Acg Metals Limited Class A · LSE:ACG
Acg Metals Limited Class A — Investor Presentation (September 2026)
40 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 ACGAF NO0013414565 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: Snapshot and Share Price Performance
ACG Today Snapshot Share Price Performance 50 NAV/sh Spot5 Market Cap¹ US$593m 45 40 £42.92 Current Market Cap. Cash² US$60m NAV/sh Consensus6 US$593m¹ Share Price (£/sh) 35 Debt² US$200m 30 £34.72 25 Enterprise Value US$733m 20 £19.00 15 Net debt³ US$140m 10 5 4 Avg. EBITDA (27-32) US$249m £4.58 0
Slide 5: The Result of Two Years of Delivery
The Result of Two Years of Delivery Key 2024 CPR 2026 CPR Investment vs Value Created Improvements Extended from 18 Months Oxide LoM mid-2027 US$1.4bn remaining (Keşkek) Spot price Funding Unfunded BFS Post-capex US$1.2bn Average Production 20 – 25 c.36 ktpa CuEq ktpa CuEq (2027-2032) •Heap Leach Pr
Slide 6: CPR 2024 vs 2026
CPR 2024 vs 2026 Resources, reserves and planned production all step up between the 2024 and 2026 CPR 11 years Nil Life of mine to 2037 Incremental development capex Ore Resources Ore Reserves Production +59% +43% +60% 36.2 38.7 CuEq 26.5 22.5 24.4 Mt 18.5 ktpa Mt CuEq Mt Mt ktpa 2024 CPR 2026 CPR 2
Slide 7: Diversified Revenues Streams
Diversified Revenues Streams Average Annual Revenue by Metal, 2027-2031E4 Gediktepe Operations Ore2 Processing Products Capacity Life of mine3 Silver US$65m (14%) Cu conc. Sulphide Flotation 2.0 Mtpa At least 2037 Zn conc. Zinc US$69m Copper (15%) US$184m (40%) Au & Ag doré Enriched SART Cu conc. 80
Slide 8: Sulphide: Processing Plant
Sulphide: Processing Plant Sulphide – Key Metrics1 Sulphide Processing Plant Status Ramp up Processing 2.0 Mtpa Capacity Average Production c.23.2 ktpa CuEq (2027-2031) Capex Nil remaining Average Recoveries Cu 72% | Zn 75% (2027-2031) Au 53% | Ag 50% Post-Tax NPV8 US$785 million LON: ACG | LON: ACG
Slide 9: Enriched Ore Project
Enriched Ore Project Sulphide – Key Metrics1 SART Plant (Equipment Procured) Status Under construction Processing 0.8 Mtpa Capacity Average Production c.12 ktpa CuEq (2027-2031) Capex US$60m Average Recoveries Cu 86% | Zn 63% (2027-2031) Au 77% | Ag 75% Post-Tax NPV8 US$365 million (1) CPR 2026 SRK
Slide 10: Oxide: Heap Leach Operations
Oxide: Heap Leach Operations Oxide – Key Metrics Gediktepe Heap Leach Facility Status Operating Processing 1.0 Mtpa Capacity US$8m Keşkek capex + US$1m/yr drilling Average Recoveries Au + Ag (2027-2031) Up to 85% on in situ ore Post-Tax NPV81 US$46 million (1) CPR 2026 SRK at consensus pricing LON:
Slide 11: ACG's Proprietary Oxide Recovery Advantage
ACG's Proprietary Oxide Recovery Advantage Patented oxide ore recovery technology proven at Gediktepe Higher Recovery • Faster Leaching • Protected IP Improved Recovery Increased Efficiency Patented Technology 10% Increase Faster Leach Cycles ACG Proprietary Process Oxide ore recovery increased ~45%
Slide 12: CPR 2027-2031 Gediktepe Production and FCF Profile
CPR 2027-2031 Gediktepe Production and FCF Profile Production – CuEq (kt) Sulphide Oxide Enriched ore 40.1 38.1 35.4 33.9 33.7 2027 2028 2029 2030 2031 Free Cash Flow (US$m) Cash flow from operations Capex 222 229 152 183 192 2027 2028 2029 2030 2031 ACG expects to identify further ore sources to pr
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: 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 15: H1 2026 Financial Overview
H1 2026 Financial Overview 1 Highlights Revenue Adj. EBITDA Adj. EBITDA Margin $90m $48m 53% Operating Period End Cash Financial Cash Flow Balance Net Debt2 $30m $60m $145m (1) Rounded figures; minor variances occur. Refer to H1 2026 financial statements. (1) Financial Net Debt as at 30 June 2026, s
Slide 16: Türkiye Supports Mining Investment
Türkiye Supports Mining Investment Government-backed tax incentives and royalty rebates encourage investment, processing and long-term mine development 50% Lower 50% Lower 40% Lower Corporate Tax Royalties (Cu-Zn) Royalties (Au-Ag) • 25% reduced to 12.5% • 50% reduction in state • 40% reduction in s
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: ACG Leads Peers on Cash Conversion
ACG Leads Peers on Cash Conversion ACG Metals Peer FCF / Revenue 2027E¹ 44% 32% 31% 29% 29% Peer Average: 26% 22% 18% 13% 13% ACG Sandfire Central Asia Trekor Ero Copper Hudbay Atalaya Lundin Capstone Metals (1) ACG: Average of annual free cash flow margin over 2027-31E per CPR 2026 (SRK). Peers: Fa
Slide 19: ACG Trades at a Discount to Copper Peers
ACG Trades at a Discount to Copper Peers ACG vs Copper Peers P/NAV (x) 1.70x 1.40x Ero Copper, 93.2 , 1.35x 1.35x | 93kt CuEq Sandfire, 161.3 , 1.15x 1.15x | 161kt CuEq 1.10x 0.91x | 31kt CuEq Anglo, 30.5 , 0.91x Trekor, 85.2 , 0.87x Atalaya, 62.4 , 0.81x Peer average 0.96x 0.80x 0.81x | 62kt CuEq 0
Slide 20: Market Value Upside
Market Value Upside ACG Metals Peer P/NAV Trading Multiples¹ 1.00x 1.06x 1.09x 1.10x Average: 0.94x 0.76x 0.78x 0.83x 0.92x 0.57x 0.55x 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.
Slide 21: Key Milestones
Key Milestones Delivery milestones across the Gediktepe complex and the capital structure Current Share Price NAV/Share Consensus NAV/Share Spot £19.00 £34.72 £42.92 2026 2027 Sep - Dec Q1 Q2 Q3 Q4 Sulphide Plant Ramp up to full capacity (First copper concentrate produced in August 2026) Heap Leach
Slide 22: 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 22
Slide 23: 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 24: 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 24
Slide 25: 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 26: 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 27: Resources Estimate
2 7 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 28: Reserve Estimate
2 8 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 29: 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 30: 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 31: 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 32: 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 32
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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