ACG to Acquire Keşkek Licence to Extend Gold Production
LONDON, Sept. 7, 2026 /PRNewswire/ -- ACG Metals Limited ("ACG" or the "Company") is pleased to announce it has entered into a binding agreement with Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş. ("META") to acquire 100% of mining licence 60926 and all rights associated with it (together, the "Licence"), which contains the Keşkek gold project ("Keşkek" or the "Project"), for an initial cash consideration of US$4 million plus potential contingent payments as described below.
Keşkek provides a new source of oxide ore within 70 km of ACG's Gediktepe mine in Türkiye and is expected to extend the utilisation of the Company's heap leach facility (the "Facility") by several years.
Highlights
- Acquisition of the Licence, covering 666 hectares, for an initial cash consideration of US$4 million and potential deferred cash consideration of US$3.85 million at start of production in mid-2027.
- Secures extension of oxide feed for the Facility, supporting continued gold production and utilisation of existing infrastructure following full realisation of the production potential of Gediktepe's own oxide ore.
- Initial oxide feed to come from the META defined Keşkek pit, containing approximately 300 kt grading 0.90 g/t Au at an estimated waste-to-ore strip ratio of 1:1.
- ACG's technical team estimates the Keşkek Licence to contain a mineral resource of 1.5 Mt grading 0.65 g/t Au. Exploration potential for an additional 5–10 Mt of mineralisation grading 0.7–1.0 g/t Au, subject to further drilling.
- Metallurgical testwork undertaken by ACG achieved gold recoveries of 75–80%, increasing to approximately 85% using Gediktepe's existing patented proprietary recovery process.
- Located approximately 70 km from Gediktepe, with ACG's existing mining contractor already established at the META site and connecting infrastructure in place.
- Mining and gold production are targeted to commence in mid-2027 after residual leaching of the material currently on the heap is complete, subject to permitting.
Artem Volynets, Chairman and Chief Executive Officer of ACG, said:
"The acquisition of Keşkek provides an attractive opportunity to extend our gold production profile by securing a nearby source of gold-bearing oxide ore that can be processed using existing infrastructure at Gediktepe. This will enable ACG to continue primary gold production in addition to production of copper and zinc concentrates from our own sulphide ores via the flotation facility that we are just starting to ramp up.
The Project is a clear example of our disciplined approach to identifying value-accretive growth opportunities that leverage our existing infrastructure and operating capabilities and generate additional cash flow."
Acquisition Terms
ACG will acquire the Licence from META for cash consideration of US$7.85 million.
The consideration comprises: (i) US$4.0 million payable following execution of the definitive agreement and approval of the transfer of the Licence to ACG by the General Directorate of Mining and Petroleum Affairs expected to conclude in October 2026; and (ii) US$3.85 million linked to the Environmental Impact Assessment permitting process, expected to conclude by mid-2027.
In addition, META will receive a 1% gross revenue royalty on gold mined from the Licence area. ACG will also pay US$60 per ounce for additional gold discovered and converted to ore reserves outside the defined Keşkek pit.
Total Project acquisition, phased exploration and closure expenditure is estimated at approximately US$15 million over ten years.
Project Overview and Development
The Keşkek pit, defined by the META technical team and verified by ACG's technical team, contains approximately 300 kt grading 0.90 g/t Au at an estimated waste-to-ore strip ratio of 1:1. It will provide the initial source of additional oxide feed for ACG's existing heap-leach facility.
Metallurgical testwork undertaken by ACG supports the planned processing routes, indicating column-leach gold recoveries of 75–80%, increasing to approximately 85% using Gediktepe's existing patented proprietary recovery process. Higher-grade ore will be processed through the Facility, while lower-grade material is expected to be stockpiled for subsequent processing through ACG's Enriched Ore plant.
The Project will leverage Gediktepe's existing infrastructure. Ore will be transported to Gediktepe via paved and gravel haulage routes. Uluova, ACG's existing mining contractor, is already established at the META site, supporting efficient trucking operations. Transport costs are expected to benefit further from Keşkek's location along ACG's existing concentrate offtake route, creating potential synergies with concentrate deliveries.
Mining and gold production are targeted to commence in mid-2027, by which time ACG expects all recoverable gold and silver from the material currently under heap leach to have been recovered. Production from Keşkek is expected to extend the operating life of Gediktepe's gold production circuit by several years.
Further Resource and Exploration Upside
The Mining Licence covers 666 hectares and contains an internally estimated indicated mineral resource of 1.5 Mt grading 0.65 g/t Au, including the defined Keşkek pit.
Technical review by ACG and Ridge Minerals has identified potential for further exploration targeting an additional 5–10 Mt of mineralisation grading 0.7–1.0 g/t Au within the Licence area, subject to further drilling. ACG's Facility is expected to have sufficient capacity to handle increased oxide throughput should additional ore reserves be delineated.
There is no certainty at this stage that further exploration will result in Mineral Resources.
Inside information
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.
Forward looking statements
This announcement may contain certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements"). Forward-looking statements are identified by their use of terms and phrases such as "believe", "targets", "expects", "aim", "anticipate", "project", "would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Group and the environment in which it is and will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. Each forward-looking statement speaks only as of the date of this announcement. Except as required by applicable law, regulatory requirement, the UK Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chief Executive Officer.
For further information please contact:
Thirty Three Communications
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+44 (0) 20 3753 3070
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+44 (0) 20 3207 7800
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About the Company
ACG is a company with a vision to build a global, high-margin, copper-focused producer with safe, efficient, and sustainable operations.
In September 2024, ACG successfully completed the acquisition of the Gediktepe mine. Since then, the Company has transformed the operation from a gold and silver producer into a copper producer, achieving first concentrate production in August 2026. Gediktepe is targeting annual steady-state copper equivalent production of 20-25 kt from flotation processing facility, which is currently ramping up. This target excludes additional oxide production and expected future production from its enriched ore treatment project, which is currently under development.
ACG's team has extensive M&A experience built through decades spent at blue-chip multinationals in the sector. The team brings a significant network as well as a commitment to ESG principles and strong corporate governance.
LON: ACG | OTCQX: ACGAF | LON: ACGW | Xetra: ACG | Bond ISIN: NO0013414565
For more information about ACG, please visit: www.acgmetals.com
SOURCE ACG METALS LIMITED
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