Central Asia Metals Plc · LSE:CAML
Central Asia Metals — Shareholder Meeting (May 2026)
27 slides from Central Asia Metals's shareholder meeting presentation, May 2026
Slide 1: 2026 AGM Presentation: Metals for a connected tomorrow
2026 AGM Presentation Metals for a connected tomorrow
Slide 2: Disclaimer
DISCLAIMER OVERVIEW OPERATIONS 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. This Presentation has not
Slide 3: CAML Operations Overview
CAML OPERATIONS OVERVIEW OPERATIONS 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-EW Modernisation program
Slide 4: 2025 Highlights
2025 HIGHLIGHTS OVERVIEW OPERATIONS 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% production production production Ca
Slide 5: Base metals essential for modern living
INVESTMENT CASE OVERVIEW OPERATIONS 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 15%* Essential in electric motors
Slide 6: Creating long-term value for investors
MINING FOR RETURNS OVERVIEW OPERATIONS OUTLOOK CREATING LONG-TERM VALUE FOR INVESTORS A disciplined approach to capital allocation TOTAL SHAREHOLDER $10m share buyback programme completed March 2026 RETURN Dividend policy to return 30-50% of FCF Final dividend for 2025 of 7.5p 274% SINCE IPO
Slide 7: Operations
Operations A focused portfolio in base metals CENTRAL ASIA METALS PLC 7 AGM PRESENTATION MAY 2026
Slide 8: Kounrad
Kounrad In-situ dump-leach and SX-EW operation CENTRAL ASIA METALS PLC 8 AGM PRESENTATION MAY 2026
Slide 9: 2025 Operational Highlights: Kounrad
2025 OPERATIONAL HIGHLIGHTS OVERVIEW OPERATIONS OUTLOOK 2025 production 13,311t of copper cathode 2026 guidance of 12,000–13,000t 2026 Q1 production of 2,880t Licensed to 2034 Cumulative production from Kounrad’s SX-EW plant now more than 180,000t since start of production in 2012 The surf
Slide 10: 2025 Operational Highlights: Recovery and solar
2025 OPERATIONAL HIGHLIGHTS OVERVIEW OPERATIONS OUTLOOK Record-high copper prices at the end of 2025 leveraged strong operational performance; copper price reaching new highs in H1 2026 As expected with dump-leach operations, output will gradually decline over time – reflected in 2026 production
Slide 11: 2025 Kounrad C1 Copper Cash Cost
2025 KOUNRAD C1 COPPER CASH COST OVERVIEW OPERATIONS 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 and tenge devaluation Reage
Slide 12: Sasa
Sasa Underground zinc-lead mine CENTRAL ASIA METALS PLC 12 AGM PRESENTATION MAY 2026
Slide 13: 2025 Operational Highlights: Sasa
2025 OPERATIONAL HIGHLIGHTS OVERVIEW OPERATIONS OUTLOOK 2025 production Zinc-in-concentrate of 17,881t Lead-in-concentrate of 25,156t Increases in tonnes mined and milled toward year-end 2026 production guidance 2025 marked Zinc-in-concentrate of 18,000-20,000t the completion of the Capi
Slide 14: Effecting Change
EFFECTING CHANGE OVERVIEW OPERATIONS OUTLOOK Zero LTIs in 2025 Comprehensive business review initiatives under way: Driving targeted improvements across mine planning, processing throughput, productivity, staffing levels and overall cost control Mining initiatives focus on immediate efficien
Slide 15: 2025 Sasa Run-of-Mine Costs
2025 SASA RUN-OF-MINE COSTS OVERVIEW OPERATIONS 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 payroll costs, including
Slide 16: Capital allocation and outlook
Capital allocation and outlook Disciplined capital allocation for sustainable value creation CENTRAL ASIA METALS PLC 16 AGM PRESENTATION MAY 2026
Slide 17: Growth: Building our portfolio
GROWTH OVERVIEW OPERATIONS OUTLOOK BUILDING OUR PORTFOLIO CAML X (80%)/CAML XD (100%) Aberdeen Minerals Targeting high-grade, base metals prospects 32.6% CAML shareholding Staffed by experienced exploration teams Exploration for high-grade base metals at the Arthrath base metals project, Abe
Slide 18: Summary and Outlook
SUMMARY AND OUTLOOK OVERVIEW OPERATIONS OUTLOOK Financial position Flexible balance sheet Cash at year-end of $80.1m Minimal debt <$1m Strong free cash flow generation 2026 guidance Copper production of 12,000-13,000t Zinc-in-concentrate of 18,000-20,000t Lead-in-concentrate of 26,
Slide 19: Investor Relations Manager
INVESTOR RELATIONS MANAGER Richard Morgan rm@caml.uk +44 (0) 207 898 9001 www.centralasiametals.com /camlmetals LinkedIn Financial Times
Slide 20: Appendix
TAB ONE TAB TWO TAB THREE TAB FOUR Appendix CENTRAL ASIA METALS PLC 20 AGM PRESENTATION MAY 2026
Slide 21: Board of Directors
BOARD OF DIRECTORS 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 Committee NED - Remuneration Committee - Sustainabilit
Slide 22: Sustainability
Sustainability Progress with purpose CENTRAL ASIA METALS PLC 22 AGM PRESENTATION MAY 2026
Slide 23: Sustainability in 2025
SUSTAINABILITY IN 2025 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 risk management and recognising core labour and human
Slide 24: Sustainability in 2025: Communities and ethics
SUSTAINABILITY IN 2025 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 chains and responsible engagement and socio-economic local
Slide 25: Total Shareholder Return versus Peers
SHARE PRICE/SHAREHOLDERS TOTAL SHAREHOLDER RETURN VERSUS PEERS Share price* (AIM:CAML) 159.0 pence Total no. voting shares 177,710,956 Treasury shares 193,325 Issued shares 177,904,281 Market capitalisation £283m Free float 96% Average daily volume (last 6M) 0.69m Shareholders No. shares % holding B
Slide 26: Sasa Mineral Resource Estimate
SASA MINERAL RESOURCE ESTIMATE 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 the JORC Code. In order to limit this to mineralisatio
Slide 27: Sasa Ore Reserve Statement
SASA ORE RESERVE STATEMENT 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 transition from the sub-level caving mining method to