REG - ACG Metals Ltd. - ACG 2024 Financial Results

ACG MetalsAnnouncement

25/04/2025 07:00

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RNS Number : 1400G  ACG Metals Limited  25 April 2025

25 April 2025

 

ACG METALS LIMITED

2024 Financial Results

ACG Metals (LSE:ACG) Reports Transformational Year with Record Operational
Milestones and Strategic Growth at Gediktepe Mine

ACG Metals Limited ("ACG" or the "Company") is pleased to announce the release
of its Annual Financial Statements and Report for the period ended 31 December
2024, approved by the Board of Directors on 24 April 2025.

ACG's full set of financial results can be accessed in our Annual Report
published on: www.acgmetals.com

Accompanying the results release, ACG is pleased to announce that Artem
Volynets (Chairman and CEO) and Patrick Henze (CFO) will provide a live
presentation relating to the FY24 Results via Investor Meet Company on 09 May
2025, 14:00 BST. The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your Investor Meet
Company dashboard up until 08 May 2025, 09:00 BST, or at any time during the
live presentation.

Investors can sign up to Investor Meet Company for free and add to meet ACG
via: https://www.investormeetcompany.com/acg-metals-limited/register-investor
(https://www.investormeetcompany.com/acg-metals-limited/register-investor) .
Investors who already follow ACG METALS LIMITED on the Investor Meet Company
platform will automatically be invited.

Artem Volynets, Chairman and Chief Executive Officer of ACG, said:

"2024 marked a transformational year for ACG Metals. In a short span, we
transitioned from a SPAC to a fully operational and listed mining company with
a producing asset, a clear copper growth strategy, and enhanced access to
global capital markets.

The acquisition of the Gediktepe Mine in Türkiye was a defining
milestone-providing immediate gold and silver production, strong cash flows,
and the foundation for long-term copper growth. We secured a $146 million EPC
contract for the sulphide expansion project, which is now underway, and
successfully raised $200 million through a Nordic bond offering-the first of
its kind for a Turkish mining asset.

Operationally, Gediktepe delivered a 49% year-on-year increase in gold
equivalent production, underpinned by robust grades, strong safety
performance, and improving metal prices. These results, combined with a
disciplined financial strategy and current positive momentum in the gold
price, position ACG well for continued financial strength and sustained
growth.

As we build toward first copper production, the Board remains focused on
operational excellence, execution of the sulphide project on time and on
budget, and evaluation of M&A opportunities to deliver exceptional value
to our shareholders."

FY2024 Highlights

Strategic Milestones

·    First milestone achieved with 100% acquisition of the Gediktepe Mine,
a copper-gold mine in Türkiye ("Gediktepe") in September 2024

·    Transitioned from a Special Purpose Acquisition Company ("SPAC"),
re-admitted to the London Stock Exchange's ("LSE:ACG") main board as a fully
operational mining company

·    Signed $146 million EPC contract with GAP İnşaat for the sulphide
expansion at Gediktepe

·    Raised $200 million via Nordic senior secured bond (14.75% coupon),
fully funding sulphide expansion at Gediktepe

Full-Year 2024 Gediktepe Mine Operating Performance

 Operating KPI                   2024 Result        YoY Change
 Safety                          634 LTI-free days  n/a
 Ore Processed                   801,600 tonnes     18%
 Average Gold Grade              2.53 g/t           11%
 Average Silver Grade            71.8 g/t           24%
 Gold Equivalent Production      55,374 oz          49%
 Gold Sales                      49,165 oz          49%
 Silver Sales                    670,130 oz         85%
 Gold Equivalent Sales           57,072 oz          52%
 Realised Gold Price             $2,387/oz          22%
 Realised Silver Price           $28.56/oz          22%
 C1 Cash Costs                   $606/oz            -4%
 All-in Sustaining Costs (AISC)  $1,139/oz          -2%

ACG Financial Summary

 Financial KPI          Consolidated    Gediktepe 2024

                        2024 *          Full Year
 Revenue                $57.7 million   $136.6 million
 Operating profit        $4.8 million   $69.7 million
 Operating Cash Flow    $21.3 million   $89.0 million
 Year-End Cash Balance  $9.7 million    $3.8 million
 Net Assets             $58.3 million   $81.9 million

Note*: The financial results presented reflect only 4 months of operations at
the Gediktepe Mine from 3 September 2024, the date of acquisition. Full year
mine operational data, however, is provided for reference.

