Half Year 2026 Central Asia Metals PLC Earnings Call Transcript
Key Points
- Revenue increased 46% to $145.5 million, with EBITDA up 89% to $75.5 million, driven by higher copper and zinc prices.
- Strong cash generation of $46.8 million, leading to an interim dividend of 8p per share, within the 30%-50% payout policy.
- Improved production at SASA with zinc output up 5% and lead up 6%, reflecting successful operational improvement initiatives.
- Kounrad maintained industry-leading EBITDA margins of 84%, supported by record copper prices and stable production.
- Exploration portfolio advanced with maiden drilling at two Kazakh projects and the proposed Cygnus acquisition adding near-term growth potential.
- Two lost time injuries (LTIs) occurred during the period, highlighting ongoing health and safety challenges.
- Weaker US dollar against operating currencies increased local costs, impacting both Kounrad and SASA.
- Higher cost of sales, including increased silver purchase costs and depreciation, partially offset revenue gains.
- Tax charges rose significantly due to higher profits and an increased Kazakh withholding tax rate from 10% to 15%.
- Unrealized hedge losses of $1.5 million on zinc and FX contracts reduced reported profitability.
Hello, and welcome to the CAML results call. Please note that this conference is being recorded. I'll hand over to your host, Mr. Gavin Ferrar to begin today's conference. Please go ahead.
Good morning, and welcome to the Central Asia Metals PLC H1 2026 results presentation. Thank you all for joining, and looking forward to presenting what are a solid set of results to you today. So I think if we go skip through the next four slides, which is basically disclaimer, disclaimers, a disclaimer is getting bigger in figure because of the multiple jurisdictions now. But -- and on to an overview of our business as it currently stands today.
We have a portfolio of producing and base metal assets, complemented by some exciting exploration prospects. The producers are the Kounrad project that is in Kazakhstan. We own the 100% -- been producing copper profitability for us since 2012 and is licensed out to 2034. We have the SASA underground led zinc mine in North Macedonia, again,
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