Shares in ACG Metals Ltd (LSE:ACG, OTC:ACGAF) rose 4% on Thursday after the miner struck a new royalty agreement at its Gediktepe mine in Turkey, easing its shift from gold to copper production.
From January 2026, the royalty on oxide ore — the gold-bearing material currently mined — will fall from 10% to 2.25%, cutting costs on remaining output. In return, the levy on sulphide ore, which holds copper and zinc, will increase slightly from 2% to 2.25% as the mine enters its next phase.
ACG and its partner Polimetal have also been released from US$6 million in milestone payments previously due when sulphide production starts, strengthening cash flow during the transition.
Patrick Henze, chief financial officer, said the changes would leave the company “well-positioned” for the move to base metals. Gediktepe, in western Turkey, began producing gold in 2021 and is expected to focus on copper and zinc in the coming year.
The shares rose 40p to 980p.