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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 1 Operations and Capital Structure Update LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Investor Meet July 2025 H1 2025
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 2 Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared and issued by, and is the sole responsibility of, ACG Metals Limited (the “Company”), to the oral presentation of the information members of the Company’s management and to any question and answer session that follows the oral presentation (collectively, the “Information”), each of which should be considered together and not taken out of context. The Information is strictly confidential, is in summary draft form, is solely for discussion and feedback purposes and must not be relied upon for any purpose. It does not purport to contain all information required to evaluate or make any determination about the Company and/or its financial position. The Information does not constitute a recommendation regarding any loans or securities of the Company. 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By attending such meeting and/or accessing or reading a copy of this document you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that (i) you have read, accept and agree to comply with the contents of this notice including, without limitation, the obligation to keep the Information confidential and (ii) (A) if in a Relevant State you are a Qualified Investor; (B) if in the United Kingdom you are a Relevant Person; and (C) irrespective of where you are resident or incorporated, you are an institution that is permitted within your home jurisdiction and in the jurisdiction in which you are accessing the Information, under applicable law and regulation, to access the Information. This presentation contains certain financial forecasts. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Projections are inherently uncertain due to a number of factors outside of the Company or Lidya’s control. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the combined company after the proposed business combination or that actual results will not differ materially from those presented herein. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information, or results approximating those contained herein, will be achieved. This presentation also includes certain projections of non-IFRS financial measures. 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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 3 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Introduction
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 4 Victor Ayala Artem Volynets Founder, Chair and CEO Today’s Presenters • 25+ years of experience in mergers and acquisitions, capital markets and senior corporate management roles • Led private and public transactions worth more than USD 30 billion and managed leading businesses in the metals and mining industry • Designed and implemented a roll-up strategy in aluminium, having led several high-profile transactions that created UC Rusal, which he listed in Hong Kong in 2010 at a pre-money valuation of over USD 20 billion Patrick Henze Chief Financial Officer • 14+ years experience in M&A, capital markets, investor relations and project finance and advisory; totalling $2bn+ deals. • Founded Targa Capital Ltd., a Swiss natural resources focused investment vehicle. • Managed LSE listings, investors, governance and reporting requirements in previous roles. • Advised on several transactions in Türkiye (Alacer Gold/SSR Mining, Eldorado, Centerra, Ilbak Holdings)
