ACG Metals Limited (LON: ACG), which runs the Gediktepe polymetallic mine in Türkiye, saw its shares fall as much as 6.3% on Thursday after the company reported 27% revenue growth alongside a downgraded production outlook for the year.
The stock traded down to an intraday low of 1840p, from a previous close of 1975p on Wednesday, and was last changing hands at 1862.5p, a fall of 5.7%. The shares had roughly doubled since early January on anticipation of the copper transition, leaving them exposed to today’s reversal.
ACG’s H1 2026 interim results, published earlier today, showed revenue up 27% to $90m and adjusted EBITDA up 19% to $48m, with oxide gold and silver production already beating its full-year target within six months. But the company also revealed that group production guidance for the year has been cut to roughly 12-14kt of copper-equivalent metal, down from an original steady-state target of 20-25kt, as the ramp-up of its sulphide copper-zinc project is deliberately paced and rephased into FY2027.
The guidance cut overshadowed a separate announcement that Gediktepe’s long-term net present value, a measure of the mine’s future cash flows discounted to today’s terms, has been raised to roughly $1.2bn from $265m in the 2024 assessment, alongside a 43% increase in ore reserves. The market’s reaction shows near-term output timing carried more weight than the long-term resource upgrade, particularly after a share price that had already priced in a smooth transition to copper production.
Chairman and chief executive Artem Volynets said the company had exceeded its oxide gold and silver target within six months while advancing the sulphide project.
ACG delivered a strong first half of 2026 through safe and disciplined execution at Gediktepe. We exceeded our full-year oxide gold and silver production target within six months, while higher realised metal prices and cost optimisation supported robust revenue, EBITDA and operating cash flow.
Artem Volynets, Chairman and Chief Executive Officer, ACG Metals
ACG’s focus now turns to ramping up commercial copper production, which the company says will be phased into FY2027, after producing first copper concentrate on 31 August.