H1 2026 Interim Results
ACG Metals Limited reported strong first half 2026 results with revenue increasing 27% to US$90 million and adjusted EBITDA rising 19% to US$48 million, driven by higher realised gold and silver prices of US$4,838/oz and US$78.2/oz respectively. The company exceeded its full-year oxide gold and silver production target, producing 18,487 oz AuEq, while the Sulphide Expansion Project reached 87.2% completion and produced its first copper concentrate on August 31, 2026, within budget. Financial net debt stood at US$140 million at June 30, 2026, supported by US$60 million in cash. The company also entered into an agreement to acquire the Keşkek licence for US$7.85 million to extend the productive life of its heap-leach facility.
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ACG Metals Limited ("ACG" or the "Company") is pleased to announce the release of its Interim Financial Statements and Report for the period ended 30 June 2026, approved by the Board of Directors on 16 September 2026.
Accompanying the results release, ACG is pleased to announce that Artem Volynets (Chairman and CEO) and Patrick Henze (CFO) will provide a live presentation on the 2026 Interim Financial Results via Investor Meet Company on 22 September 2026 at 16:00 BST.
Investors can register https://www.investormeetcompany.com/acg-metals-limited/register-investor
Artem Volynets, Chairman and Chief Executive Officer of ACG, said:
"ACG delivered a strong first half of 2026 through safe and disciplined execution at Gediktepe. We exceeded our full-year oxide gold and silver production target within six months, while higher realised metal prices and cost optimisation supported robust revenue, EBITDA and operating cash flow. At the same time, we advanced the Sulphide Expansion Project towards first copper concentrate production safely and within budget. Our focus now is on the disciplined ramp-up toward full commercial production by the end of 2026, and converting this investment into sustainable long-term value for shareholders."
Financial and Operating Highlights
- Revenue increased by 27% from US$71 million in H1 2025 to US$90 million in H1 2026, with adj. EBITDA increased by 19% from US$40 million to US$48 million.
- Realised gold and silver prices increased by 64% and 142%, respectively, to US$4,838/oz and US$78.2/oz, supporting strong revenues.
- Gold equivalent production of 18,487 oz exceeded the full-year oxide production target of 17,500 oz AuEq, down 17% on H1 2025 as expected during the transition from oxide to sulphide production. Residual production and re-leaching of Gediktepe oxide ore is expected to contribute a further approximately 2,500 oz AuEq by year end.
- AISC increased by 52% to US$1,609/oz vs H1 2025, reflecting lower oxide production volumes in line with mine plan and higher royalties linked to increased gold and silver prices.
- Financial Net Debt was US$140 million at 30 June 2026, supported by cash of US$60 million, including US$28 million of restricted cash.
- The Sulphide Expansion Project reached 87.2% completion at 30 June 2026, with all major equipment delivered to site; first copper concentrate was produced on 31 August 2026, safely and within budget.
H1 2026 Operating Performance
Safety performance improved during H1 2026, with Project-to-Date LTIF improving to 2.9 per million man-hours despite elevated workforce levels and intensive construction activity associated with the Sulphide Expansion Project
| Operating KPI | H1 2026 | vs H1 2025 |
|---|---|---|
| Gold Equivalent Production | 18,487 oz | -17% |
| Gold Sales | 14,683 oz | -23% |
| Silver Sales | 216,185 oz | -39% |
| Gold Equivalent Sales | 18,231 oz | -21% |
| Realised Gold Price | US$4,838/oz | 64% |
| Realised Silver Price | US$78.2/oz | 142% |
| C1 Cash Costs | US$622/oz | 70% |
| All-in Sustaining Costs (AISC) | US$1,609/oz | 52% |
| H1 2026 Financial Summary | ||
| Financial KPI | H1 2026 | |
| Revenue 1 | US$ 90 million | |
| adj. EBITDA 1 | US$ 48 million | |
| Cash from operations 1 | US$ 30 million | |
| Financial Net Debt 2 | US$ 140 million | |
- Revenue, adj. EBITDA and cash from operations are presented on a consolidated basis. Gediktepe generated US$48 million of adj. EBITDA before corporate G&A.
- Financial Net Debt ("Financial Net Debt") as at 30 June 2026, showing long term borrowings at their contractual value of $200m bond minus $60m cash as at 30 June 2026, removing IFRS timing effects. It includes cash in bank and cash in escrow. It excludes any financial derivatives, taxation, trade payables or accounting provisions.
Capital Structure
- At 30 June 2026, Financial Net Debt was US$140 million. The majority of project capital expenditure had been incurred, including substantially all major process equipment and key long-lead items.
Post Half-Year Events
- On 31 August 2026, ACG produced the first copper concentrate from Gediktepe. Ramp-up is progressing as planned, with the focus on increasing throughput, optimising plant performance and progressing towards full commercial production, including zinc concentrate, by the end of 2026.
- On 7 September 2026, the Group entered into a binding agreement to acquire the Keşkek licence, extending the productive life of the Group's existing heap-leach facility at Gediktepe through the supply of additional oxide feed from 2027, subject to licence-transfer approval and permitting. Consideration comprises cash of $7.85 million, of which $4.0 million is payable on licence transfer and $3.85 million on environmental permitting, together with a 1% gross revenue royalty on gold produced.
ACG's full set of financial results can be accessed in our Interim Financial Report published on: https://acgmetals.com/results-reporting/ and has been submitted to the National Storage Mechanism, where it is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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