What ACG Metals does

ACG Metals Limited is a London-listed mining company (LSE:ACG, OTC:ACGAF) pursuing a roll-up consolidation strategy in the copper sector, with a stated 3–5 year production target of 200–300 ktpa copper equivalent. The company's sole operating asset is the Gediktepe Mine in Balıkesir Province, western Türkiye, acquired in September 2024 for approximately $300 million from Lidya Madencilik, a subsidiary of Turkish conglomerate Çalık Holding, and operated via wholly-owned subsidiary Polimetal Madencilik Sanayi ve Ticaret A.Ş. The mine is a rare high-grade, open-pit polymetallic deposit with copper grades of 2.32%, positioning it in the lower quartile of the global cost curve. Currently, ACG produces gold doré and silver from oxide ore via heap leaching (FY2025: 39,188 oz AuEq), and is transitioning to primary copper and zinc concentrate production through a $146 million sulphide expansion project under a fixed-price EPC contract with GAP İnşaat, targeting commissioning in mid-2026 and 20–25 kt CuEq annual output.

The underlying technology stack combines conventional open-pit mining, heap leaching for gold/silver oxide ores, and (from 2026) sulphide flotation for copper and zinc concentrate production. Operational cost advantages derive from three structural factors: the high-grade polymetallic ore body, connection to the Turkish hydroelectric grid (insulating against global energy price volatility), and fixed-price construction and mining contracts. ACG makes money primarily through commodity sales priced at LME (copper/zinc) and LBMA (gold/silver) benchmarks, with gold price risk partially hedged via zero-cost structured collar options (floor $2,875/oz, upside above $3,065/oz) covering approximately 14koz through January 2026. A 2% NSR royalty over mining license areas in Niğde Province provides an additional, asset-light revenue stream.

ACG's commercial orientation is investor-facing rather than end-customer-facing: the company distributes its shares through the London Stock Exchange and OTCQX Best Market, targets institutional and retail investors via broker networks (Stifel, Berenberg, Canaccord, Cantor Fitzgerald), and maintains capital markets relationships through Nordic ABM bond listings and dual-currency trading. Customer segments are professional and retail investors seeking exposure to critical metals and the energy-transition commodity theme. The company has 51–100 employees, is led by Chairman & CEO Artem Volynets, and ended FY2025 with $145.1 million cash, $76.3 million adjusted EBITDA, and $55 million net debt.

Name

ACG Metals

Legal name

ACG Metals Limited

Website

https://acgmetals.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

51–100 employees

Short description

ACG Metals is a London-listed mining company consolidating the copper sector. It operates the Gediktepe Mine in western Türkiye, producing gold and silver from oxide ore while transitioning to primary copper and zinc concentrate production via a sulphide expansion project targeting mid-2026 commissioning.

Ownership category

akta.pro rank

Product category

Copper and Precious Metals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Nonferrous Metal (except Aluminum) Production and Processing (3314), Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Gold Ore and Silver Ore Mining (21222)

SIC

Metal Mining (1000), Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Mine Engineering, EPC & Expansion Projects (IMAKADAM), Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

Keywords

• Copper mining
• Precious metals production
• Mining consolidation
• Polymetallic ore extraction
• Open-pit mining operations

Headquarters

HQ city

Tórtola

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Gold and Silver Production (Current): Currently producing gold doré and silver from oxide ore heap leaching operations at Gediktepe Mine. Production in FY2025 was 39,188 oz AuEq, 3% above revised guidance.
2. Copper and Zinc Concentrate Sales (Future - 2026): Transitioning to primary copper and zinc concentrate production from 2026. Targeting annual copper equivalent production of 20-25 kt as the Gediktepe Sulphide Expansion Project completes in mid-2026.
3. Net Smelter Return (NSR) Royalties: ACG's subsidiary Polimetal holds a 2% NSR royalty over mining license areas in Niğde Province, Türkiye, providing revenue from other operators' mineral sales.
4. Bond Coupon Payments: The company issued $200 million senior secured bonds at 14.75% coupon, with coupon payments serving as a financial obligation rather than revenue stream.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

