Central Asia Metals (CAML) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was $99.5 million, down 2% year-over-year due to lower sales volumes, with EBITDA of $39.9 million at a 40% margin and profit after tax of $9.2 million.

• Interim dividend of 4.5p per share declared, with a $10 million share buyback, totaling $20.8 million capital return for H1 2025.

• Cash at 30 June 2025 was $47.7 million, further boosted post-period by $20.3 million from the sale of NWR shares and break fee.

• Kounrad and Sasa operations produced 6,218t copper, 8,692t zinc, and 12,613t lead, and are on track to meet 2025 production guidance.

• Zero lost time injuries reported at both operations for the first half.

Financial highlights

• Revenue: $99.5 million (down 2% YoY); EBITDA: $39.9 million at a 40% margin; profit after tax: $9.2 million.

• Kounrad revenue: $53.0 million; Sasa revenue: $46.5 million.

• Cost of sales increased 14% YoY, mainly from higher royalties, wages, and currency effects.

• Admin costs rose 24% YoY, including $2.3 million business development and $1.1 million exploration spend.

• Taxation was $10.4 million, 19% lower YoY, with $20.6 million in dividends and $16.3 million in taxes paid.

Outlook and guidance

• Kounrad on track for 2025 copper production of 13,000–14,000 tonnes; Sasa guidance revised to 17,000–19,000 tonnes zinc and 25,000–27,000 tonnes lead.

• Sasa transitioning to paste-fill mining and implementing external consultant recommendations to address grade variability and productivity.

• CAPEX guidance for 2025 reiterated at $18–21 million, with $11–17 million expected in H2.