Central Asia Metals (CAML) Corporate Presentation summary

Financial performance and balance sheet

• H1 2024 gross revenue reached $103.8m, up 4% YoY, with EBITDA of $49.1m and a 47% margin.

• Free cash flow for H1 2024 was $30.0m; cash balance at 30 June 2024 stood at $56.3m, with no debt.

• Interim dividend of 9p paid; cumulative dividends since IPO total ~$360m, exceeding equity raised.

• H1 2024 capex was $8.3m, with 2024E total capex expected at $22-25m.

• Minimal debt and strong cash flow provide access to competitive financing if needed.

Operational highlights

• Kounrad produced 10,248t copper cathode in 9m 2024, on track for 13,000-14,000t full-year guidance.

• Sasa produced 13,782t zinc and 19,736t lead in 9m 2024, expected at lower end of 2024 guidance.

• Kounrad H1 2024 C1 cash cost was $0.78/lb, up from $0.67/lb YoY, mainly due to payroll and reagent costs.

• Sasa H1 2024 ROM unit cost was $63.1/t, up from $56.2/t YoY, with C1 cash cost at $0.70/lb.

• Transition to paste-fill mining at Sasa is nearing completion, with over 207,000t paste placed and DST plant due by year-end.

Growth and exploration

• Pipeline of 23 potential acquisitions reviewed in H1 2024; focus on accretive opportunities.

• Invested £3m ($3.8m) for a 28.7% stake in Aberdeen Minerals Ltd, with option to increase to 37.8%.

• Early-stage exploration in Kazakhstan and successful summer drilling in Scotland.