Central Asia Metals (CAML) Trading update summary

Operating performance

• Kounrad produced 3,454 tonnes of copper in Q3 and 9,758 tonnes in 9M, 1% below 9M 2025; sales were 3,458 tonnes in Q3 and 9,746 tonnes in 9M.

• Sasa Q3 contained zinc rose 18% YoY to 4,968 tonnes and contained lead rose 21% to 7,255 tonnes, supported by higher mined and milled tonnes and improved head grades.

• Sasa 9M contained production reached 14,062 tonnes of zinc and 20,568 tonnes of lead, up from 12,894 and 18,591 tonnes, respectively, in 9M 2025.

• Both operations recorded zero LTIs in Q3; by 30 September, Sasa had been LTI-free for 233 days and Kounrad for 198 days.

Prices and production outlook

• Q3 average received prices: copper $14,218/t, up 43% YoY; zinc $3,841/t, up 34%; lead $1,859/t, down 5%. Zinc and lead prices were provisional.

• Derivative contracts hedge 50% of Sasa's 2026 payable zinc production at an average $3,011.5/t; this hedge is excluded from the reported average received zinc price.

• Both operations remain on track for 2026 guidance: copper 12,000–13,000 tonnes; zinc-in-concentrate 18,000–20,000 tonnes; lead-in-concentrate 26,000–28,000 tonnes.

Exploration

• Yuzhnoe maiden drilling found copper mineralisation over more than 1 km of strike; a notable intercept was 311 m at 0.22% Cu, including two 13 m and 11 m intervals at 0.52% Cu.

• Follow-up Yuzhnoe drilling will total 3,600 m over 12 holes to establish true widths and test for higher-grade intervals; the interpreted system's centre remains untested.

• Otyar assays included 9 m at 140 g/t Ag, but interpretation indicates limited widths and grades; the project is lower priority pending final interpretation.

• Shaindy has multiple drill targets, with 3,550 m over 14 holes planned for spring 2027; Teniz Basin work identified copper-bearing horizons, with ~4,000 m of drilling envisaged in 2027.