Hello. Thank you very much for joining.

I'm Artem. I'm Chair and CEO of ACG.

We'll walk you through some slides reasonably quickly. Essentially, we published an updated technical report on Thursday of last week, and also our results for the first 6 months of this year, financial results.

This presentation is designed to show what we have done over the last 2 years. Just to remind everyone what ACG is, today we're about $600 million market cap company, another $200 million in bonds outstanding.

We've done reasonably well for our shareholders over the last 2 years since we acquired an asset in Turkey called Gediktepe. Our updated technical report shows a massively increased NPV, which leads to the NAV, net asset value per share, of around £34, and that technical report is done at consensus pricing, which are lower than the current spot, if you put spot prices in the model, you will see £43 per share.

Certainly, there is a way to go from where we are. This is all driven by a very significant increase in the value of our project.

Essentially, we acquired Gediktepe for $120 million in September 2024. We're investing another $200 million, $146 million of that is already invested and the flotation plant built, another $60 million is being invested to build another plant called SART.

As a result of that, the net asset value of NPV of the Gediktepe project is $1.2 billion at consensus and $1.4 billion at spot. We have lifted our expected production for the next 5 years to the originally planned 20,000 roughly of copper equivalent to over 36,000 tonnes of copper equivalent.

When we acquired the asset, it had good safety performance, but we have improved that as well. This is remarkable given the fact that we have over 1,000 people now working at the site, completed construction and ramping things up.

When we acquired the asset, it only had heap leach facility to produce gold and silver doré, and at that time had 18 months to run. Today, we'll explain that we have significantly extended the life of mine for that facility, we have completed construction of the sulfide plant and we're ramping this up, and we started construction of the SART plant that will be put into production in Q3 next year.

As a result, we have a site with three modern processing facilities in one place, meaning that we can process anything that comes out from our mine or from nearby deposits.

When we look at the three kind of processing facilities that we're building or have built, you can see that it's a pretty diverse mix of production. We can really have flexibility, but also derisk, obviously, the operation by having multiple streams of how we can process the ore.

From the sulfide, we will produce a copper concentrate and a zinc concentrate. The copper concentrate rich in gold and silver.

We will have the SART plant operating that produces also copper and a zinc concentrate, plus a doré. We have the oxide that we also announced a few weeks ago to extend, that will produce a doré.

In terms of the commodity mix, you see that copper is the dominant factor, followed by gold given its price increase, and zinc and silver as byproducts. Most importantly is really that at consensus prices, we're getting to a $450 million revenue over the next 5 years on average, versus $130 million that we had in the last years.

Obviously, at spot, that will be considerably higher.

Looking at the resource reserves again, we obviously saw the SART, the waste previously treated as waste, we actually were able to put into our reserves and resources, but still the resources are significantly higher than the reserves. That's already proven JORC resources, which means that the mine life will obviously be extended over over time.

The drilling that we need to do for this is very limited. It's infill drilling in the pits, but we're going to do this obviously as and when we need it.

For now, the 11-year mine life is a good initial mine life, but we will be able to extend it very easily. If we look then at the SART plant, we had originally announced a year ago, more than a year, yeah, less than a year ago, that we'll do this in two phases.

We usually wanted to do the precious metals upfront and then go into the base metals a bit later. We went from a scoping study to now a fully designed and engineered plant.

We already done most of the earthworks. We acquired already a bit of equipment.

Ultimately, we realized that we don't want to throw away any metals. We can actually do everything upfront.

Hence, we did the design change to actually get the gold, silver, copper, and zinc out upfront, which means that we're starting this project a little bit later in Q3 '27, but we're bringing forward the copper and the zinc production roughly 2 years, which means that we're really increasing our production in '27 forward significantly more than previously expected. A plant that is kind of, sitting on our site, very value-accretive, low-hanging fruit, realizing about $360 million of NPV for a $60 million capex program is almost unbeatable.

Obviously,

the production numbers you see here only based on reserves and on a limited number of enriched stockpiled ore that we have at the site. We, again, very similar to the heap leach, we are not going to leave this plant idle in 5 years from now.

From 2032, we will find other sources of ore to put through this processing facility, like we just did with extending the life of mine for the heap leach, which is oxide ore. 2 weeks ago, we announced acquisition of a license 70 km from us for a very attractive price, just under $8 million, paid in two tranches, that essentially extends the heap leach production by 6 to 7 years.

Initially in the mine plan, we have about 300,000 tonnes of material running at 0.9 g per tonne gold. If you deduct all of our costs that we have in this, the mining, the trucking, plus then the processing at our facility, we expect this to generate about $15 to $20 million in profit.

That pays for the acquisition, it also pays for the exploration program that we will do to actually realize the 5 to 10 million tonne potential we see there, and that's pure upside. It will feed our oxide plant for the years to come, and it's also really nicely sequenced into the operation.

This year, we will have residual oxide still running from the heap leach. We will then flush and turn the heap leach to generate more gold in the first half of 2027, and by mid-2027, when we have the full license and the EIA approval, we will basically then feed in this third-party ore for the next years to come.

