Central Asia Metals runs a low-cost copper operation in Kazakhstan and a zinc-lead mine in North Macedonia, both listed on London's AIM. In March 2026 it cut Sasa's mine life to 2034 and booked a $118m write-down, yet record copper prices lifted first-half 2026 EBITDA (operating profit before depreciation) by 89% to $75.5m. It is now buying Cygnus Metals, owner of a Québec copper-gold project, to replace assets that are running down.
Copper from old dumps, zinc and lead from a deep mine
Kounrad in central Kazakhstan leaches copper from old mine waste dumps and turns it into copper cathode, sold mainly to the trader Traxys. The company has run it for 14 years and puts its costs in the lowest quartile worldwide. A 4.77 megawatt solar plant supplies about 18% of its power. A 2025 mine-life estimate says the dumps hold enough recoverable copper to support operations until at least 2034.
Sasa is an underground zinc-lead mine in North Macedonia that sells concentrates to smelters. It also delivers silver to OR Royalties under a streaming agreement. 2026 guidance is 12,000-13,000 tonnes of copper, 18,000-20,000 tonnes of zinc and 26,000-28,000 tonnes of lead. Smaller arms hunt for the next asset: CAML X (80% owned) and CAML XD (100%) explore in Kazakhstan, and CAML holds 38.9% of Aberdeen Minerals, which explores in northeast Scotland. 26 Aug 2026 19 Mar 2026 8 Jan 2026
Rebuilding Sasa while looking for growth
By 2023 weaker metal prices had cut EBITDA from $132m to $97m. The company spent heavily at Sasa on a paste backfill plant, a dry-stack tailings plant and a new decline (access tunnel). It said the work would keep the mine running to at least 2039. The transition cut Sasa's output in 2024. The 18p dividend was held above policy because no large deal had been found.
Growth came in small steps. The company set up CAML X in Kazakhstan and in March 2024 paid £3m for 28.7% of Aberdeen Minerals. Nigel Robinson handed the CEO role to Gavin Ferrar on 1 October 2024. 25 Mar 2024 10 Sep 2024 4 Jul 2024 1 Oct 2024 20 Mar 2025
A lost bid and a grade problem
In May 2025 CAML agreed to buy New World Resources, owner of the Antler copper project in Arizona, for A$185m. Management said it would more than double production and cash flow. A rival, Kinterra, intervened. CAML raised its offer several times to A$0.065 a share, about A$240m. On 21 July New World's board accepted Kinterra's A$0.066. CAML walked away, citing the risk of overpaying, and kept $18.7m from selling its stake plus a $1.6m break fee.
At Sasa, ore grades fell below plan. In July 2025 CAML cut zinc and lead guidance and brought in outside consultants. First-half EBITDA fell 23% to $39.9m. The board cut the interim dividend to 4.5p and began a $10m buyback. 21 May 2025 20 Jun 2025 26 Jun 2025 17 Jul 2025 21 Jul 2025 10 Jul 2025 10 Sep 2025
“This support was evident not only for the transaction as initially proposed, but also for the discipline we showed in withdrawing from the process at the appropriate point, and leaves us equally determined to complete a material transaction in the future.” 10 Sep 2025
Sasa written down, dividend cut
On 3 March 2026 the company reduced Sasa's Ore Reserve to 6.9m tonnes from 9.2m and shortened its life to 2034. The chairman blamed the geology. It booked a non-cash impairment of $117.8m, which turned 2025 into a $75.2m net loss. Underlying profit attributable to shareholders was $32.6m. The full-year dividend fell to 12p from 18p.
Sasa's headcount fell 11%. The company hedged 50% of 2026 Sasa zinc at $3,011.5 a tonne. The shares fell from 239.5p in February to 161.6p in March 2026. 3 Mar 2026 19 Mar 2026 16 Apr 2026 26 Aug 2026
Metal prices turn, and a deal arrives
Copper averaged $13,171 a tonne in the first half of 2026, 39% above a year earlier, and zinc rose 26%. Revenue rose 46% to $145.5m. On 2 June 2026 CAML agreed to buy Cygnus Metals for about A$232m in shares, at 0.06 new CAML shares per Cygnus share. Cygnus's main asset is Chibougamau, a high-grade copper-gold project in Québec. Shares reached 178p in August and stood at 151.2p in October. 2 Jun 2026 26 Aug 2026 8 Jul 2026
What worked, what did not
Kounrad delivered steady copper and cash throughout. Sasa did not match its plan. Grades fell below plan, the mine life was cut by five years from the 2039 target, and the write-down followed.
The board stopped chasing New World at a price it judged too high, and told shareholders it was determined to try again. It also brought the dividend back to its 30-50% of free cash flow policy. Both moves cost it time and income before the metals rally. 3 Mar 2026 19 Mar 2026 10 Sep 2025 21 Jul 2025
“I believe 2025 has demonstrated that we do not shy away from uncomfortable realities or taking difficult decisions.” 19 Mar 2026
A new team under pressure to replace reserves
Gavin Ferrar, formerly finance chief, became CEO on 1 October 2024. Louise Wrathall is CFO and Nick Clarke is chairman. Alison Baker joined in 2025 as Audit Committee chair, and Jamie Karamatic became Sasa's General Director in September 2025. Ferrar and Baker have each bought shares in the market since late 2025.
In July 2026 the executives received share awards in which 20% depends on adding or replacing resources. The directors hold 1.19% of the shares. 21 Aug 2025 19 Mar 2026 7 Nov 2025 8 Jun 2026 1 Jul 2026 14 Aug 2026
Strong cash, a record under review
In the first half of 2026 production rose in all three metals. Adjusted free cash flow was $46.8m, and net cash was $96.3m. The $10m buyback finished and the interim dividend is 8p, 40% of free cash flow. Cash from Kounrad and a better Sasa explain the turn, alongside higher prices.
Safety slipped: one lost-time injury at each site gave a rate of 1.73 against an annual target below 1.13. Q3 copper was 3,454 tonnes, below last year's 3,615, while zinc and lead rose. 26 Aug 2026 7 Oct 2026
Cygnus closing and Kazakh drilling results
Cygnus shareholders approved the scheme on 18 September, and CAML shareholders approved the share issue on 4 September. The closing date has moved. In July the company said completion by September. The August scheme booklet gave 5 October. Regulatory approval in Kazakhstan, where CAML operates, is still outstanding. CAML expects it by 12 October, and the indicative implementation date is now 27 October. The TSX has given conditional approval to a second listing.
Maiden drilling at Yuzhnoe and Otyar produced assays in Q3, with 3,600 metres of follow-up drilling planned at Yuzhnoe. CAML will exercise its remaining £1.15m of Aberdeen warrants at 8.5p, lifting its stake to 38.9%. The company says Sasa work focuses on extending mine life. 2026 capex is guided at $14.5-17.5m, and production is on track. 8 Jul 2026 14 Aug 2026 1 Sep 2026 4 Sep 2026 18 Sep 2026 21 Sep 2026 23 Sep 2026 7 Oct 2026 26 Aug 2026 19 Mar 2026
Written by AI from Central Asia Metals's own announcements since Oct 2023 · every paragraph links to its sources