Central Asia Metals (CAML) H2 2024 earnings summary

Executive summary

• Revenue reached $214.4 million in 2024, up 5% year-over-year, with EBITDA of $101.8 million at a 47% margin and free cash flow of $65.7 million.

• Full-year dividend of GBP 0.18 per share (18p), representing 63% of free cash flow, was paid out.

• Profit after tax increased 37% to $50.8 million year-over-year.

• Ended 2024 debt-free with a cash balance of $67.6 million.

• Operations at Kounrad and SASA mines were stable, with Kounrad meeting guidance and SASA slightly below due to transitional projects.

Financial highlights

• Kounrad produced 13,439 tonnes of copper; SASA produced 18,572 tonnes of zinc and 26,617 tonnes of lead in 2024.

• Kounrad EBITDA was $88.8 million (margin 73%); SASA EBITDA was $32.2 million (margin 35%).

• EPS from continuing operations rose 42% year-over-year to 28.90c, aided by a $9 million positive FX swing and lower tax payments.

• Group CapEx was $20.8 million, down from $27.8 million in 2023, as major projects at SASA neared completion.

• Free cash flow totaled $65.7 million, supporting robust dividend payments.

Outlook and guidance

• 2025 production guidance: Kounrad 13,000–14,000 tonnes copper; SASA 19,000–21,000 tonnes zinc and 27,000–29,000 tonnes lead.

• CapEx guidance for 2025 is $18–21 million.

• Focus remains on increasing SASA throughput back to 800,000 tonnes per year and commissioning the dry stack tailings plant in Q1 2025.

• Dividend policy remains at 30–50% of free cash flow, with outsized dividends possible in the absence of major acquisitions.

• Continued disciplined search for growth opportunities and investment in exploration.