ACG Metals Ltd (LSE:ACG, OTC:ACGAF) has raised its full-year gold equivalent production forecast to 36,000-38,000 ounces, up from 30,000-33,000 ounces, citing operational improvements including higher recoveries of gold and silver.
The Gediktepe mine in Turkey delivered steady output with a 3% rise in gold equivalent production during the first half of the year.
Costs were reduced significantly, with all-in sustaining costs falling 13% to $1,060 per ounce, helped by disciplined spending and a 37% increase in realised gold prices to $2,950 per ounce.
Chairman Artem Volynets said: "Our ability to deliver steady production and a significant increase in recoveries in [the first half] reflects the strength of our team and continued focus on operational improvements.
Meanwhile, ACG’s Gediktepe Sulphide Expansion Project remains on schedule for commissioning in early 2026, with 48% of engineering design complete and construction progressing steadily.
"We've built strong momentum through [the period], delivering robust operational results, maintaining our leading safety record, and advancing the Gediktepe Sulphide Expansion Project on time and on budget.
"The approx. 17% increase in production guidance for the year is a testimony to the commitment and excellence of our team.
The company also marked a key financing milestone by making the first coupon payment on its $200 million senior secured bond and fully repaying prior sponsor loans, strengthening its capital structure.
Net debt stood at $66 million with cash of $133 million.