We are pleased to report steady production and cost control from our Kounrad operation in Kazakhstan and a good start to ownership of our Sasa zinc and lead mine in North Macedonia

These results reflect a full six month period of operations at Sasa and clearly demonstrate our rationale for acquiring the mine.

Dividends

6.5p

Significant returns to shareholders

H1 2018 - 6.5p0%
H1 2017 - 6.5p0%
H1 2016 - 5.5p0%

EBITDA

$64.6m

+166% HoH, reflects Sasa acquisition

H1 2018 - $64.6m0%
H1 2017 - $24.0m0%
H1 2016 - $17.4m0%

C1 CU CASH COST

$0.53/lb

continues to be well within the lowest industry quartile

H1 2018 - $0.53/lb0%
H1 2017 - $0.45/lb0%
H1 2016 - $0.40/lb0%

Kounrad Production

6,747t

H1 2018 Copper Production

Sasa Production

11,020t

H1 2018 zinc production

Sasa Production

14,386t

H1 2018 lead production

2018 Outlook

13 - 14,000t

Kounrad copper production guidance

2018 Outlook

21 - 23,000t

Sasa zinc production guidance

2018 Outlook

28 - 30,000t

Sasa lead production guidance

Employees

c.350

Employees in Kazakhstan

Employees

c.700

Employees in North Macedonia

Social Contributions

$0.3m

In both Kazakhstan and North Macedonia

LME Quality Product

99.998%

Copper cathode purity

Total CU Produced

75,173t

Since operations commenced in 2012

Total Returns

$144m

Including dividends and share buy backs

Financial Performance to Date

H1 2018

 

2017
(Sasa 2 months)
2016

 

2015

 

2014

 

2013

 

Kounrad Cu production, tonnes6,74714,10314,02012,07111,13610,509
Sasa Pb production, tonnes14,3864,951
Sasa Zn production, tonnes11,0203,625
Group Cu eq. payable tonnes16,04117,43614,02012,07111,13610,509
Average Cu sale price, $/t6,6726,1074,9945,3366,7947,114
Average Pb sale price, $/t2,4782,401
Average Zn sale price, $/t3,2563,239
C1 cash cost, Cu eq. $/lb0.790.760.430.600.620.66
Group revenue $m102.4106.569.367.376.676.0
Group adjusted EBITDA, $m64.666.439.934.947.348.1
Group adjusted EBITDA, %margin63%62%58%52%62%63%
Dividend/share buy-back, $m14.634.021.620.321.815.6