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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 1 ACG Metals Limited Two Years of Transformation and Value Creation September 2026 LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 2 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 by members of the Company’s management and to any statements made during 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. 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Due to the forward-looking nature of these projected measures, no reconciliation of the forward-looking non-IFRS financial measures to the most directly comparable IFRS financial measures is included in this presentation, because, without unreasonable effort, the Copmpany is unable to predict with reasonable certainty the amount or timing of non-IFRS adjustments that are used to calculate these forward-looking non-IFRS financial measures. The non-IFRS financial measures included in this presentation may not be comparable to similarly-titled measures presented by other companies. Disclaimer
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 3 SECTION 01 Introduction LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 4 0 5 10 15 20 25 30 35 40 45 50 Sep 2024 Sep 2025 Sep 2026 Sep 2027 Sep 2028 Share Price (£/sh) ACG Today Snapshot Share Price Performance (1) )18 September 2026 close: £19.00 / US$25.63 on 23,145,326 ordinary shares; all metrics undiluted ( 2) Cash as of end 30 June and Bond excludes accumulated interest (3) Financial net debt excludes accounting provisions, derivatives and account payable, and acc ruals (4) 2025A Adj. EBITDA (5) 2026 CPR (SRK), effective 31 July 2026. At S&P consensus price August 2026(6) NAV = post-tax NPV8 of US$1,203m less net debt of US$140m, over ordinary shares; implies P/NAV of 0.57x (7) Average of the four published broker target prices (8) USD/GBP Fx rate of 1.3487. (9) At spot price assumption as of September 18 2026 Invested & Improved Market Cap1 US$593m Cash2 US$60m Bond2 US$200m Enterprise Value US$733m Avg. Production5 c.36 ktpa CuEq (2027-2031) Net debt3 US$140m Net debt / EBITDA⁴ 2.92 Ore reserves 5 26.5 Mt Resources 5 38.7 Mt Location Gediktepe, Western Türkiye Current Market Cap. US$593m¹ NAV / Share – 2026 CPR5,6 £34.06 Spot NAV / Share – 2026 CPR9 £43.23 Equity Research Consensus Price7 £23.49
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 5 US$ 320m¹ US$ 1.2Bn² US$ 1.4 Bn4 Acquisition + investment 2026 CPR NPV (consensus) 2026 CPR NPV (spot) The Result of Two Years of Delivery Gediktepe NPV vs Acquisition + Investment (US$m) Total acquisition and development capital equivalent to 0.30x 2026 CPR NPV Planned Annual Production (kt CuEq p.a.) 22.5 36.2 ktpa CuEq 2024 CPR target mid-point 2027-2031 average 1) US$320m total investment = US$120m acquisition cost for Gediktepe plus US$200m of development and investment capital 2) 20 26 CPR (SRK) post-tax NPV8% of US$1,203m, NAV = NPV less financial net debt of US$140m. At S&P consensus price (3) 20-25 kt CuEq target in the 2024 CPR (4) Production is payable CuEq, 2027-31 average, per 2026 CPR (4) CPR 2026 ($1,436 million) at spot price assumption as of September 18 2026 3 4
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 6 Strong Safety Culture Without safety, nothing else matters Safety performance improved during H1 2026 while safely advancing the Sulphide Expansion Project LTIF improved to 2.9 per million man-hours despite increased workforce levels and higher site activity. Note: As of 30 June 2026
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 7 Gediktepe Processing Facilities & Status Heap Leach SART Plant Sulphide Plant Sulphide Processing Plant Heap Leach Facility SART Plant Facility Status Operating Ramping Up Under Construction