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 5 £3.00 £3.50 £4.00 £4.50 £5.00 £5.50 £6.00 £6.50 £7.00 £7.50 £8.00 02 Jan 2025 02 Feb 2025 02 Mar 2025 02 Apr 2025 02 May 2025 02 Jun 2025 02 Jul 2025 ACG Milestones – Building a Copper Platform ACG Metals Ltd Share Price & Milestones January 2025 – Present (1) Average LoM refers to Sulphide Expansion project average from 2026 to 2034 (2) Consensus target price excludes Stifel target which is currently under review Q1 25: 16koz Sales, $983/oz AISC c.70% Warrant Reduction Berenberg and Canaccord both initiated coverage with Buy ratings and a consensus target prices of £8.25 H1 2025: 817 days LTI, 23koz AuEq Sales, AISC $1,060/oz Chief Legal Officer Appointment Chief Operating Officer Appointment Gediktepe Mine General Manager Appointment 2024 Highlights Production Revenue EBITDA 55koz AuEq $536m $85m As of 13 July 2025 Net Debt Market Cap. NAV 8% $66m $170m $536m
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 6 ACG Metals at Glance Shareholding Structure ACG Shareholder base not subject to lock-up agreements (1) At consensus pricing (2) Illustrative purposes only (3) Assuming warrants exercised at $8/share (4) Excludes Stifel target w hich is currently under review Equity Research Target Consensus 4 £8.25 / share 20% 2% 6% 8% 31% 33% Lidya Madencilik Argentem Creek De Heerd Investments Glencore Traxys Other Current Market Cap US$ 170m NAV 8% US$ 536m 2024A EBITDA US$85m Forecasted Avg EBITDA 2026 – 2034 US$ 110m Capital Structure Cash US$133m Bonds US$200m Net Debt US$ 66m Enterprise Value US$ 236m Net Debt/ EBITDA 0.78x Ordinary Shares in Issue 21,659,161 Warrants 11,528,335 (Fully diluted shares c.25m)
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 7 Gediktepe Mine Copper Smelters Türkiye (1) Life of Mine includes both oxide and sulphide, avg. production based on sulphide project only. (2) Source: CPR (3) Based on consensus pricing. (4) 57koz Sales, 55koz Production Key Metrics 1 Gediktepe Mine 20-25kt p.a. CuEq High performing in-country operations team 100% Ore Resources 26.1 Mt Ore Reserves 18.5 Mt CuEq Resource Grade 2.32% Overview Ownership ACG Metals (100%) Location Mediterranean side of Türkiye Infrastructure Full infrastructure in place, with access to 3 nearby ports Commodity Copper, Gold, Zinc, Silver Life of Mine Initial 11 Years Avg. Production 20 – 25kt CuEq p.a LOM Avg. Annual Forecast 2026 – 2034 Revenue c.US$182m EBITDA c.US$110m AISC US$1.91/lb CuEq (Low Q1 cost profile) H1 2025 AISC US$1,060/oz AuEq (Low Q1 cost profile)
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 8 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Operations Update
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 9 2.32% 0.86% 0.73% 0.70% 0.68% 0.67% 0.55% 0.54% 0.34% 0.32% 0.31% 0.31% 0.30% 0.28% 2.93% 2.73% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Gediktepe Tucumã Red Chris Motheo Riotinto Candelaria Mantoverde Mt Polley Chapada Caserones Pinto Valley Constancia Copper Mountain Gibraltar Neves-Corvo MATSA Gediktepe – High Grade Copper Mine Primary Copper Mine M&I Resource CuEq Grade (%)1 Note: Shows all operating primary copper mines owned by a junior or intermediate miner 1. Copper equivalent M&I resource grade calculated using long term consensus metals prices UG UG UG UG LSE LSE
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 10 Gediktepe Mine H1 2024 AISC $1,218/oz Cost Positioning – 2024 Gold All-in Sustaining Cost Curve (Co-Product Basis) Gediktepe Mine LOM AISC USD 1.91/lb Source: S&P Global Commodity Insights The 2027 cost curve is more applicable than the 2025 for benchmarking Gediktepe as by 2027, the mine will be in steady-state production of copper for the full year. In addition, the 2027 curve reflects analyst consensus forecasts for diesel prices, TC/RCs, country level inflation and exchange rates as well S&P’s mine level production and cost forecasts. First Quartile Positioning on Au and Cu Global Cost Curves Cost Positioning – 2025 Gold All-in Sustaining Cost Curve (Co-Product Basis) 2027 Copper All-in Sustaining Cost Curve (Co-Product Basis) Gediktepe Mine H1 2025 AISC $1,060 /oz -13%
