19 March 2026

Central Asia Metals PLC

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

2025 Full-Year Results

Central Asia Metals PLC (AIM: CAML) is pleased to announce its full-year results for the 12 months ended 31 December 2025 ('2025' or 'the period').

2025 financial summary

-    Financial performance

o  Group revenue of $229.9 million (2024: $214.4 million)

o  Group EBITDA¹ of $101.8 million (2024 restated²: $102.4 million)

o  EBITDA margin¹ of 44% (2024 restated²: 48%)

o  Net loss of $75.2 million (2024 restated² net profit: $51.2 million), after an impairment charge of $117.8 million

o  Group adjusted free cash flow (FCF)¹ of $56.0 million (2024: $65.7 million)

o  2025 final dividend 7.5 pence per share³, resulting in a full-year dividend of 12 pence (2024: 18 pence)

o  Post period end completed share buyback programme of $10.0 million

-    Flexible balance sheet

o  At 31 December 2025, cash in the bank of $80.1 million⁴ (31 December 2024: $67.6 million) and an overdraft drawn of $0.9 million (2024: $0.3 million)

o  Balance sheet offers significant financial capacity for growth

2025 operational summary

-    One lost time injury (LTI) at Kounrad and zero at Sasa; Group lost time injury frequency rate (LTIFR)⁵ of 0.39 (2024: 0.77)

-    Kounrad copper production of 13,311 tonnes (2024: 13,439 tonnes) and sales of 13,122 tonnes (2024: 13,521 tonnes)

-    Sasa zinc-in-concentrate production of 17,881 tonnes (2024: 18,572 tonnes) and payable zinc sales of 14,961 tonnes (2024: 15,839 tonnes)

-    Sasa lead-in-concentrate production of 25,156 tonnes (2024: 26,617 tonnes) and payable lead sales of 23,898 tonnes (2024: 25,560 tonnes)

 

 

2026 outlook

-    Production guidance for 2026:

o  Copper of 12,000 to 13,000 tonnes

o  Zinc-in-concentrate of 18,000 to 20,000 tonnes

o  Lead-in-concentrate of 26,000 to 28,000 tonnes

-    Capex guidance for 2026 of between $14.5 million and $17.5 million, compared with $19.0 million spent in 2025

-    Continued implementation at Sasa of measures to improve productivity and efficiency

-    Work at Sasa aimed at increasing mine life, including exploration for additional mineral resources and evaluation of ore sorting designed to unlock additional value in the existing Mineral Resource

-    Group exploration programme in Kazakhstan to include maiden drill testing of targets; up to 5,500 metres planned, targeting high-grade base metals

-    Post period end CAML invested a further £0.85 million in Aberdeen Minerals (CAML 32.6%), to fund drilling at the Arthrath base-metals project, exploring for high-grade massive sulphide mineralisation

Gavin Ferrar, Chief Executive Officer, commented:

"CAML achieved solid operating results in 2025, with EBITDA of $101.8 million almost unchanged compared with the preceding year. This was underpinned by our low-cost Kounrad operation, with an improving contribution from Sasa over the course of the year.

"Although we have reported a net loss for 2025, after adjusting for the impairment charge and other exceptional items, our underlying attributable profit amounted to $32.6 million, and our free cash flow generation was a healthy $56.0 million. Consequently, the Board is pleased to recommend a final dividend of 7.5 pence per share³, bringing the total for 2025 to 12 pence, representing the upper end of our policy range of between 30% and 50% of free cash flow.

"2025 was a year in which we have sought to reset important elements of our business. These include improving productivity and efficiency at Sasa, along with prioritising exploration drilling at the operation, and, importantly, a redoubling of our efforts to secure a material transaction through which to grow.

"I look forward to 2026 to see the fruits of these efforts, and to the drilling programmes planned at our Group exploration projects in Kazakhstan and via our associate, Aberdeen Minerals, in Scotland, both of which have the potential to yield exciting results."

Analyst conference call and webcast

A live conference call and webcast hosted by Gavin Ferrar (Chief Executive Officer) and Louise Wrathall (Chief Financial Officer) will take place at 09:30 (GMT) today.

The conference call can be accessed by dialling 0808 109 0700 (UK toll free) or +44 (0) 33 0551 0200; or +1 786 697 3501 (US local) and quoting the confirmation code 'CAML FY25' when prompted by the operator.

The webcast can be accessed using the link:

https://brrmedia.news/CAML_FY25

The presentation will be available on the Company's website and there will be a replay of the call accessible following the presentation at https://www.centralasiametals.com

Presentation via Investor Meet Company

The Company will hold a live presentation via the Investor Meet Company platform at 16:30 (GMT) today. The presentation is open to all existing and potential shareholders. Questions can be submitted via the Investor Meet Company dashboard at any time during the live presentation. Investors can sign up to Investor Meet Company for free, and can add to meet Central Asia Metals PLC via:

https://www.investormeetcompany.com/central-asia-metals-plc/register-investor

Investors who already follow Central Asia Metals PLC on the Investor Meet Company platform will be invited automatically.

Market abuse regulations

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

All dollar amounts in this announcement are US dollars unless otherwise stated.

For further information contact:

Central Asia Metals	Tel: +44 (0) 20 7898 9001
Gavin Ferrar
CEO
Louise Wrathall
CFO
Richard Morgan	[email protected]
Investor Relations Manager
Peel Hunt (Nominated Adviser and Joint Broker)	Tel: +44 (0) 20 7418 8900
Ross Allister
David McKeown
Emily Bhasin
BMO Capital Markets (Joint Broker)	Tel: +44 (0) 20 7236 1010
Thomas Rider
Pascal Lussier Duquette
BlytheRay (PR Advisers)	Tel: +44 (0) 20 7138 3204
Megan Ray	[email protected]
Rachael Brooks

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 32.6% 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

Chairman's Statement

The Annual Report is an opportunity not just to review the year past but also to look forward to the year ahead. We entered 2026 with the copper price reaching all-time highs, underpinned by constrained supply and growing demand. Consumption is being driven by the continued electrification of the world's energy use, boosted by the need for new infrastructure to handle the exponential growth in data management.

Meanwhile, an almost universal awareness has developed of the vital role the mining industry plays in producing raw materials fundamental to virtually every aspect of modern life. This is shaping government policies and public attitudes towards support for our industry.

Strategy informs Board decisions

In 2025, we maintained a sharp focus on our strategic objectives. Our Kounrad operation remains in the lowest quartile of copper cash operating costs worldwide. Nevertheless, we are not complacent, and our focus at Kounrad remains on optimising the operation to maximise the recovery of copper.

Our rigorous approach to cost management and margin performance across the Group necessitated a review of Sasa during the year. This was aimed firmly at supporting profitability, and enhancing operational and financial resilience. To this end, the Board decided to implement a limited hedging programme to protect Sasa's margins during 2026. The review process also contributed to changes in Sasa's life-of-mine plan, which led to a non-cash impairment charge. Details of the hedging and the impairment charge can be found in the Financial Review below.

We have invested significantly at Sasa in recent years to prepare the operation for the future, and we are now taking decisive action to address the challenges posed by geology, with better mine planning and improvements in operational efficiency. The latter has obliged us to take some difficult decisions regarding headcount, but we know this is the right course to protect the long-term future of the operation for the benefit of all stakeholders.

Having returned approximately $380 million to shareholders over the preceding 13 years, prudent capital allocation came to the fore in 2025, as the Board decided to bring the dividend back in line with our stated policy. Again, this was not an easy decision, but one taken with the clear aim of balancing returns to shareholders with conserving cash to fund future growth.

With this balance in mind, the Board has conditionally recommended a final dividend of 7.5 pence per share³ which, if approved, would bring the 2025 total to 12 pence per share. This represents 50% of adjusted free cash flow, at the upper end of our policy range of between 30% and 50% in the absence of a current material transaction.

At the time of the interim results, the Board also took the view that the Company's share price did not adequately reflect the long-term value of the business, and instigated a share buyback programme of up to $10 million. This programme was completed in early 2026.

In common with all mining companies, we have always been conscious of the depleting nature of our assets and the need to grow the business. Indeed, this drives the long-term element of our strategy: delivering growth. That objective lay behind our efforts during 2025 to acquire New World Resources and its Antler copper project in the US. Our bid led to a highly competitive process, from which we ultimately withdrew. Nevertheless, we drew a number of positives, not least the support of the majority of our major shareholders which was greatly appreciated.

We continue to allocate capital to exploration, which has the potential to be highly value-accretive. With this aim, we exercised a portion of our warrants in Aberdeen Minerals post year-end, to fund further drilling of a promising target, and we continue to fund our own Group exploration in Kazakhstan, where we look to 2026 for positive results.

Maintaining an experienced team

Following eleven years of service, David Swan stepped down from the Board in 2025, and we were delighted to welcome Alison Baker as an independent Non-Executive Director, replacing David as Chair of the Audit Committee.

Alison's industry knowledge and extensive experience are already proving invaluable to the Board, in terms both of its current operations and its business development activities. The entire Board thanks David for his valued contributions to CAML and wishes him well in future.

In September, we welcomed Jamie Karamatic as General Director at Sasa, replacing Chris Colbourne. During his three years at Sasa, Chris led the delivery of the Capital Projects, and we thank him for his efforts. Jamie is an accomplished mining engineer with wide-ranging operational experience, which will be of enormous value in the years ahead.

CAML's employees are key to the Group's success, and I would also like to take this opportunity to thank each of you for your contribution over the past year.

