Central Asia Metals Plc · LSE:CAML
Central Asia Metals — H1 2026 Earnings Presentation
41 slides from Central Asia Metals's earnings presentation, Aug 26, 2026
Slide 1: H1 2026 Results
26 August 2026 H1 2026 Results Strong cash generation supporting growth and shareholder returns
Slide 2: Disclaimer
DISCLAIMER IMPORTANT – You must read the following before continuing This is a presentation (together with any accompanying documents and oral presentation of these slides, including talks given by the presenters, any question and answer session, and any material distributed in connection with this
Slide 3: Disclaimer
DISCLAIMER Not investment or financial advice This Presentation, and the information in it, does not constitute financial product, legal, tax, accounting or investment advice and is not a recommendation to investors or potential investors. This Presentation, and the information contained within it,
Slide 4: Disclaimer
DISCLAIMER Future performance and forward-looking statements This Presentation contains references to forecasts, estimates, assumptions and other forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “forecast”,
Slide 5: Disclaimer
DISCLAIMER Market data Certain market data used in connection with or referenced in this Presentation, may have been obtained from public filings, research, surveys or studies contracted by third parties, including as published in industry-specific or general publications. Neither CAML nor its advis
Slide 6: CAML Operations
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK CAML OPERATIONS Kounrad operations (100%) Sasa operations (100%) Low-cost, highly profitable copper Conventional underground zinc-lead production in Kazakhstan mine using established technology in In-situ dump leach and SX-EW North Mace
Slide 7: H1 2026 Results Summary
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK H1 2026 RESULTS SUMMARY Safety highlights Group financial highlights Lost-time injuries (LTIs) EBITDA EBITDA margin Kazakhstan North Macedonia 52% 2 $75.5m Copper cathode Zinc-in-concentrate Lead-in-concentrate H1 2025: nil H1 2025: $39.9m H1
Slide 8: A Highly Cash-Generative Business Delivering Growth
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK INVESTMENT CASE A HIGHLY CASH-GENERATIVE BUSINESS DELIVERING GROWTH CASH GENERATION RETURNS GROWTH H1 2026 FCF of $46.8m, Consistent shareholder Proposed Cygnus 189% increase YoY returns – $437m acquisition: distributed since IPO Exis
Slide 9: Balancing Capital Allocation
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK MINING FOR RETURNS BALANCING CAPITAL ALLOCATION Strong balance Dividends paid sheet supports 450 exceed the total returns and Balanced 400 equity raised from growth approach to 350 the market investments capital allocation: 300 returns, growt
Slide 10: Financial Results
Financial Results Demonstrating a strong and resilient business CENTRAL ASIA METALS PLC 10 H1 RESULTS PRESENTATION AUGUST 2026
Slide 11: Base metals in H1 2026
CAPITAL CAPITAL OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS ALLOCATION ALLOCATION OUTLOOK OUTLOOK MARKET CONDITIONS Base metals in H1 2026 Commodity market Macroeconomic and treatment charges Copper: prices continued to strengthen significantly during H1 Treatment Charges (TCs) 2
Slide 12: H1 2026 Income Statement
CAPITAL CAPITAL OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS ALLOCATION ALLOCATION OUTLOOK OUTLOOK H1 2026 INCOME STATEMENT EBITDA EBITDA EBITDA up by 89% YoY $68.0m $19.3m (H1 2025: $38.3m) (H1 2025: $11.9m) Revenue: Up 46% YoY Driven by higher sales volumes and commodity price
Slide 13: Kounrad C1 Copper Cash Cost
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK KOUNRAD C1 COPPER CASH COST H1 2026 C1 cash cost $0.91/lb (H1 2025: $0.79/lb) $0.12/lb YoY increase in C1 cost H1 2026 H1 2025 H1 2026 H1 2025 C1 cash cost $m $m $/lb $/lb Cathode production of 6,304t (H1 2025: 6,218t) Reagents 1.9 1.7 0.
