London-listed ACG Metals has reported a higher total asset after-tax net present value (NPV) of $1.2-billion for the Gediktepe project, in Türkiye, following an updated competent person's report.

This compares to an initial project NPV estimation of $265-million made in a 2024 report.

ACG expects the Gediktepe mine's average production to increase by about 60% to 36 000 t of copper-equivalent between 2027 and 2021, compared with the original copper-equivalent production target of between 20 000 t and 25 000 t.

The company says its first half of the year oxide production has already exceeded the full-year guidance. The full-year guidance has been revised to between 12 000 t and 14 000 t of copper-equivalent, reflecting a three-month rephasing of sulphide production into the 2027 financial year as management follows a measured and risk-managed commissioning schedule.

The slower ramp up of Gediktepe prioritises safe, reliable plant performance and is designed to provide a robust foundation for sustainable long-term production, the company states.

Over an initial mine life of 11 years, Gediktepe is expected to produce a total 352 000 t of copper-equivalent.

Meanwhile, the updated competent person's report had total ore reserve tonnages increase by 43% to 26.5-million tonnes, with the ore reserves containing 176 000 t of copper, 381 000 t of zinc, 535 000 oz of gold and 20-million ounces of silver.

ACG's enriched ore treatment project is expected to add about 84 000 t of copper-equivalent to the life of mine production profile, which was not included in the 2024 competent person's report.

The company says an improved construction schedule has replaced the original phased development approach, bringing forward previously deferred value from base metals and enhancing the total after-tax asset NPV by $365-million. Production is expected to come online in the third quarter of 2027.

ACG chairperson and CEO Artem Volynets says two years ago Gediktepe was primarily a short-life gold operation with an unfunded plan to transition into copper production. Today, after significant investment and operational improvements, the company has transformed the asset into a fully funded, copper-producing operation with three complementary processing streams, supported by precious metals and zinc production, as well as a materially larger production profile.

"The 2026 competent person's report reflects the value created through that transformation: a larger reserve base, a stronger and more flexible mine plan, and the ability to recover value from ore sources that were not captured in the previous plan. With the sulphide plant now in ramp-up, the enriched ore project advancing and further oxide optionality available, Gediktepe has evolved into a substantially broader and more valuable operation," Volynets states.

ACG's focus is now on disciplined execution of this plan and delivering the production and cash flow potential of the asset.