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 11 H1 2025 Operations Update Source: H1 2025 Operations and Capital Structure Update RNS H1 2025 Overview Robust safety and operational integrity Record 817 LTI-free days as of June 2025 Consistent operational performance 22,263 oz of Gold Eq. produced Steady output from faster stockpile use and reagent optimisation, ahead of operational plan Strong sales and price realisation vs. H1 2024 23,021 oz Gold Eq. sold Realised price of $2,950/oz Au and $32/oz Ag, closely tracked spot prices with minimal hedge impact Cost reduction driven by operational efficiencies and strong pricing Cash cost at $366/oz (↓49%) AISC at $1,060/oz, down (↓13%) Driven by operational efficiencies and strong pricing
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 12 $718/oz $366/oz H1 2024 H1 2025 $1,218/oz $1,060/oz H1 2024 H1 2025 21.7koz 22.3koz H1 2024 H1 2025 Realised Gold Price (US$/oz) H1 2025 Operations Update Source: H1 2025 Operations and Capital Structure Update RNS C1 Cost (US$/oz AuEq Produced) Production (AuEq koz) AISC (US$/oz AuEq Sold) $2,147/oz $2,950/oz H1 2024 H1 2025
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 13 Sulphide Expansion On Time and Budget Project Progress Update (as of 30 June 2025) Procurement • All long-lead items ordered (flotation & thickener tanks) • Upfront payments completed Site Works • Contractor earthworks complete • Heating Centre construction started (GAP Blue Collar camp) Contracts & Construction • Major contracts awarded (structural, mechanical, electrical, power) • 2,100m³ concrete poured Project Progress • 48% Engineering • 36% Procurement • 15% Construction
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 14 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Financial Update
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 15 H1 2025 Capital Update Source: H1 2025 Operations and Capital Structure Update RNS H1 2025 Overview Disciplined Risk Management Structured collar hedging strategy continued to provide effective downside protection while preserving exposure to upside in the gold price. No significant impact on realised gold prices Reinforced Financial Position Sponsor loans fully repaid ahead of October 2025 maturity. Net debt reduced to $66M with a cash balance of $133M as of 13 July 2025. Bond Execution on Track Bonds issued in Jan 2025; four drawdowns totalling $108M used to repay acquisition debt First coupon payment made on 13 July 2025; all obligations remain compliant. $200m -$133m $66m Bond Cash Net Debt Current Net Debt Summary Net debt assumes that none of the $25m cash buffer from the bonds is utilized on the capex and a further $25m cash balance in the bank at the end of Q1 2026
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 16 62% 39% 34% 27% 25% 24% 23% 21% 21% 20% 16% 15.02% 15% 14% 14% 14% 2.4 10.0 8.5 7.2 13.6 7.4 11.2 6.5 11.0 9.6 8.1 10.00 9.7 11.7 10.9 11.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0% 10% 20% 30% 40% 50% 60% 70% ACG Financials Gold Utilities Technology Diversified Mining Real Estate Energy All Construction Materials Basic Materials Non-Gold Metals & Minerals Chemicals Healthcare Consumer Industrials P/E Multiple EBITDA Margin EBITDA Margin Forward P/E EBITDA Margin and P/E Mismatch EBITDA Margin and P/E Per Sector
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 17 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Guidance Update & Strategy
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 18 30 - 33 koz AuEq 36 - 38 koz AuEq Updated 2025 Production Guidance 2025 Outlook Source: H1 2025 Operations and Capital Structure Update RNS Positioned for Growth and Delivery in H2 2025 FY2025 guidance raised to 36–38koz AuEq, driven by strong operational improvements, including higher gold and silver recoveries. Accelerated oxide mining and early processing to capture high gold prices and build production buffer. Sulphide project advancing to full construction in close coordination with EPC partner. Strengthening financial position, building cash reserves ahead of 13 Jan 2026 coupon payment.