Slide 14: Sasa Costs
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK SASA COSTS SASA C1 COSTS DOWN 4% Site operating costs broadly stable, up 2% to $26.1m H1 2026 H1 2025 H1 2026 H1 2025 Increase driven by weaker USD by 7% and $1.0m increase in C1 cash cost $m $m tailings disposal costs for new tailings di
Slide 15: H1 2026 Capex
CAPITAL CAPITAL OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS ALLOCATION ALLOCATION OUTLOOK OUTLOOK H1 2026 CAPEX GROUP CAPEX OF $9.5m (H1 2025: $7.4m) Sasa capex of $8.1m includes $2.4m underground development, $2.1m of underground equipment and vehicles and raise boring of $1.4m
Slide 16: Statement of Financial Position
CAPITAL CAPITAL OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS ALLOCATION ALLOCATION OUTLOOK OUTLOOK STATEMENT OF FINANCIAL POSITION STRONG BALANCE SHEET 30 June 31 December 2026 2025 Assets $m $m PP&E decreased reflecting depreciation and adverse FX PP&E 226.3 238.8 movements Int
Slide 17: H1 2026 FCF and Cash Flow
CAPITAL CAPITAL OVERVIEW OVERVIEW FINANCIALS FINANCIALS OPERATIONS OPERATIONS ALLOCATION ALLOCATION OUTLOOK OUTLOOK H1 2026 FCF AND CASH FLOW H1 2026 H1 2025 Free cash flow $m $m Net cash generated from operations 51.5 17.9 Capex (9.5) (7.4) Exploration (1.8) (0.5) Interest received 1.0 1.2 Adj: Cap
Slide 18: Operations
Operations A focused portfolio in base metals CENTRAL ASIA METALS PLC 18 H1 RESULTS PRESENTATION AUGUST 2026
Slide 19: H1 2026 Operational Highlights: Kounrad
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK H1 2026 OPERATIONAL HIGHLIGHTS H1 2026 copper cathode production of 6,304t H1 copper sales of 6,287t On track to meet full-year 2026 guidance of 12,000–13,000t One LTI in H1 2026 Cumulative production from Kounrad’s SX-EW plant now
Slide 20: Kounrad Outlook
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK KOUNRAD OUTLOOK Record-high copper prices in H1 2026 (up 39% compared with H1 2025) leveraged strong operational performance Operational focus remains on maximising efficiency to sustain Kounrad’s industry-leading margins Updated Minera
Slide 21: H1 2026 Operational Highlights: Sasa
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK H1 2026 OPERATIONAL HIGHLIGHTS Ore mined 403,665t, 2.4% higher than H1 2025 H1 2026 production 9,094t zinc-in-concentrate and 13,312t lead-in- concentrate On track to meet guidance of 18,000-20,000t zinc and 26,000-28,000t lead 2026 mar
Slide 22: Effecting Change
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK EFFECTING CHANGE Continuous business improvement programme: Driving targeted improvements across mine planning, processing throughput, productivity, staffing levels and overall cost control Mining initiatives in H1 2026: increase in a
Slide 23: Sustainability Progress H1 2026
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK SUSTAINABILITY PROGRESS H1 2026 Maintaining health and safety Community investment Caring for the environment Launched the Group Safety Culture Continued the Kounrad Foundation’s STEAM Completed biodiversity management and Programme, wi
Slide 24: Outlook and Capital Allocation
Outlook and Capital allocation Disciplined capital allocation for sustained value creation CENTRAL ASIA METALS PLC 24 H1 RESULTS PRESENTATION AUGUST 2026
Slide 25: Advancing Our Exploration Pipeline
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK GROWTH ADVANCING OUR EXPLORATION PIPELINE CAML XD (100%) CAML X (80%) Targeting high-grade, base metals prospects in Kazakhstan Targeting high-grade, base metals prospects in Kazakhstan Option over additional exploration project secured
Slide 26: Proposed Transaction
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK GROWTH PROPOSED TRANSACTION Cygnus Metals Expected timetable of events All-share transaction proposed, valuing Cygnus’ equity at A$232m* Latest time and date for receipt of 10:00 on 2 September 2026 Forms of Proxy Scheme Booklet and UK ci
Slide 27: Chibougamau: High-Grade Copper-Gold Project in a Tier-One Jurisdiction
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK CHIBOUGAMAU HIGH-GRADE COPPER-GOLD PROJECT IN A TIER-ONE JURISDICTION Located in Central Québec, approximately 480km due north of Montreal Location ~10km from local town of Chibougamau; no remote camp required Collection of five high-gr
