Welcome to the ACG Metals Limited H1 2026 operations results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to the management team of ACG Metals Limited. Artem, good afternoon to you. Thank you very much. Hello, everyone. Appreciate you tuning in to listen to our simple story. Just a reminder to everyone, I'm Artem. I'm Chair and CEO of ACG. I'm joined here by Patrick, our CFO, and Graeme, our Vice President for Projects. Where we are today is essentially closing on the final days of completing our transition from production of gold into production of copper. The numbers you see in front of you, revenues and adjusted EBITDA for the last year, which was from production of gold and silver doré. As we move into production of copper concentrate and zinc concentrate, our guidance for the year is 20,000- 22,000 tonnes of copper equivalent, and that includes the production of gold and silver from our oxide material, which we'll talk to you in details. As we moved through the CapEx, the net debt has increased. As of now, all the CapEx is spent, and as Graeme will tell you, we are in the final days now, starting commissioning of the project to reach first production by the end of the summer. Why are we doing all of that? Very simple. We remain big believers in the copper upside, with demand growing very strongly from new sectors of the economy, global economy, such as AI, data centers, robotics, electric vehicles, but also from the old industries such as defense, which is seeing a massive new investments as of now. Even if one of those sectors experience a bust, others are likely to compensate for the demand growth. Given the constraints in supply, the expectations are for the higher copper prices going forward. We are not banking on those. All of the numbers you see in this presentation, as always, are based on consensus price forecasts, which are average of whatever 30+ investment banking analysts globally. For this year, this consensus is $12,000 versus $13.5 you see on the Bloomberg screen. Long term, that consensus is $11,000, so massively below current spot. No changes in our team. We have a very strong and capable board and outstanding management team that have continued to deliver great operating results. Just to remind you of our starter asset, which is a producing mine on the western side of Turkey, three hours drive from Izmir Port. It's a very high-grade copper, mainly polymetallic deposit with a copper equivalent grade of 2.3%. As I mentioned already, we're moving from the production of gold from the oxide of deposit into production of copper from the main part of the ore body, which is sulfide. I am pleased to report on a very strong and improving healthy safety culture. This is an excellent achievement, especially given a number of people concurrently working at the site now, from our own team to the EPC contractor, to the contractors, to the EPC contractors. Many, many people. As managed by Graeme and our Chief Operating Officer, Peter Carter, there's been a really steady improvement and a very great healthy record. You can see on this picture one of the regular healthy safety meetings that is happening on a daily basis. Patrick, over to you. Yeah. Thanks, Artem. Just to give you basically an overview of the ore body that we have in Turkey, I think is three major areas that we all are working on right now. The oxide is the portion that was exposed to air, which we have been mining in this deposit since 2022. This has come to an end. We're basically in the H1 of 2026 mined from the stockpile that we created in 2025. Purely processing that material. We basically now moving into the sulfide, which is why we are building this flotation plant that we raised the funding for and are almost complete building. That will be the future of the mine for the next 10, 20, 30 years. Obviously, we announced in November last year that we identified the enriched ore stockpile, which was currently or previously treated as waste as actually a super interesting and very economic project, which Graeme and the team are also working on and actually moving forward. If we then look at the oxide, the first part of the processing plant, you see the site as it currently stands. We actually see the heap leach there, which have been processing over the last couple of years. You see the ponds in the backside on the left, which is basically the liquid solution that's very gold and silver rich, that flows into the metal recovery plant, the Merrill-Crowe plant, which is then creating the doré bars. We were very pleased to see that in H1 2026, we basically exceeded already the guidance that we put out on the oxide side for the full year, mainly due to recovery improvements. Most importantly, we also see that there will be further gold and silver produced from that part of the project, which means that we're going to exceed the guidance even further by the end of the year. That is just additional revenue that we didn't account for and is obviously very beneficial in the ramp-up for the sulfide operation. How did we achieve this? I think obviously the team has done a great job. A