Looking ahead

I believe 2025 has demonstrated that we do not shy away from uncomfortable realities or taking difficult decisions. Our actions at Sasa, combined with our ongoing efforts to sustain the productive life of Kounrad and the ramp-up in our exploration activities, position us strongly to benefit from the exciting developments in commodity markets.

Nick Clarke

Non-Executive Chairman, 18 March 2026

Chief Executive Officer's Statement

The 2025 financial year, my first full year as CEO of your Company, further reinforced my long-held confidence in the resilience of our employees and in their abilities, as we faced both challenges and opportunities during the period. I believe this reflects the strong culture we have developed over many years.

Kounrad's copper production for the year was well within the guidance range we set at the start of the year, despite the effect that adverse weather had on production in the early months of 2025. This represents an outstanding achievement by the site team, and was delivered at cash operating costs that continue to be among the lowest in the copper sector.

At Sasa, we achieved a significant increase in ore production in 2025, though the challenges posed by geology, in particular the increased variability of the orebody, led to a reduction in mined grades and a revision to our zinc and lead production guidance at mid-year. Our team rose to the challenge, with a strong performance in the final quarter of the year helping Sasa to achieve revised guidance, and we look to increased production in 2026.

Most importantly, I am pleased to report that this work was conducted safely, continuing our excellent track record, with just one lost time injury (LTI) at Kounrad and none at Sasa. Our resulting lost time injury frequency rate was well below our target level.

In our corporate activities, the search for a material transaction again provided both opportunity and challenge. Although our bid to acquire New World Resources and its Antler project in the US was ultimately unsuccessful, it served to demonstrate both our determination to execute such a transaction and our capital discipline in withdrawing from the process at the appropriate time.

I would like to thank both the CAML Board for their support in this initiative, and CAML's business development team and our advisers for their tireless efforts. Incorporating lessons learnt, our business development team immediately resumed its programme of evaluating other potential projects that would represent a material transaction.

Competition for high-quality assets in base metals remains fierce, especially in copper, but we are confident that our existing cash resources and strong cash flows allow us to maintain a favourable position in the market, backed up by the technical expertise of our people, and we look forward to a positive outcome.

Financial overview

The steady production from Kounrad and recovering output from Sasa, aided by strong product prices, particularly in the final months of the year, resulted in revenue of $229.9 million.

Despite inflationary pressures at both operations, and the impact of the weakening of the US dollar on our operating costs at Sasa and at the corporate level, we posted EBITDA of $101.8 million, at an EBITDA margin of 44%. This reflects the financial strength of our business.

We continued to invest in our operations in 2025, with capital expenditure of $19.0 million, of which $4.9 million was spent at Kounrad and $14.1 million at Sasa. The expenditure at Sasa included $2.8 million on the final element of the Capital Projects, which together have transitioned the operation to paste-fill mining and dry-stack tailings, representing industry best practice.

As part of our efforts to restore Sasa to profitability, we have revised the operation's life-of-mine (LoM) plan based on its year-end reserves and resources. The consequent reduction in the LoM to 2034, along with updated assumptions for other factors, resulted in a non-cash impairment charge amounting to $117.5 million. Our current focus at Sasa is on measures to improve the operation's performance, which I describe in detail below.

Kounrad

Kounrad finished 2025 with a strong production performance, resulting in full-year output of 13,311 tonnes of copper, only fractionally below that of 2024 despite the natural limitations imposed by the physical characteristics of a dump-leach operation.

Thanks to our site team's constant focus on efficiencies, this production was achieved at a C1 cash operating cost of $0.82 per pound, which remains in the bottom quartile of cash costs worldwide. This was aided by the control of energy costs afforded by our Solar Power Plant, which supplied approximately 15% of Kounrad's total requirements in 2025, demonstrating the financial benefits of our environmental commitments.

Mindful of our aim to maintain Kounrad's productive life for as long as possible, we are encouraged by the continued production from the Eastern Dumps, where Kounrad's operations began in 2012. According to the initial estimates, the Eastern Dumps were scheduled to cease production in approximately 2024; whereas in 2025, despite no fresh material available at the Eastern Dumps, residual leaching contributed 14% of total production.

Overall, we have recovered approximately 16% more copper from the Eastern Dumps than originally envisaged.

Our commitment to the endurance of our operations at Kounrad extends into the community, where we aim to ensure a lasting impact well beyond the life of the operation. The long-term projects funded through the Kounrad Foundation focus on supporting education, vulnerable groups, infrastructure and sporting initiatives.

Sasa

Mining volumes at Sasa recovered strongly in 2025, with ore production rising 4% compared with 2024 and returning throughput close to the 800,000 tonnes per annum level. Meanwhile, the transition to new mining methods using underground paste backfill and switching a significant portion of our surface storage of tailings to the dry-stack method are both now firmly part of normal operations at Sasa.

However, as mining has progressed deeper, the orebody has typically become narrower. This change was anticipated, and indeed formed a key reason behind the adoption of new, more flexible mining methods over the past two years. In addition, the orebody is proving more variable with depth, both in grade and geometry, with the latter contributing to greater dilution. Head grades were lower in 2025, averaging 9% to 10% less than in 2024.

In response, significant efforts have been made to improve mine planning, in both the short and longer term. These include increasing the intensity of sampling of the working faces and additional external training of key personnel involved in orebody modelling.

CAML carried out a comprehensive review of Sasa in the second half of 2025, with the help of external consultants. A key area reviewed was ore production, both in terms of volume and grade, resulting in a number of recommendations which have been adopted.

Another area of focus has been cost control, and to this end the review included an assessment of appropriate staffing levels. By the end of the year, employees representing approximately 9% of the total workforce had agreed to leave the business, and further reductions have followed in 2026.

As noted above, the year-end re-evaluation of Sasa's resource and reserve resulted in a five-year reduction in the expected life of the operation and an associated impairment charge against the carrying value of the asset. This was due to a combination of a reduction in the Ore Reserve, driven mainly by revisions to the mine design and higher assumptions for operating costs, in addition to normal depletion, and the conservative decision to restrict the revised mine plan to material from the Svinja Reka deposit.

Exploration continues at Sasa, targeting potential extensions to the known mineralisation with the aim of increasing the Mineral Resource and extending the LoM.

In addition, there is significant potential in the portion of Sasa's mineralisation not included in the current mine plan. In this regard, a project to test the viability of ore sorting is under way, which may unlock more value in the lower-grade portions of the Mineral Resource, in particular with respect to the Golema Reka deposit.

The Sasa Foundation continued its important work in 2025, using funds donated by Sasa to assist in projects designed to support the local community, in areas such as education, helping small-business start-ups, and in providing facilities for young people and vulnerable members of society. Such projects are typically conducted in partnership with local organisations, and are aimed at making a lasting and positive impact on the lives of local people.

Outlook

Our production guidance for 2026 comprises between 12,000 tonnes and 13,000 tonnes of copper from Kounrad; and 18,000 tonnes to 20,000 tonnes of zinc, and 26,000 tonnes to 28,000 tonnes of lead from Sasa.

The guidance for Kounrad represents a modest reduction compared with production in 2025, and chiefly reflects the characteristics of the resource blocks scheduled to be leached in 2026.

At Sasa, the measures we have taken following the comprehensive review of the business in the second half of 2025, and the improved performance recorded in the final quarter of the year, have given us sufficient confidence to increase our production guidance.

Meanwhile, following the commissioning of the Dry Stack Tailings Plant during the first half of 2025, which represented the final element of the Capital Projects programme at Sasa, and the completion of the minor earth-moving project at Kounrad related to preparing Dump 15 for leaching, we expect capital expenditure at both operations to return to normal levels of sustaining capital.

2026 promises to be an exciting year for our exploration programmes, with maiden exploratory drilling planned for our subsidiaries in Kazakhstan. Nearer to home, post year end we invested a further £0.85 million in Aberdeen Minerals, an unlisted associate company exploring for base metals in northeast Scotland, with the investment to be used to fund drilling of a promising target indicated by previous exploration.

We enter 2026 with a highly positive market environment for our principal products, with the copper price reaching record high levels and zinc also showing strong performance. The now widespread recognition of the essential role these metals play in almost every aspect of daily life also serves to give us every confidence in their long-term demand.

Gavin Ferrar

Chief Executive Officer, 18 March 2026

Operational Review

Kounrad

Reliable, low-cost production

CAML's 100%-owned Kounrad operation delivered another year of reliable, low-cost production in 2025, at 13,311 tonnes of copper cathode, which was well within guidance. This took cumulative production from Kounrad's solvent extraction-electrowinning (SX-EW) plant to more than 178,000 tonnes since production commenced in 2012.

Kounrad generated revenue of $129.7 million (2024: $121.8 million) and EBITDA of $97.3 million (2024 restated: $89.4 million). The EBITDA margin of 75% (2024: 73%) reflects Kounrad's industry-leading cost performance.

Leaching operations

Both the Eastern and Western Dumps were simultaneously leached during 2025, with the production split amounting to 14% and 86%, respectively.

The average monthly area under leach at the Eastern Dumps during 2025 was 16.4 hectares, although during winter this reduced to 11.5 hectares owing to the need to perform the irrigation under covers. During the summer period irrigation flows were maintained at approximately 500 cubic metres per hour, whereas during winter the flow rate was approximately 350 cubic metres per hour.

Over the course of the year the average copper pick-up grade from the Eastern Dumps was 0.58 grammes per litre of pregnant leach solution (PLS). This grade was lower than in 2024, reflecting the fact that no fresh material remains at the Eastern Dumps, with only previously leached blocks now under seasonal rotation.

