Shares in ACG Metals Ltd (LSE:ACG, FRA:Y9C, OTC:ACGAF) rose 5% to 1,340p on Monday after the group said it had beaten production guidance in 2025 and remains on track to transition into a copper producer later this year.
The miner delivered 39,200 ounces of gold equivalent from its Gediktepe mine in Turkey, around 3% above the top end of guidance, marking the asset’s first full year under ACG’s ownership. Strong operational performance and tighter cost control helped cut C1 cash costs by 18% to $499 an ounce.
All-in sustaining costs rose to $1,244 an ounce from $1,139 a year earlier, largely reflecting higher royalty payments linked to stronger gold and silver prices rather than any deterioration in operating performance.
Investors also took comfort from progress on the Gediktepe sulphide expansion, which ACG said remains on time and on budget, with commercial production expected by the end of the first half of 2026.
The project is expected to shift the group’s focus away from gold towards copper, a metal seen as central to its longer-term growth strategy.
Looking ahead, ACG guided to copper-equivalent production of 20,000 to 22,000 tonnes in 2026. Net debt stood at $65 million at the end of December.