lot of operational efficiencies we could create in the last year and a half, actually more than a year and a half, since we actually bought Gediktepe. Most importantly, recovery always takes a bit of time, and we could see the benefits of that improvements in the recoveries really in the last half year, much more than before. That was also due to a technology that we put in place and we announced to the market. A technology that basically reduces the consumption of cyanide, which is more environmentally friendly, but also cheaper. It basically is now a patented application that we have in Türkiye, and we are now in the process of actually patenting this in 35 other countries, which will be beneficial for our growth story as well, because we see a lot of other opportunities where this technology could be applied. Graeme, maybe over to you on the sulfide and then on the enriched ore project. Yeah. Okay. Thank you very much, Patrick. Good afternoon, everybody. As Patrick and Artem have both said that we are moving very quickly now and heading into our commissioning phase. We have got all of our mills in. We have just finished installing the IsaMills, which were a very large portion of what we've been trying to achieve over the last few months. We have got all the jaw crushers in, we've got all the conveyors in. As of this slide, when it was written, we were 87% complete on construction. We're a little bit higher than that now, proceeding at a very rapid pace to achieve our first production. As of this morning, 9:00 A.M. this morning, Turkish time, we actually started a commissioning, which is the first phase of our commissioning, punch listing, which we're working on the primary crusher building and all the equipment through to the conveyors, through to the fine ore bin, and then finally through to the SAG mill and the ball mill. On that, the punch listing will take approximately two days on that one. Just to explain what punch listing is a little bit. What we do is we go through, we check all the terminations, electrical terminations, we check for safety, handrails, steps, et cetera, right through the whole plant, tightness of bolts, et cetera, just to make sure that everything is ready to go into the phase 2, which is our cold commissioning, which is actually running everything, making sure that it's all running in the right direction and running as it should be. As I said, we've started commissioning as of 9:00 A.M. this morning, punch listing. We're heading for the end of August for our first production. As you can see in the next slide that just come up, we've got a couple of very attractive gentlemen sitting in the middle of the photograph between the flotation cells. You can actually see the 25 cubic meter flotation cells running right down the middle. We have got three rows on either side, which is the zinc line and the copper line itself running down. We've got the 25s, we've got a set of 5 cubic meter flotation cells, and then we've got 40 cubic meter flotation cells running down the middle. You can see that the ponds we have got just on the right-hand side of the screen. We've just got the top end of the contact water pond, which is the water that comes back from the tailings dam. We've got the process water pond, which hasn't been lined yet in this photograph. As of today, we completed lining it. That is the water that we use for process right through the whole plant. The plant's running on a closed-loop system, which means that we do not discharge anything through to the environment. It comes back from the tailings dam, goes through a water treatment plant, we clean it up, water just goes round and round in circles. We've got to add about 12% water on it every day during the summertime for evaporation. We have also a photograph down on the bottom side. We've got eight finger bins, which in our product, we have got eight different ore types. They are that far apart, we cannot put them all together and send them through the plant at any one time. I will be doing a lot of blending. The eight fingers are for each type of ore that we've got. We've got two blending bins, which as the load is feeding the crushing plant, we'll be blending it as per what the geos and the metallurgist tell us how to blend it down. On that, on the bottom corner, you have got our main electrical room. Again, that's a lot further advanced in this photograph. This photograph was taken Sunday of two weeks ago. As of the 23rd of this month, we will be switching on the mains power. We have been building and construction on generation power. We flip to a temporary line from mains power. The 23rd, we have got the electrical authority coming in to inspect everything, from the main substation right through to our main substation and all of our associated electrical things that we've got. They'll be inspecting. If they're happy with it, they will allow us then to turn on the full power from the mains. That happens on the 23rd of this month. Moving to. I'll hand it back over to Patrick. Yeah. Just on the enriched, Graeme, maybe you can say a few words on the enriched ore project. Yeah. The