Central Asia Metals (AIM:CAML), the AIM-listed owner of the Kounrad copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia, reported group revenue of $145.5 million for the six months to 30 June, up 46% on the $99.5 million recorded in the same period of 2025.
Earnings (EBITDA) rose 89% to $75.5 million, lifting the margin to 52% from 40% a year earlier, while pre-tax profit more than trebled to $59.3 million from $19.6 million. Adjusted free cash flow climbed 189% to $46.8 million, and cash in the bank reached $97.2 million at period end, up from $79.7 million at the end of December.
The board declared an interim dividend of 8p per share, up from 4.5p, equivalent to 40% of adjusted free cash flow, and completed a $10 million share buyback during the period.
Production rose across all three metals: Kounrad copper output increased 1% to 6,304 tonnes, while Sasa's zinc-in-concentrate and lead-in-concentrate grew 5% and 6% respectively, reflecting an improvement programme started in the second half of 2025.
"Copper has set new price records as growing demand, in particular for its conductive properties in electrification and data management, has combined with supply disruptions", said chief executive Gavin Ferrar.
The company noted that its agreed acquisition of Cygnus Metals and its Chibougamau high-grade copper-gold project in Québec, via an all-share deal valuing Cygnus' equity at A$232 million, is slated to complete in early October alongside a planned TSX listing.
Full-year production guidance remains on track at 12,000 to 13,000 tonnes of copper, 18,000 to 20,000 tonnes of zinc-in-concentrate, and 26,000 to 28,000 tonnes of lead-in-concentrate.
News Intelligence what this means for the company
Central Asia Metals reported H1 2026 EBITDA of $75.5 million, up 89% year-on-year, with pre-tax profit more than trebling to $59.3 million as copper prices hit records and production rose across all three metals. The company is advancing its all-share acquisition of Cygnus Metals' Chibougamau copper-gold project in Québec—valued at A$232 million and due to complete in early October alongside a TSX listing—while maintaining a strong cash position of $97.2 million and raising its interim dividend to 8p per share.
The sharp margin expansion (52% EBITDA margin vs. 40% a year earlier) and 189% jump in adjusted free cash flow to $46.8 million reflect both operational leverage from higher copper prices and improved execution at existing assets. The Cygnus acquisition, funded by equity rather than debt, adds approximately 149,000 tonnes of contained copper in Measured & Indicated resources and diversifies the portfolio into North American production, though execution risk on the TSX listing and integration timeline remains.
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