- Central Asia Metals
- 19 March 2026 10:10:42
Source: Sharecast
The AIM-traded base metals producer posted revenue of $229.9m for the year ended 31 December, up from $214.4m in 2024, while EBITDA was broadly flat at $101.8m compared with a restated $102.4m a year earlier.
EBITDA margin declined to 44% from 48%.
The group reported a net loss of $75.2m, compared with a restated net profit of $51.2m in 2024, reflecting an impairment charge of $117.8m.
Adjusted free cash flow fell to $56.0m from $65.7m, although the company ended the year with cash of $80.1m and minimal debt, supporting what it described as a flexible balance sheet with capacity for growth.
A final dividend of 7.5p per share was proposed, bringing the full-year payout to 12p, down from 18p in 2024.
The company also completed a $10.0m share buyback programme after the period ended.
“CAML achieved solid operating results in 2025, with EBITDA of $101.8m almost unchanged compared with the preceding year,” said chief executive Gavin Ferrar.
“This was underpinned by our low-cost Kounrad operation, with an improving contribution from Sasa over the course of the year.”
Operationally, copper production at the Kounrad site in Kazakhstan was 13,311 tonnes, slightly lower than 13,439 tonnes in 2024, while zinc-in-concentrate production at the Sasa mine in North Macedonia declined to 17,881 tonnes from 18,572 tonnes.
Lead-in-concentrate production at Sasa also eased to 25,156 tonnes from 26,617 tonnes.
Safety performance improved, with the group’s lost time injury frequency rate falling to 0.39 from 0.77.
Ferrar said that, excluding exceptional items, underlying attributable profit reached $32.6m and cash generation remained strong.
“Consequently, the board is pleased to recommend a final dividend of 7.5p per share, bringing the total for 2025 to 12p, representing the upper end of our policy range of between 30% and 50% of free cash flow,” he said.
The company said 2025 marked a period of operational reset, particularly at Sasa, where efforts were focused on improving productivity and extending mine life through exploration and potential ore sorting initiatives.
“2025 was a year in which we have sought to reset important elements of our business,” Ferrar said, adding that the group is also pursuing a “material transaction” to support future growth.
For 2026, Central Asia Metals guided copper production of 12,000 to 13,000 tonnes, zinc output of 18,000 to 20,000 tonnes and lead production of 26,000 to 28,000 tonnes.
Capital expenditure was expected to fall to between $14.5m and $17.5m, compared with $19.0m in 2025.
The group said it also planned to advance exploration activity, including up to 5,500 metres of drilling in Kazakhstan targeting high-grade base metals, while continuing to support its associate Aberdeen Minerals, in which it increased its stake to 32.6% following a £0.85m investment to fund drilling at the Arthrath project in Scotland.
“I look forward to 2026 to see the fruits of these efforts, and to the drilling programmes planned at our group exploration projects in Kazakhstan and via our associate, Aberdeen Minerals, in Scotland, both of which have the potential to yield exciting results,” Ferrar said.
At 0950 GMT, shares in Central Asia Metals were down 5.07% at 161p.
Reporting by Josh White for Sharecast.com.
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