounding adjustments.

Gediktepe Ore Reserve Estimate

Insitu Reserves

Stockpiles and Heap Leach Facility Spent Ore

Notes:

·      Ore Reserves are a subset of Mineral Resources

·      Numbers may not tally due to rounding

·      Reserves are reported according to the definitions in JORC Code (2012)

·      The reporting cut-off was based on a Cu equivalent and was also determined from the optimisation parameters, and was defined as 0.28% Cu_Eq for Oxide, 0.43% Cu-Eq for Sulphide material, and 0.29% for Enriched material.

·      Reserves are based on metal prices of Cu $10,500/t, Zn $2,500/t, Au $4,000/oz, Ag $55/oz

·      Reserves have been defined according to definitions in JORC Code (2012)

·      Reserves are effective as at 31 July 2026

2026 CPR

The 2026 CPR reflects the Gediktepe mine's transition from oxide gold and silver production to copper and zinc concentrate production, the planned enriched ore treatment project and the extension of heap leach facility production. It was prepared by SRK with an effective date of 31 July 2026 and supersedes the previous Competent Person's Report dated 20 August 2024 (the "2024 CPR").

Sulphide Processing Plant

The 2026 CPR replaces the development assumptions in the 2024 CPR with the constructed sulphide plant configuration and the current ramp-up plan. ACG produced first copper concentrate from Gediktepe on 31 August 2026. Ramp up is progressing as planned and the operation is progressing towards full commercial production by the end of 2026.

The 2026 CPR reflects the constructed plant and current ramp-up plan, including nameplate throughput of 1.8mtpa, copper recovery of 72%, zinc recovery of 75% and payable production averaging 36ktpa CuEq per annum between 2027 and 2031.

Enriched Ore Treatment Project

The enriched ore treatment project will process stockpiles and enriched ore material not included in the 2024 CPR Ore Reserve or Mineral Resource Estimates to produce gold, silver, copper and zinc.

The initial two-phase development plan for the enriched ore treatment project, announced in November 2025, targeted gold and silver production from phase 1 in Q4 2026, followed by copper and zinc concentrate production from phase 2 by Q1 2029. An improved construction schedule has replaced the original phased development approach, bringing forward previously deferred value from base metals, enhancing project value and enabling gold and silver doré and copper and zinc concentrate production to come online concurrently in Q3 2027.

The Enriched Ore Project is expected to recover approximately 84kt CuEq over its initial life, while providing flexibility to process feed from multiple sources and increasing operational optionality. The 2026 CPR includes the Enriched Ore Project in the base case and assumes throughput of up to 800 ktpa of ore, recoveries of 86% Cu, 63% Zn, 77% Au and 75% Ag, initial capital expenditure of US$60.4 million and operating costs of US$40.2/t.

Engineering and procurement advanced during H1 2026, with key crushing and grinding equipment purchased and earthworks and geotechnical drilling commenced.

Notes:

·      Enriched ore operating costs include mining and rehandling, processing, freight, G&A, and royalties

Heap Leach Facility

At acquisition, production from Gediktepe's oxide ore was expected to end in 2026. ACG has since improved heap-leach performance through a proprietary recovery process, increasing commercial gold recovery from c.75% to c.85%, reducing cyanide consumption by c.45% and shortening leach cycles. The process is patented in Türkiye, with applications progressing in 35 other countries.

The 2026 CPR base case includes continued residual leaching and heap turning, which are expected to recover additional gold from previously stacked material and extend heap-leach production beyond 2026 using existing infrastructure. Additionally, c.340 kt of in-situ oxide ore that was not included in the 2024 CPR ore reserves estimate, is to be mined alongside sulphide ore and stockpiled for subsequent processing.

The acquisition of the Keşkek licence will (if and when completed) provide further upside beyond the base case.

Keşkek Upside

The recently announced agreement to acquire the Keşkek Licence is not included in the 2026 CPR base case and represents incremental upside. Approximately 300 kt of oxide ore grading 0.90 g/t Au is targeted for processing through Gediktepe's existing heap-leach infrastructure from mid-2027. This additional feed is expected to extend gold production by several years, subject to licence-transfer approval and permitting. Completion of the acquisition remains subject to licence-transfer approval and permitting conditions and ACG will make further announcements in this regard as and when necessary.

Qualified Person Statement

The Mineral Resource Estimate was prepared by Dimitar Dimitrov, of Ridge Minerals, an independent Competent Person in accordance with the requirements of the JORC Code.

The Ore Reserve Estimate was prepared by Peter Carter, of ACG Metals, a Competent Person in accordance with the requirements of the JORC Code.

SRK has reviewed and approved the scientific and technical information relating to the Mineral Resource and Ore Reserve Estimates contained in this announcement.

Use of Standard

The Mineral Resource and Ore Reserve information included within this announcement is reported in accordance with the JORC Code (2012).

- 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.

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

[email protected]

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

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 building a high-margin, copper-focused producer through safe, efficient and sustainable operations.

ACG acquired the Gediktepe Mine in September 2024 and produced first copper concentrate on 31 August 2026. The operation is now ramping up towards full commercial production by the end of 2026.

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