I would also add that this works really well from a logistics perspective. We send our concentrate to port on trucks.

These trucks pick up this ore on the way back, it's massively synergistic.

On the patent, we announced this a few weeks ago. We haven't really talked to investors about it, but ultimately, what is the case is that our chief metallurgist, Yahya, he identified this technology, which over time, really over more than a year, improved our recoveries from less than 75% to now actually above 85%.

There's a key benefit to this is that we can actually reduce cyanide consumption. Two benefits to that is really environmentally much friendlier, but also we're going to reduce our cost because that technology is actually less costly than the cyanide.

Obviously, we see a lot of potential in this technology. We have patented it fully in Turkey now.

We are patenting this in 35 other countries, mainly in Europe and Central Asia, because there is a lot of projects that are either abandoned because cyanide is prohibited or there are actually tailings that can be retreated, we see a lot of potential applying this technology also outside of our merits.

We see further upside from what we have in CPR and what we published as a technical update. The continuation of oxide production is not in CPR yet.

We just acquired, signed an agreement to acquire this license. Overall, they are further upsides that we see.

Number one, as already mentioned, increase of the life of mine, converting the existing resources into reserves. Number two, we have 800,000 tonnes per year capacity at SART, and in 5 years, we will work through our own stockpiled ore, and we'll get other feed like we just did for the oxide.

We have talked about further exploration at our new oxide license. What we haven't talked about is the fact that we actually have additional exploration license 200 km from us.

We haven't touched that yet. We acquired that together with Gediktepe 2 years ago.

Next year, we'll start drilling. Looks like a large porphyry type of mineralization, but too early to say anything.

We'll start drilling on that.

Coming to the financials, we also announced the H1 '26 financials, I think beating market expectations because obviously, we were blessed with higher gold prices in the first half, but we also were really disciplined on our cost side. So $90 million revenue, an EBITDA of about $50 million, and the cash flow of $30 million, which is even a bit understated due to some adjustments, but ultimately still very cash-generative business.

We still had about $60 million on the balance sheet in cash by the end of the first half. Obviously, we finalized construction since then.

We are now in ramp-up phase, the net debt is obviously now increased, but as soon as the sulfide starts producing, the cash will flow and the net debt will get very, very healthy in no time. A few items on the balance sheet that worth discussing.

Against the operating cash performance is still very strong. As I said, very strict cost control.

I still sign off every invoice that we are sending. We have a very good efficient tax rate in Turkey.

The government announced just 2 months ago that they will reduce the corporate income tax from 25% to 12.5% starting in '27, so that will even further reduce our cash tax burden from next year. In non-cash IFRS adjustments you've seen similar to what we had in the last year, it's basically non-cash items and it's purely because copper prices increased and our share price increased, for a good reason.

The last point on the financial side maybe to mention is our bond. We have a $200 million bond outstanding in the Nordic bond market.

We started this journey with a 14.7% coupon. The yield has been much, much trading up, we have now a yield above 9% roughly.

Everybody is expecting us to refinance and that's why we kind of hit a plateau. There's not much more upside from here in the trading, but obviously we know that we can refinance this cheaper now and we intend to do this either in January where the first call date is, or even before.

What does this mean in terms of value? I think the numbers are staggering.

I would challenge anyone to find another copper producer globally that able to put copper production facilities at below $9,000 per tonne of copper. You see the biggest and apparently the best mining company in the world doing $16,000 to $30,000 on their brownfield projects.

With this type of attractive capital intensity, it's obviously much better for us to focus on getting value from our existing assets than try to buy something more expensively. We'll certainly will continue to grow organically and through M&A, but this is our benchmarks, and the fact that we have revised the guidance, the average production forward-going, is is is really value-accretive for Gediktepe.

The production here, as I mentioned, doesn't include the processing of the new oxide ore from the deposit we acquired. That would add roughly 3,000 copper equivalent tonnes to to what we have.

The cash flow on a bottom of the slide is at consensus. At spot, obviously, that will be considerably higher.

In terms of valuation, given $1.2 billion NPV and our market cap today, we are trading at a very, very significant discount to other copper companies on the London Stock Exchange, so that gap, we believe, will be gradually closed as we announce commercial production, shipments of concentrate, and as we get to the full installed capacity early next next year. Finally, that kind of, 0.6 P/NAV that we see in the previous page is very, very much below any similar-sized company, whether in London or globally, but other multiples point to the same discrepancy in versus peers, especially striking is free price to free cash flow multiple given our very high cash flow generation.

In terms of what is coming for the shares in the next 6 to 12 months, number one, obviously, is operational delivery. That is first and foremost ramping up the sulfide plant to full commercial production by the end of the year.

Full commercial production is typically defined as 70% of nameplate capacity, and then ramping it up to the nameplate capacity next year. Second, building the SART plant, which we aim to put into production in Q3 next year, and then starting processing of the new oxide feed from the new license we acquired in the middle of next year.

