Central Asia Metals (CAML) H2 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, with all production meeting guidance and robust safety focus, despite one LTI.

• Revenue increased 7% year-over-year to $230 million, driven by higher copper and zinc prices and strong operational performance at both Kounrad and Sasa.

• Group EBITDA reached $102 million at a 44% margin; year-end cash balance was $80 million, driven by $56 million Free Cash Flow.

• Net loss after tax of $74.7 million due to a $117.5 million impairment at Sasa following a mine plan update.

• Full-year dividend of GBP 12/share, representing 50% of Free Cash Flow, at the top end of policy, and a $10 million share buyback completed.

Financial highlights

• Revenue rose 7% year-on-year to $230 million, supported by higher copper (+10%), zinc (+3%), and silver (+55%) prices.

• EBITDA $101.8 million (44% margin); adjusted Free Cash Flow $56 million.

• Dividend of 12p (final 7.5p); $420 million returned to shareholders since IPO.

• Sasa impairment of $117.5 million led to net loss after tax of $74.7 million.

• Free Cash Flow for 2025 was $56 million; dividends paid totaled $31.4 million, and a $10 million share buyback was completed.

Outlook and guidance

• 2026 copper production guidance at Kounrad: 12,000–13,000 tons; Sasa expected to return to >800,000 tons annual ore production; zinc-in-concentrate 18,000–20,000t, lead-in-concentrate 26,000–28,000t.

• CapEx for 2026 guided at $14.5–$17.5 million, lower than 2025.

• Exploration spend in 2026 expected at $3–$3.5 million, with active drilling in Kazakhstan and Scotland.

• Focus on cost control at Sasa, with retrenchment and supplier negotiations aiming to stabilize or slightly reduce costs.

• Focus on productivity improvements at Sasa, efficiency at Kounrad, and advancing exploration in Kazakhstan.