Central Asia Metals (CAML) says it has built momentum into the second half of 2026, citing higher production from its main assets, stronger copper pricing and progress on its proposed acquisition of Cygnus Metals. The AIM-listed producer reported improved output across its three core commodities and reiterated full-year production targets for both operating sites.
Higher output at Kounrad and Sasa in first five months of 2026
Through the end of May 2026, CAML increased copper output at its Kounrad operation in Kazakhstan to 5,141 tonnes, compared with 4,953 tonnes in the same period of 2025. The company linked the improvement to continued operational efficiency at the site.
At the Sasa zinc-lead mine in North Macedonia, CAML reported higher production of both metals. Zinc-in-concentrate rose to 7,566 tonnes from 7,397 tonnes a year earlier, while lead-in-concentrate increased to 11,142 tonnes versus 10,792 tonnes in the first five months of 2025.
Copper and zinc prices rise while lead remains steady
CAML said the production gains came alongside a stronger market environment, particularly for copper. The company reported an average realized copper price of $13,076 per tonne through the end of May 2026, up from $9,377 per tonne over the same period in 2025.
Zinc pricing also improved, with average realized zinc prices of $3,299 per tonne compared with $2,765 per tonne in the corresponding period of 2025. Lead prices were described as relatively stable at an average of $1,934 per tonne versus $1,952 per tonne a year earlier.
Sasa treatment charges turn negative
CAML reported that lead concentrate treatment charges at Sasa have turned negative. The company said this creates an advantage for the mine and improves its net revenue profile.
The update also notes that Sasa’s performance is supported by this treatment charge environment alongside stable lead pricing. CAML said there have been no significant supply chain disruptions despite geopolitical tensions affecting global trade and industrial markets.
2026 production guidance reaffirmed for Kounrad and Sasa
Management reaffirmed its outlook for 2026 production. For Kounrad, CAML reiterated guidance of 12,000 to 13,000 tonnes of copper for the year.
For Sasa, expected output remains between 18,000 and 20,000 tonnes of zinc-in-concentrate and between 26,000 and 28,000 tonnes of lead-in-concentrate. CAML added that Kounrad typically delivers stronger production in the second half due to warmer seasonal temperatures improving dump-leach performance.
Cygnus Metals acquisition would add Chibougamau project
CAML’s operational update also provides context for its proposed acquisition of Cygnus Metals announced earlier in 2026. If completed, the transaction would add the Chibougamau copper-gold project in Québec, Canada to CAML’s portfolio.
The company said the deal would shift CAML from a producer focused primarily on two operating assets toward a more diversified group with a development-stage growth project. CAML stated that it sees demand for copper rising due to electrification, renewable energy infrastructure, electric vehicles and power grid expansion.
Cash balance supports dividend policy and exploration plans
CAML entered 2026 with a cash balance of $80.1 million and minimal debt. The company said debt consists primarily of a modest $0.9 million overdraft facility.
The company reported that its shareholder capital return strategy remains unchanged following approval of its final dividend for 2025. CAML said the dividend totalled 7.5 pence per share, approved at its May annual general meeting and scheduled for payment on June 29, 2026.
Exploration activity across Kazakhstan and Scotland
CAML said it completed maiden drilling campaigns at two exploration projects in Kazakhstan on schedule and within budget. The company also secured an option agreement covering a new exploration license in the Tengiz Basin.
CAML described the Tengiz Basin as prospective for sediment-hosted copper mineralization and said it contains multiple mineralized targets across an area measuring approximately three kilometres by six kilometres. In Scotland, CAML funded an additional drilling phase at associate company Aberdeen Minerals targeting a newly identified zone at the Arthrath project.
Next reporting focus on first-half results
CAML said investors will watch upcoming first-half financial results to assess how stronger metal prices translate into free cash flow. Longer-term attention will focus on whether the proposed Cygnus acquisition can deliver growth while preserving CAML’s low-cost operating model and shareholder returns.
