ACG Metals Ltd (LSE:ACG, OTC:ACGAF) told investors it expects full commercial sulphide production at Gediktepe in the first quarter of 2027, after expanding tailings storage and water management works, and has also raised its gold-equivalent oxide output forecast.
Heavy rainfall and the discovery of more unconsolidated material than anticipated have increased excavation requirements to approximately 6 million cubic metres from 1.2 million.
The sulphide plant has completed cold and hot commissioning, but production ramp-up depends on completing the tailings works, targeted for year-end subject to weather conditions.
“Our key operating principle is safety, including the safety of our people and those living in surrounding communities. This is an essential foundation for delivering long-term shareholder value,” said chief executive Artem Volynets.
Thus, while additional enhancement works on our tailings facility and water management system at Gediktepe site have extended our timetable, we believe it is the right decision for the long-term success of ACG. We remain focused on executing the remaining works with discipline to achieve a smooth ramp-up of the sulphide plant and establish a strong foundation for sustained copper production.”
ACG raised its 2026 oxide production guidance by 43% to 25,000 gold-equivalent ounces, superseding its previous consolidated guidance. Nine-month oxide output reached 22,717oz, exceeding the original full-year target, although production fell 22% year-on-year during the planned transition towards sulphide ore.
Sales declined 33% to 20,182oz, with some production remaining at the refinery at period-end.
Realised gold and silver prices rose 57% and 124% to US$4,799 and US$76.49 an ounce, respectively. C1 cash costs increased 76% to US$760/oz as production volumes declined, while all-in sustaining costs rose 72% to US$1,942/oz AuEq, reflecting higher royalties linked to stronger precious metals prices.
Financial net debt stood at US$185 million at September 30, comprising a US$200 million Nordic bond less US$15 million of cash and doré held at the refinery. ACG plans a further sulphide ramp-up update towards year-end, followed by consolidated 2027 copper-equivalent production guidance in the first quarter.
