Central Asia Metals Plc · LSE:CAML
Central Asia Metals — FY2025 Earnings Presentation
37 slides from Central Asia Metals's earnings presentation, Mar 19, 2026
Slide 1: 2025 Results: Metals for a connected tomorrow
2025 Results Metals for a connected tomorrow
Slide 2: Disclaimer
DISCLAIMER OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 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 amendment.
Slide 3: 2025 Highlights
2025 HIGHLIGHTS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Safety highlights Group financial highlights Lost-time injuries EBITDA EBITDA margin (LTIs) Kazakhstan North Macedonia $101.8m 44% 1 Copper cathode Zinc-in-concentrate Lead-in-concentrate 2024: 2 2024: $102.4m* 2024: 48% productio
Slide 4: CAML Operations
CAML OPERATIONS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Kounrad operations (100%) Sasa operations (100%) Low-cost, highly profitable Conventional underground zinc- copper production in lead mine using established Kazakhstan technology in North Macedonia In-situ dump leach and SX-
Slide 5: 2025 Financial Results
2025 Financial Results Creating shareholder value CENTRAL ASIA METALS PLC 5 2025 RESULTS PRESENTATION MARCH 2026
Slide 6: Market Conditions
MARKET CONDITIONS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Base metals in 2025 Commodity market Macroeconomic and treatment charges Copper: Copper prices strengthened significantly in 2025 on supply concerns, electrification demand and energy transition Treatment Charges (TCs): needs;
Slide 7: 2025 Income Statement
2025 INCOME STATEMENT OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK EBITDA EBITDA EBITDA $101.8m – margin 44% $97.3m $25.7m (2024: $89.4m*) (2024: $32.2m) Revenue: Up 7% YoY Driven by higher commodity prices: Cu +10%, Zn +3%, Ag +55% 2024 Zinc and lead TCs reduced due to tighter concen
Slide 8: 2025 Kounrad C1 Copper Cash Cost
2025 KOUNRAD C1 COPPER CASH COST OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 2025 C1 cash cost $0.82/lb (2024: $0.80/lb) $0.02/lb YoY increase in C1 cost 2025 2024 2025 2024 C1 cash cost $m $m $/lb $/lb C1 costs of $23.9m (2024: $23.7m), broadly stable, reflecting strong cost control a
Slide 9: 2025 Sasa Run-of-Mine Costs
2025 SASA RUN-OF-MINE COSTS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 2025 RoM unit costs $69.6/t (2024: $64.6/t) $5.0/t YoY increase in unit cost 2025 2024 2025 2024 C1 cash cost $m $m Site operating costs increased by 13% to $55.4m RoM, t 796,171 762,456 Increase driven by higher
Slide 10: 2025 Capex
2025 CAPEX OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS SUSTAINABILITY SUSTAINABILITY OUTLOOK GROUP CAPEX OF $19.0m (2024: $20.8m) Sasa sustaining capex of $11.3m includes $5.3m underground development, raise boring of $1.4m, $0.5m of underground vehicles Sasa spent $2.8m on com
Slide 11: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK FLEXIBLE BALANCE SHEET 31 December 31 December 2024 2025 (restated) Assets $m $m PPE initially increased primarily due to a 11% weakening of the PPE 238.8 318.7 USD against the MKD. However, a year end LOM upda
Slide 12: 2025 FCF and Cash Flow
2025 FCF AND CASH FLOW OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 2025 2024 Free cash flow $m $m Net cash generated from operations and interest 63.7 74.3 Capex (19.0) (20.8) Exploration (1.7) (0.5) 89.6 Interest received 1.8 2.4 160 Adj: Capital Projects 2.8 6.4 140 Adj: Cash settled SBP
Slide 13: Operations
Operations A focused portfolio in base metals CENTRAL ASIA METALS PLC 13 2025 RESULTS PRESENTATION MARCH 2026
Slide 14: Kounrad
Kounrad In-situ dump-leach and SX-EW operation CENTRAL ASIA METALS PLC 14 2025 RESULTS PRESENTATION MARCH 2026
Slide 15: 2025 Operational Highlights
2025 OPERATIONAL HIGHLIGHTS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 2025 production 13,311t of copper cathode 2026 guidance of 12,000–13,000t Licensed to 2034 Cumulative production from Kounrad’s SX-EW plant now more than 178,000t since start of production in 2012 Kounrad has
Slide 16: 2025 Operational Highlights
2025 OPERATIONAL HIGHLIGHTS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Record-high copper prices at the end of 2025 leveraged strong operational performance As expected with dump-leach operations, output will gradually decline over time – reflected in 2026 production guidance Operat
Slide 17: Sasa
Sasa Underground zinc-lead mine CENTRAL ASIA METALS PLC 17 2025 RESULTS PRESENTATION MARCH 2026
Slide 18: 2025 Operational Highlights
2025 OPERATIONAL HIGHLIGHTS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK 2025 production met revised guidance Zinc-in-concentrate of 17,881t Lead-in-concentrate of 25,156t Increases in tonnes mined and milled toward year-end 2025 marked the completion of the Capital Projects progr
Slide 19: Effecting Change
EFFECTING CHANGE OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Revised Ore Reserve and Mineral Resource estimates at 31 December 2025, resulting in a reduction in mine life to 2034 Comprehensive business review in the implementation phase Driving targeted improvements across mine plann
Slide 20: Sustainability
Sustainability Progress with purpose CENTRAL ASIA METALS PLC 20 2025 RESULTS PRESENTATION MARCH 2026
