ACG Metals Buys Keşkek Licence to Extend Gediktepe Gold Production

ACG Metals Limited has agreed to acquire the Keşkek gold project in Türkiye, securing a nearby source of oxide ore for its existing Gediktepe heap-leach facility.

The strategic logic is fairly straightforward. Gediktepe's own oxide ore is being depleted as ACG shifts towards copper and zinc concentrate production from sulphide ore. Keşkek could keep the gold circuit operating for several more years, allowing the company to use infrastructure that is already in place.

ACG will pay an initial US$4 million, followed by potential deferred cash consideration of US$3.85 million linked to the Environmental Impact Assessment permitting process. Mining and gold production are targeted to begin in mid-2027, subject to permitting.

The full details are available in the original company announcement.

The key acquisition figures

Item	Detail
Initial cash payment	US$4 million
Potential deferred cash payment	US$3.85 million
Total stated cash consideration	US$7.85 million
Licence area	666 hectares
Distance from Gediktepe	Approximately 70 km
Initial Keşkek pit	Approximately 300 kt at 0.90 g/t gold
Estimated strip ratio	1:1
Internally estimated resource	1.5 Mt at 0.65 g/t gold
Target production start	Mid-2027
Estimated ten-year project expenditure	Approximately US$15 million

The US$4 million initial payment is due after the definitive agreement has been executed and the licence transfer has been approved by Türkiye's General Directorate of Mining and Petroleum Affairs. ACG expects that process to conclude in October 2026.

The remaining US$3.85 million is linked to environmental permitting, which is expected to conclude by mid-2027.

There are additional economic obligations. The seller, META, will receive a 1% gross revenue royalty on gold mined from the licence area. ACG must also pay US$60 per ounce for additional gold discovered and converted into ore reserves outside the defined Keşkek pit.

Why Keşkek matters to Gediktepe

Keşkek is expected to supply oxide ore to Gediktepe once recoverable gold and silver from the material currently under heap leach has been extracted.

Heap leaching involves placing crushed ore on a lined area and applying a solution that separates the valuable metal. The attraction of Keşkek is that ACG intends to process its ore using the existing Gediktepe facility rather than constructing an entirely separate processing operation.

The initial feed is expected to come from a pit containing approximately 300 kt at an average grade of 0.90 grams of gold per tonne. Its estimated waste-to-ore strip ratio is 1:1, meaning roughly one tonne of waste would need to be moved for every tonne of ore mined.

ACG's metallurgical testing produced column-leach gold recoveries of 75% to 80%. The company says this could increase to approximately 85% by using Gediktepe's patented proprietary recovery process.

Higher-grade ore is intended for the existing heap-leach facility. Lower-grade material is expected to be stockpiled for later processing through ACG's Enriched Ore plant.

Existing infrastructure strengthens the rationale

Keşkek is approximately 70 km from Gediktepe, and ACG says paved and gravel haulage routes connect the two sites.

Uluova, the company's existing mining contractor, is already established at the META site. Keşkek is also located along ACG's existing concentrate offtake route, which could create transport synergies with concentrate deliveries.

This does not remove the cost of mining and transporting the ore, but it could simplify development compared with a remote project requiring new contractors, roads and processing infrastructure.

ACG estimates total acquisition, phased exploration and closure expenditure of approximately US$15 million over ten years. However, the announcement does not disclose expected annual gold production, operating costs, revenue, profit or project returns.

That missing economic detail matters. Investors can see the strategic fit, but they cannot yet fully assess the financial contribution that Keşkek could make.

Exploration offers upside, but remains uncertain

ACG's technical team estimates that the wider licence contains an indicated mineral resource of 1.5 Mt grading 0.65 g/t gold, including the defined Keşkek pit.

A technical review by ACG and Ridge Minerals has also identified potential for another 5 Mt to 10 Mt of mineralisation grading between 0.7 and 1.0 g/t gold.

That is the more exciting part of the acquisition, but it is also the least certain. The exploration target requires further drilling, and ACG explicitly states there is no certainty that additional exploration will produce mineral resources.

Even if mineral resources are identified, they would still need to be converted into economically mineable ore reserves. Any additional gold converted into reserves outside the defined pit would also trigger the US$60-per-ounce payment to META.

The existing facility is expected to have enough capacity for increased oxide throughput if further ore reserves are delineated. That could make exploration success more valuable because additional material may have access to an established processing route.

Gold production alongside the copper transition

ACG completed the acquisition of Gediktepe in September 2024 and achieved first copper concentrate production in August 2026. Its flotation facility is now ramping up towards targeted steady-state copper-equivalent production of 20 kt to 25 kt per year.

The Keşkek deal is therefore not a reversal of ACG's copper strategy. It is an attempt to continue primary gold production alongside copper and zinc concentrate output.

That is relevant following the company's earlier decision to amend the Gediktepe royalty as it transitioned towards copper production.

If Keşkek enters production on schedule, Gediktepe could retain exposure to gold while its sulphide operation ramps up. It could also extend the useful life of the heap-leach facility instead of leaving that infrastructure underused after Gediktepe's existing oxide material is exhausted.

What investors should watch next

The acquisition looks strategically coherent because it combines nearby ore, existing processing infrastructure, established contractors and available transport routes.

However, the timetable depends on the licence transfer and environmental permitting. The targeted mid-2027 production date is therefore not guaranteed.

Investors should watch for:

• approval of the licence transfer, expected in October 2026
• completion of the Environmental Impact Assessment permitting process
• confirmation of the final development and haulage plan
• further drilling across the 666-hectare licence
• conversion of exploration potential into mineral resources and ore reserves
• disclosure of expected production, costs and project economics
• progress ramping up Gediktepe's copper and zinc flotation operation

The defined Keşkek pit provides an initial source of oxide feed, while the broader licence offers potentially larger exploration upside. The investment case will become clearer once ACG provides firmer production and cost guidance and demonstrates that permitting remains on schedule.