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
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
2025
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	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