ACG Metals (LSE: ACG) Reports Transformational Year with Record Operational Milestones and Strategic Growth at Gediktepe Mine
LONDON, April 25, 2025 /PRNewswire/ -- ACG Metals Limited ("ACG" or the "Company") is pleased to announce the release of its Annual Financial Statements and Report for the period ended 31 December 2024, approved by the Board of Directors on 24 April 2025.
ACG's full set of financial results can be accessed in our Annual Report published on: www.acgmetals.com
Accompanying the results release, ACG is pleased to announce that Artem Volynets (Chairman and CEO) and Patrick Henze (CFO) will provide a live presentation relating to the FY24 Results via Investor Meet Company on 09 May 2025, 14:00 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 08 May 2025, 09:00 BST, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ACG via: https://www.investormeetcompany.com/acg-metals-limited/register-investor. Investors who already follow ACG METALS LIMITED on the Investor Meet Company platform will automatically be invited.
Artem Volynets, Chairman and Chief Executive Officer of ACG, said:
"2024 marked a transformational year for ACG Metals. In a short span, we transitioned from a SPAC to a fully operational and listed mining company with a producing asset, a clear copper growth strategy, and enhanced access to global capital markets.
The acquisition of the Gediktepe Mine in Türkiye was a defining milestone-providing immediate gold and silver production, strong cash flows, and the foundation for long-term copper growth. We secured a $146 million EPC contract for the sulphide expansion project, which is now underway, and successfully raised $200 million through a Nordic bond offering-the first of its kind for a Turkish mining asset.
Operationally, Gediktepe delivered a 49% year-on-year increase in gold equivalent production, underpinned by robust grades, strong safety performance, and improving metal prices. These results, combined with a disciplined financial strategy and current positive momentum in the gold price, position ACG well for continued financial strength and sustained growth.
As we build toward first copper production, the Board remains focused on operational excellence, execution of the sulphide project on time and on budget, and evaluation of M&A opportunities to deliver exceptional value to our shareholders."
FY2024 Highlights
Strategic Milestones
- First milestone achieved with 100% acquisition of the Gediktepe Mine, a copper-gold mine in Türkiye ("Gediktepe") in September 2024
- Transitioned from a Special Purpose Acquisition Company ("SPAC"), re-admitted to the London Stock Exchange's (LSE: ACG) main board as a fully operational mining company
- Signed $146 million EPC contract with GAP Insaat for the sulphide expansion at Gediktepe
- Raised $200 million via Nordic senior secured bond (14.75% coupon), fully funding sulphide expansion at Gediktepe
Full-Year 2024 Gediktepe Mine Operating Performance
Operating KPI | 2024 Result | YoY Change |
Safety | 634 LTI-free days | n/a |
Ore Processed | 801,600 tonnes | 18 % |
Average Gold Grade | 2.53 g/t | 11 % |
Average Silver Grade | 71.8 g/t | 24 % |
Gold Equivalent Production | 55,374 oz | 49 % |
Gold Sales | 49,165 oz | 49 % |
Silver Sales | 670,130 oz | 85 % |
Gold Equivalent Sales | 57,072 oz | 52 % |
Realised Gold Price | $2,387/oz | 22 % |
Realised Silver Price | $28.56/oz | 22 % |
C1 Cash Costs | $606/oz | -4 % |
All-in Sustaining Costs (AISC) | $1,139/oz | -2 % |
ACG Financial Summary
Financial KPI | Consolidated 2024 * | Gediktepe 2024 Full Year |
Revenue | $57.7 million | $136.6 million |
Operating profit | $4.8 million | $69.7 million |
Operating Cash Flow | $21.3 million | $89.0 million |
Year-End Cash Balance | $9.7 million | $3.8 million |
Net Assets | $58.3 million | $81.9 million |
Note*: The financial results presented reflect only 4 months of operations at the Gediktepe Mine from 3 September 2024, the date of acquisition. | ||
Q4 production, executed according to the mine plan, was a key factor in financial performance and played a significant role in deleveraging within the first four months of ownership.
Capital Structure Highlights
- As part of the acquisition of the Gediktepe Mine in Turkey, ACG raised $37.5 million of acquisition debt from Traxys Europe S.A. ("Traxys") and Argentem Creek Partners ("ACP") as of 31st August 2024 ("Gold Prepay"). By 31 December 2024, $12.1 million of the principal amount of the gold prepay debt facility was repaid.
- Shareholder loans were decreased to $13.5 million following the conversion of $4.5 million into equity and the repayment of $3.25 million in cash.
- A total of $88 million of new equity was issued, including $39.9m issued to Lidya Madencilik Sanayi ve Ticaret Anonim Sirketi ("Lidya"), as consideration for the acquisition of the Gediktepe mine.
Post Year-End Events
- On 13 January 2025, ACG Metals successfully settled its $200 million four-year senior secured bond issuance. Proceeds are allocated toward fully funding the Gediktepe sulphide expansion and refinancing existing acquisition-linked debt. The Gold Prepay was fully extinguished using the bond proceeds in January 2025.
- GAP Insaat mobilised on-site in Q1 2025 to commence construction of the sulphide flotation plant. Procurement and early-stage works are progressing in line with schedule, to start copper and zinc concentrates production in Q1 2026.
- On 30 January 2025, Michael R. Pompeo was appointed as a Non-Executive Director, strengthening the Company's global strategic positioning.
- In February 2025, at near all-time high Gold prices, the Company entered into a structured gold hedge covering 50% of planned 2025 production.
- ACG completed a tender for up to 70% of all Warrants outstanding, removing a significant warrant overhang on the shares.
- In April 2025 the Company appointed Berenberg and Canaccord as additional brokers to improve the liquidity in shares and increase investor awareness.
- The Company continues to assess accretive copper sector acquisitions aligned with its platform strategy, prioritising producing or near producing assets.
The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chairman & Chief Executive Officer.
For further information please contact:
Palatine
Communications Advisor
Conal Walsh / James Gilheany/ Kelsey Traynor/ Richard Seed
acg@palatine-media.com
Stifel
Joint Broker
Ashton Clanfield / Varun Talwar
+44 (0) 20 7710 7600
Berenberg
Joint Broker
Jennifer Lee / Natasha Ninkov
+44 (0) 20 3207 7800
Canaccord
Joint Broker
James Asensio / Charlie Hammond
+ 44 (0) 20 7523 8000
About the Company
ACG Metals is a company with a vision to consolidate the copper industry through a series of roll-up acquisitions, with best-in-class ESG and carbon footprint characteristics.
In September 2024, ACG successfully completed the acquisition of the Gediktepe Mine which is expected to transition to primary copper and zinc production from 2026 and will target annual steady-state copper equivalent production of 20-25 kt. Gediktepe produced 55koz of AuEq in 2024.
ACG Metals continues to build its pipeline of prospective, multi-jurisdictional M&A candidates with the objective of closing additional acquisitions toward securing 200,000-300,000 tonnes of copper equivalent production annually over the next three to five years.
ACG's team has extensive M&A experience built through decades spent at blue-chip multinationals in the sector. The team brings a significant network as well as a commitment to ESG principles and strong corporate governance.
For more information about ACG, please visit: www.acgmetals.com
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