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 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 Macedonia

Social Contributions

$0.3m

In both Kazakhstan and 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, tonnes 6,747 14,103 14,020 12,071 11,136 10,509
Sasa Pb production, tonnes 14,386 4,951
Sasa Zn production, tonnes 11,020 3,625
Group Cu eq. payable tonnes 16,041 17,436 14,020 12,071 11,136 10,509
Average Cu sale price, $/t 6,672 6,107 4,994 5,336 6,794 7,114
Average Pb sale price, $/t 2,478 2,401
Average Zn sale price, $/t 3,256 3,239
C1 cash cost, Cu eq. $/lb 0.79 0.76 0.43 0.60 0.62 0.66
Group revenue $m 102.4 106.5 69.3 67.3 76.6 76.0
Group adjusted EBITDA, $m 64.6 66.4 39.9 34.9 47.3 48.1
Group adjusted EBITDA, %margin 63% 62% 58% 52% 62% 63%
Dividend/share buy-back, $m 14.6 34.0 21.6 20.3 21.8 15.6