Acg Metals Limited Class A · LSE:ACG
Acg Metals Limited Class A — Investor Presentation (September 2026)
42 slides from Acg Metals Limited Class A's investor presentation, September 2026
Slide 1: Two Years of Transformation and Value Creation
ACG Metals Limited Two Years of Transformation and Value Creation September 2026 OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG NO0013414565 ACGAF LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared and issued by, and is the sole responsibility of, ACG All statements (including forward-looking statements) contained herein are made as of the date of this presentation
Slide 3: Introduction
SECTION 01 Introduction OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG NO0013414565 ACGAF LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 3
Slide 4: ACG Today
ACG Today Snapshot Share Price Performance 50 Market Cap1 US$593m NAV / Share – 2026 CPR5,6 45 Cash2 US$60m £34.06 40 Current Market Cap. Spot NAV / Share – 2026 CPR9 Bond2 US$200m US$593m¹ Share Price (£/sh) Enterprise Value US$733m 35 £43.23 Equity Research Consensus 30 Price7 Net debt3 US$140m 25
Slide 5: The Result of Two Years of Delivery
The Result of Two Years of Delivery Gediktepe NPV vs Acquisition + Investment (US$m) Planned Annual Production (kt CuEq p.a.) 4 36.2 US$ 1.4 Bn4 ktpa CuEq US$ 1.2Bn² 22.5 3 Total acquisition and development capital equivalent to 0.30x 2026 CPR NPV US$ 320m¹ Acquisition + 2026 CPR NPV 2026 CPR NPV 20
Slide 6: Strong Safety Culture
Strong Safety Culture Without safety, nothing else matters Safety performance improved during H1 2026 while safely advancing the Sulphide Expansion Project LTIF improved to 2.9 per million man-hours despite increased workforce levels and higher site activity. LON: ACG | LON: ACGW | XETR: ACG | OTCQX
Slide 7: Gediktepe Processing Facilities & Status
Gediktepe Processing Facilities & Status Heap Leach Facility Facility Status Operating Heap Leach Ramping Up SART Plant Under Construction Sulphide Processing Plant SART Plant Sulphide Plant LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 7
Slide 8: Diversified Revenues Streams
Diversified Revenues Streams Average Annual Revenue by Metal, 2027-2031E4 Gediktepe Operations Ore Processing Products Life of mine3 Silver US$65m (14%) Cu conc. Sulphide Flotation At least 2037 Zn conc. Zinc US$69m Copper (15%) US$184m (40%) Au & Ag doré Enriched SART Cu conc. At least 2037 Zn conc
Slide 9: Larger Reserves, Higher Value
Larger Reserves, Higher Value Growth in resources and reserves enhances project value without incremental capex 11 years US$1.2bn 38.7 Mt 26.5 Mt Nil Life of mine to 2037 Substantial increase from NPV10 of Ore resources, from 24.4 Mt (+59%) Ore reserves, from 18.5 Mt (+43%) Incremental development c
Slide 10: Enriched Ore Project Acceleration
Enriched Ore Project Acceleration Bringing Phases 1 and 2 together brings all four metals online concurrently in Q3 2027 and lifts post-tax NPV8 from US$212m2 to US$365m Q3 2027 US$60m c.2 years 84 kt US$365m First production, Development Earlier copper and CuEq payable Post-tax NPV8 all four metals
Slide 11: Keşkek Extends Heap Leach Life
Keşkek Extends Heap Leach Life New oxide feed 70 km from site extends Gediktepe heap leach gold production from mid-2027 Path to First Gold Oct 2026 To mid-2027 Mid-2027 Mid-2027 Expected licence transfer Residual HL expected EIA permitting process Mining and first gold approval completion Bolt-On t
Slide 12: ACG's Proprietary Oxide Recovery Advantage
ACG's Proprietary Oxide Recovery Advantage Patented oxide ore recovery technology proven at Gediktepe Higher Recovery • Faster Leaching • Protected IP Improved Recovery Increased Efficiency Patented Technology 10% Increase Faster Leach Cycles ACG Proprietary Process Oxide ore recovery increased ~45%
Slide 13: Further Potential Upside
Further Potential Upside Potential upside not currently captured in the 2026 CPR base case Gediktepe Additional Heap & Waste-Dump Keşkek Exploration Optimisation Enriched Feed Retreatment Exploration4 Exposure 35 - 40% 800 ktpa 2.7 Mt 5 – 10 Mt c.16.75 Mt5 Cu-Zn resource outside enriched ore plant c
Slide 14: Financials
Financials OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 14
Slide 15: H1 2026 Financial Overview
H1 2026 Financial Overview Highlights Revenue 1 Adj. EBITDA Adj. EBITDA Margin $90m $48m 53% Operating Period End Cash Financial Cash Flow Balance Net Debt 2 $30m $60m $145m (1) Financial Net Debt as at 30 June 2026, showing long term borrowings at their contractual value of $200m bond minus $60m ca
Slide 16: H1 2026: Cash Generative and Growth Ready
H1 2026: Cash Generative and Growth Ready Strong financial performance ahead of commercial sulphide production Strong operating cash • Disciplined execution and cost control performance • Robust cash generation supporting the 2026 ramp-up Low effective tax rate • Low cash tax burden supports balance
Slide 17: Bonds Trading >$10 Premium to Par
Bonds Trading >$10 Premium to Par Bond Price and Implied Yield to Maturity Since Issuance 14 Jul coupon paid | Next: 13 Jan 2027 (unless refinanced) 112.0 16.0 109.2 14.6 22% 1.3x 106.4 Implied Yield to Maturity 13.2 IRR MOIC Bond Price Nordic Bond Investor Returns Jan 2025 - Present 103.6 11.8 100.