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 8 Diversified Revenues Streams 1) 2026 CPR (SRK): contained CuEq from the reserve and resource statements at the model life -of-mine consensus prices 2) Oxide is current Gediktepe oxide only and excludes Keşkek, which is not in the 2026 CPR (3) Optionality outside of the current 2026 CPR (SRK report 4) Average annual payable metal value over 2027 -31E, 100% basis: copper US$184m (40%), gold US$138m (30%), zinc US$69m (15%), silve r US$65m (14%) 5) Cu conc. and zinc conc. produced from sulphide and Zn conc from enriched ore contains Au & Ag credits. Ore Processing Products Life of mine3 Sulphide Cu conc. Zn conc. At least 2037 Enriched Au & Ag doré Cu conc. Zn conc. At least 2037 Oxide (Excluding Keskek)2 Au & Ag doré At least 2027 Flotation SART Heap leach Average Annual Revenue by Metal, 2027-2031E4 Copper US$184m (40%) Gold US$138m (30%) Zinc US$69m (15%) Silver US$65m (14%) US$456m average annual revenue⁴ Gediktepe Operations
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 9 Ore Resources +59% 18.5 26.5+8.0 2024 CPR Net Increase 2026 CPR 24.4 38.7 +14.3 2024 CPR Net Increase 2026 CPR Larger Reserves, Higher Value Source: 2026 CPR RNS. Opening reserve base of 18.5 Mt and resources base of 24.4 Mt per the 2024 Gediktepe Competent Person’s Report. Net increases are shown after mining depletion since the 2024 CPR. Percentage increase is calculated on the 2024 CPR reserve base. 11 years Life of mine to 2037 US$1.2bn Substantial increase from NPV10 of US$265m 38.7 Mt Ore resources, from 24.4 Mt (+59%) Nil Incremental development capex Growth in resources and reserves enhances project value without incremental capex 26.5 Mt Ore reserves, from 18.5 Mt (+43%) Ore Reserves +43%
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 10 Enriched Ore Project Acceleration 1) 2026 CPR (SRK) and the company financial model at the consensus price deck 2) Previous plan per the November 2025 investor presentation: NPV8% US$212m, capex US$39m, 56.8 kt CuEq 3) At least a further 16 kt CuEq of enrichment feed sits in the plan post- 2032, with additional upside beyond Bringing Phases 1 and 2 together brings all four metals online concurrently in Q3 2027 and lifts post-tax NPV8 from US$212m2 to US$365m Previous Delivery Plan Accelerated Delivery Plan Phase 1, Q4 2026 Phases 1 and 2 online together, Q3 2027 Au + Ag Full metal production Au + Ag + Cu + Zn Phase 2 Q1 2029 Cu, Zn Single integrated ramp-up Q3 2027 First production, all four metals c.2 years Earlier copper and zinc revenue US$60m Development capital 84 kt CuEq payable output 7.6 12.8 13.3 11.5 14.0 7.3 2027 2028 2029 2030 2031 2032 Payable CuEq Production (kt) US$365m Post-tax NPV8 ACG expects to identify further ore sources to process via Enrichment post 2032 3
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 11 Keşkek Extends Heap Leach Life (1) The 1.5 Mt indicated resource and the 5-10 Mt exploration target are internal ACG estimates and are not Mineral Resources reported under the JORC Code New oxide feed 70 km from site extends Gediktepe heap leach gold production from mid-2027 300 kt Initial pit at 0.90 g/t Au 1.5 Mt1 Indicated resource at 0.65 g/t Au 5 – 10 Mt1 Exploration target at 0.7 – 1.0 g/t Au c.US$15m Project spend over ten years c.85% Gold recovery, patented process Bolt-On to Existing Infrastructure US$7.85m Total cash consideration Path to First Gold Oct 2026 Expected licence transfer approval To mid-2027 EIA permitting process Mid-2027 Residual HL expected completion Mid-2027 Mining and first gold 70 km haul Ore trucked to Gediktepe Contractor in place Uluova already mining for ACG No new plant Crushing, stacking and pads built Low grade captured Stockpiled for Enriched Ore plant
