Central Asia Metals PLC (CAML) reported a near-doubling of EBITDA in the first half of 2026, driven by stronger commodity prices and operational improvements at its copper and lead-zinc assets.
Revenue climbed 46% year-on-year to $145.5 million, while group EBITDA rose 89% to $75.5 million, lifting the EBITDA margin to 52%. Adjusted free cash flow surged 189% to $46.8 million, supported by higher treatment charges and improved zinc treatment economics. Operating cash flow totaled $71 million, and the company ended the period with $97.2 million in cash.
The London-listed miner declared an interim dividend of 8 pence per share, equating to 40% of adjusted free cash flow and aligning with its 30% to 50% payout policy. Shares rose 9.31% in pre-market trading to $183.20, extending a rally that has pushed the stock near its 52-week high of $244.
Copper output at the Kounrad operation in Kazakhstan increased 1% despite weather-related disruptions in the first quarter, with full-year 2026 guidance maintained at 12,000 to 13,000 tonnes of cathode copper. At the Sasa mine in North Macedonia, zinc production rose 5% and lead production 6% following operational improvements, with 2026 targets set at 18,000 to 20,000 tonnes of zinc and 26,000 to 28,000 tonnes of lead.
Macroeconomic conditions supported results, with copper prices averaging 39% higher and zinc prices 26% higher than in the first half of 2025. The U.S. dollar weakened 7% against the Macedonian denar and 5% against the Kazakh tenge, while inflation remained elevated at 11% in Kazakhstan and 4% in North Macedonia.
Capital expenditure for 2026 is forecast at $14.5 million to $17.5 million, including $3 million to $3.5 million for Kazakhstan base metals exploration. CAML also committed an additional GBP 1.15 million to Aberdeen Minerals for a drilling program in Scotland, raising its stake to approximately 38.9%.
The company remains on track to complete an all-share acquisition of Cygnus Metals, valuing the target at AUD 232 million, with completion expected in October 2026 pending shareholder approval. The Chibougamau asset in Quebec is slated for a preliminary economic assessment and feasibility study in the second and third quarters of 2027.