enriched ore project, we're moving ahead with that. We are 24 hours away from finishing the main earthworks, which was 450,000 cubic meters of earthworks, which we achieved in three weeks, which was a major task for us. We have also started geotechnical drilling to make sure that the ground is good enough to set everything on, which it is. Then we can hand all those results over to the designers, who are a Turkish company, for them to do the designs for the foundations of the jaw crusher, the ball mill, and the SAG mill. You can see a few photographs in the background. We have actually purchased all of our major pieces of equipment. This was equipment that had been ordered and deposits paid by another company who went out of business very early on. We managed to get all this equipment at a very, very reduced price, which really has helped with the financial side of things on our build, which is great, though we've got the SAG mill. That is complete. The SAG mill is in two sections only because of transportation. The ball mill that you can see in the top left-hand corner, that's in one piece. That's a lot smaller, and we can send it to the site as it sits now. That was just ready for painting the day I took the photograph. The next day it was a very nice red color. Unfortunately, I haven't got a photograph of that one done. We've got the jaw crusher, and then we've got all the bearing shells for the SAG mills and the ball mills. We've purchased all of the gearboxes and electric motors. The SAG mill is a 1,500 horsepower electric motor. The ball mill is an 800 horsepower electric motor. You can see the girth gear sitting down the bottom. That is the ball mill. The SAG mill girth gear was actually still being fabricated on that. We've got the cone crusher, and you've got associated bearings, et cetera, on that one. Patrick? Thanks so much, Graeme. I think it's important to note that usually the mills are the longest lead items, and those are basically purchased, we're pretty good on the equipment side. Overall, just looking at the production profile of this mine site, I would even call it a complex because we have now, after the implementation of the sulfide and with the enriched ore project coming, is really like we can treat any ore of any kind in the region, but also obviously coming out of our deposit. You see that over the next couple of years, we will be able to ramp up to a production capacity that's very similar with peers like Atalaya, et cetera, who are trading much, much higher than ACG is today. This has been built, the oxide just two and a half years ago. The enriched will be built next year. We will have the sulfide plant fully commissioned now very soon. That equipment you need to utilize going forward, and that's why we see a lot of opportunities how we can actually utilize all three of these items going forward. That's basically the potential third party ore we're referring here, in order to utilize the capacity over a longer period. Going to the financials. Just a quick update on the financials. I think we already mentioned that the production guidance, at least on the oxide, we already overfulfilled. Very happy to report that. Also on the cost side, we continue to really have a tight handle on costs. Literally, the only reason why the C1 and the AISC are higher than last year is first of all, you have less production than last year, right? We are phasing out on the oxide, denominator goes down. That's why the C1 cost goes a bit up. On the AISC side, it's also the benefit of the higher gold prices lead to higher royalty payments to the government, which is a key component of the AISC. That's literally the only reason we see. Not much wage or any other increases. They are mostly offset by the Turkish lira devaluation. We are really keeping a tight handle on costs as of now. Just a quick update on the bonds, because we're getting more and more closer to the first call date in January 2027. You can see that our bonds are still trading very nicely upwards. Our coupon rate at the moment is about 8.5%. This is actually a bit outdated here, but we see that it's more closely getting to the first call date, implied rate, which is close to 8.5% and 9%. There's still good perception in the market for how ACG will probably refinance that bond. In terms of the financials, as Artem mentioned in the beginning, we have obviously a higher net debt right now. Unsurprisingly, the bond is drawn in escrow stages. Graeme and I have been working towards actually utilizing the bond as we progress the project pretty conservatively, actually utilizing it less quickly than we thought initially. Still, we are coming to the end of the construction, which means the cash balance reduces, the net debt increases. Also as soon as we hit production on the copper and the zinc concentrates, we will be very cash generative per month. Actually that will improve the liquidity and the net debt position very quickly. Artem, maybe over to you. Thank you. In terms of the key catalysts for the next six, nine months or so, obviously the number one is the first production from