ACG Metals operates the Gediktepe Mine in western Türkiye through its subsidiary Polimetal Madencilik, currently producing gold doré and silver from oxide ore heap leaching. The company is constructing a $146 million sulphide flotation plant to transition to primary copper and zinc concentrate production by mid-2026, targeting 20–25 kt CuEq annually. Beyond the existing mine, ACG pursues a copper consolidation strategy through disciplined M&A targeting 200–300 ktpa CuEq production within 3–5 years.

Product overview

ACG Metals is a London-listed mining company focused on consolidating the copper sector through strategic acquisitions. The company operates a single primary asset, the Gediktepe Mine in Türkiye, which it acquired in September 2024. Currently, the mine produces gold doré and silver from oxide ore processing. The core strategic initiative is the Gediktepe Sulphide Expansion Project, a $146 million development to transition the operation to primary copper and zinc concentrate production by mid-2026. An additional Enriched Ore Treatment Project aims to process existing stockpiles and enriched ore to extract gold, silver, copper, and zinc from late 2026. The company is targeting annual copper equivalent production of 20-25 kt as it transitions to becoming a long-life copper producer.

Differentiator

Problem solved

Functional benefit

Products and services

• Gediktepe Mine (Gold and Silver Oxide Production) Operating open-pit copper-gold-silver mine in Balıkesir Province, western Türkiye, currently producing gold doré and silver from oxide ore via heap leaching. FY2025 production was 39,188 oz AuEq at C1 cash costs of $499/oz AuEq and AISC of approximately $1,438/oz AuEq. The polymetallic ore body grades 2.32% Cu, placing the mine in the lower quartile of the global cost curve. Output is sold to commodity buyers at LBMA reference prices.
• Net Smelter Return (NSR) Royalty Interest 2% NSR royalty held by subsidiary Polimetal over mining license areas in Niğde Province, Türkiye, generating revenue from third-party operators' mineral sales for the full operational life of the underlying project. Originated under a 2012 joint operation agreement and amended in 2025 (oxide royalty reduced from 10% to 2.25%, sulphide royalty increased from 2% to 2.25%, with US$6 million in milestone payments released).