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 19 $170m $536m Current market Cap NAV 1.8x 7.5x 7.6x 7.8x 10.7x ACG Central Asia Metals MAC Copper Ero Copper Taseko 0.3x 0.5x 0.8x 0.8x 0.9x 0.9x 1.0x ACG 29Metals Taseko Central Asia Metals Atalaya Ero Copper MAC Copper Market Value Upside Massive Value Upside 3.2x Upside to Current Market Cap ACG Metals Peer P/NAV Trading Multiples 2,3 ACG Metals Peer EV/EBITDA 2026E Trading Multiples 2,3 (2) Multiples market data as of 30 June 2025 (3) P/NAV multiples equal to share price / consensus NAVPS compiled by FactSet from broker reports. ACG P/NAV derived from Ju ly’s Corporate Presentation figures (4) EV and EBITDA data is based on analyst consensus estimates (sourced from FactSet). ACG uses an average EBITDA from 2026 -2034. Please note that ACG’s presentation of this measure may not be comparable to a similarly titled measure used by other companies, which may be define d and calculated differently (5) Price (market cap) is as of July 2025 (sourced from FactSet). ACG uses after -tax cash flow + (adding back) sustaining capex, averaged across 2026-2034 Please note that ACG’s presentation of this measure may not be comparable to a similarly titled measure used by other compani es, which may be defined and calculated differently ACG Metals Peer Price/FCF 2026E Multiples2,4 Average: 0.8x Average: 3.8x Average: 8.4x 2.1x 2.0x 3.1x 3.9x 4.5x 4.6x 4.7x ACG 29Metals Central Asia Metals Ero Copper Atalaya MAC Copper Taseko
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 20 M&A Target Map and Criteria Sources: Mundoro Capital Inc, Turkey Ministry of Energy and Natural Resources Asset Stage Producing Asset Scale Prod: ~20-100ktpa CuEq EBITDA: ~$30-200m Tran. Size: ~$100m-1bn+ Priority Pipeline 10+ assets in current priority pipeline. Initial aim is to achieve 200- 300ktpa of Cu production within 3-5 years. 2 Illustration of Global Copper Belts and ACG’s Target Geographies ACG Target Areas
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 21 ACG NEXT COPPER MINE ACQUISITION GEDIKTEPE MINE ACQUISITION RE-RATING & SULPHIDE EXPANSION MULTI-ASSET MULTI-JURISDICTION 200-300ktpa Acquisition of producing polymetallic mine. Completed Construction Underway Commissioning in Q1 2026 Ongoing 10 top targets in key copper belts: Tethyan Africa South America US$300- 500m US$1b+ Targeted Mkt Cap Targeted Mkt Cap Targeted Mkt Cap US$3- 5b+Current Mkt Cap US$170m ACG Metals Near to Medium-Term Growth Plan 2024 Actuals Sales 57koz AuEq Revenue US$137m EBITDA US$85m Operating FCF US$89m Net Debt / EBITDA 0.78x 2026 - 2034 Average Sales ~20-25ktpa CuEq Revenue ~US$183m EBITDA ~US$110m Operating FCF ~US$95m
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 22 0 400 800 1200 1600 2000Market Cap (US$m) Market data as at 09 July 2025 (FactSet). (1) Coloured section of bar represents the proportion of 2024 revenue was derived from sales of copper. Where the Company is pre- revenue, the coloured section of the bar represents the proportion of the Copper -equivalent resource that is copper Scarcity of Pure Play Copper Companies on the LSE Sources: Public company disclosures, Factset as of July 2025 In the first phase of its growth, ACG aims to become a leading midsize copper company on the LSE through a series of roll-up acquisitions. Copper Contribution to Revenue Copper in Resource Others 1 2 LSE Miners and Royalty Companies by Market Cap (US$M) and Copper Contribution to Revenue
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 23 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Q&A
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 24 Investor Contact contact@acgcorp.co +44 (0) 208 187 0213 Broker Contacts Stifel +44 (0) 20 7710 7600 Berenberg +44 (0) 20 3207 7800 Canaccord + 44 (0) 20 7523 80 Media Contact acg@palatine-media.com www.acgmetals.com LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 25 LON: ACGW XETRA: ACGLON: ACG Bond ISIN NO0013414565 Appendix
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 26 Warren Gilman Advisor Fiona Paulus Senior Independent Non-Executive Director Mark Cutis Independent Non-Executive Director Hendrik Johannes Faul Independent Non-Executive Director Victor AyalaBarış Baş Artem Volynets Founder, Chair and CEO Board ADVISORS Committed before transaction close - no cost for exec search firms Michael R. Pompeo Non-Executive Director Mustafa Aksoy Director Maarten Terlouw Director Robert Friedland Advisor • 25+ years in M&A, capital markets, and senior roles in metals and mining. • Led $30B+ in private and public deals; managed top-tier industry businesses. • Designed aluminium roll-up strategy, creating UC Rusal and listing it in Hong Kong at $20B+ valuation in 2010. • 70th U.S. Secretary of State (2018–2021) and CIA Director (2017–2018). • Executive Chairman of Impact Investments LLC. • Founded Thayer Aerospace (CEO 10+ years); later President of Sentry International, an oilfield services firm. • 20+ years in mining industry across senior management, corporate finance, and business development. • CEO and Board