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 12 ACG's Proprietary Oxide Recovery Advantage Patented oxide ore recovery technology proven at Gediktepe Improved Recovery 10% Increase Oxide ore recovery increased from ~75% to ~85% Higher payable metal production Increased Efficiency Faster Leach Cycles ~45% lower cyanide consumption Faster cash flow generation Patented Technology ACG Proprietary Process Patent granted in Türkiye IP advantage with applications progressing in 35 countries Higher Recovery • Faster Leaching • Protected IP
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 13 Further Potential Upside Potential upside not currently captured in the 2026 CPR base case (1) Internal estimate and not a Mineral Resource reported under the JORC Code. (2) potentially ~184kt contained copper equivalent within the 7.8Mt inventory, based on model life-of-mine consensus prices. (3) Enriched ore plant nameplate throughput of 800ktpa, per the 2026 CPR. (4) Internal estimate of 1.5Mt at 0.65g/t Au, plus exploration potential for a further 5-10Mt at 0.7-1.0g/t Au; neither constitutes a JORC-reportable Mineral Resource and there is no certainty that exploration will result in the definition of Mineral Resources. (5) Internal estimate and not a Mineral Resource Gediktepe Optimisation Additional Enriched Feed 800 ktpa enriched ore plant capacity Nil incremental capital Heap & Waste-Dump Retreatment 2.7 Mt spent ore already stacked on the pads Very Low Capital Keşkek Exploration4 5 – 10 Mt @ 0.7 – 1.0 g/t Au 1.5 Mt current resource @ 0.65 g/t Exploration Exposure c.16.75 Mt5 undrilled NW extension Open ore body open to west and north-west internal estimate 7.8 Mt1 ore outside the current pit limit 35 - 40% Cu-Zn resource outside pit shell
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 14 Financials LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 15 Revenue 1 $90m Adj. EBITDA $48m Adj. EBITDA Margin 53% Operating Cash Flow $30m Period End Cash Balance $60m Financial Net Debt 2 $145m Highlights H1 2026 Financial Overview (1) Financial Net Debt as at 30 June 2026, showing long term borrowings at their contractual value of $200m bond minus $60m cash on balance sheet, removing IFRS timing effects. It includes cash in bank and cash in escrow. It excludes any financial derivativ es, taxation, trade payables or accounting provisions. (2) Rounded figures; minor variances occur. Refer to H1 2026 financial statements.
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 16 Strong financial performance ahead of commercial sulphide production H1 2026: Cash Generative and Growth Ready • Disciplined execution and cost control • Robust cash generation supporting the 2026 ramp-up Strong operating cash performance • Low cash tax burden supports balance sheet strengthLow effective tax rate • Due to strong commodity prices and share price performance High non-cash IFRS adjustments Source: H1 2026 Financial Results ended 30 June 2026
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 17 9.0 10.4 11.8 13.2 14.6 16.0 98.0 100.8 103.6 106.4 109.2 112.0 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Bonds Trading >$10 Premium to Par Bond Price and Implied Yield to Maturity Since Issuance Bond Price Implied Yield to Maturity 22% 1.3x IRR MOIC Nordic Bond Investor Returns Jan 2025 - Present 14 Jul coupon paid | Next: 13 Jan 2027 (unless refinanced) Source: Bloomberg, 8 September 2026