Quantifiable outcome

• 4.5x return for equity investors over 18 months
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• EMX Royalty CorporationcoreStrategic or Co-development Partner · 30 September 2025Amended and restated NSR royalty agreement with EMX Royalty Corporation effective January 1, 2026. Oxide royalty decreased from 10% to 2.25%, sulphide royalty increased from 2% to 2.25%. Milestone payments of US$6 million linked to sulphide commercial production were released. This significantly reduces AISC and strengthens cash flows during transition.
• OTCQX Best Market / OTC Markets GroupcoreChannel Partner/ Reseller/ Distributor · 9 September 2025ACG's class A ordinary shares began trading on OTCQX Best Market under ticker code ACGAF, enabling U.S. investors to trade through American brokerage platforms. DTC eligibility approved in May 2026 enables electronic clearing and settlement through Depository Trust Company's U.S. book-entry system.
• Canaccord Genuity Limited and Joh. Berenberg, Gossler & Co. KGcoreChannel Partner/ Reseller/ Distributor · 10 April 2025Appointed as joint corporate brokers alongside incumbent broker Stifel Nicolaus Europe Limited in April 2025. Berenberg and Canaccord joined to improve liquidity in shares and increase investor awareness. Both initiated equity research coverage with buy ratings.
• Stifel Nicolaus Europe LimitedcoreChannel Partner/ Reseller/ Distributor · 9 April 2025Initiated equity research coverage with Buy rating, led by Andrew Breichmanas, Managing Director and Senior Analyst in Metals & Mining. Stifel is ACG's incumbent broker providing ongoing research coverage and market access.
• Alpha GroupcoreTechnology or Integration · 28 March 2025Partnership with Alpha Group, a leading FX and treasury risk management provider, for zero-cost structured collar options on approximately 14koz of gold production (50% of estimated production through January 2026). The hedging structure provides downside protection at $2,875/oz floor while preserving upside above $3,065/oz.
• GAP İnşaatcoreImplementation/ SI/ Consulting Partner · 4 November 2024Fixed-price EPC contract of $146 million signed with GAP İnşaat for the sulphide expansion at Gediktepe. GAP mobilised on-site in Q1 2025 to commence construction of the sulphide flotation plant. The contract is fixed-price, derisking construction costs for ACG.
• Lidya Madencilik Sanayi ve Ticaret A.Ş. (Çalık Holding)coreStrategic or Co-development Partner · 3 September 2024ACG acquired 100% of the Gediktepe Mine from Lidya Madencilik, a subsidiary of Çalık Holding, in September 2024. Following the acquisition, ACG entered into ongoing strategic partnerships with both Lidya and its parent company Çalık Holding. Çalık Holding is one of Turkey's leading conglomerates, operating in 5 different sectors in more than 20 countries with over 13,500 employees worldwide.
• Kenz MadencilikminorStrategic or Co-development Partner · 9 October 2012ACG's subsidiary Polimetal secured a 2% NSR royalty over a mining license area in Niğde Province, Çamardı District, Türkiye. Originating from a 2012 joint operation agreement where the license was transferred to Kenz for cash consideration of USD 150,000 and exploration expenditures, while Polimetal retained the NSR right. The NSR provides revenue for the full operational life of the project.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Capstone Copper: Mid-cap pure-play copper producer listed in Canada with operations across the Americas. Directly comparable to ACG as a copper-focused consolidator with an active growth and M&A strategy targeting scale and tier-one assets.
• Ero Copper: Copper-focused mid-cap miner operating primarily in Brazil with high-grade open-pit and underground production. Closely comparable to ACG in scale (~$500M–$1B market cap range), growth orientation, and dependence on a small number of producing assets.
• Hudbay Minerals: Diversified mid-cap copper miner with operations in the Americas (Peru, Canada, U.S.). Comparable to ACG as a mid-tier copper producer pursuing growth through both organic expansion and M&A.
• Sandfire Resources: Mid-cap copper producer with Australian and African operations actively pursuing international copper consolidation. Comparable to ACG as a growth-oriented copper consolidator at a similar market-cap scale.
• Anglo Asian Mining: London-listed mid-tier gold and copper producer operating in Azerbaijan. Directly comparable as a small-cap London-listed miner that ACG specifically identified as a potential M&A target, with overlapping gold-copper asset profile.

Broad incumbents

• First Quantum Minerals: Large-scale global copper producer with major operations in Zambia, Panama, and other jurisdictions. Comparable as a copper-focused consolidator with a track record of large M&A transactions, though operating at significantly greater scale than ACG.
• Lundin Mining: Diversified mid-to-large cap base metals miner producing copper, zinc, gold, and nickel across the Americas and Europe. Comparable to ACG in commodity mix (copper and zinc exposure) and active M&A-driven growth strategy.
• Antofagasta: London-listed major copper producer primarily operating in Chile. Comparable to ACG as a copper-focused London-listed entity with exposure to long-life open-pit copper assets, though at significantly greater scale.

Emerging players

• EMX Royalty Corporation: Royalty and mineral property generator with assets primarily in Türkiye, the U.S., and Scandinavia. Comparable to ACG via existing NSR royalty agreements over ACG-controlled license areas and overlapping Turkish mining footprint.

Others

• Çalık Holding: Turkish conglomerate that divested the Gediktepe Mine to ACG via subsidiary Lidya Madencilik. Comparable as a strategic counterpart and ongoing partner with deep Türkiye operating relationships relevant to ACG's growth strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ACGMetals

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ACG Metals