Copper, cash flow, and the timing trade: Why ACG thinks the smart money is moving early

Gold has had a big year—up ~40% over the past 12 months—and yet the team at Advanced Copper Gold (LSE: ACG) is looking beyond the precious metal. For CEO Artem Volynets, the next supercycle is copper, and now is the time to get in early.

Today’s Cash, Tomorrow’s Cycle

At a time when many juniors are still chasing early revenue, ACG is already producing gold and generating consistent cash.

“We’re generating cash from the sales of gold. Last year we did $75 million, this year probably $60 million on on the budget price of $2,600 but gold is likely to be higher than that.

However, according to Volynets that’s not the full story.

The cash is critical, but Volynets believes copper is where the market's going and ACG has a pipeline built to ride the next wave.

ACG’s model is twofold: use current gold revenue to fund development while building upside leverage through copper. It’s a hybrid approach that’s rare among small and mid-cap miners—and one that offers timing-sensitive value.

Why Copper, Why Now?

While gold tends to lead in volatile environments, copper reflects long-term confidence—particularly in decarbonisation and infrastructure growth. Investors are starting to realise copper is foundational to the energy transition, suggests Volynets, while cautioning that by the time consensus has built, the best value window will have passed.

“Today our market cap is roughly similar to our 12, 14 months cash flow generation. So to buy now means you can enjoy relating together with us of four to five times in the next 12, 18 months. If you buy 12 months from now, we will be in a different cycle; it will still be a good investment but you're going to miss early gains.”

ACG is far from alone in that bet. ASX copper players like 29 Metals (ASX: 29M), Sandfire Resources Ltd (ASX: SFR), Cannindah Resources Ltd (ASX: CAE) and KGL Resources Ltd (ASX: KGL) have gained momentum with investors searching for exposure to electrification and green metals.

In Volynets' view, what sets ACG apart is the combination of near-term cash flow and copper development. It’s not just a long-term punt—it’s a model built for resilience and upside in parallel.

Playing the Cycle

It’s a familiar truth in small-cap investing: timing is everything. And ACG’s compressed valuation, coupled with sector tailwinds, creates a narrow window for potential outsized returns.

For investors, that means the upside isn’t just theoretical—it’s tied to real production, tangible development plans, and a valuation that hasn’t yet caught up. ACG is actively reinvesting gold revenue into copper expansion, giving investors exposure to both current cash flow and the next commodity cycle without needing to pick the perfect entry point. It’s a model designed to reward early conviction.

Transparent and Ready to Engage

Volynets finished with a message to investors, sharing the investment ACG is making into enabling investors to reach them through their website, updates and team. 

That directness reflects a broader trend: listed companies are realising that investor engagement is no longer just compliance—it’s a competitive edge.