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 18 SECTION 04 Value and Near-Term Catalysts LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO001341456 5 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 19 Low Cost Copper Equivalent Capacity ACG delivers copper equivalent capacity at a fraction of industry benchmark costs Gediktepe Acquisition $120m Organic Expansion Investment $200m Total ACG Investment $320m Expected Avg.Production 36 ktpa CuEq ACG $8,890/t “The cost per tonne of BHP’s existing projects ranged from $16,000 to $30,000 compared with about $100,000 to acquire a pure-play copper producer” BHP CEO, Financial Times, August 2026 Note: US$200m organic expansion investment is approximately US$146m for sulphide expansion and US$61m on enriched ore treatment project
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 20 222 183 192 229152 2027 2028 2029 2030 2031 Cash flow from operations Capex 35.4 40.1 33.9 33.7 38.1 2027 2028 2029 2030 2031 Sulphide Oxide Enriched ore (1) 2026 CPR (SRK) (2) At consensus pricing 2026 2027-2031 Gediktepe Production and FCF Profile Production – CuEq (kt) Free Cash Flow (US$m) ACG expects to identify further ore sources to process via Enrichment post 2031
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 21 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 15.0 30.0 45.0 60.0 75.0 90.0 2026-28E Average Consensus Production (kt CuEq) ACG Trades at a Discount to LSE Copper Peers ACG vs LSE Listed Peers (1) Based on CPR 2026 P/NAV at S&P consensus price (2) CuEq production average 2027-2031 (3) Peers are on published broker NAVs and 2026-2026E average consensus CuEq production LSE peer average 0.85x P/NAV (x) 0.57x1 | 36kt CuEq2 0.75x | 21kt CuEq 0.89x | 31kt CuEq 1.00x | 61kt CuEq 0.78x | 85kt CuEq
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 22 4.1x 4.9x 9.2x 9.6x 11.8x 15.9x 16.5x 18.6x 31.8x Average: 14.8x ACG Central Asia Metals Ero Copper Trekor Sandfire Hudbay Atalaya Capstone Lundin 3.8x 2.1x 4.7x 4.9x 5.0x 6.2x 6.2x 6.4x 7.6x Average: 5.4x ACG Central Asia Metals Atalaya Capstone Ero Copper Hudbay Sandfire Trekor Lundin 0.57x 0.76x 0.78x 0.83x 0.92x 1.00x 1.06x 1.09x 1.10x Average: 0.94x ACG Central Asia Metals Trekor Lundin Hudbay Atalaya Capstone Ero Copper Sandfire Market Value Upside ACG Metals Peer P/NAV Trading Multiples¹ ACG Metals Peer EV/EBITDA 2027E Trading Multiples¹ ACG Metals Peer P/FCF 2027E Trading Multiples¹ ACG market data at 15 September 2026, undiluted: market capitalisation US$609m, enterprise value US$749m (page 4). P/NAV of 0.57x is on the 2026 CPR NAV at consensus price of US$1,063m; EV/EBITDA and P/FCF use FactSet consensus 2027E. Peers per FactSet at 8-9 September 2026 on published broker NAVs
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 23 Operational Delivery Sulphide Project Ramp-Up Gold production from Keşkek ore mid-2027 Enriched Ore Treatment Plant Construction Further Capital Optimisation First bond recall option in Jan 2027 Balance sheet optimisation Capital Market Upside Index inclusion 2026 Liquidity improvements Potential M&A Upside Next acquisition Key Value Catalysts Current Share Price¹ £19.00 Consensus Target Price² £23.49 NAV/Share CPR 2026 (SRK) £34.06 Spot £43.23 (1) 18 September 2026 close: £19.00 / US$25.630 on 23,145,326 ordinary shares; all metrics undiluted (2) Average of published broker target prices (3) NAV per share at CPR 2026 (SRK) and spot pricing as of 18 September 2026, illustrative (4) Numbers are subject to rounding Ramp-up, capital optimisation, index inclusion and further M&A are the near-term value drivers
