Acg Metals Limited Class A · LSE:ACG
Acg Metals Limited Class A — Investor Presentation (May 2025)
34 slides from Acg Metals Limited Class A's investor presentation, May 2025
Slide 1: Investor Presentation
Ordinary Shares Ticker LON: ACG Warrant Ticker LON: ACGW Xetra Ticker XETR: ACG Bond ISIN NO0013414565 Investor Presentation May 2025 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared and issued by, and is the sole responsibility of, ACG Certain monetary amounts, percentages and other figures included in this presentation have been subject to rounding
Slide 3: Introduction
Introduction ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 3
Slide 4: ACG Milestones – Building a Copper Platform
ACG Milestones – Building a Copper Platform October ‘22 to October ‘23 ACG Share Price & Milestones – September ‘24 to Present $15.00 ACG Pre-History Gediktepe Mine Q1 25: 16koz Sales, October 2022 $983/oz AISC acquired for $12.00 $84m in cash and IPO – raised 35% of ACG’s equity $125m Canaccord, Be
Slide 5: ACG = Cash Cash Cash
ACG = Cash Cash Cash Operating Cash Cash on Balance Sheet1 Cash Generation Post Project Completion Revenue FCF Revenue FCF 2024A Average 2026 - 2034 $137m $89m $191m1 $188m $100m @ Au $2,667/oz @ Current Spot Prices 30 April 2025 Spot Au $3,310/oz Cu 4.58/lb 1) March 2025 balance, pre-full capex
Slide 6: Market Value Upside
Market Value Upside Massive Value Upside ACG Metals Peer P/NAV Trading Multiples 2,3 Average: 0.69x 0.81x 0.82x $492m 0.62x 0.64x 0.69x 0.57x 0.25x Taseko 29 Metals Atalaya Central Copper Copper Metals MAC Asia Ero 4x Upside to Current Market Cap ACG Metals Peer EV/EBITDA 2026E Trading Multiples 2,3
Slide 7: ACG Metals at a glance
ACG Metals at a glance ACG Current Market Cap Net Debt Forecasted Avg EBITDA 2026 – 2034 1 Ordinary Shares in Issue2 US$124m US$16m US$110m 21,659,161 NPV 8% Enterprise Value Capital Structure Warrants US$492m US$140m Cash US$191m 11,528,335 Bonds US$200m 2024A EBITDA Net Debt / EBITDA ((Fully dilut
Slide 8: Board of Directors
Director Board of Directors Artem Volynets Michael R. Pompeo Mustafa Aksoy Maarten Terlouw Founder, Chair and CEO Non-Executive Director Director Director 25+ years experience in mergers and acquisitions, 70th Secretary of State in the United States (2018-2021) 20+ years of mining industry experienc
Slide 9: Management
Management Artem Volynets Founder, Chair & Chief Executive Officer Patrick Henze Graeme Rapley Chief Financial Officer Damien Coles Chief Legal Officer Project Director Gediktepe ADVISORS Kate Harcourt Senior Advisor - ESG 14+ years experience in mergers and acquisitions, capital markets, investor r
Slide 10: Gediktepe Mine
Gediktepe Mine ACG Metals owns 100% of the Gediktepe Copper-Gold Mine, a significant producer of copper, zinc, gold and silver. Gediktepe Mine Copper Smelters $90m invested to-date. Commenced production in 2021. Full infrastructure in place. Close proximity to 3 port facilities on the Mediterranean
Slide 11: Operations
Operations ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 11
Slide 12: Gediktepe Mine - Key Metrics
Gediktepe Mine - Key Metrics Ore Resources CuEq Grade Actual Forecast Actual Forecast 1 AISC 26.1 Mt 2024 2026–2035 2024 2026–2034 AuEq AISC 2024 CuEq AISC 2026 - 2035 Ore Reserves 2.33% Revenue US$136m Revenue ~US$181m 57koz 20-25kt 18.5 Mt AuEq2 p.a. CuEq EBITDA US$85m EBITDA ~US$110m US$1,139/oz
