Member Info for cashandcard

14 May 2026

ACG METALS LIMITED

("ACG" or the "Company")

Approval of DTC Eligibility to Improve U.S. Trading Liquidity

ACG is pleased to announce that its class A ordinary shares (the "Shares") are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company ("DTC").

DTC is a subsidiary of the Depository Trust & Clearing Corporation and provides the primary electronic clearing and settlement infrastructure used by U.S. broker‑dealers. DTC eligibility allows transactions in respect of the Company's shares to be settled electronically through DTC's book‑entry system.

The approval of DTC eligibility makes it easier for U.S. investors and broker‑dealers to trade and settle the Company's shares across a broader range of U.S. brokerage platforms, simplifying the trading process, reducing settlement times and administrative friction, and supporting improved liquidity in the United States.

The Shares also remain eligible for clearing and settlement through the CREST system in the United Kingdom.

- ENDS -

Re Iran, Whilst some Gulf nations rely heavily on the Straights of Hurmuz, as does Iran, they do have capacity to ship oil using alternative routes.

Saudi via the East West pipeline, UAE via Fujairah on the Sea of Oman (currently under attack)- but Iran also - via land-link through Central Asia direct on Fuel-Tanker Trains to China. A route that was started lastyear to avoid sea shipping lanes. It continues to be in operation.

It's really a case of who will feel the most pain first, and raise the white flag.

Anyone who thinks they are military finished or close to is mistaken. They've got a vast underground military industry that is widely dispersed and able to operate without much foreign support. Iranians or also well interlinked in swap trades and other mechanisms to get around sanctions.

Go on Live YouTube channels in any major Iranian city - operating no differently to any other middle eastern city.

If Trump had decent, professional advisors and not just family members and real estate friends around him, they would have told him already there is no military solution here. The best deal he will get will be worse than the Obama deal. There is no incentive now for anyone to believe a word that he says or anything the US sign.

Eventually other countries will ignore US and cut their own deals with Iran or just avoid Gulf Oil altogether. I don't see how any party wins from this conflict. Fuel price driven inflation getting pretty uncomfortable in the US and increasingly making Trumps maga base question their support.

But it's the fact that Straights of Hurmuz were open, no tolls and now they are not which is the most infuriating part as it affects everyone.

Foresight

Agreed. Whilst they've made headway in knocking down the debt pile from a few years ago, for a company of this size with it's production profile and now fairly limited prospective runway - they need to get debt to $400million or lower as a priority without denting production much over next 2-3years. At that point it's not too burdensome and alot easier to manage, even in lower prices environments.

Ultimately it'll get harder to continue maintaining production levels in Jubilee. Plus these oil prices won't last (we've been here before) so they need to continue the deleveraging - not get distracted by when they might receive monies back from Ghanaian Gov.

Only then will shareholders have any real future prospect of a return. And it'll look like a real, investable prospect again.

Whilst high oil prices float many boats, I do not like prices getting to unsustainable levels as they will naturally drop demand and lead to heavy falls again, possibly recessions in some regions.

Foresight,

I come back to check this out every once in awhile and just cannot see how this is going to clear the debt pile, even at $80+ oil prices. Your right, this fundamentally exists to payback debt and service loans/bonds. If it struggles they'll just take it over.

Staggering how they've managed to waste all the FCF over the years, now Jubilee is over the hill, what other options do they have?

Lee,

On the face of it, that would seem right, it's been in the doghouse for most of the last 12months. However, it's the level of risk around completion of La India, and whether it can produce before lights are out in Runruno. But also remaining production levels and FCF from Runruno before tools are downed aswell.

The facility to bridge any gaps certainly helps, but it's the usual risks around startup, the 'unknown unknowns' - once they are 80%+ there, I think the market will start to warm to them.

Regardless, they need to communicate a plan for Phillipines, ie another asset soon. Or even if it is to say they are looking into whether it's feasible to move the plant over to Nic and increase production as a phase two or something.

It's understandable. All the market can see is a nearterm end of life mine, producing falling production and cash flows towards mind shutdown, rising AISC, falling FCF - with a separate development trying to outrun the end of that cashflow conveyor so it can come to life.

Risky given the multitude of things that could delay first gold.

Whilst progress is being made at La India, it is some way off yet from carrying the baton. At the very least, the market needs a clear pathway as to what the plan is for Phillipines given Dupax is a not viable.

Answers soon one would hope.

Pj70,

I would love to see them mine and process it themselves. However, given the focus on Telfer and Hav, they should bring in a partner, on an earn-in basis, to do this. They will pay for it and build out a separate processing facility - so they take on the development risks. It maybe feasible to process via Telfer with some upgrades to handle the Tungsten, Zinc - but this would add complexity and eat into capacity that could go into an increased gold throughput.