Slide 21: Sustainability in 2025
SUSTAINABILITY IN 2025 OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Maintaining health and safety Valuing our people Caring for the environment Focus on strengthening systems and Committed to treating all employees fairly, Robust environmental management systems leadership to support
Slide 22: Sustainability in 2025
SUSTAINABILITY IN 2025 OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Creating value for our Ensuring ethical practices communities Focus on constructive relationships with local Guided by UN Principles and ILO core communities and governments, with principles into operations, supply chai
Slide 23: Capital allocation and outlook
Capital allocation and outlook Disciplined capital allocation for sustainable value creation CENTRAL ASIA METALS PLC 23 2025 RESULTS PRESENTATION MARCH 2026
Slide 24: Growth: Exploration Strategy and 2026 Drill Programmes
GROWTH OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK EXPLORATION STRATEGY AND 2026 DRILL PROGRAMMES CAML X (80%)/CAML XD (100%) Aberdeen Minerals Targeting high-grade, base metals prospects 32.6% shareholding Staffed by experienced exploration teams Exploration for high-grade base me
Slide 25: Creating Long-Term Value for Investors
MINING FOR RETURNS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK CREATING LONG-TERM VALUE FOR INVESTORS A disciplined approach to capital allocation TOTAL SHAREHOLDER $10m share buyback programme completed post period end RETURN Dividend policy to return 30-50% of FCF Final dividend
Slide 26: Base metals essential for modern living
INVESTMENT CASE OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Base metals essential for modern living Cash-generative business with a disciplined focus on growth The metal of electrification Fundamental to global electrical infrastructure Strong FCF generation with FCF yield of 14% Ess
Slide 27: Valuation Multiples vs Peers
VALUATION MULTIPLES VS PEERS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK EV / EBITDA 26E 4.7x Taseko Mines Griffin Mining Atalaya ACG Metals Anglo Asian CAML EV / EBITDA 26E 2026E average EV / FCF 26E 12.7x * Anglo Asian Taseko Mines Atalaya Griffin Mining CAML ACG Metals EV / FCF 26E 2026
Slide 28: Summary and Outlook
SUMMARY AND OUTLOOK OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Financial position Flexible balance sheet Cash at year-end of $80.1m Minimal debt Strong free cash flow generation 2026 guidance Copper production of 12,000-13,000t Zinc-in-concentrate of 18,000-20,000t Lead-
Slide 29: Investor Relations Manager
INVESTOR RELATIONS MANAGER Richard Morgan rm@caml.uk +44 (0) 207 898 9001 www.centralasiametals.com /camlmetals LinkedIn Financial Times
Slide 30: Appendix
TAB ONE TAB TWO TAB THREE TAB FOUR Appendix CENTRAL ASIA METALS PLC 30 2025 RESULTS PRESENTATION MARCH 2026
Slide 31: Board of Directors
BOARD OF DIRECTORS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Mike Prentis Roger Davey Senior Independent Alison Baker Director Dr Gillian Davidson NED Dr Mike Armitage NED Nick Clarke NED NED Chair Nigel Robinson NED - Technical Committee Chair Non-Executive Chairman Chair Chair - Audit
Slide 32: Share Price Performance versus Peers
SHARE PRICE/SHAREHOLDERS OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK SHARE PRICE PERFORMANCE VERSUS PEERS Share price* (AIM:CAML) 169.6p Total no. voting shares 177,904,281 7.00 Treasury shares 193,325 6.00 Issued shares 177,710,956 Market capitalisation £301m 5.00 Free float 96% Average d
Slide 33: Copper
COPPER OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK PRICES INCREASE WITH VOLATILITY Copper Market Balance 800 $12,000 Current market imbalance have led to a price run 600 $10,000 Surplus / (Deficit) (ktpa) LME three-month traded at about US$13,100/t in February 2026, while on-exchange inven
Slide 34: Zinc
ZINC OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK FUNDAMENTALS IMPROVING AMIDST MARKET REBALANCING Zinc Market Balance 1,000 $4,000 Improving fundamentals support zinc price recovery Surplus / (Deficit) (ktpa) 500 $3,000 Price (US$/t) After a mid-2025 trough near US$2,560/t, zinc rebounde
Slide 35: Lead
LEAD OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK PRICES INCREASE WITH VOLATILITY Lead Price Chart $2,600 $2,400 Increased inventories in the LME normalise prices $2,200 Price (US$/t) LME three-month Lead prices reached a high of US$2,103/t in March 2025, but have since decreased to ~US1,
Slide 36: Sasa Mineral Resource Estimate
SASA MINERAL RESOURCE ESTIMATE OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK Sasa's technical services team has updated the Mineral Resource Estimate (MRE) for the Svinja Reka and Golema Reka deposits. This is given below and has been reported in accordance with the terms and definitions of
Slide 37: Sasa Ore Reserve Statement
SASA ORE RESERVE STATEMENT OVERVIEW FINANCIALS OPERATIONS SUSTAINABILITY OUTLOOK The following Ore Reserve Statement, which has also been reported in accordance with the terms and definitions of the JORC Code, has been prepared by Sasa's technical services team based on a LoM plan that includes the