Slide 13: Gediktepe – High Grade Copper Mine
Gediktepe – High Grade Copper Mine Primary Copper Mine M&I Resource CuEq Grade (%)1 3.00% 2.93% 2.73% UG UG UG UG 2.50% 2.33% 2.00% 1.50% 1.00% 0.86% 0.73% 0.70% 0.68% 0.67% 0.55% 0.54% 0.50% 0.34% 0.32% 0.31% 0.31% 0.30% 0.28% 0.00% Riotinto Pinto Valley Constancia Gibraltar Chapada Mountain Red Ch
Slide 14: Q1 2025 Operations Update
Q1 2025 Operations Update Production (AuEq koz) Commentary Safety record continue to reach 731 LTI free days as at 31 March 2025 16koz 12koz In accordance with previous years and the 2025 mine plan, Q1 production and sales were generated from the large inventory balance in the plant and heap lea
Slide 15: First Quartile Positioning on Au and Cu Global Cost Curves
First Quartile Positioning on Au and Cu Global Cost Curves Cost Cost Positioning Positioning – 2024 – 2024 All-inAll-in GoldGold Sustaining Sustaining Cost Curve Cost Curve (Co-Product (Co-Product Basis) Basis) Gediktepe Mine Gediktepe Mine Q12025 AISC 2024 AISC $983/oz $1,139/oz -13% 2027 Copper Al
Slide 16: EBITDA Margin and P/E Mismatch
EBITDA Margin and P/E Mismatch EBITDA Margin and P/E Per Sector 70% 16.0 62% 60% 14.0 13.6 50% 11.7 11.8 12.0 11.2 11.0 10.9 10.0 10.00 10.0 EBITDA Margin 39% 34% 9.6 9.7 P/E Multiple 40% 8.5 27% 8.1 8.0 7.2 7.4 30% 25% 24% 6.5 23% 6.0 21% 21% 20% 20% 16% 15.02% 15% 14% 14% 14% 4.0 10% 2.0 2.0 0% 0.
Slide 17: Oxide Upside Potential
Oxide Upside Potential Processing Enriched Ore Local Oxide Potential The current mine plan assumed the Transitional and Enriched ore, which lies between the Oxide and Sulphide ore will be stockpiled for further evaluation. This high grade material has an average grade of 1.25% copper, 1.46% zinc. 0.
Slide 18: Sulphide Expansion - Fully Permitted & Financed
Sulphide Expansion - Fully Permitted & Financed Fixed price EPC contract from Çalik Holding for US$146 million Çalık Holding – A Major Turkish Conglomerate Strong Operating Partner to cover Capex overruns above the Established over 40 years ago, Çalık Contingency. Holding is a leading Turkish Conglo
Slide 19: Sulphide Expansion On Time and Budget
Sulphide Expansion On Time and Budget The Gediktepe Copper Sulphide Expansion Project continues to progress in line with plan and budget. As at 31 March 2025, approximately 90% of required earthworks had been completed. Main access road to the Sulphide Process Plant completed up to the base co
Slide 20: Sulphide Expansion Project Overview
Sulphide Expansion Project Overview Global Copper Capital Intensity (Capex US$k/tpa CuEq Production)1 Project Components $25k/tpa • Expanded open pit and new sulphide plant to process copper, zinc, gold, and $20k/tpa silver into concentrates with by-product credits. • Site infrastructure includes wa
Slide 21: Sulphide Expansion Progress Tracker
Sulphide Expansion Progress Tracker1 Jan-25 Apr-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Finance in Place 100% Engineering Design & Draft 40% Procurement 33% Long Lead Items Ordered 100% Medium Lead Items Ordered 50% Short Lead Items Ordered 20% Earthworks Plantsite 48% TSF Underdrainage/Sump Works 12%
Slide 22: Sulphide Expansion – Upside Potential
Sulphide Expansion – Upside Potential Sulphide Continuity Potential Significant known copper and zinc Sulphide Continuity Potential Open Pit Shell mineralisation falls outside of the 2022 Sulphide Expansion Feasibility Study pit shell (35-40%). Sulphide Zone – Copper & Zinc Mined 2025 - 2034 Oxide Z
