Strong Execution and Project Momentum

Artem Volynets, Chairman and CEO of ACG, said:

“Q1 2026 represents a strong start to the year for ACG, reflecting disciplined execution across operations, projects and prudent balance sheet management. Lower C1 cash costs and strong revenues underscore the quality of the operation, while sulphide stripping and the Gediktepe Sulphide Expansion Project continue to progress in line with plan towards production in the middle of 2026.

With a robust financial position and key growth projects advancing on schedule, we are well positioned to deliver a transformational year as ACG transitions into a long‑life copper producer.”

Q1 YTD 2026 Operating Summary

All oxide mining was complete at the end of 2025

 

Safety And Sustainability

• Lost time injury frequency increased during Q1 2026 as Construction and Mining crews adjusted to the increasing intensity of activity in their respective areas. 
• An emphasis on personal responsibility for safety, risk recognition, and supervisor training produced a downward trend in LTIF with no LTIs recorded in March. 
• Project-to-Date LTIF remained relatively unchanged at approximately 3.2 LTI/million man-hours.

Oxide Operation

• No oxide ore mining was undertaken in Q1 2026, following the completion of all oxide mining activities and stockpiling of material by the end of 2025.
• Total production of 12,168 oz AuEq in Q1 2026, a 22% decrease compared to Q1 2025, as expected and consistent with the mine plan during the transition from oxide to sulphide ore.
• Gold equivalent sales of 11,334 oz AuEq in Q1 2026, representing a 30% decrease compared to Q1 2025, reflecting the impact of lower production volumes during the 2026 transition period.
• C1 cash costs in Q1 2026 decreased by 12% to US$ 387/oz gold compared to Q1 2025, reflecting the absence of oxide ore mining activities during the period.
• Realised gold and silver prices increased materially in Q1 2026 relative to Q1 2025, rising by 77% and 166% respectively, to US$5,023/oz gold and US$84.4/oz silver, supporting strong revenues.
• AISC increased by 49% to US$1,438/oz AuEq versus Q1 2025, due to higher royalties resulting from significantly higher realised gold and silver prices.

Strong Momentum Continues Across Sulphide Expansion Works

• Significant progress made in formwork for plinths and the columns that equipment sits on.
• All major equipment delivered onsite including SAG and Ball Mill.
• Mill now positioned on its foundations, teams are progressing with structural steel installation and continuing the assembly of key processing infrastructure, including flotation cells and several thickeners.
• Mining activities during Q1 2026 focused on sulphide ore stripping, in line with the mine plan.
• The Gediktepe Sulphide Expansion Project continues to progress on schedule and within budget, with production in the middle of 2026; US$101 million, excluding cash advances, has been spent of the total US$146 million.

 

Enriched Ore Project Underway

• Key process test work for the enriched ore project is complete, and remaining metallurgical work is ongoing to support upcoming design stages.
• Early design and engineering activities have commenced under the MOU with CH Engineering, with core layout and flow elements already reviewed.
• Procurement is moving forward, with the grinding circuit awarded and equipment enquiries underway.
• Preparation of EPC tender documentation is underway, positioning the Project to move efficiently toward the construction phase.
• A new Environmental Impact Assessment is being finalised for submission, with all regulatory workstreams progressing in line with schedule.

 

Capital Structure

• Financial net debt as of 31 March 2025 remained low at US$78 million, supported by a strong cash balance of US$122 million, including US$28 million of restricted cash.

  Financial net debt is calculated using long‑term borrowings at their contractual value, including the US$200 million Nordic bond, net of cash held on the balance sheet (including cash in bank and escrow), and excludes IFRS timing effects and other non‑debt items.