ACG Metals Ltd (LSE:ACG, OTC:ACGAF) chairman Artem Volynets has described 2024 as a “transformational year” for the London-listed miner, but says the real leap forward will come in 2026 when the company begins producing copper from its Gediktepe mine in Türkiye.
From early that year, the mine will start processing sulphide ore, targeting annual copper output of between 20,000 and 25,000 tonnes.
ACG expects the expansion to generate $104 million in annual earnings before interest, tax, depreciation and amortisation (EBITDA), marking a major financial step-up.
Last year’s results reflect the rapid evolution of the business. ACG transitioned from a cash shell into a fully operational miner, completing the $88 million acquisition of Gediktepe and raising $200 million through a Nordic bond offering, the first of its kind for a Turkish mining asset.
That financing fully covers the construction of a new sulphide flotation plant, which is already underway.
In just four months of consolidated operations following the September acquisition, the mine delivered revenue of $136.6 million and an operating profit of $69.7 million.
Full-year output reached 55,374 ounces of gold equivalent, up 49% year on year, while all-in sustaining costs dropped to $1,139 per ounce.
Volynets said the company’s clear focus is now on executing the copper expansion on time and on budget. But it is also eyeing bolt-on deals, prioritising producing or near-producing copper assets to build out its platform.
The appointment of former US Secretary of State Mike Pompeo to the board earlier this year reflects its global ambitions.
"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," said Volynets.