our flotation facility. As you heard today, we are looking to achieve that by the end of the summer. Second, as Patrick already mentioned, I see a follow-up question on that he will address immediately after the end of the presentation. We do plan to refinance high coupon bonds given the fact that our yield to maturity, as Patrick mentioned, is significantly below that. Then as we move forward and become larger, we expect to get into the further indexes, including passive indexes. That should ensure the passive inflow in the stock increase in liquidity. That shall enable us to trade, I'm not saying at premium. Over time, I do believe we'll be trading at premium, but even if we trade at par with peers, the upside we're seeing is two to three times over the next 6- 12 months. Any M&A is a cherry on the cake. On top of that, the key is operational delivery, and I trust you see that we're doing quite okay on this front. Let us perhaps move into the questions. I see, Patrick, why don't you deal with the first and the fourth, and I will deal with two in the middle. Yeah, sure. The first question is related to basically the CapEx is now incurred. How do you expect the leverage to reduce and how do we actually balance debt repayments with further opportunities on the acquisition side? Obviously, even if we look at the current debt that we have in place, which is a $200 million bond, let's assume, for now, there is no cash, and you have an EBITDA projection of $125 million conservatively. Even in this scenario, you have $200 over $125 million, so a very healthy debt to EBITDA ratio, right? It is far significantly below other companies, especially on the bond market, and therefore, a very healthy position to start from. Obviously, the asset will produce, even at spot prices, much higher cash flows than what I currently just mentioned. There is good opportunities that we can consider raising a smaller bond if we basically have a bit of cash already at hand. We could also increase a bond if we do another acquisition. It really depends on the business state at the time. I would say from that healthy net debt to EBITDA position, it is really a good way to start. We have multiple opportunities how to reduce, refinance, or actually redistribute this. In terms of further acquisition opportunities, as Artem mentioned in a lot of meetings we are having, every opportunity needs to stand on its own feet. We will not do a deal that is not able to attract funding for itself, and hence that really doesn't impact any cash generation from Gediktepe per se. Obviously, at some point we will have facilities or a bond that is covering multiple assets, just for diversification and actually reduction in capital cost for ACG. I will address the fourth one directly as well, and that is what sustaining CapEx should we expect in 2024? Very simply, the mine site is run very efficiently in a way that the mining is actually outsourced, right? We have a mining contractor, which there is in Turkey, probably one of the leading mining contractor industries globally. There is really big competitiveness. There is very good efficiency. A mining contractor rate is much easier to handle than actually running it ourselves, maintaining the fleet, having the sustaining CapEx, et cetera. Therefore, the sustaining CapEx on the mining side is basically zero for us. It is implied in the mining rate, obviously. On the processing side, you employ the people, the plant is newly built, even there is not much sustaining CapEx in the beginning. It will obviously increase over time, but it is a couple of million dollars versus a $250 million-$300 million revenue business is very negligible at the moment. Artem? Thank you. Patrick, two further questions. When do you expect the sulfide plant to be fully ramped up? By the end of the year, the answer is. Can you talk about the commercialization opportunities for our recovery patent process? Yes, we have already received the inbound inquiries following our press release a few weeks ago, so we are in discussions. We'll update the market if and when anything comes out of those. Certainly, I personally believe it's a very interesting and simple technology that has a massive recovery improvement. Therefore, there will be, and as we've already seen, other parties who will be keen to deploy these technologies. Finally, just finishing up on what Patrick said on our shareholder returns versus organic growth and M&A. Yes, we will be looking at things we can do near our side, but those will not cost much at all. M&A, each transaction has to stand on its own. This means that as soon as we are able to refinance our bonds with the restrictive covenants, we will be in a position to start paying dividends from Gediktepe cash flows. I think we answered all the questions. If there is no further ones, very much thank you for your attention. Thank you very much. That's great. Artem, Patrick, Graeme, thank you very much indeed for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the Mitron team, we would like to thank you for attending today's presentation, and good afternoon to you all.