Central Asia Metals (LSE:CAML) reported revenue of $229.9 million and EBITDA of $101.8 million for 2025, broadly unchanged from the previous year. However, the company recorded a net loss of $75.2 million following a $117.8 million non-cash impairment charge related to its Sasa mine. Despite the impairment, the group ended the year with a strong cash position of $80.1 million and completed a $10 million share buyback programme. Production of copper, zinc and lead remained broadly stable, enabling the board to declare a reduced but policy-aligned full-year dividend of 12 pence per share. Management also highlighted the strong cost performance of the Kounrad copper operation and reported free cash flow of $56 million.
Looking ahead to 2026, the company expects copper production to be slightly lower, while zinc and lead output should remain stable or increase. Capital expenditure guidance has been reduced to between $14.5 million and $17.5 million. The group plans to improve productivity and extend the operational life of the Sasa mine through efficiency initiatives, exploration work and the introduction of ore sorting technologies.
Central Asia Metals also outlined plans to support future growth through exploration programmes in Kazakhstan and continued investment in Aberdeen Minerals’ drilling activities in Scotland. The company said its flexible balance sheet and new hedging arrangements designed to protect Sasa’s margins will support these initiatives, positioning 2026 as a year focused on strengthening resilience and preparing for longer-term expansion.
The company’s outlook is supported by strong financial fundamentals, including high margins, low leverage and healthy cash generation. Valuation metrics are also favourable, with a moderate price-to-earnings ratio and a relatively high dividend yield. Technical indicators point to a generally positive trend in the share price, although signs of overbought conditions could lead to short-term volatility.
More about Central Asia Metals
Central Asia Metals is a London-based mining company listed on the AIM market that produces copper, zinc and lead from operations in Kazakhstan and North Macedonia.
Its primary assets include the Kounrad SX-EW copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company also pursues early-stage exploration through its majority-owned CAML Exploration business in Kazakhstan and holds a 32.6% stake in Aberdeen Minerals, which focuses on base metals exploration projects in northeast Scotland.
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