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 24 Q&A LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 25 Investor Contact contact@acgmetals.com Investor Relations Manager Mandy Li mandy.li@acgmetals.com Media Contact acgmetals-client- success@thirtythreecomms.com Broker Contacts Stifel +44 (0) 20 7710 7600 Berenberg +44 (0) 20 3207 7800 Canaccord + 44 (0) 20 7523 80 www.acgmetals.com LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 26 APPENDIX Appendix LON: ACG LON: ACGW Xetra: ACG Bond ISIN NO0013414565 OTCQX: ACGAF
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 27 Consensus Prices¹ Note: CPR 2026 (SRK) CPR Price Deck 2026E 2027E 2028E 2029E Long-term Gold Price US$/oz 4,684 4,606 4,507 4,270 4,101 Silver Price US$/oz 76 70 69 64 54 Copper Price US$/lb 5.93 5.88 5.74 5.65 5.62 US/t 13,070 12,954 12,653 12,454 12,398 Zinc Price US$/lb 1.43 1.38 1.37 1.31 1.31 US/t 3,243 3,144 3,044 3,013 2,898
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 28 Sulphide Continuity Potential Significant known copper and zinc mineralisation falls outside of the 2022 Sulphide Expansion Feasibility Study pit shell (35-40%). ACG Metals estimates sulphide and oxide mineralisation to the north could materially increase the resource, significantly extending the mine life. Sulphide Continuity Potential Open Pit Shell Sulphide Zone – Copper & Zinc Mined 2025 - 2034 Oxide Zone - Gold & Silver Mined 2022 - 2026 35-40% of free Resource not included in Base Plan Sulphide LOM Expansion – Upside Potential Note: CPR 2024. Update will be released in CPR 2026 (SRK)
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 29 2 9 Source: September 2026 CPR Resources Estimate Material Type Resource Type Class Tonnage (Mt) Grade Contained Metal Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Oxide In-situ Measured - - - - - - - - - Indicated 0.27 - - 2.74 84.7 - - 24.0 742 M+I 0.27 - - 2.74 84.7 - - 24.0 742 Inferred - - - - - - - - - Sulphide In-situ Measured 11.8 0.75 1.24 0.46 17.9 89 147 177 6,831 Indicated 20.1 0.56 1.39 0.61 21.5 113 280 398 13,904 M+I 32.0 0.63 1.33 0.58 20.8 202 426 575 20,735 Inferred 5.5 0.63 1.16 0.54 19.8 35 64 97 3,526 Enriched In-situ Measured 1.97 1.45 1.40 0.64 25.7 29 28 41 1,624 Indicated 0.41 0.82 1.73 0.60 22.3 3 7 8 295 M+I 2.38 1.34 1.46 0.64 25.0 32 35 49 1,919 Inferred - - - - - - - - - All Types In-situ Measured 13.82 0.85 1.26 0.49 19.0 117 174 218 8,455 Indicated 20.83 0.56 1.38 0.64 22.3 116 287 430 14,941 M+I 34.64 0.67 1.33 0.58 21.0 234 461 648 23,396 Inferred 5.55 0.63 1.16 0.54 19.8 35 64 97 3,526 Material Type Resource Type Class Tonnage (kt) Grade Contained Metal Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) PAG Waste SP Measured - - - - - - - - - Indicated 913 0.96% 0.75% 1.05 48.79 8.76 6.8 30.7 1,432 M+I 913 0.96% 0.75% 1.05 48.79 8.8 6.8 30.7 1,432 Inferred - - - - - - - - - Sulphide SP Measured - - - - - - - - - Indicated 466 1.06% 0.70% 0.97 52.20 4.94 3.3 14.5 782 M+I 466 1.06% 0.70% 0.97 52.20 4.9 3.3 14.5 782 Inferred - - - - - - - - - Spent Ore HLF Measured - - - - - - - - - Indicated 2,700 - - 0.32 36.98 - - 28.1 3,210 M+I 2,700 0.00% 0.00% 0.32 36.98 0.0 0.0 28.1 3,210 Inferred - - - - - - - - - All Types SP and HLF Measured - - - - - - - - - Indicated 4,079 0.34% 0.25% 0.56 41.36 13.70 10.11 73.4 5,425 M+I 4,079 0.34% 0.25% 0.56 41.36 13.70 10.11 73.40 5,425 Inferred - - - - - - - - - Insitu Resources Stockpiles and Heap Leach Facility Spent Ore Source: September 2026 CPR. Notes: Mineral Resources reported in accordance with JORC (2012) on an inclusive basis and therefore include Ore Reserves; Mineral Resources are not Ore Reserves and do not have demonstrated economic viability; Effective date: 31 July 2026; Resource cut-offs: Oxide 0.224% CuEq; Sulphide 0.344% CuEq; Enriched / Stockpiles / Spent Ore reported at zero cut-off; Assumed metal prices: Cu US$13,125/t, Zn US$3,125/t, Au US$5,000/oz, Ag US$69/oz; Totals may not sum due to rounding.
