Q1 2024 Operations Update

Central Asia Metals plc (AIM: CAML) provides a Q1 2024 operations update for the Kounrad dump leach, solvent extraction and electro-winning ('SX-EW') copper recovery plant in Kazakhstan ('Kounrad') and the Sasa zinc-lead mine in North Macedonia ('Sasa').

Summary

• Zero lost time injuries ('LTIs') at Kounrad or Sasa
• Kounrad copper production of 3,120 tonnes
• Sasa zinc in concentrate production of 4,741 tonnes
• Sasa lead in concentrate production of 6,529 tonnes

Outlook

Full year 2024 guidance

o Copper: 13,000 to 14,000 tonnes

o Zinc in concentrate: 19,000 to 21,000 tonnes

o Lead in concentrate: 27,000 to 29,000 tonnes

CAML production summary

Nigel Robinson, Chief Executive Officer, commented:

"We have had a good start to 2024 with no LTIs and a solid first quarter of production at both sites despite some challenging winter weather conditions and the continued construction activity on site at Sasa. We have made significant progress towards the completion of the infrastructure required to transition to paste fill mining and remain on track for completion during H2 2024.

"Once the construction activity has been completed it will enable the site team to focus on the operational management of the transition to paste fill mining and this will facilitate the higher levels of production planned for H2 2024.

"During the quarter, we were pleased to have been able to announce our intention to invest up to £5 million in Scottish copper and nickel explorer, Aberdeen Minerals."

Health and Safety

In Q1 2024, there were no LTIs at either Kounrad or Sasa.

Kounrad

Production and sales update

Kounrad Q1 2024 copper production was 3,120 tonnes and copper sales during Q1 2024 were 2,998 tonnes.

Sasa

Production and sales update

In Q1 2024, mined ore and processed ore were 184,127 tonnes and 184,079 tonnes respectively. The average head grades for the period were 3.00% zinc and 3.75% lead. Q1 2024 metallurgical recoveries were 85.9% for zinc and 94.7% for lead.

Sasa produces a zinc concentrate and a separate lead concentrate. In Q1 2024, 9,494 tonnes of concentrate containing 49.9% zinc and 9,177 tonnes of concentrate containing 71.1% lead were produced.

Sasa typically receives from smelters approximately 84% of the value of its zinc in concentrate and approximately 95% of the value of its lead in concentrate. Accordingly, Q1 2024 payable production was 3,982 tonnes of zinc and 6,202 tonnes of lead. Payable base metal in concentrate sales for the quarter were 3,840 tonnes of zinc and 6,382 tonnes of lead.

During Q1 2024, Sasa sold 89,933 ounces of payable silver to Osisko Gold Royalties, in accordance with its streaming agreement.

Capital projects - the transition to paste fill mining

During Q1 2024, the Paste Backfill Plant has operated consistently with the ongoing placement of paste fill between the 990 and 910 metre levels. The training of employees for long hole stoping has also been completed.

The construction of the Dry Stack Tailings Plant remains on track with dry commissioning and the initial placement of filter cake on the engineered landform scheduled for H2 2024.

A total of 2,894 metres of the Central Decline have now been developed and connection to the 750 metre level is planned for Q4 2024.