Q3 2025 Operations and Capital Structure Update

ACG Metals Limited (LSE:ACG) is pleased to announce its operations and capital structure update for the third quarter 2025 year to date ("Q3 2025 YTD").

Q3 2025 YTD Summary

• Q3 2025 YTD production remains on track to meet full-year guidance of 36-38koz AuEq.
• AISC costs YTD were US$1,131/oz AuEq, remaining within guidance; YTD C1 cash costs fell by 30% to US$432/oz AuEq compared to Q3 2024 YTD, reflecting continued operational efficiency.
• Q3 2025 production was seasonally lower, consistent with the mine plan and previous years' production sequencing.
• The Gediktepe Sulphide Expansion Project continues to progress on schedule and budget, with first concrete and steel, and significant site infrastructure milestones being achieved in Q3 2025.
• ACG Metals continues to advance technical work to unlock value from transitional ore.
• Gold and silver prices increased in Q3 YTD 2025 compared to Q3 YTD 2024 by 34% and 26%, to US$3,054/oz Au and US$34.19/oz Ag, supporting strong revenues.
• ACG's net debt as of September 30, 2025 of $64 million remains low, supported by a strong cash balance of $137 million (including a restricted balance of $46 million).

Artem Volynets, Chairman and CEO of ACG, said:

"We delivered solid progress in Q3 2025 and remain firmly on track to achieve our full-year guidance. With disciplined execution, the Sulphide expansion is on schedule and within budget, targeting full commercial production by the end of H1 2026. Major milestones have been achieved, including concrete pouring and steel installation"

Q3 YTD 2025 Operating Summary

Strong Momentum Continues Across Sulphide Expansion Works

• The Gediktepe Copper Sulphide Expansion Project has achieved key milestones, including the completion of the MSE wall administration area, a significant step in the site's infrastructure development.
• Earthworks at the TSF are progressing well, supported by favourable weather throughout September. Notable progress includes the installation of underdrains and embankment foundation preparation.
• The GAP blue collar camp and mobilisation area have been completed on schedule, with temporary water heating installed to support resident occupancy and workforce mobilisation as major construction activities ramp up across the site.
• Excavation and foundation work in the fine grinding area are advancing, with TSF underdrain installation continuing in parallel.
• As of 30 September 2025, the project remains well within its scheduled milestones, with 58% of engineering design and draft, 56% of procurement and 27% of process plant construction completed.
• The Sulphide Expansion Project remains on track to reach full commercial production by the end of H1 2026, enabling Gediktepe's transition into a long-life, low-cost copper producer.

Warrants

On 20 October 2025, the Company made various amendments to the terms of the (i) private placement warrant and public warrant instrument dated 2 September 2024 (the "First Warrant Instrument") and (ii) warrant instrument dated 6 October 2022 (as amended and restated on 2 September 2024 and as further amended and restated on 7 February 2025) (the "Second Warrant Instrument" and, together with the First Warrant Instrument, the "Warrant Instruments"); such that:

• the currency denomination of the Warrant Instruments has been changed from United States Dollars to Pounds Sterling, to reflect the change in trading currency of the Company's class A ordinary shares on the London Stock Exchange on 24 March 2025;
• the Exercise Price has been adjusted from US$6.90 to £5.34, being the Pounds Sterling equivalent of the Exercise Price by reference to the closing exchange rate of 1.2919 on 21 March 2025 (being the business day prior to the date on which the Company's shares started trading in Pound Sterling);
• the right of the Company to redeem the Warrants (herein as defined in the Warrant Instruments) if: (i) the Reference Value (herein as defined in the Warrant Instruments) equals or exceeds $18.00 per class A ordinary share; or (ii) the Reference Value equals or exceeds $10.00 per class A ordinary share and is less than $18.00 per class A ordinary share; has been removed; and
• certain other consequential amendments have been made to give effect to the above,

(together, the "Amendments").

Save in respect of the Amendments, the Warrant Instruments remain otherwise unchanged and the Warrant terms and conditions remain as summarised in the prospectus dated 7 October 2022 and the announcement on 7 February 2025.

Pursuant to the Warrant T&Cs and the Warrant Instruments, the Company is permitted to amend the Warrant T&Cs without the consent of Warrant Holders (herein as defined in the Warrant Instruments) for the purpose of adding or changing any provisions as the Company may deem necessary or desirable and that the Company deems not to adversely affect the rights of Warrant Holders. The Company considers the Amendments to be necessary and, furthermore, the Company deems that such Amendments do not adversely affect the rights of the Warrant Holders. Accordingly, the consent of Warrant Holders was not sought in respect of the Amendments (nor was such consent required to be sought).

Copies of the updated Warrant Instruments will shortly be available on the Company's website at: https://acgmetals.com/regulatory-news/..