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 30 3 0 Reserve Estimate Material Type Reserve Type Class Tonnage (Mt) Grade Contained Metal Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Oxide In-situ Proved 0.00 - - - - - - - - Probable 0.34 - - 1.57 51.01 - - 16.92 551 P+P 0.34 - - 1.54 50.30 - - 16.92 551 Sulphide In-situ Proved 8.97 0.88% 1.53% 0.59 22.74 79.29 137.24 170.17 6,559 Probable 10.75 0.62% 1.95% 0.87 30.84 66.44 209.30 299.00 10,659 P+P 19.72 0.74% 1.76% 0.74 27.15 145.73 346.54 469.17 17,218 Enriched In-situ Proved 1.92 1.44% 1.40% 0.65 25.98 27.50 26.81 40.16 1,600 Probable 0.40 0.80% 1.87% 0.66 23.47 3.24 7.55 8.53 305 P+P 2.32 1.33% 1.48% 0.65 25.55 30.74 34.37 48.69 1,905 All Types In-situ Proved 10.89 0.98% 1.51% 0.60 23.30 106.80 164.05 210.33 8,159 Probable 11.49 0.61% 1.89% 0.88 31.17 69.67 216.86 324.44 11,515 P+P 22.38 0.79% 1.70% 0.74 27.34 176.47 380.91 534.77 19,674 Material Type Resource Type Class Tonnage (kt) Grade Contained Metal Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) PAG Waste SP Proved - - - - - - - - - Probable 913 0.96% 0.75% 1.05 48.79 8.76 6.85 30.74 1,432 P+P 913 0.96% 0.75% 1.05 48.79 8.76 6.85 30.74 1,432 Sulphide SP Proved - - - - - - - - - Probable 466 1.06% 0.70% 0.97 52.20 4.94 3.26 14.53 782 P+P 466 1.06% 0.70% 0.97 52.20 4.94 3.26 14.53 782 Spent Ore HLF Proved - - - - - - - - - Probable 2,700 - - 0.32 36.98 - - 28.13 3,210 P+P 2,700 - - 0.32 36.98 - - 28.13 3,210 All Types SP and HLF Proved - - - - - - - - - Probable 4,079 0.34% 0.25% 0.56 41.36 13.70 10.11 73.40 5,425 P+P 4,079 0.34% 0.25% 0.56 41.36 13.70 10.11 73.40 5,425 Insitu Resources Stockpiles and Heap Leach Facility Spent Ore Source: September 2026 CPR. Notes: Ore Reserves are a subset of Mineral Resources and are reported in accordance with JORC (2012); Effective date: 31 July 2026; Reserve cut-offs: Oxide 0.28% CuEq; Sulphide 0.43% CuEq; Enriched 0.29% CuEq; Reserve metal prices: Cu US$10,500/t, Zn US$2,500/t, Au US$4,000/oz, Ag US$55/oz; Totals may not sum due to rounding.
