ACG Metals Ltd (LSE:ACG, OTC:ACGAF), the London-listed gold, silver and copper group operating the Gediktepe operation in Türkiye, beat its full-year oxide production target within the first six months of 2026.
The company produced 18,487 ounces of gold equivalent in the first half, exceeding its full-year oxide target of 17,500 ounces.
The beat came despite a 17% year-on-year drop in output, as ACG worked through stockpiled ore following the completion of oxide mining at the end of 2025.
Surging metal prices did much of the heavy lifting.
ACG's realised gold price rose 64% year-on-year to $4,838 an ounce, while silver jumped 142% to $78.2 an ounce.
The company said the higher prices supported strong revenues during the period.
Costs also climbed, with all-in sustaining costs rising 52% to $1,609 an ounce, driven largely by higher royalties on elevated commodity prices and lower production volumes.
The centrepiece of the update was progress on the Gediktepe Sulphide Expansion Project, which reached 87.2% completion on 30 June.
All major equipment has been delivered to the site, and ACG expects first copper and zinc concentrate production in August.
The company will switch to copper equivalents as its primary reporting metric once copper production begins in the second half.
ACG reiterated full-year guidance of 20,000 to 22,000 tonnes of copper equivalent at all-in sustaining costs of $2.40 to $2.60 a pound.
The company also flagged progress on a proprietary heap-leach recovery process, patented in Türkiye and pending in 35 other countries.
The technique lifted commercial gold recovery to around 85% from 75% previously, while cutting cyanide consumption by roughly 45%.
Net debt stood at $140 million on 30 June, supported by a cash balance of $60 million, including $28 million of restricted cash.
ACG said the majority of project capital expenditure had now been incurred, including payment for substantially all major process equipment and long-lead items.
Chairman and chief executive Artem Volynets said the period reflected solid operational performance and disciplined execution by the operating team.
