Central Asia Metals PLC reported a near-doubling of first-half EBITDA as higher commodity prices and output boosted revenue and cash flow, sending shares up 9.3% in pre-market trading.
Group EBITDA rose 89% to $75.5 million in the six months ended June 30, 2026, from $39.9 million a year earlier, while revenue climbed 46% to $145.5 million. Adjusted free cash flow surged 189% to $46.8 million, underpinned by a 39% rise in average copper prices and a 26% increase in zinc prices during the period.
Production at the Kounrad copper operation in Kazakhstan rose 1% year-over-year despite weather disruptions in the first quarter, while the Sasa zinc-lead mine in North Macedonia saw zinc metal output increase 5% and lead metal output rise 6%. Full-year 2026 guidance for Kounrad remains 12,000 to 13,000 tonnes of cathode copper, with Sasa targeting 18,000 to 20,000 tonnes of zinc and 26,000 to 28,000 tonnes of lead.
The company declared an interim dividend of 8 pence per share, equivalent to 40% of adjusted free cash flow and within its 30% to 50% policy range. Total cash returned to shareholders since the IPO exceeds $437 million, the firm said. Cash and equivalents stood at $97.2 million at the end of the period, excluding $0.4 million of restricted cash and including a $0.9 million overdraft.
Central Asia Metals also outlined plans to acquire Cygnus Metals Ltd. in an all-share deal valued at A$232 million, with preliminary economic work on the Chibougamau project in Canada expected between the second and third quarters of 2027. Development spending is projected to accelerate in the second half of 2027 and 2028. The transaction is slated for completion in October 2026.
Capital expenditures for 2026 are guided at $14.5 million to $17.5 million across Kounrad and Sasa, with an additional $3 million to $3.5 million earmarked for exploration in Kazakhstan. The firm also invested £1.15 million into Aberdeen Minerals, increasing its stake to approximately 38.9%. Mine lives at Kounrad and Sasa extend to 2034 under current reserve statements.
Shares in Central Asia Metals jumped 9.31% to $183.20 in pre-market trading, up from a previous close of $167.60, extending a year-to-date gain of 5.7%. The stock has traded between $125.60 and $244.00 over the past 52 weeks.
