Developing value for ALL sTAKeholders

Based in London, CAML owns 100% of the Kounrad solvent extraction and electrowinning (SX-EW) copper facility in central Kazakhstan and 100% of the Sasa zinc and lead mine in North Macedonia. The Group is an established low cost, diversified base metals producer, with capacity to generate annual copper production of 12,000-13,000 tonnes, zinc production of 18,000-20,000 tonnes and lead production of 26,000-28,000 tonnes.

CAML is incorporated in the United Kingdom and raised $60 million at IPO in September 2010, which was used to build the Kounrad recovery plant in central Kazakhstan. Construction of the Kounrad plant was completed in early 2012, 15% below budget with production commencing in April. In November 2017, CAML completed the acquisition of the Sasa zinc and lead mine in North Macedonia for a total consideration of $402.5 million. Since then, the Group has made substantial investments into the mine through its capital projects.

During 2023, the Group set up an exploration subsidiary, CAML Exploration (CAML X) with a team of early-stage exploration geologists in Kazakhstan. Potential target areas prospective for base metals have been reviewed and CAML X has acquired a number of promising licenses, with two identified as highly prospective and recommended for drill testing.

In June 2024, CAML completed a £3 million initial investment into Aberdeen Minerals Ltd (Aberdeen) followed by an additional £850,000 investment, resulting in a 32.6% shareholding. Louise Wrathall, CAML’s Chief Financial Officer, has joined the Aberdeen board as a Non-Executive Director. During 2024, Aberdeen completed 2,682m metres of exploration drilling at its Arthrath project, in northeast Scotland, validating the exploration model and confirming the potential for high-grade nickel-copper mineralisation at depth. A second CAML-funded drilling programme commenced in May 2025, comprising 2,275 metres of drilling across five holes, with borehole electromagnetic surveys completed in all holes.