Central Asia Metals Plc · LSE:CAML
Central Asia Metals — Investor Presentation (2025)
28 slides from Central Asia Metals's investor presentation, 2025
Slide 1: Base Metals for Modern Living
BASE METALS FOR MODERN LIVING Q4 2025 CORPORATE PRESENTATION 1
Slide 2: Disclaimer
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 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 amendm
Slide 3: Why Invest in CAML?
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 WHY INVEST IN CAML? BASE METALS ESSENTIAL FOR MODERN LIVING A high-margin business committed to growth Copper – the metal of electrification k - H1 2025 interim dividend 4.5p ‒ Integral to renewable energy, electric vehicles and grid infrast
Slide 4: CAML Operations
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 CAML OPERATIONS Kounrad (100%) Sasa (100%) - In-situ dump leach and SX-EW - Underground zinc and lead mine, copper operation, central northeast North Macedonia. Kazakhstan - Production commenced in 1960s; - In production since 2012 CAML acqu
Slide 5: Kounrad Operation, Kazakhstan
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 KOUNRAD OPERATION, KAZAKHSTAN Eastern Dumps ‒ In-situ dump leaching and SX- 7 EW recovery 5 2 6 ‒ LME grade copper cathode 20 ‒ C1 cash operating cost of 20 $0.79/lb (H1 2025); remains in 9-10 the lowest quartile worldwide SX-EW Plant Wester
Slide 6: Operational Highlights – Kounrad
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 OPERATIONAL HIGHLIGHTS KOUNRAD - Production in first nine months of 2025: 9,833t of copper cathode - On track to meet full-year 2024 production guidance of 13,000– 14,000t of copper - Solar plant generated 7.4 million kWh in the first nine m
Slide 7: Operational Update – Kounrad
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 OPERATIONAL UPDATE KOUNRAD - Relocation of portion of Dump 15 complete - Minimum remaining recoverable copper at 30 June 2025, 79kt - Actual recoverable copper likely to be higher owing to better- than-expected recoveries - The Solar Power P
Slide 8: Sasa Mine, North Macedonia
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 9-10 underground fill and dry-stack system, with the remainder
Slide 9: Operational Highlights – Sasa
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 OPERATIONAL HIGHLIGHTS SASA - Ore mined in first nine months of 2025: 590,692t, 5% higher than in 9m 2024 Unit 9m 2025 9m 2024 - 9m 2025 production 12,894t zinc-in-concentrate and 18,591t lead-in-concentrate Ore mined t 590,692 561,311 - On
Slide 10: Operational Update – Comprehensive Review
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 OPERATIONAL UPDATE COMPREHENSIVE REVIEW ‒ Orebody narrowing with depth as expected; variability impacting dilution and head grades ‒ Transition to paste-fill mining progressing well – controlling dilution, extending LoM, reducing surface tai
Slide 11: Sustainability
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 12: Exploration Activity
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 EXPLORATION ACTIVITY EXPLORATION IN SCOTLAND - 28.4% shareholding, with warrants to increase ownership to 37.6% - Phase 2B drilling campaign commenced at the Arthrath nickel-copper-cobalt project in Q2 2025 - Programme comprises five drill h
Slide 13: H1 2025 Results Summary
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 H1 2025 RESULTS SUMMARY FINANCIAL HIGHLIGHTS ‒ Revenue of $99.5m COPPER ‒ EBITDA of $39.9m, at a margin of 40% PRODUCTION ‒ H1 2025 dividend 4.5p; share buyback programme of up to $10m commenced 6,218t ‒ Cash at 30 June 2025 of $47.7m, boost
Slide 14: Returns to Shareholders
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 RETURNS TO SHAREHOLDERS POSITIVE CASH FLOW WITH A STRONG BALANCE SHEET ‒ 2025 interim dividend 4.5p 400 ‒ Share buy-back programme of up to $10m commenced 350 ‒ Total capital return announced for H1 300 2025 of $20.8 million 250 ‒ Since IPO,
Slide 15: Summary and Outlook
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 SUMMARY AND OUTLOOK H2 2025 OUTLOOK - Kounrad on track to achieve 2025 full-year guidance - Sasa on track to achieve revised 2025 guidance - Transition to paste-fill mining at Sasa continues; targeting improvements in grade control and produ
Slide 16: Contact Details
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 17: Appendices
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 APPENDICES
Slide 18: Share Price/Shareholders
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 SHARE PRICE/SHAREHOLDERS TOTAL SHAREHOLDER RETURN SINCE IPO Share price* (AIM:CAML) 154.2 pence 7.00 Total no. voting shares 179,916,673 6.00 Treasury shares 193,325 5.00 Issued shares 180,109,998 Market capitalisation £277.4m Relative TSR 4
Slide 19: Market Conditions
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 MARKET CONDITIONS Commodity markets Treatment charges (TCs) - Copper prices generally rose during H1 2025, and – Zinc and lead TCs remained favourable to prices ended the period just below $10,000/t concentrate producers during H1 2025, supp
Slide 20: H1 2025 Income Statement
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 21: H1 2025 Kounrad C1 Copper Cash Cost
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 22: H1 2025 Sasa Run-of-Mine Costs
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 23: H1 2025 Capex
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 $2
Slide 24: 30 June 2025 Statement of Financial Position
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 30 JUNE 2025 STATEMENT OF FINANCIAL POSITION Flexible balance sheet 30 June 31 Dec Balance sheet ($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 25: H1 2025 FCF and Cash Flow
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 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 26: Sustainability – Strategy and Progress
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 2025 SUSTAINABILITY – STRATEGY AND PROGRESS PILLAR TARGET During H1 2025, CAML ENSURING ETHICAL Zero human rights abuses - Published its sixth annual PRACTICES Zero cases of bribery and corruption Sustainability Report Implement Group-wide suppli
Slide 27: Svinja Reka Ore Reserve Statement
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 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 Fill
Slide 28: Mineral Resource Estimates for Svinja Reka and Golema Reka - Sasa
CENTRAL ASIA METALS PLC | CORPORATE PRESENTATION | Q4 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 2023. Classification Deposit Mt