Central Asia Metals (CAML) Investor Update summary

Production and operational performance

• Produced 6,218 tonnes of copper at Kounrad, 8,692 tonnes of zinc, and 12,613 tonnes of lead at Sasa, with zero lost time injuries in H1 2025.

• Kounrad is on track to meet full-year copper guidance of 13,000–14,000 tonnes, with strong operational consistency and solar plant now supplying 17% of power needs.

• Sasa increased ore mined by 8% but faced lower grades due to new mining methods and variable geology, prompting a strategic review and external consultant input.

• Both sites completed major capital projects, including dry stack tailings at Sasa and relocation of Dump 15 at Kounrad.

• Sustainability initiatives included zero lost time injuries, biodiversity management, and community support programs.

Financial performance and capital allocation

• H1 2025 revenue was $99.5 million, EBITDA $39.9 million (40% margin), and adjusted free cash flow $16.2 million.

• Group cash balance at period end was $48 million, bolstered post-period by $18.7 million from New World Resources share sale and $1.6 million break fee.

• Interim dividend set at £0.045, supplemented by a $10 million share buyback, maintaining total cash returns comparable to previous periods.

• Cost of sales rose 14% due to higher royalties, wages, and operational costs, especially at Sasa; admin costs up 24% mainly from business development and exploration.

• Overdraft reduced from $6.6 million to $1 million post-period; company remains nearly debt-free.

Market conditions and cost management

• Average copper and zinc prices received increased by 3% and 1% respectively, while lead price fell 7%.

• Treatment charges dropped 40%, saving $3 million; Kazakh Tenge devaluation reduced Kounrad costs, while stronger Macedonian dinar increased Sasa costs.

• Kounrad C1 costs decreased in absolute terms, maintaining a 72% margin; Sasa run-of-mine costs rose 8% due to salaries, energy, and new tailings methods.

• Sasa reported a small loss for H1 but remained cash generative; Kounrad margins remain highly resilient to commodity price fluctuations.