On the capital balance sheet optimization, we're likely to refinance the bonds, even end of this year, that will further reduce our interest. On the capital markets, we have 2 years ago, we struggled with a low liquidity.

That has improved dramatically, but we do expect further improvements going forward, especially as we get included in indexes. The next one for us would be FTSE 250, which is approximately when we'll have approximately $750 million US in a market cap.

We are on a main board, we will be included in that in that index as we as we move forward. The net asset value per share at spot is £34—sorry, at consensus is £34, at spot, that is considerably higher, over £40, and that is direction for travel in the next 6 to 12 months.

That is a brief presentation. It's all we wanted to say.

Let us move to Q&A. Patrick, perhaps I'll take the first one, and you take the second one.

The first question we have is guidance now is 36,000 tonnes of copper equivalent for the next 5 years. Does this envisage a more or less equal annual production, or it's going to be lower in '27, and what is the guidance for '27?

Obviously, 36 is average. Next year, it's likely to be less than that because we will start production from the SART only in Q3, and the flotation facility will be ramping up to the full nameplate capacity in Q1 next year.

We will publish our guidance for 2027 in a beginning of the year as it customary.

The second question is regarding the cost increases for many other companies in the mining sector, and as a result of the warfare in the Gulf, if there's a chance that we also have to increase the AISC projections. Ultimately, there is obviously about $2.50, $2.44 we have as a dollar per pound copper projection in the CPR.

Obviously, today's prices are closer to $6 per pound of copper, there's a very significant margin we have. Important to know is that in this $2.44, the oxide production that we have on top is not included.

This byproduct revenue will further decrease our AISC, actually. On the other side, you obviously have a bit of inflation, you have a bit of increased prices there, but this is pretty temporary, and it's also offset by the lira depreciation we see in Turkey.

We don't see that there's a significant jump in our AISC because we have some benefits that are not included in those, but we also see the lira depreciation kind of offsets the inflation we see in country, and therefore it's been pretty stable over the last 3 years of the operation already.

Patrick, maybe you can do the next question as well.

Sure. The question is about the accounting adjustments that resulted in the earnings loss during H1.

Again, this is something that we've seen already in the end of the year. We have two adjustments that we do.

One is for the warrants. We have a couple of warrants outstanding, and it's a pretty good issue to have because our warrants increased about 800%, 900% since we actually started the company.

Given in IFRS you have to do fair value adjustments, we have to basically fair value the price of the warrants each time we report our financials, which means that we had to do again like a negative effect in the P&L. The most important thing: this is a non-cash adjustment.

It's decreasing our earnings per share on a, accounting basis, but actually the cash flow per share is still the same as it was before. The same is for the copper price bonus that we have.

We have like a deferred potential payment to Lydia, which is due in '28 and '29, and that is based on a copper price. Given copper prices increased significantly, we again had to do a fair value adjustment, non-cash item for now, only relevant in '28 and '29, by when we will obviously produce significantly higher cash flows than we're doing today, it's really a non-issue for me personally.

The next question is, how are you thinking about acquisitions in high copper price environment, also considering our P/NAV is 0.57? Very simply, we are not going to do the deals for the glory.

We're only going to do the deals that create shareholder value. Over the last 2 years since we acquired Gediktepe, we worked on about five transactions.

Worked, we spent 6, 9, 12 months on each one of them. One or two may come back, but we said no to all of them for value reasons.

We are not going to overpay. I'm a shareholder, Patrick is a shareholder.

We are not going to do something that destroys shareholder value, especially when we have such a massive value creation at Gediktepe, it doesn't make sense for us to pay one time or more NAV if we see further upside in the current asset. What we'd like to do is to acquire an asset or a company that will give us the same or similar type of opportunity to improve the operations.

As we have just shown we can do at Gediktepe, it takes time to find such an opportunity, but once we do, and we are working at any given moment in time, we are working on three or so, you see kind of a direction of travel. This is what we good at.

By spending $320 million and getting a net asset value of 1.2, 1.4 billion, that's what we good at, and we'll want to repeat that at the next deal.

I think that addresses the next question. Maybe I'll take the last one and then we conclude.

The last question that we've seen here is, is the falling lira helping ACG? We obviously earn in US dollar.

We get our commodity sold at market prices based on the LME in London or the COMEX in Chicago. That is basically US dollar income.

Our operating costs are about 80%, 85% in lira, which means that the lira depreciation depreciates our cost. It more than offsets inflation, because inflation you usually see mostly in the salaries, which is part the operating cost, and that's obviously a benefit to us, yes.

The biggest validation for this is that companies like Eldorado, Centerra, First Quantum, they've been operating in Turkey for decades, and you can see basically the C1 cost, the real operating costs are pretty stable because of that offsetting factor.

We don't see any further questions. Thank you very much for your attention.

One more question. Hold on.

Just a colleague writing to us that we should go to the investor conferences. We will be presented at Denver Mining Conference at the end of September in Colorado Springs.

If anybody of you are there, look forward to meeting you. Thank you very much.