Slide 1: Full Year 2025 Results
Full Year 2025 Results Investor Meet April 2026 OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this presentation, which has been prepared and issued by, and is the Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially fr
Slide 3: Introduction
Introduction OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 3
Slide 4: ACG Metals at a glance
ACG Metals at a glance ACG Snapshot 1,2,3 Key Shareholders Ordinary Shares 23,122,425 Outstanding Note: 11,583,331 Warrants (Fully diluted shares c.30m) 3,4 31% Lidya Madencilik Share Price £ 15.55 / US$20.53 per share 30% Argentem Creek Market Cap. US$ 475m 7% De Heerd Investments Cash US$ 145m Bon
Slide 5: Strong Safety Culture
Strong Safety Culture Without safety, nothing else matters UG UG UG UG The Company finished the year with an LTIF of 0.66 This included one lost-time incident sustained by a contract employee for a total of 1.6 M man-hours worked. Efforts remain focused on improving contractor workplace safety as th
Slide 6: Demonstrating Value-Add Since Acquisition
Demonstrating Value-Add Since Acquisition Milestones in 2025 FY 2025 Ops Raised $200M Results Senior Secured • Delivered 39.2 Koz Bond Reduced Royalty AuEq produced (3% • Providing full Rates above the top end funding for the Completed Share Berenberg and • EMX Royalty of guidance) Sulphide Expansio
Slide 7: Gediktepe Mine
Gediktepe Mine Overview Ownership ACG Metals (100%) Gediktepe Mine Location Mediterranean side of Türkiye Copper Smelters Infrastructure Full infrastructure in place, with access to 3 nearby ports Commodity Copper, Gold, Zinc, Silver Life of Mine Initial 11 Years Türkiye Avg. Production 20 – 25ktpa
Slide 8: Operations
Operations OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 8
Slide 9: Organic Upside
Organic Upside Gediktepe: 3 Types of Ore Cash-Flowing Producer Copper Transition Enriched Ore Upside OXIDE SULPHIDE ENRICHED & STOCKPILE Ore Ore Ore 1,300 kt 24,800 kt 3,277 kt Contained Metal Contained Metal Contained Metal 113koz Au, 2,700koz Ag 594koz Au, 2,220koz Ag 96koz Au, 3,703koz Ag - 204kt
Slide 10: Sulphide Expansion Project On Time On Budget
Sulphide Expansion Project On Time On Budget Project progress as of 31st March 2026 On target to production in the middle of 2026 COMPLETED IN PROGRESS/ UPCOMING Civil & Foundations Civil & Foundations Bulk earthworks started on time Bulk earthworks (Ongoing) Structural concrete pour started on time
Slide 11: Sulphide Expansion Project On Time On Budget
Sulphide Expansion Project On Time On Budget Sulphide Expansion Key Milestones Q4 2025 Q3 2025 Q2 2025 Jaw crusher on Q1 2025 Bulk earthworks First structural foundations and Apron Bulk earthworks start completed, structural concrete pour feeder & grizzly steel erection started installed Q1 2026 Q2
Slide 12: Enriched Ore Project Underway
Enriched Ore Project Underway Enriched Ore Treatment Project Progress November 2025 Q1 2026 Q2-Q3 2026 Q4 2026 Scoping study and Flow design completed; Permitting and Commissioning for basic engineering permitting and engineering progress; Phase 1 gold and silver complete. engineering plant layout d
Slide 13: Financials
Financials OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 13
Slide 14: FY 2025 Financials
FY 2025 Financials Highlights Revenue 1 Adj. EBITDA Adj. EBITDA Margin $136m $76m 56% Operating Year End Cash Financial Cash Flow Balance Net Debt 2 $65m $145m $55m 1) Adjusted EBITDA adds back shared-based payments, depreciation, and amortization. (2) Refers to Financial Net Debt (“Financial Net De
Slide 15: Oxide: FY 2025 Operations Update
