Central Asia Metals Plc · LSE:CAML
Central Asia Metals — FY2024 Earnings Presentation
38 slides from Central Asia Metals's earnings presentation, March 2025
Slide 1: Investing in our future: 2024 Results Presentation
Investing in our future 2024 Results Presentation 1
Slide 2: Disclaimer
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 DISCLAIMER The information contained in this confidential document (“Presentation”) has been prepared by Central Asia Metals plc (the “Company”). It has not been fully verified and is subject to material updating, revision and further
Slide 3: CAML 2024 Overview
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 CAML 2024 OVERVIEW EBITDA EBITDA MARGIN COPPER $101.8m 47% PRODUCTION EBITDA FREE CASH FLOW 13,439t $88.8m CASH $67.6m $65.7m COPPER EBITDA DEBT FREE SALES MARGIN REVENUE PROFIT AFTER TAX 13,521t 73% $214.4m $50.8m GROUP CAPEX FULL YEA
Slide 4: Operations
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 OPERATIONS
Slide 5: CAML Operations
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 CAML OPERATIONS Sasa (100%) Kounrad (100%) - Underground zinc and lead mine, - In-situ dump leach and SX-EW northeast North Macedonia. copper operation, central - Production commenced in 1960s; Kazakhstan CAML acquired in 2017 - In pro
Slide 6: Kounrad Copper Operation
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 KOUNRAD COPPER OPERATION Kounrad Mine Eastern Dumps 7 5 6 2 20 SX-EW 9-10 plant 13 Western Dumps 21a 15 1a 16 Kounrad village 22 6
Slide 7: Copper Production Kounrad
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 COPPER PRODUCTION KOUNRAD - 2024 production 13,439t of copper cathode - 2025 production guidance of 13,000–14,000t of copper cathode - Licensed to 2034 - 85kt minimum recoverable copper remaining Western dump actual Cu recovery vs. for
Slide 8: Sasa Zinc and Lead Mine
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SASA ZINC AND LEAD MINE - Skarn-hosted lead-zinc deposit in North Macedonia - Mining mainly cut-and-fill and long-hole stoping with paste fill - Tailings disposal prioritises underground fill and dry-stack system, with the remainder go
Slide 9: Zinc and Lead Production Sasa
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 ZINC AND LEAD PRODUCTION SASA - 2024 production of 18,572t of zinc-in-concentrate and 26,617t of lead-in-concentrate - 2025 production guidance of 19,000-21,000t of zinc and 27,000-29,000t of lead - Life of mine to 2039 Unit 2024 2023
Slide 10: Sasa Zinc and Lead Mine: Transition to Paste Fill Mining
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SASA ZINC AND LEAD MINE TRANSITION TO PASTE FILL MINING AT SASA NEARING COMPLETION Paste Backfill Plant Dry Stack Tailings Central Decline ‒ Consistent operation during ‒ Completion of initial phase of ‒ Completed on schedule in 2024;
Slide 11: Sustainability – Strategy and Progress
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SUSTAINABILITY – STRATEGY AND PROGRESS PILLAR TARGET During 2024, CAML: Zero human rights abuses ENSURING ETHICAL - Published its fifth annual BUSINESS Zero cases of bribery and corruption Sustainability Report Implement Group-wide sup
Slide 12: Sustainability at Kounrad
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SUSTAINABILITY AT KOUNRAD SUSTAINABILITY ACTIVITY ‒ No Lost Time Injuries at Kounrad since May 2018 ‒ 100% local employment ‒ $33.2m taxes paid in 2024 ‒ Solar Power Plant full year of operation in 2024, generating ~14% of Kounrad’s po
Slide 13: Sustainability at Sasa
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SUSTAINABILITY AT SASA SUSTAINABILITY ACTIVITY ‒ Two Lost Time Injuries recorded during 2024 ‒ 98% local employment ‒ $9.5m taxes paid in 2024 ‒ 100% renewable energy supplied via national grid ‒ Achieved conformance with Global Indust
Slide 14: Financial Results
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 FINANCIAL RESULTS
Slide 15: Market Conditions
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 MARKET CONDITIONS Commodity markets Inflation impacts – Generally higher commodity prices in 2024: – Inflation rates slowed to 8.6% in Kazakhstan and 3.5% in North Macedonia. Nevertheless, – Copper price reached a record high in May, r
Slide 16: 2024 Income Statement
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2024 INCOME STATEMENT KOUNRAD EBITDA SASA EBITDA $88.8m $32.2m (2023: $82.3m) (2023: $35.7m) EBITDA $101.8m - margin 47% - Revenue 5% higher YoY – Increased copper and zinc prices 2023 Highlights ($m) 2024 – $2.9m lower TCs realised wi
Slide 17: 2024 Kounrad C1 Copper Cash Cost
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2024 KOUNRAD C1 COPPER CASH COST 2024 C1 cash cost $0.80/lb 2024 2023 2024 2023 (2023: $0.74/lb) Cost $m $m $/lb $/lb $0.06/lb YoY increase, owing to: Reagents 3.7 3.3 0.13 0.11 – 33% of C1 cash cost increase is due to 377t lower produ
Slide 18: 2024 Sasa Run-of-Mine Costs
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2024 SASA RUN-OF-MINE COSTS 2024 RoM unit costs $64.6/t 2024 2023 (2023: restated $56.2/t) C1 cash cost 2024 2023 $m $m $8.4/t YoY increase, owing to: RoM t 762,456 805,621 – Reduction in RoM ore extracted by 43,165t, contributing 58%
Slide 19: 2024 Capex
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2024 CAPEX GROUP CAPEX OF $20.8m (2023: $27.8m) Capital Projects $6.4m: Sasa – Dry Stack Tailings plant and landform $3.1m – Paste Backfill Plant and associated costs $0.9m – Completion of the Central Decline $2.5m Sustaining capex $14
