Central Asia Metals (CAML) Investor presentation summary

H1 2026 financial performance

• Revenue $145.5m, up 46% YoY; EBITDA $75.5m, up 89%, with a 52% margin versus 40%.

• Adjusted free cash flow $46.8m, up 189% YoY; cash $97.2m at 30 June, versus $79.7m at 31 December 2025.

• Adjusted EPS 22.97 cents versus 5.33 cents; dividend 8p versus 4.5p in H1 2025.

Operating performance

• Kounrad produced 9,758t of copper in 9M 2026 and sold 9,746t; on track for FY guidance of 12,000–13,000t.

• Kounrad H1 C1 cash cost was $0.91/lb versus $0.79/lb, with the increase substantially attributed to the stronger tenge against the US dollar.

• Sasa 9M zinc and lead output rose 9% and 11% YoY to 14,062t and 20,568t, respectively; on track to meet FY guidance.

• Sasa H1 C1 zinc-equivalent cost fell to $0.67/lb from $0.75/lb; EBITDA margin improved to 30% from 26%.

Growth and proposed acquisition

• Proposed all-share Cygnus acquisition values its equity at ~A$232m; shareholder approvals received, with completion expected in late October 2026 subject to remaining conditions and approvals.

• Chibougamau adds a Québec copper-gold development project with M&I resources of 6.4Mt at 2.3% Cu and inferred resources of 8.5Mt at 2.1% Cu; an updated PEA is under way.

• Project infrastructure includes an existing 900,000tpa processing plant and tailings facility; the 2025 M&I resource was 78% above the 2022 estimate.

• Yuzhnoe drilling returned 311m at 0.22% Cu; follow-up drilling is planned, with Shaindy and Teniz Basin programmes expected in 2027.