At the Western Dumps, the focus of irrigation remained on areas of Dumps 16, 21, 22 and 1A. The average daily area under irrigation was 35.2 hectares of both fresh and previously leached material. The volume of raffinate pumped around the site averaged 1,227 cubic metres per hour, virtually the same as the average rate in 2024. As in previous summer periods, a proportion of the off-flow solutions from the Eastern Dumps was recycled across to the Western Dumps with the aim of maintaining broadly stable PLS grades to the SX plant.

Application rates of solution to the dumps were maintained at a standard level of 2.5 litres per square metre per hour throughout the year. Under these conditions the average pick-up grade of copper in the PLS was 1.77 grammes per litre.

Regulatory legal and technical amendments to the approved Mining Operations Plan were obtained, along with the appropriate environmental permit, to enable earth-moving and irrigation works along the toe edge of Dump 15. This involved the transfer of 112.5 hectares of territory from a third party for inclusion within Kounrad's land allotment, and the co-operation of the third party involved was much appreciated.

The earth-moving works were required to provide a minimum 30-metre safe working zone from the dump edge to a railway line owned by the third party, thus allowing the excavation of an interceptor trench 1,425 metres in length which will be used to collect the PLS when Dump 15 is leached. Work commenced in April and was completed by August, with 348,545 cubic metres of material moved.

Adjacent to Block 15-22 a new transfer collection pond and pumping station was constructed, with a capacity of 3,500 cubic metres. Lining of the trench with high-density polyethylene (HDPE) will be completed during 2026, with first irrigation of Dump 15 material planned for 2027.

New winter ore blocks 16-31 and 16-32 were fully prepared, with 40% of block 16-33 covered as a potential reserve area. This work required installing 247,834 square metres of HDPE sheet coverings, along with the now standard double-strand dripper irrigation pipe.

During 2025 an additional 1,570 kilometres of dripper piping and over 12,800 metres of larger-diameter solution distribution pipes were installed.

SX-EW plant

The SX-EW plant continued to operate efficiently during 2025 and the overall operational availability for the year was 99.7%.

With the average Western Dumps in-situ copper grade of around 0.1% and the fact that the Eastern Dumps have already been extensively leached, the PLS grade entering the SX plant averaged 1.99 grammes per litre for the year. The average solution flow rate through the SX plant was 1,065 cubic metres per hour, approximately 3% less than in 2024. Based upon operational experience, this flow rate is considered an optimum level, without significantly increasing the losses of the organic extraction reagents.

Significant repair work to the HDPE protective linings of the eastern and western coalescer tanks was undertaken, along with the renewal of the lining in the EW1 electrolyte tank.

One of the four extraction mixer-settlers underwent extensive maintenance during the year, involving installation of reinforcing beams to stop vibration of the agitator assembly and renewal of the protective chemical coatings.

At year-end, following the arrival of capital equipment, preparations were advanced for the installation of a fourth Spintek filter unit which will assist in maintaining cathode quality and reducing reagent consumption. Extensive testing of alternative acid-mist suppressant reagents was also completed, in order to improve air quality in the tank houses, with a successful replacement identified.

In Q4 2025, operational adjustments were made to reduce the level of iron in the electrolyte streams, resulting in both improved power efficiency and lower entrainment of iron in cathode sheets.

During the course of 2025, a temporary reduction in quality was identified in respect of Kounrad's copper cathode. Following discussions with the relevant offtaker, an increased discount rate was agreed to be applied to address this variance. In H2 2025, the proportion of below-specification cathode was minimal, and had been largely eliminated by December.

In July, all the anodes and cathodes were renewed in the EW2 tank house, as scheduled. Orders were subsequently placed for the complete renewal of the anodes and cathodes within the EW1 tank house, with installation planned for mid-2026.

As part of a campaign to maintain high-quality copper production, two additional pieces of equipment were purchased from China for the semi-automatic cleaning and straightening of the stainless-steel mother plates. This process also extends the life of the mother plates, reducing the frequency at which replacements must be purchased.

Water stewardship remains central to CAML's strategy of sustained resilience. Kounrad operates a closed-loop in-situ dump leach system with minimal water loss, primarily through evaporation and solution retention within the dumps. Water is sourced from a combination of surface water and groundwater. During 2025, preparations commenced for a new surface-water abstraction point, which will allow year-round abstraction from Lake Balkhash and thus improve Kounrad's water resilience.

Water abstraction for leaching and SX-EW operations in 2025 totalled 847,004 cubic metres. This was 101% higher than in 2024 owing to the necessity of operating mainly on fresh ore blocks which have previously not been irrigated. When dry unleached materials are freshly irrigated, the in-situ moisture content needs approximately to double before steady-state solution outflow is observed.

Overall power consumption was 56.93 million kilowatt-hours, a reduction of approximately 2% compared with 2024, equivalent to 4,316 kilowatt-hours tonne of copper plated (approximately 1% lower than in 2024). Kounrad's total energy consumption in 2025, which includes coal used in the boilers to maintain the temperature of the PLS during the winter months, was approximately 4% less than in 2024.

Solar Power Plant

The 4.77 megawatt Solar Power Plant operated without interruption during the year, generating 8.8 million kilowatt-hours, approximately 9% more than in 2024. The 2025 total represented 15% of Kounrad's total annual power consumption.

During the months April to August, the facility contributed an average of 19% of Kounrad's total power requirement, with the lowest proportion in the month of December at 5%.

The Solar Power Plant's direct operating costs are approximately $76,000 per year (of which 64% is salary related), resulting in a direct production cost for electricity generated of 0.83 cents per kilowatt-hour. If depreciation and other costs are taken into account, the all-in unit cost is 3.8 cents per kilowatt-hour, compared with an average of 5.6 cents per kilowatt-hour for grid power. Based upon these outcomes the project payback is calculated at under eight years from implementation.

Health and safety

In 2025, Kounrad recorded one lost time injury (LTI) and two total recordable injuries (TRI), resulting in a lost time injury frequency rate (LTIFR) of 1.25 and a total recordable injury frequency rate (TRIFR) of 2.49. Incident, near-miss and hazard reporting increased during the year, reflecting sustained efforts over the past two years to strengthen safety culture and encourage open reporting. This increased visibility of risk is a positive indicator of workforce engagement and supports early intervention and injury prevention.

During the year, a site-specific safety culture plan was developed, aligned with the Group's broader safety culture framework. Although the plan will be formally launched in 2026, early implementation has already contributed to improved reporting and engagement, demonstrating the impact of continued focus on building a proactive and transparent safety culture.

During 2025, an occupational risk assessment was conducted for each role across the Kounrad site, resulting in the implementation of a number of measures aimed at preventing occupational health issues. New, more advanced personal protective equipment is regularly tested and adopted to help reduce occupational risks, and monitoring takes place to enforce mandatory use.

Copper sales

The Group continued to sell the majority (90%) of its copper production through offtake arrangements with Traxys, and this arrangement has been extended to the end of 2026 with Traxys having the option to extend for a further year thereafter.

In a competitive end-use copper market, maintaining high-quality specifications of product is particularly important. CAML ensured this was a priority focus throughout the year, with a number of improvements made throughout the production cycle and quality-control systems.

2026 production guidance

The guidance for Kounrad's copper cathode production in 2026 is between 12,000 tonnes and 13,000 tonnes. This represents a slight reduction compared with the total produced in 2025, owing to the characteristics of the resource blocks scheduled to be leached.

Sasa

Operational performance

In 2025, CAML's 100%-owned Sasa operation processed 799,080 tonnes, a significant improvement over 2024, although average head grades were lower, at 2.61% zinc and 3.35% lead.

Sasa produces a zinc concentrate and a separate lead concentrate which also contains silver. Total production for 2025 comprised 35,614 tonnes of zinc concentrate at a grade of 50.2% and 35,643 tonnes of lead concentrate at a grade of 70.6%. Following a challenging period mid-year, metal-in-concentrate production recovered in the final quarter of 2025, bringing contained zinc to 17,881 tonnes and contained lead to 25,156 tonnes, meeting the Group's revised guidance.

Sasa typically receives from smelters approximately 84% of the value of its zinc-in-concentrate and 95% of the value of its lead-in-concentrate. Accordingly, payable production in 2025 totalled 15,032 tonnes of zinc and 23,898 tonnes of lead. Payable metal-in-concentrate sales for 2025 were 14,961 tonnes of zinc and 23,898 tonnes of lead respectively.

During 2025, Sasa sold 380,433 ounces of payable silver to OR Royalties, in accordance with its streaming agreement, for which it received approximately $6 per ounce.

Sasa generated revenue of $100.1 million (2024: $92.7 million), resulting in EBITDA of $25.7 million (2024: $32.2 million). Capital expenditure totalled $14.1 million (2024: $18.0 million), of which $11.3 million was sustaining capital and $2.8 million was spent on the final elements of the Capital Projects programme, including establishing the Dry Stack Tailings (DST) landform.

Production statistics

	Units	2025	2024	2023	2022
Ore mined	t	796,171	762,456	805,621	806,069
Plant feed	t	799,080	760,514	805,819	806,653
Zinc grade	%	2.61	2.87	2.97	3.15
Zinc recovery	%	85.7	85.2	85.0	84.6
Lead grade	%	3.35	3.71	3.70	3.63
Lead recovery	%	94.1	94.4	93.1	93.4
Zinc concentrate	t (dry)	35,614	36,967	40,226	42,824
Grade	%	50.2	50.2	50.6	50.1
Contained zinc	t	17,881	18,572	20,338	21,473
Lead concentrate	t (dry)	35,643	37,595	39,136	38,439
Grade	%	70.6	70.8	71.0	71.2
Contained lead	t	25,156	26,617	27,794	27,354

2025 marked the completion of the Capital Projects programme at Sasa, when the DST Plant entered operation at the end of Q1 2025. Meanwhile, the transition to mining using paste backfill (PBF) has continued to be implemented, with the move from sub-level caving to cut‑and-fill and long-hole stoping methods.