Slide 18: Value and Near-Term Catalysts
SECTION 04 Value and Near-Term Catalysts Bond ISIN OTCQX: LON: ACG LON: ACGW Xetra: ACG NO001341456 ACGAF 5 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 18
Slide 19: Low Cost Copper Equivalent Capacity
Low Cost Copper Equivalent Capacity ACG delivers copper equivalent capacity at a fraction of industry benchmark costs Gediktepe Acquisition $120m “The cost per tonne of Organic Expansion BHP’s existing projects $200m Investment ranged from $16,000 to $30,000 compared with Total ACG Investment $320m
Slide 20: 2027-2031 Gediktepe Production and FCF Profile
2027-2031 Gediktepe Production and FCF Profile Production – CuEq (kt) Sulphide Oxide Enriched ore 40.1 38.1 35.4 33.9 33.7 2027 2028 2029 2030 2031 Free Cash Flow (US$m) Cash flow from operations Capex 222 229 152 183 192 2027 2028 2029 2030 2031 ACG expects to identify further ore sources to proces
Slide 21: ACG Trades at a Discount to LSE Copper Peers
ACG Trades at a Discount to LSE Copper Peers ACG vs LSE Listed Peers P/NAV (x) 1.20x 1.00x | 61kt CuEq 1.00x 0.89x | 31kt CuEq LSE peer average 0.85x 0.80x 0.78x | 85kt CuEq 0.75x | 21kt CuEq 0.60x 0.40x 0.57x1 | 36kt CuEq2 0.20x 15.0 30.0 45.0 60.0 75.0 90.0 2026-28E Average Consensus Production (k
Slide 22: Market Value Upside
Market Value Upside ACG Metals Peer P/NAV Trading Multiples¹ 1.06x 1.09x 1.10x 0.92x 1.00x Average: 0.94x 0.76x 0.78x 0.83x 0.57x ACG Central Asia Metals Trekor Lundin Hudbay Atalaya Capstone Ero Copper Sandfire ACG Metals Peer EV/EBITDA 2027E Trading Multiples¹ 7.6x 6.2x 6.2x 6.4x Average: 5.4x 4.7
Slide 23: Key Value Catalysts
Key Value Catalysts Ramp-up, capital optimisation, index inclusion and further M&A are the near-term value drivers Current Share Price¹ Consensus Target Price² NAV/Share £19.00 £23.49 CPR 2026 (SRK) £34.06 Spot £43.23 Operational Delivery Further Capital Capital Market Potential M&A Optimisation Ups
Slide 24: Q&A
Q&A OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG NO0013414565 ACGAF LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 24
Slide 25: Investor Contact
Investor Contact [email protected] Investor Relations Manager Mandy Li [email protected] Media Contact acgmetals-client- [email protected] Broker Contacts Stifel +44 (0) 20 7710 7600 Berenberg +44 (0) 20 3207 7800 Canaccord + 44 (0) 20 7523 80 OTCQX: Bond ISIN LON: ACG LON: ACGW
Slide 26: Appendix
APPENDIX Appendix OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG NO0013414565 ACGAF LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 26
Slide 27: CPR Price Deck
CPR Price Deck Consensus Prices¹ 2026E 2027E 2028E 2029E Long-term Gold Price US$/oz 4,684 4,606 4,507 4,270 4,101 Silver Price US$/oz 76 70 69 64 54 Copper Price US$/lb 5.93 5.88 5.74 5.65 5.62 US/t 13,070 12,954 12,653 12,454 12,398 Zinc Price US$/lb 1.43 1.38 1.37 1.31 1.31 US/t 3,243 3,144 3,044
Slide 28: Sulphide LOM Expansion – Upside Potential
Sulphide LOM Expansion – Upside Potential Sulphide Continuity Potential Significant known copper and zinc Sulphide Continuity Potential Open Pit Shell mineralisation falls outside of the 2022 Sulphide Expansion Feasibility Study pit shell (35-40%). Sulphide Zone – Copper & Zinc Mined 2025 - 2034 Oxi
Slide 29: Resources Estimate
2 9 Resources Estimate Material Resource Grade Contained Metal Type Type Class Tonnage (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Measured - - - - - - - - - Indicated 0.27 - - 2.74 84.7 - - 24.0 742 Oxide In-situ M+I 0.27 - - 2.74 84.7 - - 24.0 742 Insitu Resources Inferr
Slide 30: Reserve Estimate
3 0 Reserve Estimate Grade Contained Metal Material Reserve Tonnage (Mt) Class Type Type Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Proved 0.00 - - - - - - - - Oxide In-situ Probable 0.34 - - 1.57 51.01 - - 16.92 551 Insitu Resources P+P 0.34 - - 1.54 50.30 - - 16.92 551 Prove
Slide 31: Gediktepe Processing Flowsheet