Member of Lidya Madencilik; formerly Head of Business Development at Çalık Holding. • Began career as Auditor at Garanti Bank in Turkey. • 30 years in investment banking and investments, holding senior leadership roles. • President and co-CIO of Argentem Creek Partners. • Formerly CSO and CEO at ABN AMRO (North & South America); led global investment banking groups in natural resources, commodities, and transportation. • 25+ years in M&A, capital markets, and senior roles in metals and mining. • Led $30B+ in private and public deals; managed top-tier industry businesses. • Designed aluminium roll-up strategy, creating UC Rusal and listing it in Hong Kong at $20B+ valuation in 2010. • 35+ years in banking and capital markets executive with global experience. • Former CEO of Abu Dhabi Global Market. • Previously Group CFO and Chief Advisor at Abu Dhabi National Oil Company. • 30+ years in global mining across five continents, both as engineer and senior executive. • Former CEO of Anglo American’s copper business; Chair of the International Copper Association. • Mining Engineering degree from University of Pretoria; experienced board member and NED. • Former Chairman & CEO of CEF Holdings; co-founded CIBC’s Global Mining Group in 1988. • Founder & Chairman of Ivanhoe Capital Corporation, with $25B+ raised in mining and tech over 30+ years.
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 27 Artem Volynets Founder, Chair & Chief Executive Officer Chiara Hoolsi Head of Finance Mandy Li Investor Relations Manager Sirma Zeytinoglu Head of Legal & Compliance Yaya Hamadou VP of Processing Darko Marinkovic Corporate Development Manager Prabahn Govender Finance Manager Victor AyalaBarış Baş Patrick Henze Chief Financial Officer Management ADVISORS Committed before transaction close - no cost for exec search firms Barış Baş General Manager Operations Damien Coles Chief Legal Officer Peter Carter Chief Operating Officer Graeme Rapley Project Director Gediktepe Victor Ayala Finance Director Gediktepe Dimitar Dimitrov Senior Advisor Geology Tony Lund Senior Advisor Mining Kate Harcourt Senior Advisor ESG • 14+ years experience in M&A, capital markets, investor relations and project finance and advisory; totalling $2bn+ deals. • Founded Targa Capital Ltd., a Swiss natural resources focused investment vehicle. • Managed LSE listings, investor, governance and reporting requirements in previous roles. • 20+ years in emerging markets legal advisory with a track record of working on multidisciplinary high-profile transactions • Director at boutique consultancy firm Moorlander Consulting. • Oxford-educated; former equity partner at Kirkland & Ellis. • 25+ years in global mining, specialising in gold, copper, zinc, nickel, and coal. • Led development of 13 mines in Türkiye worth over $4B. • Former Project Director at Tara Resources and Operations Director at Centerra Gold. • 40+ years in mine engineering, operations leadership, and project development • Led major gold and copper projects across Africa, Asia, and North America. • Registered Professional Engineer with an MBA from Queen’s University and BSc Mining Engineer from Montana Tech. • 18+ years in mining finance across four continents and multiple commodities. • 12+ years onsite as Senior Finance Business Partner. • Certified Management Accountant (USA) and Master of Accountancy, with strong IFRS expertise. • 15 years in mining operations and project management, across precious and polymetallic metals. • Led Gediktepe Oxide Project from feasibility to production as Mine Manager. • General Manager at ACG, co-leading major sulphide expansion project. • 10+ years in finance and auditing, focused on energy and mining. • Led finance functions for multinationals across North America, Europe, and Asia. • Chartered Accountant (SA, UK) with an MBA from the University of London. • 14 years in corporate law, M&A, and finance. • Former Head of Legal at Lidya Madencilik and Zorlu Holdings and have spent time at Dentons Turkey. • Master of Laws in Environmental Law. • 8+ years in finance, with M&A experience across mining, renewable energy, industrial, and banking and financial services. • Former Corporate Finance Senior Analyst at Birkett Stewart McHendrie. • Chartered Accountant (SA) and CFA charter holder. • 28+ years of extensive experience in base metals, specialising in leaching, metallurgy, and flotation processes. • Proven expertise in managing and optimising process plant operations • Member of the Canadian Institute of Mining, Metallurgy and Petroleum • 7+ years in finance, with experience across auditing, mining, asset financing, manufacturing and FMCG. • Finance Manager in FMCG, driving performance and strategic decisions. • Chartered Accountant (SA); trained at BDO South Africa. • 6+ years in mining finance, gold cost analysis and metals consulting. • Former Investment Analyst at Resource Capital Funds, focused on originating, evaluating mining investments and supporting fundraising. • MSc Metals & Energy Finance, Imperial College; First-Class BSc Geology degree.