Transitioning from using conventional tailings storage facilities (TSFs) to DST greatly reduces water consumption and the risk of tailings dam failures, and improves long‑term geotechnical stability. The placement of tailings underground in historical voids and in current mining areas, via backfilling, offers significant environmental benefits, in particular a reduction in the quantity stored on surface. It also enhances ground support, benefiting safety, and maximises ore recovery and reduces surface disturbance. These practices support more sustainable mining, improved community and regulatory acceptance, and better alignment with modern environmental standards and best available technology.

Comprehensive improvement programme

As mining has progressed deeper at Sasa, the geology has presented increasing challenges. In particular, the orebody has become narrower, and the change in mining methods has been designed to provide flexibility and thus control dilution. In addition, the orebody has become more variable in both geometry and grade, impacting head grades and metal production, which has adversely affected profitability.

In response, in H2 2025 CAML undertook a comprehensive review of Sasa, with the help of external consultants, critically examining the business. These included mine planning and grade control, ore handling and processing plant throughput, productivity and staffing levels, and other cost-control measures.

The changes in geology and the business review also prompted a re-evaluation and reduction of Sasa's life-of-mine (LoM) to 2034, which now envisages mining up to approximately 830,000 tonnes annually over the eight years commencing 2026, with a reduced volume in the final year. This is reflected in the revised Ore Reserve estimate at 31 December 2025. The revised LoM plan envisages production solely from the Svinja Reka deposit.

The comprehensive business review also resulted in a number of recommendations designed to improve profitability.

In mining these have been aimed at both the long term, by improving understanding of the orebody at depth, and at the short term in better mine planning. Additional exploration drilling is a priority for 2026, and other actions planned or already under way include increasing the density of drilling used in mine planning and grade sampling; boosting the capacity of on-site assaying; and additional training of personnel involved in mine planning.

The drive for improvements in productivity has resulted in a reduction in staffing levels of approximately 11%, and other initiatives include improvements in development drilling, achieving greater advance from each blasting round, and changes in maintenance planning. This has resulted in an increase in productivity per employee-shift.

Cost control is a key focus, and measures taken include optimisation of inventory management and the re-tendering of large procurement contracts.

A project to test the viability of ore sorting is also under way, which may unlock value in lower-grade mineral resources, in particular with respect to the Golema Reka deposit.

Mining

The mine produced a total of 929,693 tonnes of ore and waste during the year, approximately 3.4% more than in 2024, including 796,171 tonnes of ore. The material was transported to surface via a combination of hoisting via the Golema Reka shaft and the Central Decline, the latter route using a fleet of 20-tonne haul trucks.

Ore development across the three working areas totalled 7,201 metres, a 2.6% decrease compared with 2024, including long-hole stoping development in the 990 level, the 910 level and the 830 level areas.

Waste development for the year totalled 4,411 metres, approximately 29% more than in 2024, generating 133,522 tonnes of waste rock, from a combination of internal ramp access and crosscuts to the orebody, and raise development and raise boring. The raise-boring activity is key to the provision of additional ventilation raises as the mine is developed to deeper levels. Waste rock is utilised in several applications after crushing, both underground (as road base to replace purchased aggregates) and on surface.

The Central Decline, a direct haulage completed at the end of 2024, is making a significant contribution to the efficient movement of ore and waste. During December 2025, haulage by truck accounted for 79% of material moved, with the balance hoisted by vertical shaft (which requires significant rehandling). This compares with 49% hauled by truck at the start of the year. The ventilation underground has also improved significantly.

Processing

Sasa processed 799,080 tonnes of ore during 2025, slightly above the planned level and 5.1% more than the total processed in 2024. Overall plant availability was 94.4%.

A significant number of improvement projects were implemented during the year in the processing plant:

-     The asset integrity project to improve and/or replace critical infrastructure, principally supporting steel structures across the flotation, crushing and milling circuits. This work will continue in 2026.

-     The water security and re-use project, developed for optimising the water supply to the processing plant. Changes are being implemented to re-use water from the PBF Plant, the DST Plant and from underground (mine adits).

-     Replacement of tanks for the preparation of reagents.

-     The sprinkler system for fire extinguishing on the conveyor belts in the crushing plant was extended.

Sasa's PBF Plant has been operating since late 2023. By the end of December 2025, a total of approximately 425,000 tonnes of tailings in the form of paste had been placed underground. The DST Plant operated consistently from its commissioning at the end of Q1 2025, and by the end of December over 260,000 tonnes of tailings had been filtered for placing on the initial landform.

Since the DST Plant became operational, tailings stored as dry tailings or underground as PBF represent approximately 75% of the total generated, compared with CAML's target of 70% by 2026.

Sasa's conventional TSFs are in conformance with the Global Industry Standard on Tailings Management (GISTM), an internationally accepted set of best practices for the management of TSFs. GISTM covers standards and practices over the entire TSF life cycle.

In 2024, following three years of work towards meeting GISTM, CAML elected to have Sasa TSFs and related management systems audited by an independent third party, Knight Piésold, which confirmed that the GISTM requirements were either in conformance or were met with 'a plan in place'. In 2025, Sasa followed up this initial conformance, and by September had completed all items that had been identified as met with 'a plan in place' in the 2024 audit.

At the time of the 2024 audit, the DST landform was not operational and thus did not form part of the audit. However, Sasa's independent consultants, Knight Piésold, were engaged throughout the construction of the DST landform, undertaking site visits and reviewing the work related to quality control.

The DST Plant and landform became operational during H1 2025, and an internal audit was completed during H2 2025. The results of this review are being assessed and will be used to identify priority actions to support conformance. Subject to progress, an external audit by an independent third party is planned for late 2026 or early 2027.

During 2025, further additional piezometers were installed in the seismic monitoring system for the conventional TSFs. The upgraded TSF management system can also monitor processing and other water flows, water levels, drainage flows, turbidity and other relevant information. Additional upgrades are planned in 2026.

Maintenance

The development of a computerised maintenance management system for all surface equipment continued during 2025, and approximately 90% of the equipment had been entered into the system by the end of the year. The computerised maintenance system for mobile equipment is already fully operational.

During 2025, additional equipment was purchased to assist in maintaining production and improve efficiency. The new equipment included a Simba underground drilling unit ideal for long-hole stoping, a Paus Minca underground truck for transporting fluids to service mobile equipment, and a variety of other utility vehicles and mobile equipment.

Exploration

A total of 7,052 metres of advance drilling was completed during the year across the five working areas, on the 990 level, the 910 level, the 830 level, the 800 level and the 750 level, to provide additional information on the grade and thickness of the three orebodies.

Exploration drilling included 2,749 metres completed from the 750 level to improve the geological understanding of the mineralisation of the Svinja Reka deposit at depth and along strike. (Note: levels are numbered in metres above a zero datum below the orebodies.)

In March 2025, a geologist and a mining engineer from a third-party consulting group visited Sasa to conduct an independent review of the Mineral Resource estimate and the Ore Reserve estimate. No fatal flaws were identified in the process, and recommendations for improvement have been actioned by the Sasa team.

Health and safety

In 2025, the operation recorded zero lost time injuries (LTIs) and one medical treatment injury (MTI) resulting in a total recordable injury frequency rate (TRIFR) of 0.56.

In 2025, Sasa developed a site-specific safety culture plan, aligned with the Group's broader safety culture framework, with the plan being formally launched in 2026.

In H1 2025, Sasa engaged with the local community as part of the establishment of an audio alarm system. A successful first alarm simulation was conducted in May, led by the Delchevo Crisis Management Centre (an independent body which acts on behalf of the government during national crises).

The audio alarm system is designed to alert people not just of potential incidents involving Sasa's TSFs, but of natural disasters or any other relevant danger that might affect the local community. As such, the system is officially part of the national alarm system.

The system forms part of Sasa's Emergency Preparedness and Response Plan (EPRP) for its TSFs, which is required under North Macedonian legislation and was prepared in collaboration with the University of Stip.

2026 production guidance

CAML has raised its guidance for ore mined and processed in 2026 year‑on-year to between 800,000 and 820,000 tonnes. Expected metal production in 2026 is 18,000 to 20,000 tonnes of zinc-in-concentrate and 26,000 to 28,000 tonnes of lead-in-concentrate.

This represents an increase compared with 2025 production, as the measures introduced in H2 2025 as part of the comprehensive business review begin to take effect.

Sasa Mineral Resource, Ore Reserve and LoM

During 2025, the technical services team updated Sasa's Mineral Resource Estimate (MRE) for the Svinja Reka and Golema Reka deposits and the Ore Reserve for the Svinja Reka deposit.

The updated work took into account recent additional drilling, mining depletion and, where applicable, changes to the assumptions for metal prices and transport charges used in the Net Smelter Return (NSR) calculations. Sasa's MRE and Ore Reserve are shown in the following tables.

The total Svinja Reka Mineral Resource has increased marginally, to 11.9 million tonnes at grades of 2.9% zinc and 4.0% lead (2024: 11.8 million tonnes at grades of 3.0% zinc and 4.2% lead), owing to additions resulting from drilling and higher assumptions for metals prices offsetting mining depletion and higher NSR cut-off values.

