ACG Metals Ltd (LSE:ACG, OTC:ACGAF) said it remains firmly on course to meet its annual production target after a solid third quarter, with lower costs and strong metal prices helping to offset seasonally weaker output.
The London-listed miner produced just under 30,000 ounces of gold equivalent in the year to September, and said full-year production should reach between 36,000 and 38,000 ounces.
Average all-in sustaining costs, a measure that includes mining, processing and overheads, came in at $1,131 per ounce, comfortably within guidance. Cash costs dropped 30% to $432 an ounce, reflecting improved efficiency.
Gold and silver prices have surged this year, up 34% and 26% respectively, supporting healthy revenue. Net debt stood at $64 million at the end of September, against a cash balance of $137 million.
In the update, investors were told the construction of ACG’s Gediktepe sulphide expansion in Turkey remains on time and budget, with commercial production targeted for mid-2026.
The company said major milestones had been achieved, including the pouring of concrete, installation of steel structures and completion of critical infrastructure.
Around 58% of engineering design work, 56% of procurement and 27% of plant construction have been completed.
The project is expected to achieve full commercial production by the end of the first half of 2026, transforming Gediktepe into a long-life copper and precious metals operation with lower costs and higher margins.