LONDON – September 09, 2026 -- ACG Metals Limited has signed a binding agreement to acquire 100% of mining licence 60926 covering the Keşkek gold project from Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş. for total cash consideration of US$7.85 million, securing a new oxide ore source located 70 km from its Gediktepe mine in Türkiye.
ACG pays $4 million upfront, defers $3.85 million to mid-2027 permitting milestone
The deal structure calls for US$4.0 million payable once the definitive agreement is executed and Türkiye's General Directorate of Mining and Petroleum Affairs approves the licence transfer, expected in October 2026. A further US$3.85 million is tied to completion of the Environmental Impact Assessment process, targeted for mid-2027. META will also collect a 1% gross revenue royalty on gold mined from the licence area, plus US$60 per ounce for any additional gold converted to ore reserves outside the defined Keşkek pit. Total project spending, including exploration and closure costs, is estimated at approximately US$15 million over ten years.
Keşkek pit holds 300kt at 0.90 g/t gold, extending heap-leach facility life
The 666-hectare licence contains a defined Keşkek pit estimated at approximately 300 kt grading 0.90 g/t Au at a 1:1 waste-to-ore strip ratio. ACG's technical team has separately estimated an indicated mineral resource of 1.5 Mt grading 0.65 g/t Au across the wider licence area, with exploration potential for an additional 5-10 Mt grading 0.7-1.0 g/t Au subject to further drilling, as reviewed alongside Ridge Minerals.
Metallurgical tests show recoveries up to 85% using existing Gediktepe process
ACG's testwork indicates column-leach gold recoveries of 75-80%, rising to approximately 85% when processed through Gediktepe's existing patented proprietary recovery method. Higher-grade material will run through the heap-leach facility, while lower-grade ore is earmarked for stockpiling ahead of processing through ACG's Enriched Ore plant.
Existing contractor and haulage routes at META site cut development timeline
Uluova, ACG's current mining contractor, is already established at the META site, and ore will move to Gediktepe via existing paved and gravel haulage routes. ACG expects transport cost synergies given Keşkek's position along its existing concentrate offtake corridor. Mining and gold production are targeted to start in mid-2027, once residual leaching of material currently on the heap-leach pad is complete and permitting is secured.
Artem Volynets, Chairman and Chief Executive Officer of ACG, said the acquisition extends the company's gold production profile using existing infrastructure at Gediktepe, allowing continued primary gold output alongside copper and zinc concentrate production from the flotation facility now ramping up at the site.
Gediktepe flotation plant produced first copper concentrate in August 2026
ACG completed its acquisition of Gediktepe in September 2024 and has since converted the operation from a gold-and-silver producer into a copper producer, targeting annual steady-state copper equivalent production of 20-25 kt from the flotation facility, a figure that excludes oxide production from Keşkek or the enriched ore treatment project under development.