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 31 Gediktepe Processing Flowsheet Integrated processing routes support production growth and operational flexibility Oxide Ore Heap Leach Facility (Operating) Sulphide Processing Plant (Ramping Up) Notes: Spent Ore is material on the heap leach facility which has been processed, and it contains residual gold and silver, m ost of which cannot be efficiently extracted through further heap leaching. It will be processed through the SART plant and the Merrill -Crowe plant. Feed to the sulphide flotation plant will comprise both stockpiled ore and in -situ sulphide ore. See full breakdown in 2026 CPR (SRK). Merill-Crowe Plant Au + Ag Doré Zn + Ag Conc. Cu Conc. Zn + Ag Conc. Cu + Au Conc. SART Plant (Under Construction) Sulphide Ore Enriched Ore Stockpile & PAG Waste Spent Ore
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 32 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 Michael R. Pompeo Non-Executive Director Mustafa Aksoy Director Maarten Terlouw Director Robert Friedland Advisor • 30 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. • Chairman and CIO 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 | OTCQX: ACGAF | Bond ISIN: NO0013414565 33 Victor AyalaBarış Baş Management Damien Coles Chief Legal Officer • 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. Patrick Henze Chief Financial Officer • 15+ years experience in M&A, capital markets, IR 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. Graeme Rapley VP of Projects Gediktepe • 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. Peter Carter Chief Operating Officer • 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. Victor Ayala Finance Director Gediktepe • 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. Sirma Zeytinoglu Head of Legal & Compliance • 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. Darko Marinkovic Corporate Development Manager • 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. Yaya Hamadou VP of Processing • 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 Mandy Li Investor Relations Manager • 6+ years in mining finance, cost analysis and 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. Artem Volynets Founder, Chair and CEO • 30 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. ADVISOR Kate Harcourt Senior Advisor ESG
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 34 Shareholder Structure and Share Count (1) Share price as of 18 September 2026 (2) Illustrative purposes only and refer to Gediktepe Mine financials excluding corporate G&A (3) At consensus pricing assuming warrants exercised at current share price with a strike of £5.34/share (4) The vast majority of warrants are held by long-term holders i.e. existing shareholders (5) USD/GBP Fx rate of 1.3487 Key Shareholders Equity Research Target Price Consensus Ordinary Shares Outstanding 23,145,326 Note: 11,560,430 Warrants (Fully diluted shares c.33.5m) 3,4 Share Price £ 19.00/ US$25.63 per share £23.49 /share (average) 31% Lidya Madencilik 30% Argentem Creek 7% De Heerd Investments 5% Glencore 2% Traxys 4% Directors 21% Other Snapshot 1,2,3 Market Cap. US$ 593m
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 35 17.5 koz 18.5 koz 2026 Oxide Guidance H1 2026 Oxide: H1 2026 Operations Update Source: H1 2026 results. Gold spot of US$4,406/oz at 8 September 2026 per FactSet CommentaryOxide Production (AuEq koz) ▪ 18.5 koz AuEq produced in H1 2026, exceeding FY guidance of 17.5 koz; ~2.5 koz expected in H2 2026 ▪ Realised gold and silver prices increased materially in H1 2026 relative to H1 2025, rising by 64% and 142% respectively, to US$4,838/oz gold and US$78.2/oz silver, supporting strong revenues. ▪ H1 2026 AISC of US$1,609/oz was 52% higher than H1 2025, driven by elevated royalties linked to strong commodity prices and lower production as operations transition to sulphide ore. Realised Price and Unit Costs Gold spot: US$4,406/oz (8 September 2026) H1 2026 production exceeded full year oxide guidance $2,950/oz $1,060/oz $366/oz $4,838/oz $1,609/oz $622/oz Realised Au Price AISC C1 H1 2025 H1 2026
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 36 H1 2026 revenue of US$90m and EBITDA of US$48m; interim P&L H1 2026: Profit and Loss Strong performance driven by higher commodity prices 27% Increase in Revenue Quoted warrant price increased from $0.83 to $6.93 period on period per warrant resulting in a material fair value adjustment. Warrant Valuation Increase Due to Cu price increase potential Cu price payments in 2028 and 2029 valued higher. Copper Bonus Valuation Increase Profit & Loss US$m H1 2026 H1 2025 Revenue 90 71 Cost of Sales (45) (31) G&A (6) (12) Net Fair Value adj. (55) (11) Net Interest (2) 3 Net Profit (39) 16 Non-cash Non-cash Source: FY2025 and FY2024 audited financial statements. H1 2026 columns to be added on publication of the interim financial r eport
