LONDON, April 21, 2026 /PRNewswire/ -- ACG Metals Limited (LSE: ACG) ("ACG" or the "Company") is pleased to announce its operations and capital structure update for the first quarter of 2026 ("Q1 2026").
Q1 2026 Summary
Lost time injury frequency increased during Q1 2026 as Construction and Mining crews adjusted to the increasing intensity of activity in their respective areas; an emphasis on personal responsibility and safety training drove a downward trend in LTIF, with no LTIs recorded in March, while Project‑to‑Date LTIF remained relatively unchanged at approximately 3.2 LTI per million man‑hours.
Total production of 12,168 oz AuEq in Q1 2026, a 22% decrease compared to Q1 2025, as expected and consistent with the mine plan during the transition from oxide to sulphide ore.
Year‑on‑year Q1 2026 C1 cash costs decreased by 12% to US$387/oz AuEq compared to Q1 2025, reflecting the processing of stockpiled oxide ore following the completion of oxide mining activities in 2025.
AISC increased by 49% to US$1,438/oz AuEq, due to higher royalties resulting from significantly higher realised gold and silver prices.
Realised gold and silver prices increased materially in Q1 2026 compared to Q1 2025, rising by 77% and 166% respectively, to US$5,023/oz gold and US$84.4/oz silver, supporting strong revenues.
Mining activities during Q1 2026 focused on sulphide ore stripping, with oxide ore mining completed and all oxide material stockpiled by the end of 2025.
The Gediktepe Sulphide Expansion Project continues to progress on schedule and within budget, with production in the middle of 2026; as of 31 March 2026, US$101 million, excluding cash advances, has been spent of the total US$146 million.
Technical, engineering and procurement activities for the enriched ore project are progressing, with metallurgical test work largely complete, early design commenced and key equipment awarded.
Net financial debt as at 31 March 2025 remained low at US$78 million, supported by a strong cash balance of US$122 million, including US$28 million of restricted cash.
Artem Volynets, Chairman and CEO of ACG, said:
"Q1 2026 represents a strong start to the year for ACG, reflecting disciplined execution across operations, projects and prudent balance sheet management. Lower C1 cash costs and strong revenues underscore the quality of the operation, while sulphide stripping and the Gediktepe Sulphide Expansion Project continue to progress in line with plan towards production in the middle of 2026. With a robust financial position and key growth projects advancing on schedule, we are well positioned to deliver a transformational year as ACG transitions into a long‑life copper producer."
Q1 YTD 2026 Operating Summary
All oxide mining was complete at the end of 2025
Q1 2026
vs Q1 2025
Au
oz
9,995
-22 %
Production
Ag
oz
129,408
-46 %
AuEq
oz