The total Golema Reka Mineral Resource is lower, at 8.6 million tonnes at grades of 1.2% zinc and 3.9% lead (2024: 9.3 million tonnes at grades of 1.2% zinc and 3.8% lead), owing principally to higher NSR cut-off values.

The Svinja Reka 2025 Ore Reserve is 6.9 million tonnes at grades of 2.5% zinc and 3.5% lead (2024: 9.2 million tonnes at grades of 2.4% zinc and 3.4% lead). The reduction in reserve tonnage is due principally to revisions to the mine design; the application of higher NSR cut-off values in response to increased assumptions for operating costs; revised assumptions for metals prices and concentrate treatment charges (TCs); and normal mining depletion.

Based on the latest Ore Reserve and Mineral Resource, CAML expects Sasa to maintain annual production rates of up to approximately 830,000 tonnes per annum for an expected LoM of nine years until 2034.

Mineral Resource Estimate for Svinja Reka and Golema Reka

Sasa's technical services team has updated the MRE for the Svinja Reka and Golema Reka deposits. This is given below, and has been reported in accordance with the terms and definitions of the JORC Code. In order to limit this to mineralisation that has reasonable prospects for eventual economic extraction, NSR cut-off values for each mining method were applied as in the notes below.

			Grades				Contained metal
Classification	Deposit	Mt	Zn (%)	Pb (%)	Ag (g/t)	Zn (kt)		Pb (kt)	Ag (koz)
Indicated	Svinja Reka	9.6	3.0	4.2	32.8	290		404	10,100
	Golema Reka	1.8	1.3	4.1	13.8	24		75	810
	Total Indicated	11.4	2.8	4.2	29.8	314		479	10,910
Inferred	Svinja Reka	2.3	2.4	2.9	35.5	56		68	2,662
	Golema Reka	6.8	1.2	3.9	13.2	82		263	2,880
	Total Inferred	9.1	1.5	3.6	18.9	138		331	5,541
Total Mineral Resource		20.5	2.2	3.9	24.9	452		810	16,451

Notes

The Mineral Resource and Ore Reserve are reported in accordance with the guidelines of the 2012 Edition of the Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

The Mineral Resource has an effective date of 31 December 2025.

The Competent Person for the declaration of the Mineral Resource is Graham Greenway, BSc Honours (Geology), PGeo. Mr Greenway, CAML's Group Geologist, is a Practising Registrant of the Professional Geoscientists of Ontario and has over 37 years' experience in the exploration, definition and mining of precious and base metal mineral resources, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking, to qualify as a Competent Person as defined by the JORC Code (2012) and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. He has reviewed, and consents to, the inclusion of these matters based on the information in the form and context in which it appears, and confirms that this information is accurate and not false or misleading.

The Mineral Resource is reported inclusive of the Ore Reserve.

The Mineral Resource is based on an NSR cut-off of $53 per tonne for sub-level caving, $65 per tonne for cut-and-fill stoping and $60 per tonne for long-hole stoping. The NSR block values are based on metal price assumptions of $3,041 per tonne for zinc, $2,506 per tonne for lead and $31 per ounce for silver (these prices allow the inclusion of mineralisation that has 'reasonable prospects for eventual economic exploitation' but which is not economic assuming the prices used for reporting the Ore Reserve).

The Mineral Resource is reported as undiluted. No mining recovery has been applied in the Statement.

Tonnages are reported in metric units, grades in percent (%) or grammes per tonne (g/t) and the contained metal in metric units or ounces. Tonnages, grades and contained metal totals are rounded appropriately.

Rounding may result in apparent summation differences between tonnes, grade and contained metal content.

Svinja Reka Ore Reserve Statement

The following Ore Reserve Statement, which has also been reported in accordance with the terms and definitions of the JORC Code, has been prepared by Sasa's technical services team based on a LoM plan that includes the transition from the sub-level caving mining method to cut-and-fill and long-hole stoping with paste backfill. The Ore Reserve Statement is a subset of the updated Indicated Resource, constrained within a practical and economic mine design. NSR cut-off values and design modifying factors for each mining method were applied as in the notes below.

			Grades				Contained metal
Classification	Deposit	Mt	Zn (%)	Pb (%)	Ag (g/t)	Zn (kt)		Pb (kt)	Ag (koz)
Probable	Svinja Reka	6.9	2.5	3.5	26.1	170		244	5,782
Total Ore Reserve		6.9	2.5	3.5	26.1	170		244	5,782

Notes

The Ore Reserve has an effective date of 31 December 2025.

The Competent Person who takes responsibility for the Ore Reserve is Scott Yelland, CEng, FIMMM, MSc, who is an employee of, and Senior Technical Adviser to, CAML. He is a mining engineer with over 43 years' experience in the mining and metals industry, including operational experience in underground zinc and lead mines, and as such qualifies as a Competent Person as defined in the JORC Code (2012).

The Ore Reserve is reported using a NSR cut-off of $53 per tonne for sub-level caving, $65 per tonne for cut-and-fill stoping and $60 per tonne for long-hole stoping. The NSR block values are based on metal price assumptions of $2,644 per tonne for zinc, $2,179 per tonne for lead and $27 per ounce for silver.

The Ore Reserve has been estimated utilising 3D-modelling software (Deswik) and includes the application of a minimum mining width and practical mining shapes.

Rounding may result in apparent summation differences between tonnes, grade and contained metal content.

Growth Opportunities

Continued focus on growth

CAML continued to place a high priority on its future growth during 2025, both in seeking acquisition opportunities offering existing or near-term cash flow and with respect to the Company's longer-term exploration investments.

The business development team assessed a number of advanced opportunities within the Group's current areas of operation, as well as potential transactions in other jurisdictions.

One such opportunity resulted in CAML agreeing terms to acquire New World Resources, a company listed on the Australian Securities Exchange with a copper project in Arizona. However, a third party intervened and, after a series of offers and counter offers, ultimately CAML withdrew from the process.

The Group enters 2026 with a number of selected opportunities to pursue, in a range of jurisdictions, and remains focused on developing the business for the long term.

Group exploration

Group exploration continued to be focused on Kazakhstan in 2025, targeting high-grade, predominantly base metals prospects.

CAML X (80%-owned) undertook reconnaissance activity within four licence areas during the year and, following this work, two of the areas, Otyar and Yuzhnoe, are considered highly prospective and have been recommended for drill testing.

Of the two remaining licence areas, which do not fit CAML's selection criteria, one area, Shaindy, is recommended for further delineation work and possible farm-out to a third party, and the other has been returned to the licensing authority as its prospectivity is regarded as limited.

CAML XD (100%-owned) also recognised the Tengiz Basin as highly prospective, and in late 2025 was granted a licence in this region. In February 2026, CAML XD signed a term sheet for an option agreement to acquire a 100% interest in another licence area in this basin, which has potential for high-grade sediment-hosted copper mineralisation.

The CAML Group's 2026 exploration programme in Kazakhstan will include up to 5,500 metres of drill testing, over two or three projects, within an overall budget of between $3.0 million and $3.5 million, excluding administration costs.

Aberdeen Minerals

Aberdeen Minerals ('Aberdeen'), an unlisted associate company in which CAML owns a 32.6% interest, is exploring for base metals in Aberdeenshire, northeast Scotland. The second CAML-funded drilling programme on Aberdeen's wholly-owned Arthrath project commenced in May 2025. A total of 2,275 metres over five holes was drilled with borehole electromagnetic (BHEM) surveys conducted in all of the holes.

The drilling intersected thick intersections of sulphide-rich intrusive rocks, including classic semi-massive and massive sulphide textures associated with a dynamic conduit-related mineral system. Although these intersections are currently considered sub-economic, the drilling, combined with the geophysical survey results, has provided vectors for a target zone with high potential for massive sulphides in an undrilled area to the southwest, outside the current drilled footprint.

Post year end, CAML invested an additional £850,000 to test this target zone, through a drilling programme of up to 2,600 metres plus geophysical surveys, to be completed over approximately six months. To provide this funding, CAML exercised a portion of the warrants received as part of its initial £3 million investment in Aberdeen in 2024, increasing CAML's shareholding to 32.6% from 28.4% previously.

The warrants allowed for a further investment of up to £2 million, and agreement was also reached to extend the expiry of the remaining warrants to allow sufficient time for the exploration work on this southwestern target zone to be evaluated.

Financial Review

Financial performance

In 2025, CAML delivered consistent EBITDA compared with the prior year and continued to generate robust cash flows. Revenue growth, driven by higher copper and zinc prices, alongside lower treatment charges for zinc and lead for Sasa, offset operational challenges.

At Sasa, lower head grades led to a mid-year revision of production guidance. Updated assumptions in reserves and resources, and the updated cost base at year end reduced the life-of-mine at Sasa to 2034, resulting in an impairment charge. In response, CAML has taken decisive action to improve the future financial performance of the mine.

Having completed the Capital Projects at Sasa, with commissioning of the Dry Stack Tailings (DST) Plant and landform, key initiatives have been implemented to optimise revenue and reduce costs through targeted headcount reductions now totalling approximately 11% of the workforce, contract renegotiation and further progress with the new mining methods. These measures support the restoration of Sasa's profitability and cash flow generation, ensuring the long-term financial sustainability of the operation for the benefit of employees, the local community and wider stakeholders.

The Group remains effectively debt free, with a strong balance sheet, ending 2025 with cash in the bank of $80.1 million, and continues to provide attractive returns to its shareholders. The Board has conditionally recommended a final dividend of 7.5 pence per share, bringing the full-year dividend to 12 pence per share.

