ACG Metals (LSE:ACG) said an updated Competent Person's Report for its Gediktepe mine in Turkey puts the total asset post-tax net present value at approximately $1.2 billion, against $265 million in the 2024 report.
The 2026 report, prepared by SRK Consulting, lifts average annual production between 2027 and 2031 by roughly 60% to approximately 36,000 tonnes of copper equivalent, versus an original target of 20,000-25,000 tonnes.
Total ore reserves rose 43% to 26.5 million tonnes, containing 176,000 tonnes of copper, 381,000 tonnes of zinc, 535,000 ounces of gold and 20 million ounces of silver, all increases on the 2024 estimate.
An enriched ore treatment project, absent from the previous report, is expected to add 84,000 tonnes of copper equivalent over the mine's life and lift the total asset value by $365 million, with production now brought forward to start in the third quarter of 2027 under a revised, unified construction schedule.
Chairman and chief executive Artem Volynets said Gediktepe has moved from "a short-life gold operation with an unfunded plan to transition into copper production" to a fully funded, multi-stream operation.
News Intelligence what this means for the company
ACG Metals' updated technical report revalues Gediktepe at $1.2 billion—a 4.5× jump from $265 million two years ago—driven by a 43% increase in ore reserves, a 60% lift in average annual production to 36,000 tonnes of copper equivalent (2027–2031), and a new enriched ore treatment project worth $365 million in incremental value. The company has shifted from a gold operation with an unfunded copper transition into a fully funded multi-stream mine, materially de-risking the asset ahead of full production ramp-up.
The valuation uplift and reserve growth substantially strengthen the mine's economic case and reduce execution risk on the sulphide expansion, though near-term 2026 guidance was trimmed to 12,000–14,000 tonnes copper equivalent due to a three-month production rephasing, and all-in sustaining costs rose 52% to $1,609 per ounce in H1 2026, signalling cost pressures during ramp-up that will need to be managed as the operation scales.
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