Gediktepe Enriched Ore Treatment Project & Proposed Fundraise

ACG Metals Limited (LSE:ACG, ACGW) today announces the completion of a scoping level study to treat existing enriched ore at the Company’s Gediktepe mine in Türkiye (the “Enriched Ore Treatment Project”). This will involve the construction of a new comminution and Sulphidisation, Acidification, Recycling, and Thickening (“SART”) plant that will process existing stockpiles and enriched ore, both of which would otherwise be classified as waste, to produce gold, silver, copper and zinc. The Enriched Ore Treatment Project is expected to produce an additional 57kt CuEq, over 2026-2030 with no impact on the existing oxide plant or construction stage sulphide plant.

Highlights

• The Enriched Ore Treatment Project is expected to deliver attractive economics and at a low capital cost to the Company. Key expected financial metrics of Phase 1 and Phase 2 of the Enriched Ore Treatment Project from the internal scoping-level study include (1) :
  • Estimated to generate a total revenue of US$562 million, total EBITDA of US$465 million, and total free cash flow of US$317 million over the life of the project.
  • Deliver production of 57kt of copper equivalent (29kt copper, 71koz gold, 1,894koz silver and 7kt zinc) through the life of the project.
  • After-tax NPV8% of US$212 million and an IRR of 185% at consensus pricing.
  • Estimated development capital cost of US$39 million resulting in an NPV/ development capex ratio of 5.4x.
• The Enriched Ore Treatment Project is expected to be a two-phase project starting with Phase 1, which will process stockpiled ore from the original construction of the mine to produce gold and silver, targeting commercial production in Q4 2026 for immediate cash flow. Phase 2 will follow later, processing enriched ore to expand production to include copper and zinc, with commercial operations targeted by Q1 2029.
• The Company has begun the permitting process for the Enriched Ore Treatment Project and it is currently expected that it will be received in 2026.
• While the Company has sufficient internal cash resources to fully fund the Enriched Ore Treatment Project, the Company is today launching a capital raise to give new and existing institutional and retail investors an opportunity to participate in the next stage of the Company’s growth trajectory and to improve liquidity in the Company.
• The Company intends to raise gross proceeds of up to approximately US$15.5 million (equivalent to approximately £11.8 million) 2 through a non-pre-emptive placing and a separate retail offer of new class A ordinary shares in the Company (“Ordinary Shares”) at an issue price (the “Issue Price”) of £10.80 per new Ordinary Share (together, the “Fundraise”) to part-fund the Enriched Ore Treatment Project.
• The Fundraise will consist of:
  • a placing of new Ordinary Shares (the “Placing Shares”) with new and existing institutional investors to raise gross proceeds of approximately US$15.0 million (approximately £11.4 million) (the “Placing”); and
  • a retail offer through Retail Book Limited (“RetailBook”) for new Ordinary Shares (the “Retail Offer Shares” and, together with the Placing Shares, the “Offer Shares”) to raise gross proceeds of approximately US$0.5 million (approximately £0.4 million) (the “Retail Offer”).
• The Issue Price of £10.80 per Offer Share represents a discount of approximately 6.1 per cent. to the closing price of £11.50 per existing Ordinary Share on 10 November 2025 (the latest practicable date prior to this announcement).
• The Issue Price of £10.80 per Offer Share represents a premium of approximately 0.4 per cent. to the volume-weighted average price of £10.76 per existing Ordinary Share for the 10-day period ended 10 November 2025.
• The net proceeds from the Fundraise will part fund Phase 1 (as defined below) development capex and be utilised, alongside internal cash resources, to fully fund the US$39 million Enriched Ore Treatment Project development capex.

Artem Volynets, Chairman and Chief Executive Officer of the Company, commented:

“ACG continues to deliver strong operational improvements, with the Enriched Ore Treatment Project representing one of our most significant advancements. This project, which enables the processing of material previously considered waste, showcases the ACG team’s exceptional technical capabilities. With a relatively small investment, we plan to achieve outstanding financial returns – generating free cash flow eight times the development capex required and adding more than $200m to the company’s NAV.

We are happy to share this massive value creation with new investors who align with our vision of building a leading copper producer.”