These achievements and operational foundations position CAML strongly to respond to market opportunities and challenges in 2026, supporting both financial sustainability and future growth.

Macroeconomic environment

Copper prices

Copper prices strengthened significantly in 2025, reflecting expectations of a shortage driven by concerns over disruptions at major mines and tariffs, as well as the metal's role in electrification, energy transition and infrastructure for artificial intelligence. Prices reached $12,300 per tonne in December and they continued to rally post year end, reaching record highs.

Zinc prices

Zinc prices reached levels of $3,100 per tonne by year-end 2025, driven by tight supply from production disruptions and Chinese smelter policies. Strong demand from construction and renewable energy projects, combined with constrained concentrate availability, supported further gains post year end.

Lead prices

Lead prices remained relatively stable in 2025, averaging approximately $1,975 per tonne. Prices rose post period end to around $2,020 per tonne, supported in part by the weaker US dollar, but subsequently retreated below $2,000 per tonne.

Treatment charges

Treatment charges (TCs) for both zinc and lead remained favourable to concentrate producers in 2025. Zinc TCs fell to multi-year lows, as smelter capacity outpaced available concentrate following mine closures and ongoing production issues, particularly in Asia, reinforcing tight market conditions and contributing positively to Sasa's financial performance.

Post year end, lead TCs have weakened further, turning negative owing to a continued lag in lead concentrate supply versus refined lead output. Conversely, zinc TCs are forecast to rise from 2025's historic lows, as concentrate availability improves with ramp-ups at large projects and smelter inventories rebuild. CAML's TC contracts commencing from 1 April 2026 reflect these recent trends.

Currency fluctuations

The functional currencies of the Group's main operations are the Macedonian denar (MKD) for Sasa, which is pegged to the euro, and the Kazakh tenge (KZT) for Kounrad. During the year, the US dollar weakened materially against the denar, increasing Sasa's cost base. Conversely, the tenge weakened against the US dollar during the year, driven principally by lower oil prices. This currency movement helped to offset cost pressures at Kounrad, partially mitigating the high in-country inflation, before the tenge strengthened to 510:1 KZT:USD towards the year end.

Inflation

Inflation remained elevated in the countries in which the Group operates. Inflation rates for the year averaged 12.3% in Kazakhstan and 4.1% in North Macedonia.

Performance overview

Revenue

CAML's 2025 revenue was up 7% versus 2024, to $229.9 million (2024: $214.4 million). The increase was primarily driven by increased commodity prices for copper and zinc, which rose by 10% and 3% respectively, as well as reduced TCs for zinc and lead owing to a tightening in the concentrate market. 

EBITDA

The Group generated consistent EBITDA, at $101.8 million (2024 restated: $102.4 million), at an EBITDA margin of 44% (2024 restated: 48%). This reflects higher revenue, partially offset by an increase in the cost base. The higher costs were driven by the weakening of the US dollar, national inflation-linked pay rises across the Group, operation from the end of Q1 2025 of Sasa's DST Plant and associated landform, as well as corporate exploration and business development initiatives.

Kounrad's 2025 EBITDA increased to $97.3 million (2024 restated: $89.3 million), with an improved margin of 75% (2024: 73%). The increase reflects higher revenue from stronger copper prices, partially offset by a rise in costs, primarily due to higher MET charges and elevated payroll expenses, mitigated by the generally weaker tenge.

Sasa's 2025 EBITDA was $25.7 million (2024: $32.2 million), at a margin of 26% (2024: 35%). The margin decline was due predominantly to lower sales volumes arising principally from production constraints, in which lower head grades reflected variability in the orebody as mining progresses to deeper levels.

Additionally, there was an increase in costs driven by a rise in concession fees, the weakening of the US dollar, national pay levels and the operation of the DST Plant and landform. To address these challenges, steps were taken towards the end of the year through targeted headcount reductions now totalling approximately 11% of the workforce, and contract negotiations to enhance operational efficiency and support future profitability.

Impairment of non-current assets

At 31 December 2025, the Group recognised an impairment charge of $117.5 million in respect of the Sasa operation. This reflects the completion of the life-of-mine update at year end, incorporating the updated reserves and resources, the exclusion of Golema Reka from the mine plan and an increase in the cost base, which together reduced the life-of-mine to 2034.

Although this impairment reflects a reassessment of the long-term production profile, management has taken decisive actions to optimise operations, improve cash flow and maximise value over the remaining life of the mine.

Additionally, an impairment charge of $0.3 million was recognised against exploration assets as the Group is no longer pursuing the Zhamantas licence in Kazakhstan.

Earnings per share

Group loss before tax from continuing operations was $58.5 million (2024 restated: profit of $77.2 million), reflecting the impairment charge in respect of Sasa, higher royalty costs for MET and concession fees, increased salaries, labour settlement agreements and an adverse FX swing. Earnings per share (EPS) was therefore negative at 42.56 cents (2024 restated: positive EPS of 29.10 cents). Adjusted EPS of 18.51 cents is reported, which excludes the hedge arrangements and non-cash impairment charge (see Note 18 to the Financial Information for more information).

Free cash flow

CAML is highly cash generative and delivered adjusted free cash flow of $56.0 million in 2025 (2024: $65.7 million). Free cash flow was lower year-on-year primarily owing to a $6.4 million increase in income tax paid. Tax instalments are based on the previous year's taxation charge, resulting in higher cash tax payments following improved profitability in 2024 and 2025 predominantly in Kounrad. Additionally, sustaining capex and exploration increased by $3.1 million. Although free cash flow has declined, the Group had healthy year-end cash in the bank of $80.1 million (2024: $67.6 million), supporting the Board's conditional recommendation of a final dividend of 7.5 pence per share.

Business development activities

The Group continued to make significant investments in its future growth through key projects. During the year, CAML capitalised $1.7 million as exploration and evaluation in target-generative work.

Post year-end, CAML exercised a portion of its warrants to invest a further $1.1 million in cash in Aberdeen Minerals ('Aberdeen') bringing its shareholding to 32.6%. Use of these funds is predominantly for exploration drilling. Aberdeen is classified as an associate for accounting purposes.

Additionally, business development costs of $3.6 million (2024: $2.0 million) were incurred, primarily in relation to the bid for New World Resources (NWR), as the Group continued to evaluate new growth opportunities.

Income statement

Revenue

CAML generated 2025 revenue of $229.9 million (2024: $214.4 million), which is reported after the deduction of zinc and lead TCs and offtake fees.

Kounrad

Kounrad achieved revenue of $129.7 million for 2025 (2024: $121.8 million). This improved performance is attributable to the higher average copper price received, up 10% to $10,121 per tonne (2024: $9,219 per tonne), more than offsetting lower sales of 13,122 tonnes (2024: 13,521 tonnes).

Sales were made primarily under the Group's offtake arrangement with Traxys, which has been extended for a year from 1 January 2026 and commits a minimum of 90% of Kounrad's annual production. The offtake fees for Kounrad increased to $3.2 million (2024: $3.0 million) owing to the higher variable component within the buyers' fees.

Sasa

Sasa realised revenue of $100.1 million in 2025 (2024: $92.7 million), driven primarily by a significant reduction in TCs, which fell to $8.1 million (2024: $14.8 million) owing to improved market terms for both zinc and lead concentrates effective 1 April 2025.

Revenue also benefited from a higher realised silver price of $43/oz (2024: $28/oz); however, this benefit was offset by a corresponding increase in cost of sales in order to account for the streaming agreement with OR Royalties. Under this agreement, silver production is effectively sold at a fixed price of approximately $6/oz.

Zinc prices increased by 3% to $2,862 per tonne (2024: $2,766 per tonne), supporting revenue growth, whereas lead prices declined by 2% to $1,977 per tonne (2024: $2,023 per tonne). Sales volumes were also weaker, with payable zinc-in-concentrate down to 14,961 tonnes (2024: 15,839 tonnes) and lead-in-concentrate to 23,898 tonnes (2024: 25,560 tonnes), owing mainly to lower head grades during the period.

Offtake fees for Sasa remained consistent at $0.9 million (2024: $1.0 million), and zinc and lead concentrate sales agreements have been extended with Traxys on a one‑year rolling basis for 100% of Sasa's production.

Cost of sales

The Group cost of sales for the year was $124.0 million (2024 restated: $108.3 million). This figure includes depreciation and amortisation charges of $29.4 million (2024: $26.3 million). The rise was principally due to a combination of:

-     higher payroll costs at both Kounrad and Sasa designed to match national pay rises;

-     the introduction at Sasa of an underground allowance;

-     an increase in the concession fees rate at Sasa and higher Mineral Extraction Tax (MET) payments at Kounrad from the stronger copper price;

-     an increase in the volume of material going to alternative methods of tailings disposal at Sasa;

-     currency effects from the weakening of the US dollar relative to the Macedonian denar;

-     and additional depreciation for the capitalised DST Plant.

In addition, cost of sales includes $14.2 million (2024: $10.1 million) in open-market silver purchases to fulfil the silver stream commitment. However, the increase corresponds to the higher silver revenue noted above.

Kounrad

Kounrad's cost of sales for 2025 remained materially the same at $33.0 million (2024 restated: $33.4 million), owing to strong cost control and benefiting from the tenge's devaluation. Costs for certain reagents and electricity declined by $0.7 million overall, reflecting marginally lower production levels. This was partially offset by a $0.2 million rise in payroll costs driven by inflation-related salary increases.

