ACG Metals Ltd (LSE:ACG, OTC:ACGAF) said strong margins and cash generation from its Gediktepe mine helped drive FY2025 adjusted EBITDA to US$76.3 million, as the copper-focused miner heads into a planned mid-2026 transition to copper and zinc concentrate production in Turkey.
It comes as the firm’s expansion effort remains on schedule and within budget, with first copper and zinc concentrate production targeted for the middle of 2026.
Revenue rose to US$135.6 million for the year, while operating cash flow reached US$65.4 million, and the company ended December with US$145.1 million of cash, including US$46.5 million held as restricted cash.
At the mine, gold-equivalent production came in at 39.2koz, 3% above the top end of revised guidance, and C1 cash costs fell 18% to US$499 per ounce.
ACG reported a net loss of US$43.4 million, which it said was driven by US$81.7 million of non-cash fair value adjustments, mainly linked to warrant revaluations and copper-price-related contingent consideration.
All-in sustaining costs rose to US$1,244/oz, slightly above the guided US$1,100-US$1,200/oz range, which the group said reflected higher royalty payments as gold and silver prices climbed.
On the balance sheet, in the period, ACG completed a US$200 million senior secured bond in January 2025 to refinance acquisition debt and fund the Gediktepe sulphide expansion, while a US$16 million equity raise in November backed the enriched ore treatment project.
The group also reset its Gediktepe royalty agreement from January 2026, sharply reducing oxide royalties and removing US$6 million of sulphide milestone payments ahead of the copper transition.