Oxide: FY 2025 Operations Update Production (AuEq Koz) Commentary Exceeded top end of guidance by 3% Delivered a strong finish to 2025 with 39.2 Koz AuEq produced (3% above the top end of guidance) and 39.5 Koz AuEq sold in Gediktepe’s first full year under ACG ownership 36-38 koz 39.2 koz 2025 Gu
Slide 16: Financial Net Debt Summary
Financial Net Debt Summary Financial Net Debt Summary as of 31st Dec 2025 1,2 $200m Low financial net debt maintained during construction $55m -$145m Bond Cash Net Debt 1) Refers to Financial Net Debt (“Financial Net Debt”) as at 31 December 2025, showing long term borrowings at their contractual va
Slide 17: Profit & Loss
Profit & Loss Operational Strength Delivered with Strong Margins Profit & Loss 2025 2024 58% Gross Profit Margin US$m Full Year Consolidated Driven by higher commodity prices (+39% vs 2024) and Revenue 136 58 cost discipline Cost of Sales (57) (34) Warrant Valuation Increase Non-cash G&A (15) (19) Q
Slide 18: Balance Sheet
Balance Sheet Well-Funded Balance Sheet Ready for Growth Financial Sulphide Construction Increases 2025 2024 Position Full Year Consolidated US$m Increase in PPE, trade receivables, and trade payables relating to Sulphide Asset Construction Current Assets 167 25 Non-Current 244 174 Liability Classif
Slide 19: Cash Flow
Cash Flow Strong Operating Cash Flow Supporting Disciplined Investment Cash Flow 2025 2024 Operating Activities US$m Full Year Consolidated Operating CF considers working capital movements, including sulphide payables of US$5m Operating CF 65 21 Investment CF (74) (82) Investment Activities Financin
Slide 20: Excerpt: Interest Expense
Excerpt: Interest Expense Effective cash management by ACG Team Türkiye offers attractive interest Net Interest 2025 rates US$m Full Year Due to inflation which stabilised and is offset by Lira depreciation Fixed Income 23.7 Capex spent in Lira Finance Expense 32.1 No FX risk due to local spending T
Slide 21: Strong Cost Control and Secured Inputs
Strong Cost Control and Secured Inputs Operational resilience despite geopolitical uncertainty “In relation to the current conflict involving Iran, the Group has not been materially affected. Importantly, the existing two-year mining contract provides cost visibility, with only limited inflationary
Slide 22: Concluding Remarks
Concluding Remarks Strong Financial Results Strong operating cash • Disciplined execution and cost control performance • Robust cash generation supporting the 2026 ramp-up • Significantly below analyst expectations Low financial net debt of • Efficient cash management reduced effective bond $55m int
Slide 23: Outlook
Outlook OTCQX: Bond ISIN LON: ACG LON: ACGW Xetra: ACG ACGAF NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 23
Slide 24: 2026 Guidance
2026 Guidance Transition Year 2026 Production Guidance 2026 AISC Guidance Oxide + Sulphide 20 – 22 2.40 – 2.60 kt CuEq US$/lb CuEq 4.6 – 5.0 Oxide mining completed by Oxide kt CuEq Production year-end 2025; processing Product: Au & Ag Dore continues through 2026. 15.4 – 17.0 kt CuEq Production Sulph
Slide 25: Key Value Catalysts
Key Value Catalysts Current Share Price Analyst Consensus Target Price NAV/Share £15.55 £21 Consensus £39 Spot £46 Operational Further Capital Capital Market Potential M&A Delivery Optimisation Upside Upside First bond recall DTC eligible by H1 Sulphide Project Next acquisition option in Jan 2027 20
Slide 26: Investor Contact
Investor Contact contact@acgmetals.com Investor Relations Manager Mandy Li mandy.li@acgmetals.com Media Contact acgmetals-client- success@thirtythreecomms.com Broker Contacts Stifel +44 (0) 20 7710 7600 Berenberg +44 (0) 20 3207 7800 Canaccord + 44 (0) 20 7523 80 OTCQX: Bond ISIN LON: ACG LON: ACGW