Q3 2026 Operations Update

Central Asia Metals PLC

07 October 2026

 

7 October 2026

Central Asia Metals PLC

(the ‘Group’, the ‘Company’ or ‘CAML’)

Q3 2026 Operations Update

Central Asia Metals PLC (AIM: CAML) provides its Q3 2026 operations update, concerning the Kounrad in-situ dump-leach, solvent extraction-electrowinning (SX-EW) copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia, along with Group exploration and business development activities.

Q3 2026 operational summary

–         Kounrad copper production of 3,454 tonnes

–         Sasa zinc-in-concentrate production of 4,968 tonnes

–         Sasa lead-in-concentrate production of 7,255 tonnes

–        Average received prices for copper and zinc in Q3 2026 significantly higher than in the corresponding period in 2025:

o         Average received copper price of $14,218 per tonne (43% higher)

o         Average received zinc price of $3,841 per tonne[1],[2] (34% higher)

o         Average received lead price of $1,859 per tonne2 (5% lower)

–        Zero lost time injuries (LTIs) in Q3 2026 at both Kounrad and Sasa

–         Assay results from maiden drilling programmes on Group exploration projects in the Chingiz-Tarbagatay belt, Kazakhstan, returned wide copper intersections at Yuzhnoe, with mineralisation encountered over more than 1 kilometre of strike

–         CAML’s remaining £1.15 million warrants in Aberdeen Minerals (‘Aberdeen’) exercised during Q3 2026, increasing CAML’s shareholding to 38.9%; proceeds to fund a Phase 4 regional drilling programme at Aberdeen’s base-metals project in northeast Scotland

Outlook

–        Both operations firmly on track to meet full-year 2026 production guidance:

o         Copper of 12,000 to 13,000 tonnes

o         Zinc-in-concentrate of 18,000 to 20,000 tonnes

o         Lead-in-concentrate of 26,000 to 28,000 tonnes

–        Follow-up drilling planned at Yuzhnoe totalling 3,600 metres, to establish true widths of the mineralisation and to target higher-grade intervals

–        Complete the analysis of geochemical and geophysical data at the Group’s Teniz Basin project in Kazakhstan in order to generate drill targets; 4,000 metres envisaged in 2027

–         Aberdeen to commence Phase 4 regional drilling programme to test new targets; a minimum of approximately 2,600 metres planned

–        Closing of the acquisition of Cygnus Metals and its Chibougamau high-grade copper-gold project remains scheduled for late October 2026

CAML production summary

Gavin Ferrar, Chief Executive Officer, commented:

“Q3 2026 was a positive period for CAML, with good progress on all of the main elements of the Company’s strategy.

“Kounrad’s solid production performance followed a strong H1 2026, and kept the operation firmly on track to meet its full-year guidance. Meanwhile, Sasa achieved an 18% improvement in the production of contained zinc compared with Q3 2025, and a 21% increase in contained lead, driven by a significant improvement in head grades plus greater tonnes mined and processed.

“This strong production performance was delivered against a background of sustained high prices for copper and zinc, and was achieved with zero LTIs.

“We also made significant progress on the proposed acquisition of Cygnus Metals, which is designed to add the development potential of Cygnus’ flagship Chibougamau copper-gold project in Québec to CAML’s project pipeline, along with its significant exploration upside. Positive votes with respect to the transaction were received from both sets of shareholders during the quarter, and we look forward to completing both the transaction and our planned TSX listing in due course.

“CAML’s own Group exploration projects in Kazakhstan also moved forward significantly, with positive assay results from Yuzhnoe, in particular, showing copper mineralisation over wide intersections. We are excited by the follow-up drilling planned for this project, along with proposed maiden drilling at the Teniz Basin project, in the coming quarters.”

Health and Safety

Neither Kounrad nor Sasa recorded an LTI during Q3 2026. By 30 September 2026, Sasa had achieved 233 days LTI-free and Kounrad 198 days.

Kounrad

Kounrad’s Q3 2026 copper production was 3,454 tonnes, bringing production for the first nine months of 2026 to 9,758 tonnes. The nine-month total is only fractionally lower (-1%) than that achieved in the corresponding period of 2025, and keeps Kounrad firmly on track to meet its full-year guidance of 12,000 to 13,000 tonnes set at the start of 2026.

Sales during the quarter were 3,458 tonnes, and totalled 9,746 tonnes for the first nine months of 2026, both in line with production.

Sasa

Building on the improved performance in H1 2026, Sasa’s production in Q3 2026 showed further significant progress compared with the corresponding period in 2025 in each of the key performance measures. Ore tonnes mined and milled were 3.0% and 3.4% higher, respectively, and the head grade for zinc was up by 17% and that for lead was 16% higher. The resulting output of zinc-in-concentrate was 18% higher than in Q3 2025, and that for lead was 21% higher. The production results for the first nine months of the year were also all higher than those of the corresponding period in 2025.

Sasa production summary

Sasa’s metal-in-concentrate production is subject to payability factors of approximately 84% for zinc and 95% for lead when delivered to smelters. Consequently, Q3 2026 payable production was 4,173 tonnes of zinc-in-concentrate and 6,893 tonnes of lead-in-concentrate, bringing the totals for the first nine months of 2026 to 11,829 tonnes and 19,539 tonnes, respectively.

