Central Asia Metals (CAML) H1 2026 earnings summary

Executive summary

• Revenue rose 46% year-over-year to $145.5 million, driven by higher copper and zinc prices, increased sales volumes, and improved operational performance at Kounrad and Sasa.

• EBITDA surged 89% to $75.5 million, with margin improving to 52% from 40% in H1 2025.

• Adjusted free cash flow nearly tripled to $46.8 million, with cash balance at period end of $97.2 million.

• Interim dividend of 8p per share declared, representing 40% of adjusted free cash flow.

• Proposed all-share acquisition of Cygnus Metals for AUD 232 million to add a high-grade copper-gold project in Québec, Canada, expanding the growth pipeline.

Financial highlights

• Revenue: $145.5 million (up 46% year-over-year), mainly due to higher copper (+39%), zinc (+26%), and silver prices (+128%).

• EBITDA: $75.5 million (up 89% year-over-year); margin 52%.

• Adjusted EPS: 22.97¢ (up 331% year-over-year).

• Adjusted free cash flow: $46.8 million (up 189% year-over-year).

• Net cash at period end: $97.2 million (including $0.9 million overdraft).

Outlook and guidance

• On track to meet full-year 2026 production guidance: Kounrad (12,000–13,000 t copper), Sasa (18,000–20,000 t zinc, 26,000–28,000 t lead).

• Cygnus acquisition expected to close in October 2026, adding high-grade copper-gold assets in Canada.

• CapEx guidance for 2026 maintained at $14.5–$17.5 million; exploration spend $3.0–$3.5 million.

• Continued strong commodity prices anticipated in H2 2026.

• Cash resources sufficient to fund exploration, Aberdeen warrants, and Chibougamau project advancement.