Business model

Our strategic objectives and everyday working practices are embedded in the Group to deliver long-term value for all stakeholders

Our immediate strategic objectives of sustainability, low costs and high margins, and prudent capital allocation are underpinned by our longer-term ambition of growth through acquisition.

We promote low-cost, sustainable, and ethical metal production to benefit our workforce, local communities, host governments and shareholders. We enrich communities close to our operations with employment opportunities and education, and other facilities, while focusing on the financial sustainability of our operations.

WHO WE ARE

GROSS REVENUE 2024

BY GEOGRAPHY

KAZAKHSTAN

$121.8m
NORTH MACEDONIA

$92.7m

GROSS REVENUE 2024

BY METAL

COPPER

$121.8m
LEAD

$55.1m
ZINC

$35.3m
SILVER

$2.3m*

*The silver revenue of $2.3m is recognised in relation to the silver stream arrangement. Lead revenue of $55.1m includes the silver by-product.

SASA

MINING ORE AND MINERAL PROCESSING

LIFE OF MINE TO

2039

2024 ORE MINED

762,456t

2024 ZINC GRADE

2.87%

2024 LEAD GRADE

3.71%

NORTH MACEDONIA OPERATIONS

KOUNRAD

IN SITU-DUMP LEACHING AND SX-EW

LICENSED TO

2034

2024 COPPER SALES

13,521t

TONNES OF COPPER CATHODE RECOVERED SINCE 2012, OVER

165,000t

2024 COPPER PRODUCTION

13,439t

KAZAKHSTAN OPERATIONS

WHAT SUSTAINS US

PEOPLE & SKILLS

We are proud of the experienced and capable teams at Sasa and Kounrad, which employ over 1,000 people, with just 13 expatriates all at Sasa (out of 788). We provide wide-ranging training programmes for our operational teams and in some cases tertiary education for key talent. We have a strong Board with complementary skills and experience, and a London-based senior management team.

EMPLOYEES BY GEOGRAPHY

KAZAKHSTAN

29%
NORTH MACEDONIA

69%
UNITED KINGDOM

2%

RELATIONSHIPS

Maintaining strong employee, community and national relationships in our countries of operation are key to us retaining the strong licence to operate that we currently enjoy.

% OF LOCAL EMPLOYED STAFF
99%

INVESTMENT

In order to ensure safe, efficient and low-cost operations, which also optimise resource extraction and thus operational life, we ensure that Sasa and Kounrad are appropriately funded. We also invest in the long-term sustainability of the business by funding our exploration programmes.