Q4 production, executed according to the mine plan, was a key factor in
financial performance and played a significant role in deleveraging within the
first four months of ownership.

Capital Structure Highlights

·      As part of the acquisition of the Gediktepe Mine in Turkey, ACG
raised $37.5 million of acquisition debt from Traxys Europe S.A. ("Traxys")
and Argentem Creek Partners ("ACP") as of 31st August 2024 ("Gold Prepay"). By
31 December 2024, $12.1 million of the principal amount of the gold prepay
debt facility was repaid.

·      Shareholder loans were decreased to $13.5 million following the
conversion of $4.5 million into equity and the repayment of $3.25 million in
cash.

·      A total of $88 million of new equity was issued, including $39.9m
issued to Lidya Madencilik Sanayi ve Ticaret Anonim Şirketi ("Lidya"), as
consideration for the acquisition of the Gediktepe mine.

Post Year-End Events

·    On 13 January 2025, ACG Metals successfully settled its $200 million
four-year senior secured bond issuance. Proceeds are allocated toward fully
funding the Gediktepe sulphide expansion and refinancing existing
acquisition-linked debt. The Gold Prepay was fully extinguished using the bond
proceeds in January 2025.

·    GAP İnşaat mobilised on-site in Q1 2025 to commence construction of
the sulphide flotation plant. Procurement and early-stage works are
progressing in line with schedule, to start copper and zinc concentrates
production in Q1 2026.

·    On 30 January 2025, Michael R. Pompeo was appointed as a
Non-Executive Director, strengthening the Company's global strategic
positioning.

·    In February 2025, at near all-time high Gold prices, the Company
entered into a structured gold hedge covering 50% of planned 2025 production.

·    ACG completed a tender for up to 70% of all Warrants outstanding,
removing a significant warrant overhang on the shares.

·    In April 2025 the Company appointed Berenberg and Canaccord as
additional brokers to improve the liquidity in shares and increase investor
awareness.

·    The Company continues to assess accretive copper sector acquisitions
aligned with its platform strategy, prioritising producing or near producing
assets.

- ENDS -

The person responsible for the release of this information on behalf of the
Company is Artem Volynets, Chairman & Chief Executive Officer.

 

 

For further information please contact:

 

Palatine

Communications Advisor

Conal Walsh / James Gilheany/ Kelsey Traynor/ Richard Seed

 acg@palatine-media.com (mailto:acg@palatine-media.com)

 

Stifel

Joint Broker

Ashton Clanfield / Varun Talwar

+44 (0) 20 7710 7600

 

Berenberg

Joint Broker

Jennifer Lee / Natasha Ninkov

+44 (0) 20 3207 7800

 

Canaccord

Joint Broker

James Asensio / Charlie Hammond

+ 44 (0) 20 7523 8000

 

 

About the Company

 

ACG Metals is a company with a vision to consolidate the copper industry
through a series of roll-up acquisitions, with best-in-class ESG and carbon
footprint characteristics.

 

In September 2024, ACG successfully completed the acquisition of the Gediktepe
Mine which is expected to transition to primary copper and zinc production
from 2026 and will target annual steady-state copper equivalent production of
20-25 kt. Gediktepe produced 55koz of AuEq in 2024.

 

ACG Metals continues to build its pipeline of prospective,
multi-jurisdictional M&A candidates with the objective of closing
additional acquisitions toward securing 200,000-300,000 tonnes of copper
equivalent production annually over the next three to five years.

 

ACG's team has extensive M&A experience built through decades spent at
blue-chip multinationals in the sector. The team brings a significant network
as well as a commitment to ESG principles and strong corporate governance.

 

For more information about ACG, please visit: www.acgmetals.com
(http://www.acgmetals.com)

 

 

 

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