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(Sharecast News) - ACG Metals reported strong operational delivery and cash generation for 2025 on Tuesday, as it advanced its transition to copper production at the Gediktepe mine in Turkey.
The London-listed group said it generated revenue of $135.6m for the year, up from $57.7m in 2024, while adjusted EBITDA rose to $76.3m from $13m, reflecting improved margins and cost control.
However, ACG reported a net loss of $43m, driven by non-cash fair value adjustments of $81.7m linked to warrant price movements and higher copper prices.
Gold equivalent production reached 39,188 ounces, exceeding the top end of revised guidance by 3% and around 17% above original expectations.
C1 cash costs fell 18% year-on-year to $499 per ounce, supporting stronger profitability, while all-in sustaining costs rose to $1,244 per ounce from $1,139.
"2025 was a year of strong execution for ACG, with consistent operational delivery, ongoing optimisation across the business and robust financial performance," said chairman and chief executive Artem Volynets.
He added that the company was entering a key growth phase.
"The planned transition to copper production in the middle of 2026 represents an exciting and transformational next phase for the company, and the progress achieved in 2025 provides strong confidence in our ability to deliver this transition and create long-term shareholder value."
At the Gediktepe mine, ore processed totalled 354,472 tonnes during the year, with average gold grade of 2.56 grams per tonne and silver grade of 94 grams per tonne.
Gold equivalent sales were 39,416 ounces, with realised prices of $3,321 per ounce for gold and $37.69 per ounce for silver.
The Gediktepe sulphide expansion project progressed on schedule and within budget, with first copper and zinc concentrate production targeted for mid-2026.
ACG also advanced its enriched ore treatment project to enhance near-term value from stockpiles.
The firm said it ended the year with a cash balance of $145.1m, up from $9.7m in 2024, and net debt of $55m following active balance sheet management.
During the year, ACG issued $200m of senior secured bonds to refinance acquisition debt and fund the sulphide expansion, while also completing an oversubscribed $16m equity raise.
Post-period-end, construction of the sulphide project had continued in line with schedule, and revised royalty terms came into effect in January, reducing oxide royalties and removing $6m of milestone payments to support the transition to copper.
ACG said it remained focussed on operational excellence and disciplined capital allocation as it progressed towards copper production and longer-term growth.
At 1517 BST, shares in ACG Metals were up 1.3% at 1,560p.
Reporting by Josh White for Sharecast.com.
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