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.

Target	Promise	Said	Status
2023
31 Dec 2023	Kounrad solar plant to start generating electricity before end of 2023.	10 Oct 2023	✓ Kept
	“complete construction and commissioning of our Kounrad Solar Power Plant, which should start generating electricity for us before the end of 2023” Result Plant operational by January 2024 update, built for under $3.5m. “Construction of Kounrad solar power plant completed and generating renewable power for the operation”11 Jan 2024 · 2023 Operations Update
2024
1 Oct 2024	Conclude Sasa capital investments before Nigel Robinson's CEO tenure ends on 1 October 2024.	4 Jul 2024	✗ Missed
	“he has overseen the integration of the Sasa mine, which we acquired immediately prior to his appointment, and its subsequent capital investments, which will be concluded before the end of his tenure as CEO” Result Capital programme beddown and DST ramp-up were still ongoing in 2025. “Notably, at the end of the quarter, Sasa produced the first filter cake from its DST Plant. This project is the third and final element of our Capital Projects programme, and we look forward to bedding down the projects this year and returning Sasa's production towards levels achieved prior to implementation of the programme.”8 Apr 2025 · Q1 2025 Operations Update
31 Dec 2024	Reduce Kounrad Scope 1 and 2 emissions by 10% versus 2020 by 2024.	11 Jan 2024	✓ Kept
	“reduce Kounrad's Scope 1 and 2 emissions by 10% versus 2020” Result Group Scope 1 and 2 emissions were 44% below 2020 by 2024. “We continued to deliver on our climate strategy, achieving a 44% reduction in Scope 1 and 2 GHG emissions since our 2020 baseline, keeping us on track for a 50% reduction by 2030.”15 Apr 2025 · Publication of 2024 Sustainability Report
31 Dec 2024	2024 production: copper 13,000-14,000t, zinc 19,000-21,000t, lead 27,000-29,000t.	25 Mar 2024	◐ Partly kept
	“Copper, 13,000 to 14,000 tonnes” Result Copper 13,439t met; zinc 18,572t and lead 26,617t slightly below guidance. 9 Jan 2025 · 2024 Operations Update
31 Dec 2024	Complete second phase of Central Decline and connect to 750m level by Q4 2024.	25 Mar 2024	✓ Kept
	“connection to the 750 metre level is planned for Q4 2024” Also stated 9 Apr 2024 Result Sasa mine life extended to at least 2039 in Oct 2024; capital programme beddown continued in 2025. “In the third element of Sasa's Capital Projects, around 3,500 metres of the Central Decline have been developed. Completion and connection with the 750-metre level remains on track for Q4 2024.”9 Oct 2024 · Q3 2024 Operations Update “Central Decline in operation”8 Apr 2025 · Q1 2025 Operations Update
31 Dec 2024	Sasa 2024 output towards lower end of guidance.	11 Jul 2024	◐ Partly kept
	“Sasa expected to achieve production towards the lower end of 2024 guidance” Result Zinc and lead finished fractionally below the guidance ranges. 9 Jan 2025 · 2024 Operations Update
2025
31 Mar 2025	Complete and operate the Sasa Dry Stack Tailings Plant, now Q1 2025.	11 Jan 2024	◐ Partly kept
	“DST Plant at Sasa expected to be operational in Q1 2025” Also stated 25 Mar 2024 · 9 Apr 2024 · 9 Jan 2025 Result Deadline slipped from H1 2024 to Q1 2025; plant was operational by April 2025 but ramping up. “at the end of the quarter, Sasa produced the first filter cake from its DST Plant”8 Apr 2025 · Q1 2025 Operations Update “Construction of the DST Plant is complete. The plant has produced its first filter cake, which has been placed in the dedicated area prepared for the commissioning process”8 Apr 2025 · Q1 2025 Operations Update
30 Jun 2025	Start second drilling phase at Arthrath in Q2 2025.	20 Mar 2025	✓ Kept
	“Second phase of drilling at Aberdeen's Arthrath project to commence in Q2 2025” Result Phase 2B drilling due to complete in August 2025. “Phase 2B exploration drilling commenced at 28.4%-owned Aberdeen Minerals' Arthrath base-metals project in Scotland”10 Jul 2025 · H1 2025 Operations Update
15 Sep 2025	Acquire New World Resources and complete the Antler feasibility study.	21 May 2025	✗ Missed
	“The Scheme is expected to be implemented in early to mid-September 2025.” Also stated 20 Jun 2025 Result NWR board accepted rival Kinterra's higher offer and CAML's deal was terminated. “Following the NWR Board's determination that the Kinterra Offer is superior to the CAML offer, NWR and CAML now intend to terminate the BID in accordance with its terms.”21 Jul 2025 · Update on New World Resources acquisition
31 Dec 2025	2025 production: copper 13,000-14,000t, zinc 19,000-21,000t, lead 27,000-29,000t.	9 Jan 2025	✗ Missed · target changed
	“Production guidance for FY2025: copper of 13,000 to 14,000 tonnes” Also stated 20 Mar 2025 Result Zinc and lead guidance cut in Sept 2025 to 17,000-19,000t and 25,000-27,000t; copper 13,311t met. “Production at Sasa on schedule to meet revised guidance (zinc-in-concentrate production of 17,000-19,000 tonnes and lead-in-concentrate production of 25,000-27,000 tonnes)”10 Sep 2025 · Half-year Results “Zinc-in-concentrate production of 17,881 tonnes”8 Jan 2026 · 2025 Operations Update
