10 September 2025

Central Asia Metals PLC

(the 'Group', the 'Company' or 'CAML')

Initiation of US$10 million share buyback programme

Central Asia Metals plc (AIM: CAML) today announces the initiation of a share buyback programme to purchase Ordinary Shares of US$0.01 each in the Company for up to a maximum aggregate consideration of US$10 million from the date of this announcement (the 'Buyback Programme').

Details of the Buyback Programme

The purpose of the Buyback Programme is to reduce the share capital of the Company and to return capital to those shareholders wishing to participate in the Buyback Programme.

Purchases pursuant to the Buyback Programme will be conducted in accordance with the general authority to re-purchase up to 18,190,494 Ordinary Shares granted by the Company's shareholders at the 2025 annual general meeting and will be carried out on the London Stock Exchange. All Ordinary Shares purchased under the Buyback Programme will be purchased within the price parameters as specified in the relevant shareholder authority, being: (i) the minimum price that may be paid for each Ordinary Share is the nominal amount of such share which amount shall be exclusive of expenses, if any; and (ii) the maximum price (exclusive of expenses) that may be paid for each Ordinary Share is an amount equal to the higher of: (a) 105% of the average of the middle market quotations for the Ordinary Shares of the Company (as derived from the AIM Appendix to the Daily Official List of London Stock Exchange plc) for the five business days immediately preceding the day on which such share is contracted to be purchased; and (b) the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the market purchases are carried out.

The Company has entered into an agreement with Peel Hunt LLP ('Peel Hunt') to conduct the Buyback Programme on the Company's behalf, with purchased shares to be cancelled. Purchases of Ordinary Shares will be made on the Company's behalf in accordance with the agreement with Peel Hunt and may continue independently of and uninfluenced by the Company during any closed period to which the Company is subject and/or if the Company comes into possession of inside information. Under the agreement, shares may be purchased up to a maximum aggregate consideration of US$10 million. While the Company has launched the Buyback Programme, there is no certainty on the volume of Ordinary Shares that may be purchased or any certainty on the pace and quantum of purchases.

The Buyback Programme will commence on the date of this announcement and will continue until 31 March 2026 or until the number of Ordinary Shares equal to US$10 million have been purchased under the Buyback Programme or the process is terminated or paused.

Owing to the limited liquidity in the Company's Ordinary Shares, the repurchases of Ordinary Shares relating to the Buyback Programme on any trading day may represent a significant portion of the Company's daily trading volumes. Daily repurchases may exceed 25% of the average daily trading volume specified in the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (each as in force in the UK by virtue of the European Union (Withdrawal) Act 2018 and as amended by the Market Abuse Regulation (Amendment) (EU Exit) Regulations 2019).

Any purchase of Ordinary Shares pursuant to the Buyback Programme will be announced by the Company by not later than 07.30 on the business day following the calendar day on which the purchase occurred.

Market abuse regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). The person responsible for making this announcement is Richard Morgan, Investor Relations Manager.

For further information contact:

Note to editors:

Central Asia Metals, an AIM-quoted UK company based in London, owns 100% of the Kounrad SX-EW copper operation in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia. The Company also owns an 80% interest in CAML Exploration, a subsidiary formed to progress early-stage exploration opportunities in Kazakhstan, and a 28.4% interest in Aberdeen Minerals Ltd, a privately-owned UK company focused on the exploration and development of base metals opportunities in northeast Scotland.

For further information, please visit www.centralasiametals.com and follow CAML on X at @CamlMetals and on LinkedIn at Central Asia Metals Plc

All references to dollars in this announcement are US dollars unless otherwise stated.