The bigger prize at ACG Metals Ltd (LSE:ACG, OTC:ACGAF) lies beyond the first copper concentrate that landed this week, according to Stifel, the broker.
Analysts Alex Bedwany and Mavis Liu, who rate the shares buy with a 2,450p target, said the Gediktepe mine in Türkiye holds significant further upside once its Enriched Ore Project is finished, expected late this year.
That project is already baked into their base case, and they see exploration as a way to extend the life of the mine on top.
The timing helps too. Gediktepe is switching to copper just as the market tightens, with the metal fetching around $6.48 a pound at spot.
Stifel called the arrival of first concentrate an important milestone, and said a smooth ramp-up would substantially de-risk the story.
Full production is targeted by the end of 2026. On valuation, the analysts put ACG on 1.01 times net asset value using a long-term copper price of $5.00 a pound, falling to 0.88 times at current spot prices.
The shares closed at 2,070p on 31 August, leaving 18% upside to the target. They have more than tripled over the past year.