31 Dec 2025	2025 capital expenditure of $18m-$21m.	20 Mar 2025	✓ Kept
	“Capital expenditure in 2025 is expected to be in the range $18 million to $21 million” Result Capex of $19.0m was spent in 2025. “Capex guidance for 2026 of between $14.5 million and $17.5 million, compared with $19.0 million spent in 2025”19 Mar 2026 · 2025 Full-Year Results
31 Dec 2025	Decide on exercising £2m Aberdeen warrants in Q4 2025.	10 Sep 2025	✗ Missed · target changed
	“CAML to make a decision regarding exercising its warrants in Aberdeen to invest a further £2 million in Q4 2025” Result Instead agreed a smaller £0.85m investment in Aberdeen for untested Arthrath ground. “CAML holds warrants to invest a further £2 million in Aberdeen, and in Q4 2025 agreed to exercise £0.85 million of the total in order to fund a Phase 3 programme at Arthrath during 2026.”8 Jan 2026 · 2025 Operations Update
2026
31 Mar 2026	Run a buyback of up to $10m by 31 March 2026.	10 Sep 2025	✓ Kept
	“share buyback programme to purchase Ordinary Shares of US$0.01 each in the Company for up to a maximum aggregate consideration of US$10 million” Result Issued share capital fell from 182.1m to 177.9m shares by May 2026. “On the date of the meeting, CAML's issued share capital consisted of 177,904,281 Ordinary Shares of $0.01 each with voting rights and 193,325 shares were held in treasury.”18 May 2026 · Results of 2026 Annual General Meeting (AGM)
5 Oct 2026	Apply for a Toronto listing before Cygnus Scheme implementation.	2 Jun 2026	✓ Kept
	“CAML has applied for its shares to be listed on the Toronto Stock Exchange (TSX), in addition to maintaining its existing quotation on the AIM market” Also stated 26 Aug 2026 Result Application made and conditional TSX approval received 1 September 2026. “Related to the Cygnus transaction, CAML has applied for its shares to be listed on the Toronto Stock Exchange (TSX), in addition to maintaining its existing quotation on the AIM market of the London Stock Exchange.”26 Aug 2026 · Half-year Results “Central Asia Metals PLC (AIM: CAML) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the 'TSX') for the listing of shares in CAML on the TSX”1 Sep 2026 · Conditional Approval of TSX listing
Today · 10 Oct 2026
27 Oct 2026	Complete the Cygnus Metals acquisition, first by September, then 5 October 2026.	2 Jun 2026	… In progress
	“CAML remains confident that it will receive the required approval, and expects that the approval will be granted on or before 12 October 2026.” Also stated 18 Sep 2026 · 23 Sep 2026 Status so far Not yet due.
31 Dec 2026	Store 70% of tailings by paste-fill or dry-stack by end of 2026.	15 Apr 2025	… In progress
	“70% tailings to be stored in a more environmentally responsible manner - paste backfill (PBF) and dry-stack tailings (DST) - by the end of 2026” Also stated 15 Apr 2026 Status so far Not yet due.
31 Dec 2026	Cut surface-water abstraction at Sasa 75% versus 2020 by end-2026.	15 Apr 2025	… In progress
	“75% reduction in surface-water abstraction at Sasa by end-2026 (vs. 2020)” Also stated 15 Apr 2026 Status so far Not yet due.
31 Dec 2026	Zero fatalities and LTIFR below 1.13.	15 Apr 2025	◐ Partly on track
	“the Group's LTIFR was 1.73 compared with an annual target of below 1.13” Also stated 26 Aug 2026 Status so far LTIFR was 0.77 in 2024 and 0.39 in 2025 but 1.73 in H1 2026. “Lost-time injury frequency rate (LTIFR) target below 1.13 \| 0.39 LTIFR target achieved”15 Apr 2026 · Publication of 2025 Sustainability Report “Two LTIs were recorded during the period, one each at Kounrad and Sasa, both in Q1, and the Group's LTIFR was 1.73 compared with an annual target of below 1.13.”26 Aug 2026 · Half-year Results
31 Dec 2026	Drill up to 5,500 metres in Kazakhstan in 2026.	8 Jan 2026	… In progress
	“Group 2026 exploration programme in Kazakhstan to include 5,500 metres of drill testing” Also stated 19 Mar 2026 Status so far Not yet due.
31 Dec 2026	2026 production: copper 12,000-13,000t, zinc 18,000-20,000t, lead 26,000-28,000t.	8 Jan 2026	… In progress
	“Production on track to meet guidance for FY2026: Copper of 12,000 to 13,000 tonnes; Zinc-in-concentrate of 18,000 to 20,000 tonnes; Lead-in-concentrate of 26,000 to 28,000 tonnes” Also stated 19 Mar 2026 · 26 Aug 2026 Status so far Not yet due.
31 Dec 2026	2026 capital expenditure of $14.5m-$17.5m.	19 Mar 2026	… In progress
	“Capex guidance for 2026 of between $14.5 million and $17.5 million, compared with $19.0 million spent in 2025” Status so far Not yet due.
2050
31 Dec 2050	50% cut in Scope 1 and 2 emissions by 2030 and net zero by 2050.	15 Apr 2025	… In progress
	“50% reduction in the Group's Scope 1 & 2 Greenhouse Gas (GHG) emissions by 2030 and net zero by 2050” Also stated 15 Apr 2026 Status so far Not yet due.