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 37 Financial net debt of US$140m at 30 June 2026, with cash of US$60m H1 2026: Balance Sheet Increase in PPE, trade receivables, and trade payables relating to Sulphide Asset Construction Sulphide Construction Increases Loans and borrowings broken down into current portion (January coupon accrued) and the remaining bond liability classified in non-current liabilities. Long Term Liability Increase Due to decreased cash balances as a result of Sulphide Project costs Current Assets decrease Financial Position US$m H1 2026 H1 2025 Current Assets 80 167 Non-Current Assets 367 268 Short Term Liabilities 137 116 Long Term Liabilities 292 269 Equity 18 50 Share Capital 122 121 Source: FY2025 and FY2024 audited financial statements. H1 2026 columns to be added on publication of the interim financial r eport
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 38 Cash from operations of US$55m in H1 2026 (Pending Final Report) H1 2026: Cash Flow Operating cash flow remained strong despite Sulphide Project costs Operating Activities Sulphide project costs contributing to higher cash outflows Investment Activities Bond interest of $14.75m paid timeously Financing Activities Cash Flow US$m H1 2026 H1 2025 Operating CF 29 31 Investment CF (92) (35) Financing CF (15) 154 Cash Balance 61 161 Source: FY2025 and FY2024 audited financial statements. H1 2026 columns to be added on publication of the interim financial r eport
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 39 Effective cash management by the ACG team (Pending Final Report) H1 2026: Interest Expense Due to inflation which stabilised and is offset by Lira depreciation Türkiye offers attractive interest rates No FX risk due to local spending Capex spent in Lira Due to optimisation realised significant benefits in 2025 Efficient Project Spent and Cash Management Net Interest US$m H1 2026 Fixed Income 13.6 Finance Expense 16.1 Effective Interest Rate 2025 on US$ 200m Nordic Bond c. 2.5% Source: FY2025 audited financial statements. H1 2026 columns to be added on publication of the interim financial report
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 40 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 gr ade calculated using long-term consensus metals prices UG UG UG UG
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 41 28,000 30,000 32,000 34,000 36,000 38,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Copper (kt) Copper supply Copper demand Copper Market Outlook Source: S&P Capital IQ and FactSet, August 2026. (1) LME 3-month copper futures price, 7 September 2026 Copper Demand Growth is expected to be 2.7% Copper Supply Growth is expected to be 1.7% Expected Demand to Supply Gap ~2.4 Mt by 2035 Artificial Intelligence ▪ AI and defence sectors could raise copper demand by 50% by 2040, with potential annual shortages exceeding 2.4 Mt without additional mining or recycling efforts. Energy Transition ▪ Copper is the backbone of electrification and energy transition ▪ Electrification (including EVs) and renewable energy are intensifying copper usage Supply Crunch ▪ Mine disruptions of ~6% over the past 3yrs highlight rising operational risk ▪ Copper futures reached ~$14,500/ton1, marking a historic high Demand Growth Drivers (2026 – 2035) Copper Deficit Demand Supply Cu Deficit Demand expected to outrun supply
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LON: ACG | LON: ACGW | XETR: ACG | OTCQX: ACGAF | Bond ISIN: NO0013414565 42 $1,500 $2,500 $3,500 $4,500 $5,500 $6,500 $7,500 Q3 '26 2026 2027 2028 2029 2030 US$/oz Consensus mean Spot $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 US$/oz Gold Price (US$/oz) Current Demand Dynamics Gold Market Outlook Gold Holding Above US$4,400/oz¹ Gold Price Forecasts² Spot: US$4,406/oz (1) FactSet, 8 September 2026; (2) Stifel Research and S&P Capital IQ, accessed 8 September 2026 Central Banks and US Macro • Fed holding rates steady at 3.50-3.75%, with the odds of a September hike rising • Rising rate expectations lifting gold's opportunity cost • Gold holding above US$4,400/oz despite firmer USD • Continued central bank buying and reserve diversification Global Debt / Fiat Debasement ▪ Global debt above US$350tn, around 3x GDP ▪ Government debt at record levels ▪ Sticky inflation and high debt keep long-end yields elevated ▪ Gold hedges duration risk and currency debasement Safe Haven Demand ▪ Geopolitical and macro uncertainty supporting demand ▪ Policy risks and event shocks remain key catalystsConsensus