ACG Metals Ltd (LSE:ACG, OTC:ACGAF) is shaping up as one of the more interesting small-cap mining stories going into 2026, with a clear operational inflexion point approaching as it transitions from gold into copper-led production.
The company owns 100% of the Gediktepe mine in Turkey, which is currently operating as a gold oxide mine but is due to shift to a copper sulphide operation later this year.
That transition is central to the investment case.
According to Canaccord Genuity, which lists ACG as one of its top 2026 picks, the fully permitted and fully funded $146 million sulphide expansion is on schedule, with plant construction already well advanced and commercial production expected by the end of the first half of this year.
Once complete, the sulphide operation is expected to extend Gediktepe’s mine life to more than a decade and deliver average production of about 22,000 tonnes a year of copper equivalent.
That represents a step change in scale and revenue quality, particularly given copper’s strategic importance in electrification and energy transition themes.
Near term, production is expected to dip as the oxide phase winds down, a dynamic that may cap momentum in early 2026.
However, Canaccord expects a sharp pickup from the third quarter as the new plant is commissioned, with quarterly production rates forecast to roughly double in the second half of the year compared with the first.
ACG is also planning further upside through a SART processing plant to treat transitional ore from 2027, potentially adding another leg of copper output while improving recoveries and margins.
Valuation remains a key attraction. Canaccord values the shares at 1,500p, implying more than 30% upside from recent levels, based on a blend of net asset value and forward earnings multiples.