The MET is a form of royalty charged by the Kazakh authorities at the rate of 8.55% on the value of metal recovered. MET charges for the year increased to $11.4 million (2024: $10.3 million) reflecting higher copper prices. Looking ahead, legislation has been passed to reduce the applicable MET rate for man-made mineral formations, including Kounrad, to 0.855%, effective from 1 January 2026.

Sasa

Sasa's cost of sales increased by 22% in 2025 to $91.0 million (2024: $74.8 million) driven by a number of factors. Concession fees doubled to $4.9 million (2024: $2.4 million), following an increase in the applicable rate from 2% to 4% effective 1 January 2025.

Employee-related costs rose by $2.5 million, reflecting a 10% general pay rise and the introduction of an underground allowance for relevant employees. In addition, the rise was driven partially by the weakening of the US dollar against the denar, which impacted the entire local cost base.

The completion of the transition to paste-fill mining methods contributed to additional depreciation of $3.0 million, and tailings disposal expenses rose by $1.4 million, reflecting increased volumes from both the Paste Backfill (PBF) Plant and the newly commissioned DST Plant and landform.

Finally, silver purchases made on the open market to satisfy the silver stream arrangement significantly increased, to $14.2 million (2024: $10.1 million), as a result of the silver price, which offsets the associated increase in revenue.

Distribution and selling costs

There was an increase in distribution and selling costs to $2.3 million (2024: $2.1 million), owing to an increase in shipping costs to customers further afield during the year as CAML was able to benefit from contracts with reduced TCs.

C1 cash cost of production

C1 cash cost of production is a standard metric used in the mining industry to allow comparison across the sector. The method of this calculation and assumptions are disclosed in the section on non-IFRS financial measures.

Kounrad

Kounrad's 2025 C1 cash cost of copper production was $0.82 per pound (2024: $0.80 per pound), based on a C1 cash cost of $23.9 million (2024: $23.7 million), which remains amongst the lowest in the industry. The increase in the C1 unit cash cost compared with 2024 was due to copper production being 128 tonnes lower, and an increase in the Traxys offtake fee by $0.3 million. Overall, the cost of production reduced, owing to the devaluation of the Kazakh tenge compared with the preceding year.

Sasa

Sasa's on-site operating costs increased by 13% to $55.4 million (2024: $49.2 million) and the on-site unit cost was $69.6 per tonne (2024: $64.6 per tonne). The increase was primarily due to higher payroll costs, the weakening of the US dollar and additional costs for the full operation of the DST Plant and landform.

Sasa's total C1 cash cost base, including realisation costs, decreased to $66.7 million (2024: $67.1 million), with higher operating costs offset by lower TCs. Sasa's C1 zinc equivalent cash cost of production increased to $0.79 per pound (2024: $0.76 per pound). The $0.03 per pound increase in the C1 calculation was primarily due to the increase in the total C1 cash cost base and the lower zinc production, plus the strength of the zinc price relative to that of lead which determines the proportion of the overall C1 cost base that is attributed to the zinc production.

Group

CAML reports its Group C1 unit cash cost on a copper‑equivalent basis, incorporating the production costs at Sasa with those of Kounrad and correspondingly converting Sasa's zinc and lead production into copper equivalents.

The Group's 2025 C1 copper-equivalent cash cost was $1.85 per pound (2024: $1.73 per pound). The calculation is based on Sasa's payable zinc and lead production converted to copper equivalents, added to Kounrad's copper production of 13,311 tonnes (2024: 13,439 tonnes). The increase in Group C1 unit cash costs on a copper-equivalent basis was due to lower production, higher aggregate costs at Sasa and the relative strength of the average copper price compared with the prices of zinc and lead.

CAML also reports its fully inclusive cost, which includes sustaining capital expenditure, local taxes (including the MET and concession fees), interest on any loans, and applicable corporate overheads, as well as the C1 cost component. The Group's fully inclusive copper-equivalent unit cost for the year was $2.78 per pound (2024: $2.54 per pound). The increase was due principally to higher C1 costs as detailed above, increased concession fees as well as additional sustaining capex at Kounrad.

Administrative expenses

During the year, administrative expenses, which includes Corporate, Kounrad, Sasa and CAML X, increased to $32.2 million (2024: $28.8 million). The increase largely reflects the Group's business development activities of $3.6 million (2024: $2.0 million), primarily focused on the bid for NWR, $0.4 million of costs associated with the Copper Bay disposal, and a $0.4 million increase in costs related to exploration activity in Kazakhstan not directly attributable to a licence and thus not capitalised.

Foreign exchange gain/(loss)

The Group reported a foreign exchange loss of $4.2 million in 2025 (2024: gain of $5.6 million) resulting from the re-translation of US dollar-denominated monetary assets held by foreign subsidiaries with a local functional currency, taking into account the weakening of the USD during the year.

Year-end rates	2025	2024	2023	Change 2025 vs 2024
Kazakhstan tenge	503	524	455	4%
Macedonian denar	52.31	58.88	55.65	13%

Fair value movement of share-based payment liability

A charge of $8.0 million (2024: $4.0 million) was recognised to reflect the fair-value movement of the liability during the year. This reflects an increase in CAML's share price at year end and additional shares options granted.

Taxation

In 2025, the Group's income tax charges decreased to $16.2 million (2024: $25.9 million). This includes the CIT charge, which only decreased marginally to $21.1 million (2024: $22.0 million), owing to consistent profits at Kounrad, where taxes are levied at a CIT rate of 20% (Sasa is taxed at a rate of 10%). The impairment of the Sasa mineral rights contributed to a $10.9 million non-cash decrease in deferred income tax (2024: decrease of $1.3 million).

There was an increase in inter-group dividend distributions from Kazakhstan to the UK, which incurred a 10% withholding tax (WHT), totalling $6.0 million (2024: $5.1 million). From 1 January 2026, new legislation introduced in Kazakhstan has updated WHT on dividends, and CAML expects to pay 15% thereafter.

Discontinued operations

On 31 March 2025, the Company completed the sale of its 76.1% shareholding in Copper Bay Ltd (CBL) to Guardian Metals (since renamed Halo Minerals) for its proportionate share of $7.5 million in deferred payments. The entire consideration is contingent on the potential future production of copper and therefore at this stage has not been recognised in the financial information.

CBL, via its subsidiaries, held the mineral rights to a copper tailings project in Chile. The project was fully impaired in prior years, and the results of the Copper Bay entities were presented within discontinued operations.

Hedging arrangements

In December 2025, the Group entered into derivative contracts to hedge a portion of Sasa's 2026 zinc production and foreign exchange exposure. These arrangements comprise forward sales covering approximately 50% of Sasa's expected payable zinc production in 2026, at an average price of $3,011.5 per tonne, and forward purchases of euro covering approximately 50% of expected on-site cash operating costs, at an average exchange rate of $1.185 per euro.

Movements in market prices and exchange rates resulted in unrealised losses of $1.0 million on the zinc commitments and $0.2 million related to the foreign exchange contracts.

Statement of financial position

Financial assets at fair value through other comprehensive income (FVOCI)

During the year, CAML spent $16.7 million (A$25.6 million), including brokerage fees, on shares in NWR, acquiring a 12.1% shareholding. This investment initially represented an important strategic holding as part of the proposed acquisition of 100% of the issued share capital of NWR, which was expected to be concluded in September 2025 but failed to complete.

The shares were classified as financial assets measured at FVOCI because they were held as a strategic investment rather than held for trading. The shares were subsequently sold at a premium of $2.5 million recognised in other comprehensive income.

Capital expenditure

During the year, there were additions to property, plant and equipment of $19.0 million (2024: $20.8 million), as Sasa completed the Capital Projects programme for its transition to paste-fill mining.

Kounrad

The capital expenditure additions of $4.9 million (2024: $2.5 million) included one-off costs of $1.0 million incurred in relation to ore relocation activities at Dump 15, including loading, hauling, backfilling and road levelling. In addition,  $1.2 million was incurred on the advance purchase of dripper pipes for leaching, and $1.5 million on new anodes and cathode mother plates for 2026.

Sasa

A total of $11.3 million (2024: $11.6 million) was spent on sustaining capital, with an additional $2.8 million (2024: $6.4 million) in relation to the completion of the transition to paste-fill mining. This included the DST Plant and tailings landform, covering geosynthetics, preparatory and construction works. The plant entered operation at the end of Q1 2025.

Capitalised mine development of $5.3 million reflected progress to access future production areas at Sasa. In addition, $1.5 million was spent on raise boring to establish new ventilation and ore access.

2026

CAML expects capital expenditure in 2026 of between $14.5 million and $17.5 million.

Exploration

The Group's policy is to capitalise exploration and evaluation costs that are directly attributable to areas where legal exploration rights are held.

During the year, $1.4 million of expenditure by CAML X was capitalised related to work at Yuzhnoye, Shaindy and Otyar, as well as $0.3 million at Sasa for surface and underground drilling. In addition to exploration work carried out, CAML X and CAML XD also undertook exploration-target generation, necessitating $1.4 million in pre-licence activities to be expensed as administrative expenses.

Looking ahead, the Group anticipates spending between $3.0 million and $3.5 million in 2026 on its exploration licences, including continued target generation efforts in Kazakhstan.

Working capital

At 31 December 2025, current trade and other receivables, and income tax recoverable totalled $11.7 million (31 December 2024: $8.7 million). The increase from the prior year was mainly due to an increase in accrued income of $3.3 million following a late shipment of concentrate not yet invoiced, and the overpaid Group CIT balance of $1.6 million (31 December 2024: $0.9 million) which was offset against CIT liabilities arising in the same entities in 2026. Additionally, this balance also includes trade receivables from the offtake sales amounting to $1.7 million (31 December 2024: $1.9 million).

