Finalisation Of Acquisition Funding

On 23, 27 and 28 August 2024, ACG announced updates to the funding structure for the Acquisition and corresponding timeline to completion.

finalisation of acquisition funding

ACG is pleased to announce the finalisation of funding for the Acquisition following the conclusion of book-building for the Placing. The Acquisition is fully funded as follows:

• $31.5 million in total equity commitments from ACG's Co-Sponsors and Traxys;
• $37.5 million in gold prepay debt facility underwritten by Traxys and ACG's Co-Sponsors;
• $7.5 million in equity commitment from global commodities group Glencore; and
• $7.25 million in equity commitment from the Placing.

The upfront cash consideration for the Acquisition has been reduced from US$85 million to US$84 million by virtue of a reduction in the Target Working Capital by a further US$1 million.

As of the closing of the Acquisition, Polimetal Madencilik Sanayi ve Ticaret A.Ş., the target company of the Acquisition, and Glencore shall enter into an offtake arrangement in respect of 100% of the copper concentrate produced by the Gediktepe Mine from the start of copper concentrate production for the life of the Gediktepe Mine.

The closing of the Acquisition is expected today and Re-Admission is expected to occur on Friday 30 August 2024.

A supplement to the Prospectus providing more detail on the above changes will be published by ACG shortly.