ACG Metals (LSE:ACG) published the full updated Competent Person's Report for its Gediktepe mine in Turkey on Tuesday, detailing the technical basis for a sharply higher valuation already disclosed to the market.
The report, prepared by SRK Consulting (UK) in accordance with the 2012 JORC Code, carries an effective date of 31 July and supersedes the previous version dated 20 August 2024.
It follows ACG's announcement on 17 September of updated mineral resource and ore reserve estimates, which the London-listed company said marked a material increase in Gediktepe's production and value profile.
The 2026 report puts Gediktepe's total asset post-tax net present value at approximately $1.2 billion, against a project net present value of $265 million in the 2024 report.
Average annual production between 2027 and 2031 is expected to rise by roughly 60% to approximately 36,000 tonnes of copper equivalent, up from an original target of 20,000-25,000 tonnes, with total output over an initial 11-year mine life projected at 352,000 tonnes of copper equivalent.
Total ore reserves increased by approximately 43% to 26.5 million tonnes, up from 18.5 million tonnes in the 2024 report.
The report also details an enriched ore treatment project expected to add approximately 83,000 tonnes of copper equivalent to the life-of-mine production profile, with output due to start in the third quarter of 2027, while heap-leach gold production is expected to continue beyond the end of 2026 using the company's patented recovery technology alongside re-leaching and heap turning.
Read more about ACG Metals
- 17/09/26ACG Metals lifts Gediktepe valuation to $1.2bn
- 07/09/26ACG Metals to buy Keşkek gold licence for $7.85m
- 14/07/26ACG Metals beats oxide gold target as sulphide project nears completion
"The report reflects the transformation of Gediktepe into a larger, copper-led operation with three complementary processing streams and materially increased operational flexibility," said Artem Volynets, ACG's chairman and chief executive.
The mineral resource estimate was prepared by Dimitar Dimitrov of Ridge Consultants, with the ore reserve estimate prepared by Peter Carter of ACG Metals, both as independent competent persons under the JORC Code.