Summary - Central Asia Metals Plc

Financial Highlights

Our Strategy

Our Operations

Sustainability and Case Studies

Downloads

CEO and Chairman Message

Professional Headshots By Studio Grey — The annual report is an opportunity not just to review the year past but also to look forward to the year ahead. We enter 2026 with the copper price reaching all-time highs, underpinned by constrained supply and growing demand. Consumption is being driven by the continued electrification of the world’s energy use, boosted by the need for new infrastructure to handle the exponential growth in data management.

**Nick Clarke** Non-Executive Chair

Financial Highlights

In this section, read more about the financial performance of the Group for 2025. This includes our Kournad operation in Kazakhstan and the Sasa mine in North Macedonia.

Group Financial HighlighTs

EBITDA

Net Cash

Revenue

Adjusted free cash flow

Dividend per share

EPS and adjusted EPS

Safety HighlighTs

Lost-time injuries (LTIs)

Lost-time injury frequency rate (LTIFR)

Our strategy

Central Asia Metals Plc (‘CAML’) is focused on base metals production in Kazakhstan and North Macedonia, and is investing in projects exploring for base metals in Kazakhstan and Scotland. Our purpose is to produce base metals essential for modern living, safely, profitably and in a sustainable manner, for the benefit of all our stakeholders.

CAML offers the combination of a 14-year track record of dividends, a strong balance sheet and a firm commitment to growth. Since the company’s initial public offering (IPO) in 2010, CAML has returned a total of $420.3 million in cash to its shareholders, including 200 pence per share in dividends, far exceeding the $214 million it has raised in equity.

The Group’s operations returned an EBITDA margin of 44% in 2025, and CAML’s cash balance grew to $80.1 million whilst the Group remained almost entirely debt free. This balance sheet and strong free cash flow generation give CAML the financial flexibility to realise its ambition of building a pipeline of production and development projects through which to grow.

Operations

Our Operations

Kounrad

Low-cost, highly-profitable copper production in Kazakhstan

Kounrad (100%)

In-situ dump leach and SX-EW copper operation, central Kazakhstan
In production since 2012
Licensed to 2034
2026 production guidance 12,000-13,000t copper cathode

SASA

Zinc and lead production in North Macedonia

Sasa (100%)

Underground zinc and lead mine, northeast North Macedonia.
Production commenced in 1960s; CAML acquired in 2017
Investment programme to transition mining/tailings completed 2025
2026 production guidance 18,000-20,000t zinc and 26,000-28,000t lead

CAMLX / CAMLXD

Active exploration for base metals in Kazakhstan

Group exploration

CAML X (80%)
CAML XD (100%)

CAML subsidiaries focused on early-stage exploration for high-grade base metals in Kazakhstan

Aberdeen Minerals

Associate company exploring for base metals in Scotland

Aberdeen Minerals (32.6%)

Associate company exploring for base metals at the Arthrath project in northeast Scotland

Sustainability

CAML produces base metals essential for modern living, guided by a commitment to safety, responsibility and long-term sustainable value. A fundamental focus of our sustainability strategy is to create positive impacts for our stakeholders, minimise negative impacts and deliver lasting value.

By taking a proactive, meaningful and integrated approach, we uphold strong ethical practices; prioritise health and skills development; operate in an environmentally responsible manner; and contribute to our people, communities and the countries in which we operate.

To operate effectively and responsibly, we ensure that sustainability underpins our business model, based on five key pillars.

Sustainability