Central Asia Metals
CAML · AIM · Basic Resources · mcap £261m · 153.8p
The company runs the Kounrad copper recovery operation in Kazakhstan and the Sasa zinc and lead mine in North Macedonia. It also holds exploration interests in Scotland, Kazakhstan and Quebec.
The case for
- H1 2026 EBITDA reached $75.5m with margin 52%, helped by copper at about $13,200 a tonne against $9,500. 26 Aug 2026 8 Jul 2026
- Net cash of $96.7m at June 2026 and a share premium cancellation create room for dividends and buybacks. 8 Jul 2026 11 May 2026
- Production ran ahead of prior year in all three metals in H1 2026, and 2026 guidance is on track. 8 Jul 2026 7 Oct 2026
- Cygnus adds a high-grade copper-gold project in Quebec and a Toronto listing may widen the investor base. 2 Jun 2026 1 Sep 2026
The case against
- Sasa Ore Reserves fell to 6.9m tonnes and mine life to 2034, with a $117.8m impairment. 3 Mar 2026 19 Mar 2026
- Dividend was cut from 18p to 12p and the 2025 interim dividend halved. 19 Mar 2026 10 Sep 2025
- Copper guidance for 2026 is lower at 12,000-13,000 tonnes and Sasa's zinc and lead guidance was cut in 2025. 8 Jan 2026 10 Sep 2025
- Cygnus deal still needs Kazakhstan approval and has slipped; the earlier Antler bid failed. 23 Sep 2026 21 Jul 2025
- H1 2026 lost time injury rate of 1.73 was above the 1.13 target. 26 Aug 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.