Slide 28: Resource Growth Opportunities
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK RESOURCE GROWTH OPPORTUNITIES Prospective Geological Setting with Multiple Known Potentially increase the resource base at the Chibougamau Project through low-risk brownfield exploration Open Targets Historical Production & Underexplored Ar
Slide 29: Summary and Outlook
CAPITAL OVERVIEW FINANCIALS OPERATIONS ALLOCATION OUTLOOK SUMMARY AND OUTLOOK H2 2026 OUTLOOK Continued high prices for copper and zinc Kounrad and Sasa both on track to achieve 2026 full-year guidance Shareholder votes on the Cygnus acquisition scheduled for September; completion of the trans
Slide 30: Investor Relations Manager
INVESTOR RELATIONS MANAGER Richard Morgan rm@caml.uk +44 (0) 207 898 9001 www.centralasiametals.com /camlmetals LinkedIn Financial Times
Slide 31: Appendix
TAB ONE TAB TWO TAB THREE TAB FOUR Appendix CENTRAL ASIA METALS PLC 31 H1 RESULTS PRESENTATION AUGUST 2026
Slide 32: Chibougamau – Infrastructure in Place
CHIBOUGAMAU – INFRASTRUCTURE IN PLACE FAST TRACKED FOR DEVELOPMENT CHIBOUGAMAU PROJECT INFRASTRUCTURE Existing 900ktpa processing facility and TSF (replacement value >C$150m) provide operational flexibility Power lines to site 900ktpa Processing Facility TSF Sealed roads to site Chibougamau Co
Slide 33: Transaction Highlights and Rationale
TRANSACTION HIGHLIGHTS AND RATIONALE CAML CYGNUS Transformative transaction Immediate value realisation for Cygnus shareholders Once in production, the Chibougamau Project has the potential to add meaningfully to 01 01 CAML’s annual copper-equivalent output and cash flows 60% premium to Cygnus’
Slide 34: CAML Pro-Forma Asset Portfolio
CAML PRO-FORMA ASSET PORTFOLIO (1) Cygnus Assets Chibougamau Exploration Kounrad Chibougamau CAML Sasa Exploration Aberdeen MEDIUM-TERM GROWTH FROM LONG-TERM GROWTH FROM CASH FLOW GENERATING ASSETS DEVELOPMENT EXPLORATION Two highly cash generative operations producing base High-grade development st
Slide 35: 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 36: Shareholder Returns: Total Shareholder Return vs Indices
SHAREHOLDER RETURNS TOTAL SHAREHOLDER RETURN VS INDICES 7.00 6.00 Share price* 167.6 pence (AIM:CAML) 5.00 Total no. voting shares 177,904,281 Treasury shares 193,325 4.00 Issued shares 177,710,956 Relative TSR Market capitalisation £298m 3.00 Free float 96% Average daily volume 2.00 0.94m (last 6M)
Slide 37: Copper: Structural Demand and Supply Constraints Support Higher Prices
COPPER STRUCTURAL DEMAND AND SUPPLY CONSTRAINTS SUPPORT HIGHER PRICES Copper Market Balance Current market fundamentals support high copper prices 800 Expected forecasts from $14,000 Copper market fundamentals remain tight, with a forecast 470kt concentrate BMO Capital Markets’ Commodity Research
Slide 38: Zinc: Concentrate Tightness Underpins Near-Term Price Strength
ZINC CONCENTRATE TIGHTNESS UNDERPINS NEAR-TERM PRICE STRENGTH Tight concentrate supply supports zinc prices Zinc Market Balance 4,000 $1,200 Expected forecasts from Zinc market fundamentals remain supported by constrained concentrate availability BMO Capital Markets’ 3,500 across the upstream supp
Slide 39: Lead: Refined Supply Constraints Offset Structural Demand Headwinds
LEAD REFINED SUPPLY CONSTRAINTS OFFSET STRUCTURAL DEMAND HEADWINDS Lead Price Chart Constrained refined supply underpins near-term pricing $2,600 Lead market fundamentals remain supported by constrained refined supply, $2,400 particularly as weakness in secondary production continues to weigh on o
Slide 40: Sasa Mineral Resource Estimate and Ore Reserve Statement
SASA MINERAL RESOURCE ESTIMATE Audited Mineral Resource Statement for Sasa (effective date of 31 December 2025) Grades Contained metal Classification Deposit Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Indicated Svinja Reka 9.6 3.0 4.2 32.8 290 404 10,100 Golema Reka 1.8 1.3 4.1 13.8 24 75 81
Slide 41: Kounrad Mineral Resource Estimate and Ore Reserve Statement
KOUNRAD MINERAL RESOURCE ESTIMATE Audited Mineral Resource Statement for Kounrad (effective date of 31 December 2025) Classification Tonnes Cu Contained Cu metal (Mt) (%) (kt) Measured - - - Indicated 595.1 0.07 407.9 Inferred - - - Notes 1. Mineral Resources are reported in accordance with the guid