Gediktepe Processing Flowsheet Integrated processing routes support production growth and operational flexibility Enriched Stockpile & Sulphide Oxide Ore Ore PAG Waste Ore Spent Ore SART Plant Heap Leach Facility Sulphide Processing Plant (Under Construction) (Operating) (Ramping Up) Merill-Crowe Pl
Slide 32: Board
Board Barış Baş Victor Ayala Artem Volynets Michael R. Pompeo Mustafa Aksoy Maarten Terlouw Founder, Chair and CEO Non-Executive Director Director Director • 30 years in M&A, capital markets, and senior roles in • 70th U.S. Secretary of State (2018–2021) and CIA Director • 20+ years in mining indust
Slide 33: Management
Management Barış Baş Victor Ayala Artem Volynets Patrick Henze Peter Carter Damien Coles Founder, Chair and CEO Chief Financial Officer Chief Operating Officer Chief Legal Officer • 30 years in M&A, capital markets, and senior roles in metals • 15+ years experience in M&A, capital markets, IR and pr
Slide 34: Shareholder Structure and Share Count
Shareholder Structure and Share Count Snapshot 1,2,3 Key Shareholders Ordinary Shares 23,145,326 Outstanding Note: 11,560,430 Warrants (Fully diluted shares c.33.5m) 3,4 31% Lidya Madencilik Share Price £ 19.00/ US$25.63 per share 30% Argentem Creek 7% De Heerd Investments Market Cap. US$ 593m 5% Gl
Slide 35: Oxide: H1 2026 Operations Update
Oxide: H1 2026 Operations Update Oxide Production (AuEq koz) Commentary H1 2026 production exceeded full year oxide guidance ▪ 18.5 koz AuEq produced in H1 2026, exceeding FY guidance of 17.5 koz; ~2.5 koz expected in H2 2026 17.5 koz 18.5 koz 2026 Oxide Guidance H1 2026 ▪ Realised gold and silver p
Slide 36: H1 2026: Profit and Loss
H1 2026: Profit and Loss H1 2026 revenue of US$90m and EBITDA of US$48m; interim P&L Profit & Loss H1 2026 H1 2025 27% Increase in Revenue US$m Strong performance driven by higher commodity prices Revenue 90 71 Warrant Valuation Increase Cost of Sales (45) (31) Non-cash Quoted warrant price increase
Slide 37: H1 2026: Balance Sheet
H1 2026: Balance Sheet Financial net debt of US$140m at 30 June 2026, with cash of US$60m Financial Sulphide Construction Increases Position H1 2026 H1 2025 US$m Increase in PPE, trade receivables, and trade payables relating to Sulphide Asset Construction Current Assets 80 167 Non-Current 367 268 L
Slide 38: H1 2026: Cash Flow
H1 2026: Cash Flow Cash from operations of US$55m in H1 2026 (Pending Final Report) Cash Flow H1 2026 H1 2025 Operating Activities US$m Operating cash flow remained strong despite Sulphide Operating CF 29 31 Project costs Investment CF (92) (35) Investment Activities Financing CF (15) 154 Sulphide p
Slide 39: H1 2026: Interest Expense
H1 2026: Interest Expense Effective cash management by the ACG team (Pending Final Report) Türkiye offers attractive interest Net Interest H1 2026 rates US$m Due to inflation which stabilised and is offset by Lira depreciation Fixed Income 13.6 Capex spent in Lira Finance Expense 16.1 No FX risk due
Slide 40: Gediktepe – High Grade Copper Mine
Gediktepe – High Grade Copper Mine Primary Copper Mine M&I Resource CuEq Grade (%)¹ 3.00% 2.93% 2.73% UG UG UG UG 2.50% 2.32% 2.00% 1.50% 1.00% 0.86% 0.73% 0.70% 0.68% 0.67% 0.55% 0.54% 0.50% 0.34% 0.32% 0.31% 0.31% 0.30% 0.28% 0.00% Riotinto Constancia Gibraltar MATSA Chapada Pinto Valley Mountain
Slide 41: Copper Market Outlook
Copper Market Outlook Copper Deficit Demand Growth Drivers (2026 – 2035) 38,000 Demand Demand expected to Artificial ▪ AI and defence sectors could raise 36,000 copper demand by 50% by 2040, with outrun supply Intelligence potential annual shortages exceeding Cu Deficit Copper (kt) 34,000 2.4 Mt wit
Slide 42: Gold Market Outlook
Gold Market Outlook Gold Holding Above US$4,400/oz¹ Current Demand Dynamics $5,500 Gold Price (US$/oz) Spot: US$4,406/oz • Fed holding rates steady at 3.50-3.75%, with $5,000 the odds of a September hike rising $4,500 Central • Rising rate expectations lifting gold's opportunity cost $4,000 Banks an