GGP hanging onto a small, reasonable working interest chunk or a nice over-riding royalty on production on O'C is the optimal result I would like to see. Given all the government level security of supply issues. A partner could probably get help with development financing etc. so a great time to do a deal.

Buffa,

The orange baboon needs to go. He has completely and utterly miscalculated here, against the advice of his own military planners. Even the prospect of internal support for an uprising seems to be in question, as international media is showing enormous daily protests in support of the Iranian military in different towns and cities. We really don't have much reliable assets on the ground, all probably trying to save themselves at this point. Fundamentally, there is no military solution here.

Whatever happens we must avoid the crisis Trump and Netanyahu have started by attempting to open the straights of Hurmuz. That is a straight kill box, the narrow bend of which is totally under Iranian fire control - both going in, and coming out. Which is why Trump is avoiding putting US ships near it, instead wants UK/Europe and others to do it for him.

USA will be forced into some kind of humiliating deal, like they were forced by Yemen lastyear or forced to declare a hollow victory and leave (although Trump has declared victory twice already). The new reality will be every state that needs mideast oil will have to negotiate with Iran as is beginning to happen. Japan and India have already started negotiations. They will have to pay security fees for passage.

What a mess!

Has it been pulled or something?

The only downer since the weekend is the oil price has shot up. So operating costs will be dearer. Only other thing I can see is a bit of profit taking from Longs and maybe selling to cover losses elsewhere.

But don't see this lasting too long. The importance of the MRE on Telfer goes without saying. A couple of years to another decade minimum secures the long-term future and overall investment proposition.

Unfortunately, oil and gas, after being invested in it since the 90s, has never been more unloved as an investment theme by the bigger players, who drive the markets and the valuation multiples.

I suspect Kistos will have to declare a dividend or enter an exit/sale process to achieve fair value.

E1,

Great post and totally agree. The POG was running a little too hard and needed to slow down. GGP needs to consolidate for awhile after these type of prices, churn some while backing up the truck for the next move. Nothing can go up continuously even if they are in the right place at the right time.

This is a welcome breather allowing it to solidify the base before the next move.

Sageman,

Agreed. I hold a number of gold and pollymetalic miners in UK/Oz/Canada but GGP & ACG are my biggest positions.

Although there is talk about POG going higher, I would like to see a period of calmer consolidation before that move between $5,000-5,500. Allowing back testing and forming a solid base - backing up the truck so to speak.

ACG down 5%

To be honest, it needs to consolidate.

Can't go up in a straight line.

Merely gaining licences is not enough after a decade of destruction.

What they need to show is work, Surveys, IP/MT and of course targets that get drilled.

What's concerned me is the talk about Farming out at this stage, before they have even done much work. They should be raising money at this low cap to drive progress forward and then when they have something meaningful to drill perhaps talk about FA then. I would actually like to see them going through an initial cheap campaign backed by a couple of million if they really believe in their data and work.

Gold hit $5,100 in the early hours and Copper nearly $13,000/tn. The cash generation and profitability is going to be immense. Given that Greatland have previously confirmed they have full exposure to current spot pricing.

The next set of results should be a belter!

The next set of results are going to be marvellous.

Gold hit $5,100 in the early hours and Silver moving between $105-108 at the moment. Even Copper nearly $13,000/tn.

Remarkable!

Crazytowner,

A very profitable gold project yes, but the one thing that does put the brakes on this is resource. In order to get those really high multiples, they are going to need to prove up alot more resources and reserves. The current base is okay. But not earth shattering. Even GGP is having to prove what extra tonnage they have in and around their Telfer mine, thereby demonstrating the long long life of mine for decades to come.

After all these years, I would say just good if they can start generating the cashflow and get some payback.

I have some here and have a target of between 2.5-3p initially. Maybe it will change based on how Saudi assets transpire.

Back in 2023 - I sent a message to Bose and Management team about listing on AIM or LSE. At the time, they were reluctant due to the extra time/cost and lack of a need.

Finally they are here and I do hope they push on with some publicity and roadshows. The shareprice is up, but only about the same as when Mopane well 1 was discovered.

Hoping several catalysts come into play soon.

Cash

If they had anything to shout about, they would have already. In my opinion they are trying to maintain shareprice momentum ahead of the next funding round.

HTtps://www.bloomberg.com/news/articles/2025-12-02/totalenergies-is-leading-bidder-for-galp-s-namibia-oil-stake

"Galp has previously said it plans to divest half of its 80% holding in Mopane to a partner that would take over as operator of the project. Analysts at UBS Group AG said in an October note that they expect Galp to sell the 40% stake for about €200 million ($232 million) in upfront cash, plus roughly €3 billion in project costs that the buyer would cover on Galp’s behalf"