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 Asset Mineral Resource & Ore Reserve 28 Resource Classification (Mt) Grade Contained Metal Au (g/t) Ag (g/t) Cu (%) Zn (%) Pb (%) Au (koz) Ag (Moz) Cu (kt) Zn (kt) Measured Oxide - - - - - - - - - - Indicated Oxide 1.3 2.79 67 0.11 0.1 0.44 113 2.7 1.4 1.1 Measured + Indicated (Oxide) 1.3 2.79 67 0.11 0.1 0.44 113 2.7 1.4 1.1 Inferred Oxide 0.01 0.9 23 0.08 0.1 0.17 0.4 0.01 0.01 0.01 Measured Sulphide 3.8 0.68 26 0.99 1.9 0.35 83 3.2 38 73 Indicated Sulphide 21 0.76 28 0.79 1.7 0.35 511 19 166 367 Measured + Indicated (Sulphide) 24.8 0.74 28 0.82 1.8 0.35 594 22.2 204 440 Inferred Sulphide 3.1 0.53 21 0.77 1.2 0.28 54 2.1 24 37 Total Measured (Oxide + Sulphide) 3.8 0.68 26 0.99 1.9 0.35 83 3.2 38 73 Total Indicated (Oxide + Sulphide) 22.3 0.87 30 0.75 1.7 0.36 624 21.7 167 368 Measured + Indicated (Oxide + Sulphide) 26.1 0.84 30 0.79 1.7 0.36 707 24.9 205 441 Total Inferred (Oxide + Sulphide) 3.1 0.53 21 0.77 1.2 0.28 54 2.1 24 37 Ore Reserve Classification Grade Contained Metal Ore Tonnes (Mt) Copper Grade (%) Zinc Grade (%) Gold Grade (g/t) Silver Grade (g/t) Copper (Mlb) Zinc (Mlb) Gold (koz) Silver (Moz) Proved Oxide - - - - - - - - - Probable Oxide 1.4 - - 2 48 - - 93 2.2 Total Oxide 1.4 - - 2 48 - - 93 2.2 Proved Sulphide 3.4 0.92 1.9 0.67 25 70 140 70 3 Probable Sulphide 13.7 0.72 1.9 0.85 32 220 590 380 14 Total Sulphide 17.1 0.76 1.9 0.82 30 290 730 450 17 2 8 Source: August CPR Resources and Reserves
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LON: ACG | LON: ACGW | XETR: ACG | Bond ISIN: NO0013414565 2 9 Consensus Prices1 2025E 2026E 2027E 2028E Long-term Gold Price (USD /oz) $2,900 $2,959 $2,869 $2,792 $2,692 Silver Price (USD /oz) $32.20 $32.46 $31.99 $31.62 $30.42 Copper Price (USD /t) $9,445 $9,674 $9,853 $9,945 $10,200 Zinc Price (USD /t) $2,728 $2,719 $2,735 $2,701 $2,674 Note: Copper and Zinc prices are presented in USD /t from at USD /lb. The conversion rate from USD /t = USD /lb x 2,204.62 Sources: 1) S&P CIQ July 2025 Metals Consensus Price Deck