Slide 23: Financials
Financials ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 23
Slide 24: FY 2024 Results
FY 2024 Results Gediktepe Operating Results Strategic Milestones Operating KPI 2024 Result YoY Change First milestone achieved with 100% acquisition of the Gediktepe Safety 634 LTI-free days n/a Mine, a copper-gold mine in Türkiye (“Gediktepe”) in September 2024 Ore Processed 801,600 tonnes 18% Av
Slide 25: Capital Structure
Capital Structure Current Net Debt Summary Capital Structure Update $200m $7m $0m $200m Bond Issuance 4-year senior secured bond at 14.75% coupon; funds allocated to Gediktepe sulphide expansion, acquisition facility repayment and other corporate uses. Application for Nordic ABM listing submitte
Slide 26: Strategy
Strategy ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 26
Slide 27: Scarcity of Pure Play Copper Companies on the LSE
Scarcity of Pure Play Copper Companies on the LSE LSE Miners and Royalty Companies by Market Cap (US$M) and Copper Contribution to Revenue $2,000m Copper Contribution to Revenue 1 Copper in Resource 2 $1,600m Others $1,200m In the first phase of its growth, ACG aims to become a leading midsize $800m
Slide 28: Copper Market Outlook
Copper Market Outlook Copper Deficit Key Producer Market Share 22,000kt Freeport-McMoRan 11% BHP 8% 21,000kt Codelco 7% Anglo American 6% 20,000kt Demand expected Antofagasta 4% to outrun supply Glencore 4% 19,000kt KGHM Polska Miedz 3% Cu Demand 3% First Quantum Cu Supply 3% 18,000kt Southern Coppe
Slide 29: Diversified Miner vs Pure Play Copper Forward P/E
Diversified Miner vs Pure Play Copper Forward P/E 20.2x 16.1x 16.2x The P/E premium on pure play copper miners clearly demonstrates the 11.3x market favouring pure copper plays over 9.5x 9.3x diversified miners. 2.0x1 BP Rio Tinto Glencore Antofagasta Freeport Ivanhoe Source: FactSet, 30 Apr 2025 So
Slide 30: ACG Metals Near to Medium-Term Growth Plan
ACG Metals ACG Near to Medium-Term Growth Plan MULTI-ASSET CRITICAL METALS NEXT COPPER MINE PRODUCER RE-RATING & ACQUISITION Rapid near-term execution SULPHIDE EXPANSION transforms ACG into a multi- GEDIKTEPE MINE Ongoing ACQUISITION asset producer of critical Active pipeline of further acquisition
Slide 31: Appendix
Appendix ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 31
Slide 32: Resources and Reserves
3 2 Resources and Reserves Asset Mineral Resource & Ore Reserve Grade Contained Metal Resource Classification (Mt) Zn Au (g/t) Ag (g/t) Cu (%) Pb (%) Au (koz) Ag (Moz) Cu (kt) Zn (kt) (%) Measured Oxide - - - - - - - - - - Indicated Oxide 1.3 2.79 67 0.11 0.1 0.44 113 2.7 1.4 1.1 Measured + Indicate
Slide 33: Metals Consensus Price Deck
3 3 Metals Consensus Price Deck Consensus Prices1 2025E 2026E 2027E 2028E Long-term Gold Price (USD /oz) $2,930 $2,938 $2,804 $2,741 $2,682 Silver Price (USD /oz) $31.82 $31.93 $31.29 $31.23 $29.72 Copper Price (USD /t) $9,411 $9,742 $9,918 $10,116 $9,962 Zinc Price (USD /t) $2,777 $2,755 $2,733 $2,
Slide 34: Investor Contact
Investor Contact contact@acgcorp.co +44 (0) 208 187 0213 Broker Contacts Stifel +44 (0) 20 7710 7600 Berenberg +44 (0) 20 3207 7800 Canaccord + 44 (0) 20 7523 80 Media Contact acg@palatine-media.com ACG LON: ACG LON: ACGW XETR: ACG Bond ISIN NO0013414565 www.acgmetals.com | LON: ACGW | XETR: ACG | B