**Summary of Central Asia Metals PLCs Interim Results for H1 2025**
**Financial Performance**
**Revenue** $99.5 million (H1 2024 restated: $101.9 million), a 2% decrease due to lower sales volumes, primarily from Sasas lower grades and Kounrads sales timing.
**EBITDA** $39.9 million (H1 2024 restated: $51.6 million), down 23% due to cost inflation, business development expenses, and lower sales volumes.
**Adjusted Free Cash Flow (FCF)** $16.2 million (H1 2024: $30.0 million), a 46% reduction due to lower EBITDA and higher costs.
**Dividend** Interim dividend of 4.5 pence per share (H1 2024: 9 pence), reflecting a shift towards a 30-50% FCF distribution policy.
**Share Buy-back** $10 million program initiated to return value to shareholders.
**Operational Highlights**
**Kounrad (Copper)** Production of 6,218 tonnes (H1 2024: 6,608 tonnes), sales of 5,744 tonnes (H1 2024: 6,415 tonnes). On track to meet 2025 guidance of 13,000-14,000 tonnes.
**Sasa (Zinc & Lead)** Zinc production of 8,692 tonnes (H1 2024: 9,014 tonnes), lead production of 12,613 tonnes (H1 2024: 12,872 tonnes). Revised guidance for 2025: zinc 17,000-19,000 tonnes, lead 25,000-27,000 tonnes.
**Safety** Zero lost-time injuries (LTIs) across the Group, maintaining a strong safety record.
**Projects** Dry-Stack Tailings (DST) Plant commissioned at Sasa, completing the Capital Projects program.
**Financial Position**
**Cash** $47.7 million as of June 30, 2025 (December 31, 2024: $67.6 million), boosted post-period by $18.7 million from New World Resources share sale and $1.6 million break fee.
**Overdraft** $6.6 million (December 31, 2024: $0.3 million).
**Balance Sheet** Strong financial capacity for growth, despite challenges in the period.
**Growth Initiatives**
**New World Resources (NWR)** Unsuccessful acquisition attempt due to competing offer, but gained shareholder support and discipline in withdrawing.
**Aberdeen Minerals** Phase 2B drilling at Arthrath project nearing completion
decision on further investment expected in Q4 2025.
**CAML X** Active exploration in Kazakhstan with four licenses
drilling decisions for 2026 expected by year-end.
**Strategic Focus**
**Sasa Operations** Addressing orebody variability and transitioning to paste-fill mining methods. External consultants engaged to improve performance.
**Sustainability** Continued commitment to community projects and environmental initiatives, including tailings management under GISTM.
**Dividend Policy** Aligning dividends with 30-50% of FCF to balance shareholder returns and growth funding.
**Management Commentary**
CEO Gavin Ferrar highlighted the Groups strong safety performance, operational resilience, and financial strength. He emphasized the focus on growth through strategic acquisitions and exploration, while maintaining a disciplined approach to capital allocation. The reduction in dividend and initiation of a share buy-back program reflect a strategic shift towards sustainable growth and shareholder value.
**Outlook**
**Production** On track to meet 2025 guidance for both Kounrad and Sasa.
**Growth** Continued pursuit of material transactions and progress in exploration projects.
**Financial** Strong balance sheet supports dividend payments and growth initiatives, despite near-term challenges.
**Conclusion**
Central Asia Metals PLC demonstrated resilience in H1 2025, navigating operational and market challenges while maintaining a strong financial position. The company remains focused on sustainable growth, operational excellence, and shareholder returns, with strategic initiatives in place to drive long-term value.