Central Asia Metals Plc · LSE:CAML
Central Asia Metals — Investor Presentation (2026)
25 slides from Central Asia Metals's investor presentation, 2026
Slide 1: Base Metals for Modern Living
BASE METALS FOR MODERN LIVING Q1 2026 CORPORATE PRESENTATION 1
Slide 2: Disclaimer
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 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 amendm
Slide 3: Operations Overview
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 OPERATIONS OVERVIEW CAML IS FOCUSED ON BASE METALS PRODUCTION Sasa (100%) Kounrad (100%) - Underground zinc and lead mine, - In-situ dump leach and SX-EW northeast North Macedonia. copper operation, central Kazakhstan - Production commenced
Slide 4: 2025 Summary
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 2025 SUMMARY GROUP OPERATIONAL HIGHLIGHTS ‒ Kounrad copper recoveries continue to exceed original forecasts COPPER ‒ Capital Projects programme at Sasa effectively completed; dry-stack tailings in operation, transition to paste-fill mining c
Slide 5: Kounrad Operation, Kazakhstan
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 KOUNRAD OPERATION, KAZAKHSTAN Eastern Dumps ‒ In-situ dump leaching and SX- 7 EW recovery 5 2 6 ‒ Characteristics of dumps and 20 underlying ground conditions allow in-situ leaching 20 9-10 ‒ No requirement for mining, hauling or comminution
Slide 6: Operational Highlights: Kounrad
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 OPERATIONAL HIGHLIGHTS KOUNRAD - 2025 full-year output within guidance: 13,311 tonnes of copper cathode - 2026 guidance - 12,000 to 13,000 tonnes - Slightly lower than 2025, owing to the characteristics of the resource blocks scheduled for l
Slide 7: Kounrad Update: Production Outlook
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 KOUNRAD UPDATE PRODUCTION OUTLOOK - Relocation of portion of Dump 15 completed during 2025, to allow space for interceptor trench near an existing railway line - Minimum remaining recoverable copper at 31 December 2025, 72kt based on origina
Slide 8: Sasa Mine, North Macedonia
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SASA MINE, NORTH MACEDONIA ‒ 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 going
Slide 9: Operational Highlights: Sasa
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 OPERATIONAL HIGHLIGHTS SASA - Ore mined in 2025: 796,171t, 4% higher than in 2024, reflecting strong Q4 performance Unit 2025 2024 - 2025 production 17,881t zinc-in-concentrate and 25,1561t lead-in-concentrate, meeting July guidance Ore mine
Slide 10: Sasa Update
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SASA UPDATE COMPREHENSIVE IMPROVEMENT PROGRAMME ‒ Orebody narrowing with depth as expected; variability in geometry and in-situ grade impacting dilution and head grades ‒ Comprehensive review completed in H2 2025, supported by external consu
Slide 11: Exploration
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 EXPLORATION EXPLORATION IN KAZAKHSTAN ‒ CAML X (80% owned subsidiary) focused on early-stage, high-grade base metals prospects in Kazakhstan ‒ Currently active across three licences: 2026 programme to include up to 5,500m of drilling across
Slide 12: Why Invest in CAML?
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 WHY INVEST IN CAML? A HIGH-MARGIN BUSINESS WITH A STRONG RECORD OF COMMITTED TO GROWTH SHAREHOLDER RETURNS - Ambition to build a pipeline of growth projects ‒ H1 2025 interim dividend 4.5p backed by strong financial position ‒ Dividend polic
Slide 13: Summary and Outlook
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SUMMARY AND OUTLOOK 2026 GUIDANCE - Kounrad 12,000t to 13,000t of copper - Sasa 18,000-20,000t of zinc and 26,000-28,000t of lead - Transition to paste-fill mining at Sasa continues; targeting improvements in grade control and productivity C
Slide 14: Contact Details
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 CONTACT DETAILS INVESTOR RELATIONS MANAGER Richard Morgan 36 Carnaby Street London W1F 7DR rm@caml.uk +44 (0) 207 898 9001 www.centralasiametals.com
Slide 15: Appendices
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 APPENDICES
Slide 16: Board of Directors
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 BOARD OF DIRECTORS Roger Davey Alison Baker Nick Clarke Gavin Ferrar Louise Wrathall Nigel Mike Prentis Dr Gillian Dr Mike Robinson Davidson Armitage NED NED Non-Executive CEO Senior Chairman CFO - technical Executive Independent NED NED exp
Slide 17: Sustainability
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SUSTAINABILITY H1 2025 SUSTAINABILITY HIGHLIGHTS ‒ Zero lost time injuries (Kounrad since 2018; none at Sasa in period) Kounrad ‒ Completed full safety and occupational health assessment ‒ Biodiversity plan drafted; water plan under review ‒
Slide 18: Share Price/Shareholders
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SHARE PRICE/SHAREHOLDERS TOTAL SHAREHOLDER RETURN SINCE IPO Share price* (AIM:CAML) 224.0 pence Total no. voting shares 181,904,941 Treasury shares 193,325 Issued shares 182,098,266 Market capitalisation £377m Free float 96% Average daily vo
Slide 19: H1 2025 Income Statement
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 H1 2025 INCOME STATEMENT KOUNRAD EBITDA SASA EBITDA $38.3m $11.9m (H1 2024: $42.3m*) (H1 2024: $16.7m*) Group EBITDA $39.9m - margin 40% - Revenue 2% lower YoY – Reflecting lower sales volumes across all metals Highlights ($m) H1 2025 H1 202
Slide 20: H1 2025 Kounrad C1 Copper Cash Cost
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 H1 2025 KOUNRAD C1 COPPER CASH COST H1 2025 C1 cash cost $0.79/lb C1 cash cost H1 2025 H1 2024 H1 2025 H1 2024 (H1 2024: $0.78/lb) $m $m $/lb $/lb $0.01/lb YoY marginal increase Reagents 1.7 2.0 0.13 0.13 – Total C1 costs decreased by $0.6m,
Slide 21: H1 2025 Sasa Run-of-Mine Costs
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 H1 2025 SASA RUN-OF-MINE COSTS H1 2025 RoM unit costs: $65.1/t H1 H1 H1 H1 (H1 2024: $60.2/t) C1 cash cost 2025 2024 2025 2024 $m $m (restated)* (restated)* $4.9/t YoY increase, owing to: – Increased salaries due to pay rises and UG allowanc
Slide 22: H1 2025 Capex
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 H1 2025 CAPEX GROUP CAPEX OF $7.4M (H1 2024: $8.3M) 2025F total capex $18-21m Sustaining capex $6.3m Sasa $4.2m including: – Underground development $2.6m – Mining equipment and UG fleet $0.8m – Raiseboring commenced during period Kounrad $2
Slide 23: 30 June 2025 Statement of Financial Position
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 30 JUNE 2025 STATEMENT OF FINANCIAL POSITION Flexible balance sheet 30 June 31 Dec Balance sheet ($m) 2025 2024 PPE 349.6 318.7 ‒ PPE increase mainly due to weakening of USD against the Macedonian denar Intangible assets 22.2 21.4 Investment
Slide 24: H1 2025 FCF and Cash Flow
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 H1 2025 FCF AND CASH FLOW Free cash flow ($m) H1 2025 Generated from ops 34.2 Income tax and WHT (16.3) Capex PPE (7.4) Exploration (0.5) 110 34.2 Interest received 1.2 100 Capital Projects 1.1 90 Cash settled SBP 1.0 Free cash flow 13.2 80
Slide 25: Sasa Mining
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q1 2026 SASA MINING LONG SECTION SVINJA REKA