ACG Metals has entered into a binding agreement to acquire 100% of mining licence 60926 and the associated Keşkek gold project in Türkiye for $7.85 million in cash consideration, providing additional oxide ore intended to extend gold production at its nearby Gediktepe operation.
ACG will acquire the licence from Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş., or META.
The Keşkek project is located approximately 70 kilometers from ACG’s Gediktepe mine and is expected to provide additional oxide ore for the company’s existing heap-leach facility.
The consideration consists of an initial $4 million cash payment, followed by potential deferred cash consideration of $3.85 million linked to the project’s permitting process and expected start of production.
The licence covers approximately 666 hectares.
The initial Keşkek pit contains approximately 300,000 tonnes grading 0.90 grams per tonne of gold, with an estimated waste-to-ore strip ratio of 1:1.
ACG’s technical team estimates that the broader licence contains an indicated mineral resource of approximately 1.5 million tonnes grading 0.65 grams per tonne of gold.
The company also sees exploration potential for another 5 million to 10 million tonnes of mineralization grading between 0.7 and 1.0 grams per tonne of gold, subject to additional drilling.
Metallurgical testing by ACG generated gold recoveries of approximately 75% to 80%, increasing to around 85% when using Gediktepe’s existing patented recovery process.
ACG plans to process higher-grade ore through its existing heap-leach facility while potentially stockpiling lower-grade material for subsequent processing through its Enriched Ore plant.
The company is targeting the start of mining and gold production at Keşkek in mid-2027, subject to permitting.
ACG expects the new oxide feed to extend the operating life of Gediktepe’s gold production circuit by several years after the production potential of the mine’s existing oxide ore has been fully realized.
Under the transaction terms, the initial $4 million payment will become payable following execution of the definitive agreement and regulatory approval of the licence transfer, which ACG expects during October 2026.
The remaining $3.85 million is linked to completion of the Environmental Impact Assessment permitting process, which is expected by mid-2027.
META will also receive a 1% gross revenue royalty on gold mined from the licence area, and ACG will pay $60 per ounce for additional gold discovered and converted into ore reserves outside the defined Keşkek pit.
ACG estimates total project acquisition, phased exploration and closure spending at approximately $15 million over 10 years.
The project can leverage infrastructure already supporting Gediktepe, including existing haulage routes and ACG’s mining contractor, Uluova, which is already established at the META site.
The company also expects logistics efficiencies because Keşkek lies along its existing concentrate offtake route.
ACG acquired Gediktepe in September 2024 and has since been transitioning the operation from a gold and silver producer toward copper production.
The mine achieved first concentrate production in August 2026, and its flotation facility is targeting annual steady-state copper-equivalent production of approximately 20,000 to 25,000 tonnes.
That target excludes additional oxide production and potential future production from the enriched ore treatment project currently under development.
KEY QUOTE:
“The acquisition of Keşkek provides an attractive opportunity to extend our gold production profile by securing a nearby source of gold-bearing oxide ore that can be processed using existing infrastructure at Gediktepe. This will enable ACG to continue primary gold production in addition to production of copper and zinc concentrates from our own sulphide ores via the flotation facility that we are just starting to ramp up.
The Project is a clear example of our disciplined approach to identifying value-accretive growth opportunities that leverage our existing infrastructure and operating capabilities and generate additional cash flow.”
Artem Volynets, Chairman and Chief Executive Officer of ACG Metals