Slide 20: 31 December Statement of Financial Position
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 31 DECEMBER STATEMENT OF FINANCIAL POSITION Flexible balance sheet 31 Dec 31 Dec ($m) 2024 2023 (restated)* – Group cash balance $67.6m (31 December 2023: PPE 318.7 338.1 $57.1m) Intangible assets 21.4 25.4 – Minimal debt, with working
Slide 21: 2024 FCF and Cash Flow
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2024 FCF AND CASH FLOW Free cash flow ($m) 2024 2023 Generated from ops 93.9 92.6 Income tax and WHT paid (19.6) (27.5) Capex PPE (20.8) (27.8) Exploration (0.5) (0.1) 160 Interest received 2.4 1.9 93.9 Adj: Capital Projects 6.4 17.0 1
Slide 22: Capital Allocation and Outlook
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 CAPITAL ALLOCATION AND OUTLOOK
Slide 23: Growth Strategy
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 GROWTH STRATEGY SEARCH FOR MATERIAL TRANSACTION OPPORTUNITIES Type of opportunity? REVIEWED - Earlier stage exploration opportunities in existing 37 jurisdictions - Larger, in-production acquisitions to enhance scale NDAs SIGNED - Ad h
Slide 24: Growth Opportunities: Exploration in Scotland
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 GROWTH OPPORTUNITIES EXPLORATION IN SCOTLAND – In June 2024, CAML invested £3m ($3.8m) in Aberdeen Minerals (‘Aberdeen’), for a 28.4% shareholding, to advance its exploration programme – Transaction included warrants to invest an addit
Slide 25: Growth Opportunities: Early-Stage Exploration in Kazakhstan
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 GROWTH OPPORTUNITIES EARLY-STAGE EXPLORATION IN KAZAKHSTAN – $1.3m spent in 2024 – First full field reconnaissance season undertaken during summer 2024 – Work focused on target generation, project evaluation and licence applications –
Slide 26: Returns to Shareholders
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 RETURNS TO SHAREHOLDERS STRONG FINANCIAL PERFORMANCE WITH A FLEXIBLE BALANCE SHEET 400 ‒ Since IPO CAML has returned ~$380m in 350 dividends (188p per share) 300 ‒ Dividends paid far exceed the total of 250 $214m in equity raised from
Slide 27: Summary and Outlook
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SUMMARY AND OUTLOOK OUTLOOK - 2025 production guidance unchanged from the previous year - Transition to paste-fill mining methods nearing completion - Commence operation of Dry Stack Tailings Plant CAPITAL ALLOCATION PRIORITIES - Conti
Slide 28: Contact Details
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 CONTACT DETAILS INVESTOR RELATIONS MANAGER Richard Morgan rm@caml.uk +44 (0) 207 898 9001
Slide 29: Appendices
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 APPENDICES
Slide 30: 2023 Income Statement Restatement
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 2023 INCOME STATEMENT RESTATEMENT 2023 2023 Changes Reported (restated) Gross revenue 207.4 - 207.4 Gross revenue no longer reported Less: Silver stream purchases (8.2) 8.2 - Silver no longer deducted from revenue Offtake buyers’ fees
Slide 31: Share Price/Shareholders
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SHARE PRICE/SHAREHOLDERS Share price* (AIM:CAML) 159.60 TOTAL RETURN SINCE IPO Total no. voting shares 181,904,941 7.00 Treasury shares 193,325 6.00 Issued shares 182,098,266 5.00 Market capitalisation £290.3 Free float 96.0% Relative
Slide 32: Board of Directors
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 BOARD OF DIRECTORS Mike Prentis Nick Clarke Louise Wrathall Gavin Ferrar Roger Davey David Swan Senior Independent Director Non-Executive Chairman CFO CEO NED NED Chair - technical experience - accounting experience NED - Nomination Co
Slide 33: Mineral Resource Estimates for Svinja Reka and Golema Reka - Sasa
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 MINERAL RESOURCE ESTIMATES FOR SVINJA REKA AND GOLEMA REKA - SASA Sasa’s technical services team has updated the Mineral Resource Estimate (MRE) for the Svinja Reka and Golema Reka deposits as of 31 December 2024. Classification Deposi
Slide 34: Svinja Reka Ore Reserve Statement
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SVINJA REKA ORE RESERVE STATEMENT The following Ore Reserve Statement has been prepared by Sasa’s technical services team based on a life of mine (LoM) plan that includes a transition from the sub level caving mining method to cut and
Slide 35: Sasa Mining: Long Section Svinja Reka
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 SASA MINING LONG SECTION SVINJA REKA 35
Slide 36: Copper – Strong Start to 2025
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 COPPER – STRONG START TO 2025 Positive market environment so far in 2025 Copper Market Balance ‒ Copper prices have moved higher YTD, climbing from ~US$8,600 at the 600 $10,000 start of the year to ~US$9,600 at current levels ‒ Key cat
Slide 37: Zinc – Concentrate Market Starting to Ease
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 ZINC – CONCENTRATE MARKET STARTING TO EASE Easing tightness in the concentrate market Zinc Market Balance ‒ After ending 2024 as the top performing metal on the LME, zinc has had a 1,000 $4,000 slower start to 2025 with prices currentl
Slide 38: Lead – Mild Positive Turn in Market Sentiment
CENTRAL ASIA METALS PLC | 2024 RESULTS PRESENTATION | MARCH 2025 LEAD – MILD POSITIVE TURN IN MARKET SENTIMENT Positive momentum YTD leaves behind volatile 2024 Lead Price Chart $2,600 ‒ 2024 was a volatile year for lead, with China switching from net exporter to net importer and the SHFE squeezed t