ACG Metals hits yearly target by mid-2026
ACG Metals has delivered robust operational results in the first half of 2026, surpassing its full-year oxide gold production target and advancing the Gediktepe Sulphide Expansion Project on time and within budget.
During H1 2026, safety performance improved with a Project-to-Date Lost Time Injury Frequency (LTIF) of 2.9 per million man-hours, despite elevated workforce levels and intensive construction linked to the Sulphide Expansion Project. Production reached 18,487 ounces gold equivalent (oz AuEq), exceeding the full-year oxide target of 17,500 oz AuEq, all sourced from stockpiled ore after completing oxide mining at the end of 2025.
Realised commodity prices increased significantly, with gold rising 64% to US$4,838 per ounce and silver up 142% to US$78.2 per ounce compared to H1 2025, contributing to strong revenue performance. However, all-in sustaining costs (AISC) rose 52% to US$1,609 per ounce, reflecting higher royalties driven by elevated prices and lower production volumes relative to the previous year. Total oxide and sulphide production is expected to add approximately 2,500 oz AuEq by year-end.
The Gediktepe Sulphide Expansion Project reached 87.2% overall completion as of 30 June 2026, with all major equipment delivered to site and first production of copper and zinc concentrates anticipated in August 2026. Key remaining workstreams are nearing completion, promising a significant boost in the project’s completion rate soon.
Financially, net debt stood at US$140 million, supported by a cash balance of US$60 million, including US$28 million in restricted cash. Most project capital expenditure has been incurred, covering major process equipment and critical long-lead items.
Looking ahead, ACG reaffirms its full-year 2026 production guidance of 20,000 to 22,000 tonnes copper equivalent (kt CuEq) and an AISC range of US$2.40 to US$2.60 per pound CuEq, encompassing both oxide and sulphide production expected in the second half of the year.
“H1 2026 was a strong period for ACG, reflecting solid operational performance,” said Artem Volynets, Chairman and CEO of ACG. “We exceeded our full-year oxide gold production target in the first six months, demonstrating the strength of our team and disciplined execution. Construction of the Gediktepe Sulphide Expansion Project also progressed on schedule and within budget, with first copper and zinc concentrate production expected in August 2026.”
ACG continues to focus on safe, efficient operations while advancing its growth projects to enhance future production and shareholder value.