Payable metal-in-concentrate sales for Q3 2026 were 3,796 tonnes of zinc and 6,806 tonnes of lead, with zinc sales slightly below payable production owing to the timing of shipments. The totals for the first nine months of 2026 were 11,528 tonnes and 19,510 tonnes, respectively.

During Q3 2026, Sasa delivered 100,562 ounces of payable silver to OR Royalties, in accordance with its streaming agreement, bringing the total for the first nine months of 2026 to 310,421 ounces.

Exploration activities

During Q3 2026, CAML X, an 80%-owned subsidiary of CAML, received assay results from maiden drilling programmes at its two projects in the Chingiz-Tarbagatay belt of Kazakhstan, analysis of which has informed the next steps.

The drilling at Yuzhnoe, 2,100 metres over seven diamond-drill holes, returned a series of wide intersections of copper mineralisation over more than 1 kilometre of strike length, with significant mineralisation encountered in five of the holes. Among the wider intercepts was 311 metres at 0.22% Cu, including higher-grade intersections within this zone of 13 metres at 0.52% Cu and 11 metres also at 0.52% Cu. Interpretation points to a concealed, structurally controlled copper-molybdenum system overlain by higher-grade veins, with the centre of the target yet to be tested.

Follow-up drilling is planned at Yuzhnoe, totalling 3,600 metres over 12 holes, with the aim of establishing true widths (where some initial drilling was sub-parallel to the structures) and to locate higher-grade intervals.

At Otyar, assays from 2,200 metres over nine diamond-drill holes returned locally strong silver values, including 9 metres at 140 g/t Ag, with mostly minor zinc, but current interpretation indicates limited widths and grades. The project has been put to a lower priority pending final interpretation.

At the Shaindy project, in the North Balkash geological district, CAML X has focused on geophysics, surface sampling and mapping, results from which support an interpretation of a porphyry and epithermal district. The work has established multiple targets for drill testing, and a 3,550 metre, 14-hole programme is planned for spring 2027 to test whether economic grades occur beneath the altered surface zones.

During Q3 2026, CAML XD, a wholly-owned subsidiary of CAML, undertook extensive geochemical and geophysical surveys at its exploration project in the Teniz Basin. The work confirmed multiple copper-bearing sandstone horizons, with selected zones traced for more than 500 metres at the Vladimirovskoe prospect (held under an option agreement) and 350 metres at Borisovskoe. Outstanding laboratory assays, outcrop sampling and geophysical analysis are required to prioritise drill targets. Approximately 4,000 metres of drilling is envisaged in 2027, as the follow-up drilling at Yuzhnoe is prioritised in the near-term.

Cygnus Transaction update

On 2 June 2026, CAML announced the proposed acquisition of 100% of Cygnus Metals Limited (ASX:CY5, TSXV: CYG, OTCQB: CYGGF) (‘Cygnus’) by means of an Australian Scheme of Arrangement (the ‘Scheme’). The all-share transaction (the ‘Cygnus Transaction’) would add the Chibougamau Project in Québec, a high-grade copper-gold development asset, to CAML’s portfolio.

The Cygnus Transaction passed a number of important steps during Q3 2026, including affirmative votes by both sets of shareholders, and conditional approval from the Toronto Stock Exchange (the ‘TSX’) for the listing of CAML’s existing shares and the new shares in CAML that will be issued pursuant to the Cygnus Transaction.

The Scheme is subject to a number of conditions precedent, and as at the date of this announcement, the condition precedent of Kazakhstan regulatory approval remains outstanding. CAML expects that the approval will be granted on or before 12 October 2026. As indicated in its announcement of 23 September 2026, to allow additional time for the satisfaction (or waiver) of this condition precedent, Cygnus has requested, and received, orders from the Court to adjourn the Second Court Hearing to 14 October 2026. The updated indicative timetable would result in an Effective Date for the Cygnus Transaction of 15 October 2026, with the Implementation Date following on 27 October 2026[3].

All dollar amounts in this announcement are US dollars unless otherwise stated.

For further information contact:

Note to editors:

Central Asia Metals, an AIM-quoted UK company based in London, owns 100% of the Kounrad SX-EW copper operation in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia. The Company also owns an 80% interest in CAML Exploration and 100% in CAML XD, two subsidiaries formed to progress early-stage exploration opportunities in Kazakhstan, and a 38.9% interest in Aberdeen Minerals Ltd, a privately-owned UK company focused on the exploration and development of base metals opportunities in northeast Scotland.

For further information, please visit www.centralasiametals.com and follow CAML on X at @CamlMetals and on LinkedIn at Central Asia Metals PLC

[1] The Group entered into derivative contracts to hedge 50% of Sasa’s 2026 payable zinc production, at an average price of $3,011.5 per tonne, which is not reflected in the figure above.

[2] Q3 2026 average received prices for zinc and lead are provisional.

[3] Note: all of the above times and dates are indicative only. The actual timetable will depend on many factors outside the control of CAML and Cygnus, including the Court approval process and the satisfaction (or waiver) of the conditions precedent to the completion of the Scheme. Owing to the time zone differences between Canada and Australia, certain actions relating to the implementation of the Scheme may occur on 26 October 2026 during Canadian business hours to enable implementation to occur on 27 October 2026.

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