London – September 19, 2026 -- ACG Metals Limited (LSE: ACG) has more than quadrupled the post-tax net present value of its Gediktepe mine to approximately $1.2 billion, up from $265 million in 2024, following an updated Competent Person's Report prepared by SRK Consulting.
Ore Reserves jump 43% as copper content rises 34%
Total Ore Reserves increased to 26.5 million tonnes from 18.5 million tonnes in the 2024 CPR. In-situ reserves now contain 176kt of copper, 381kt of zinc, 535koz of gold and 20moz of silver, representing gains of 34%, 1%, 19% and 16% respectively versus the prior estimate.
Average annual output set to climb 60% to 36kt copper equivalent
Between 2027 and 2031, Gediktepe's average annual production is projected to reach approximately 36 kt CuEq, up from an original 20-25 kt target. Over an initial 11-year mine life, the operation is expected to produce a total of 352kt CuEq.
FY2026 guidance cut to 12-14kt CuEq on deliberate ramp-up
ACG produced first copper concentrate at Gediktepe on 31 August 2026. Full-year 2026 production guidance has been revised down to roughly 12-14 kt CuEq after management rephased three months of sulphide output into FY2027, prioritizing safe, reliable commissioning of the sulphide plant over faster ramp speed. H1 2026 oxide production already exceeded full-year guidance, with further ounces expected before year-end.
Enriched ore project brings forward $365m in value with accelerated schedule
An improved construction schedule has replaced the original two-phase development plan for the enriched ore treatment project, allowing gold, silver, copper and zinc output to start concurrently in Q3 2027 instead of being staggered through Q1 2029. The project is expected to add approximately 84kt CuEq of production not captured in the 2024 CPR, with initial capital expenditure of $60.4 million and operating costs of $40.2 per tonne, lifting the total post-tax asset NPV8 by $365 million.
Patented process extends heap-leach gold output beyond 2026
ACG's proprietary recovery technology has raised commercial gold recovery at the heap-leach facility to approximately 85% from roughly 75%, while cutting cyanide consumption by about 45% and shortening leach cycles. The process is patented in Türkiye, with applications pending in 35 other countries, extending oxide gold and silver production beyond the previously expected 2026 end date.
Chairman and CEO Artem Volynets said the mine has moved from a short-life gold operation with an unfunded copper transition plan to a fully funded, multi-stream copper producer supported by precious metals and zinc output. Volynets and CFO Patrick Henze will present the updated plan via Investor Meet Company on 22 September 2026.