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Central Asia Metals plc (CAMLF) Q4 2025 Earnings Call March 19, 2026 5:30 AM EDT
Company Participants
Gavin Ferrar – CEO & Director
Louise Wrathall – CFO & Executive Director
Conference Call Participants
Kieron Hodgson – Peel Hunt LLP, Research Division
William Dalby – Canaccord Genuity Corp., Research Division
Laura Chan – RBC Capital Markets, Research Division
Presentation
Gavin Ferrar
CEO & Director
Good morning, and welcome to Central Asia Metals presentation of our annual results for 2025. A snapshot of the year shows a solid business with strong underlying operational performance and producing a solid set of financial numbers. Group EBITDA for the year was $102 million at a 44% margin. And cash in the bank, we ended with $80 million. This was driven by free cash flow of $56 million, which allows us to intend to pay a 7.5p final dividend, bringing the full year dividend to 12p or 50% of our free cash flow. This is the top end of our dividend policy range.
Production met guidance for all three metals. And with safety always a priority, we were unfortunate to have 1 LTI in the year, and we can always do better than that. Most of you know us pretty well by now, but a quick overview of our current operations is presented on this slide. We have the Kounrad copper production facility in Kazakhstan, and that remains the bedrock of our business. It produces copper cathode at very high profit margins and has been doing so since 2012. Sasa is a lead zinc mine in North Macedonia, which we’ve owned since 2017 and has produced consistently since and has undergone modernization under our ownership. Aberdeen Minerals is a company that we’ve invested in. We own just under 33% of Aberdeen, and that is exploring for copper nickel mineralization in Scotland. And CAML X and CAML XD are our exploration groups in Kazakhstan, where
