**Summary**
Central Asia Metals PLC (CAML) reported its 2025 full-year results, highlighting a revenue increase to $229.9 million, driven by higher copper and zinc prices. Despite operational challenges, EBITDA remained consistent at $101.8 million. The company faced a net loss of $75.2 million due to a $117.8 million impairment charge, primarily related to Sasas revised life-of-mine plan. Adjusted free cash flow was $56.0 million, supporting a final dividend of 7.5 pence per share, bringing the total 2025 dividend to 12 pence.
Operationally, Kounrad produced 13,311 tonnes of copper, while Sasa produced 17,881 tonnes of zinc-in-concentrate and 25,156 tonnes of lead-in-concentrate. Safety performance improved, with a Group lost time injury frequency rate (LTIFR) of 0.39.
For 2026, CAML expects production of 12,000-13,000 tonnes of copper, 18,000-20,000 tonnes of zinc-in-concentrate, and 26,000-28,000 tonnes of lead-in-concentrate. Capex is guided at $14.5-$17.5 million. The company will focus on improving productivity at Sasa, extending mine life through exploration, and pursuing growth opportunities, including exploration in Kazakhstan and via its associate Aberdeen Minerals.
CAMLs balance sheet remains strong, with $80.1 million in cash and significant financial capacity for growth. The company also completed a $10.0 million share buyback program post-period end. Management emphasized the potential for exciting results from exploration programs and the commitment to sustainable and responsible mining practices.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Group Revenue ($ million) | 214.4 | 229.9 | +7.2% |
| Group EBITDA ($ million) | 102.4 (restated) | 101.8 | -0.6% |
| EBITDA Margin (%) | 48% (restated) | 44% | -4% |
| Net (Loss)/Profit ($ million) | 51.2 (restated) | (75.2) | N/A |
| Adjusted Free Cash Flow ($ million) | 65.7 | 56.0 | -14.8% |
| Cash in the Bank ($ million) | 67.6 | 80.1 | +18.5% |
| Debt (Overdraft Drawn) ($ million) | 0.3 | 0.9 | +200% |
| Final Dividend (pence per share) | 9 | 7.5 | -16.7% |