Central Asia Metals (CAML) Investor Update summary

Production and operational highlights

• Produced 6,218 tonnes of copper at Kounrad and 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 for full-year copper guidance of 13,000–14,000 tonnes; Sasa production guidance was modestly reduced but remains achievable.

• Sasa ore mined increased 8%, but lower grades due to new mining methods and variable geology impacted output.

• Strategic review at Sasa underway to address grade variability and improve operational performance.

• Solar plant at Kounrad now supplies 17% of power, peaking at 22% in May.

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 cash returns comparable to H1 2024.

• Cost of sales rose 14% due to higher royalties, wages, and currency effects, especially at Sasa.

• Sasa reported a small loss for H1 but remained cash generative; Kounrad maintained over 70% margin.

Market conditions and cost management

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

• Treatment charges dropped 40%, reducing costs by $3 million.

• Kazakh Tenge weakened 10%, benefiting Kounrad costs; Macedonian dinar strength increased Sasa costs.

• Sasa run-of-mine costs rose 8% to $65/tonne, driven by higher salaries, energy, and new tailings methods.

• No currency or energy price hedging in place; spot prices used for electricity.