Q3 2026 Operations Update

ACG Metals Limited (LSE:ACG) announces its operations update for the third quarter of 2026 ("Q3 2026").

Q3 YTD 2026 Summary

• Q3 YTD Lost Time Injury Frequency ("LTIF") was 1.97 per million man-hours, with approximately 2.54 million man-hours worked and a peak on-site workforce of 1,500. Safety performance continued to improve, with no lost-time injuries recorded since May 2026.
• Q3 YTD oxide production totalled 22,717 oz AuEq, exceeding the original full-year target of 17,500 oz AuEq. FY2026 oxide production guidance has been upgraded by 43% to 25,000 oz AuEq.
• Following very heavy rainfall in 2026, the tailings storage facility ("TSF") enhancement and water-management programme was expanded. Greater than anticipated volumes of unconsolidated material increased excavation requirements from 1.2 million to approximately 6 million cubic metres. The works aim to enhance long-term stability and meet or exceed applicable requirements of the Global Industry Standard on Tailings Management ("GISTM").
• The sulphide processing plant has completed cold and hot commissioning, with final testing underway. The expanded TSF works have extended the production ramp up timetable, with TSF completion targeted by year-end 2026, subject to weather conditions, and full commercial production targeted in Q1 2027.
• FY2026 production guidance amended to relate solely to the oxide production, superseding previous consolidated guidance. A further sulphide ramp-up update will be provided towards year-end, with consolidated FY2027 CuEq guidance to follow in Q1 2027.
• Realised gold and silver prices increased by 57% and 124% year-on-year to US$4,799/oz and US$76.49/oz, respectively. C1 cash costs were US$760/oz AuEq and AISC was US$1,942/oz AuEq, reflecting lower production volumes and higher royalties, respectively.
• During Q3 2026, bulk earthworks, geotechnical drilling and the associated geotechnical report were completed at the Enriched Ore Project.
• Financial net debt as of 30 September 2026 was US$185 million, comprising the US$200 million Nordic bond less US$15 million of cash and doré held at the refinery.

Artem Volynets, Chairman and CEO of ACG, said:

"Our key operating principle is safety, including the safety of our people and those living in surrounding communities. This is an essential foundation for delivering long-term shareholder value.

Thus, while additional enhancement works on our tailings facility and water management system at Gediktepe site have extended our timetable, we believe it is the right decision for the long-term success of ACG. We remain focused on executing the remaining works with discipline to achieve a smooth ramp-up of the sulphide plant and establish a strong foundation for sustained copper production."

Q3 YTD 2026 Operating Summary

The operating data presented below relates solely to the oxide operation. All oxide mining was complete at the end of 2025.

Safety

• Approximately 2.54 million man-hours were worked during Q3 YTD 2026, with a peak on-site workforce of approximately 1,500.
• Q3 YTD Lost Time Injury Frequency ("LTIF") was 1.97 per million man-hours. Safety performance continued to improve, with a declining monthly LTIF and no lost-time injuries recorded since May 2026, despite intensive construction activities associated with the Sulphide Expansion Project and Enriched Ore Treatment Project.

Oxide Operation

• Production from leaching of existing oxide stockpiles continued during Q3 2026.
• Q3 YTD 2026 oxide production totalled 22,717 oz AuEq, exceeding the full-year oxide production target of 17,500 oz AuEq. Production was 22% lower than Q3 YTD 2025, as expected, reflecting the planned transition from oxide to sulphide ore.
• Gold equivalent sales of 20,182 oz AuEq in Q3 YTD 2026, representing a 33% decrease compared with Q3 YTD 2025. Sales were below production as a portion remained at the refinery at period end and was therefore not recognised as sold during the period.
• Realised gold and silver prices increased materially in Q3 YTD 2026 relative to Q3 YTD 2025, rising by 57% and 124% respectively, to US$4,799/oz gold and US$76.49/oz silver, supporting strong revenues.
• C1 cash costs in Q3 YTD 2026 increased by 76% to US$760/oz compared with Q3 YTD 2025, primarily reflecting lower production volumes as expected under the mine plan.
• AISC increased by 72% to US$1,942/oz AuEq versus Q3 YTD 2025, due to higher royalties resulting from significantly higher realised gold and silver prices.
• Heap-leach gold production is expected to continue into 2027 through residual leaching and planned turnover of existing ore, with the proposed Keşkek acquisition, expected to close in November, to extend gold production by several years, subject to regulatory approvals and permitting.

Sulphide Expansion Progress and Readiness

• The sulphide processing plant has completed cold and hot commissioning, with final testing underway. Further production ramp-up remains dependent on completion of the expanded TSF construction programme.
• Following very heavy rainfall in 2026, the Company expanded its TSF enhancement and water-management programme to strengthen long-term infrastructure resilience.
• As construction and geotechnical assessments progressed, greater volumes of unconsolidated material than originally anticipated were identified, requiring additional excavation and reinforcement works. Total excavation requirements have increased to approximately 6 million cubic metres, compared with 1.2 million cubic metres under the original design.
• The expanded programme includes reinforcement of the TSF embankment and impoundment slopes, together with enhancements to permanent water-diversion and management infrastructure. These measures are designed to strengthen the facility's long-term stability and resilience, provide additional safeguards against any potential failures and support the Company's objective of meeting or exceeding applicable GISTM requirements.
• The additional works progressed throughout Q3 and continue into Q4 2026, with completion targeted by year-end, subject to weather conditions.
• The expanded TSF construction programme has extended the sulphide production timetable, with full commercial production now targeted for Q1 2027.
• FY2026 production guidance now relates solely to the oxide operation at 25,000 oz AuEq, superseding previous consolidated guidance.
• A further update on the sulphide ramp-up programme will be provided towards year-end 2026, with consolidated FY2027 CuEq production guidance to follow in Q1 2027.

Enriched Ore Treatment Project

• During Q3 2026, bulk earthworks and geotechnical drilling were completed, together with the associated geotechnical report.
• Detailed design and engineering remain on track for completion by year-end.
• Construction of the Detox Plant, representing the next phase of the project, is expected to commence in November 2026.

Capital Structure

• Financial net debt as at 30 September 2026 was US$185 million, supported by a cash balance of US$15 million, including the value of doré held at the refinery.

Financial net debt is calculated using long-term borrowings at their contractual value, including the US$200 million Nordic bond, net of the US$15 million cash balance, including the value of doré held at the refinery, and excludes IFRS timing effects and other non-debt items.