As of 31 December 2025, a total of $5.3 million (31 December 2024: $3.7 million) of receivable value-added tax (VAT) was owed to the Group by the Kazakh authorities. Recovery is still expected through a continued dialogue with the authorities for cash recovery and further offsets against VAT payable on local sales.

At 31 December 2025, current trade and other payables totalled $23.7 million (31 December 2024: $17.2 million). These have increased because of higher MET payable of $1.4 million, owing to strong copper prices, and an additional $1.0 million for severance pay, and social security and taxes following targeted headcount reductions at Sasa.

Prior year restatement

At 31 December 2025, inventory was $20.6 million (31 December 2024 restated: $16.1 million). Inter-group sales and purchases at a mark-up between Kounrad's subsidiaries were not previously correctly reversed for unrealised profit on consolidation. This resulted in an understatement of inventory and a corresponding overstatement of cost of sales in the prior years. The comparative figures have been updated, with the cumulative impact reflected in opening retained earnings (see Note 43 to the Financial Information for details).

Cash and borrowings

At 31 December 2025, the Group had cash in the bank of $80.1 million (31 December 2024: $67.6 million) and $0.9 million (31 December 2024: $0.3 million) drawn under an overdraft facility.

Cash flows

Net cash flow generated from operations was lower, at $63.7 million (2024: $74.3 million), reflecting higher CIT payments totalling $25.9 million (2024: $19.6 million). This included $19.7 million (2024: $14.4 million) of Kazakh CIT, and WHT of 10% on dividends amounting to $6.0 million (2024: $5.1 million) paid during the year. In North Macedonia, $0.3 million (2024: $0.1 million) of CIT was paid in cash, in addition to a $1.7 million (2024: $1.4 million) non-cash payment offset against VAT and CIT receivable.

Sustaining capital expenditure across Kounrad, Sasa and CAML X totalled $16.2 million, which excludes Sasa Capital Projects expenditure of $2.8 million. As a result, CAML generated adjusted free cash flow of $56.0 million in 2025 (2024: $65.7 million). This was achieved while continuing to support capital investments, covering operating costs and funding business growth in exploration and business development initiatives.

In H2 2025, the Group commenced a share buyback programme, acquiring 2,512,804 Ordinary Shares for total consideration of $5.2 million by year end. The programme was completed in Q1 2026, with total costs (including transaction costs) amounting to $10.0 million.       

Dividend

The Company's dividend policy is to return to shareholders a range of between 30% and 50% of the Group's free cash flow, defined as net cash generated from operating activities less sustaining capital expenditure, plus interest received and cash-settled share-based payments. During the year, the Company distributed $31.4 million (2024: $40.9 million), comprising the 2025 interim dividend of 4.5 pence per share and the 2024 final dividend of 9 pence per share (2024: 2024 interim dividend of 9 pence per share and 2023 final dividend of 9 pence per share).

In conjunction with CAML's 2025 annual results, the Board conditionally proposes a final dividend for 2025 of 7.5 pence per Ordinary Share.  This would bring total dividends (proposed and declared) for the year to 12 pence per share (2024: 18 pence per share) which represents 50% of free cash flow. Subject to the conditions below being satisfied, the final dividend will be payable on 29 June 2026 to shareholders registered on 5 June 2026.

Given that the Company does not currently have sufficient distributable reserves to fund the recommended dividend, the payment of the dividend will be conditional upon: (1) shareholders and the court approving the capital reduction which was announced by the Company on 10 March 2026 and the court order subsequently becoming effective; and (2) as expected thereafter, the Company having at the time the dividend is made sufficient distributable reserves to fund the dividend with reference to relevant accounts and otherwise complying with the requirements of Part 23 of the Companies Act 2006 (Distributions).

This latest dividend will increase the amount returned to shareholders in dividends since CAML's 2010 Initial Public Offering to 200 pence per share, a cumulative distribution totalling $420.3 million including share buybacks.

Going concern

The Group sells and distributes its copper cathode product primarily through an annual rolling offtake arrangement with Traxys Europe SA, with a minimum of 95% of Kounrad's forecast output committed under this contract. The Group sells Sasa's zinc and lead concentrate product through an annual rolling offtake arrangement with Traxys. The commitment is for 100% of Sasa's annual concentrate production. The Group meets its day-to-day working capital requirements through its cash-generative operations. The Group manages liquidity risk by maintaining adequate committed borrowing facilities, and the Group had substantial cash balances at 31 December 2025.

The Board has reviewed forecasts for the period to December 2027 to assess the Group's liquidity, which demonstrate substantial headroom. The Board has considered additional sensitivity scenarios in terms of the Group's commodity price forecasts, expected production volumes, operating cost profile and capital expenditure.

The Board has assessed the key risks that could impact the prospects of the Group over the 'going concern' period, including commodity price outlook, cost inflation and supply chain disruption, with stress testing of the forecasts in line with best practice. Liquidity headroom was demonstrated in each reasonably possible scenario. Accordingly, the Directors continue to adopt the 'going concern' basis in preparing the consolidated financial information.

Non-IFRS financial measures

The Group uses alternative performance measures that are not defined by generally accepted accounting principles (GAAP), such as International Financial Reporting Standards (IFRS), as additional indicators. These measures are used by management, alongside the comparable GAAP measures, in evaluating the Group's business performance. The measures are not intended as a substitute for GAAP measures and may not be comparable to similarly reported measures by other companies.

The following non-IFRS alternative performance financial measures are used in this report.

Earnings before interest, tax, depreciation and amortisation

EBITDA is a valuable indicator of the Group's ability to generate liquidity and is frequently used by investors and analysts for valuation purposes. It is also a non-IFRS financial measure which is reconciled as follows:

	2025 $'000	2024 $'000 (restated)
(Loss)/profit for the year	(75,158)	51,165
Plus/(less):
Impairment of non-current assets1	117,765	-
Income tax expense	16,178	25,896
Depreciation and amortisation	30,350	27,088
Unrealised loss on financial derivatives	1,179	-
Share of post-tax loss of investment in equity accounted associate	140	76
Fair value movement of share-based payments liability	7,955	3,966
Foreign exchange loss/(gain)	4,216	(5,638)
Other income	(2,121)	(211)
Finance income	(1,792)	(2,364)
Finance costs	2,612	2,192
Loss from discontinued operations	474	183
EBITDA	101,798	102,353

1. Includes impairment of Sasa of $117.5 million and CAML X exploration costs of $0.3 million.

Adjusted earnings per share

An adjusted EPS has been presented in Note 18 to provide a representation of the underlying earnings of the Group by removing exceptional items and those not expected to recur. This measure is reported to management on a monthly basis to support decision-making in relation to operational performance and dividend distributions. Adjusted EPS excludes the impairment of non-current assets, the associated deferred tax movement arising from the impairment of mineral rights, and losses on financial derivatives.

Revenue

Revenue is presented as the total revenue received from sales of all commodities, after deducting the directly attributable TCs associated for the sale of the Group's zinc, lead and silver, and offtake fees. This figure is presented inclusive of total revenue received in respect of the sale of copper cathode, and zinc and lead concentrates, and the revenue from silver sold to OR Royalties through CAML's streaming agreement.

Net cash

Net cash is a measure used by the Board for the purposes of capital management and is calculated as the total of the borrowings held, plus the cash and cash equivalents held at the end of the year. This balance does not include the restricted cash balance of $0.4 million (31 December 2024: $0.3 million).

	31-Dec-25 $'000	31-Dec-24 $'000
Borrowings - bank overdraft	(936)	(252)
Cash and cash equivalents excluding restricted cash	79,673	67,318
Net cash	78,737	67,066

Free cash flow

Free cash flow is a non-IFRS financial measure calculated as net cash from operations, less sustaining capital expenditure on property, plant and equipment and intangible assets, plus interest received, business development gains and cash-settled share-based payments.

	2025 $'000	2024 $'000
Net cash generated from operating activities	63,663	74,264
Less: purchase of sustaining property, plant and equipment	(16,195)	(14,352)
Less: purchase of intangible assets	(1,695)	(459)
Add: cash-settled share-based payments	4,287	3,900
Add: business development gain of break-fee and profit on NWR shares	4,055	-
Add: interest received	1,835	2,374
Adjusted free cash flow	55,950	65,727

The purchase of sustaining property, plant and equipment figure above does not include the $2.8 million (2024: $6.4 million) of capitalised expenditure on the Capital Projects at Sasa. These costs are considered expansionary development costs required for the transition to paste-fill mining, rather than sustaining capital expenditure. Following the completion of these projects in 2025, no further adjustments to free cash flow from expansionary capex are expected going forward.

During the year, the Group amended the FCF to include the one-off business development gains arising from the receipt of a break-fee and profit on disposal of NWR shares, following the termination of the proposed acquisition of NWR. These have been included as they directly offset costs incurred in relation to business development costs.

C1 cash costs

C1 cash costs of production is a standard metric used in the mining industry to allow comparison across the sector. In line with the industry standard, CAML calculates C1 cash costs by including all direct costs of production at Kounrad and Sasa (reagents, power, production labour and materials, as well as realisation charges such as freight and treatment charges), in addition to local administrative expenses. Royalties, silver stream commitments, taxes and duties, depreciation and amortisation charges are not included in the calculation of the C1 cash cost.

This is considered to be a useful and relevant measure, as it is a standard industry measure applied by most major base-metal mining companies. It allows a straightforward comparison of the unit of production costs of different mines and an assessment of the position of each mine on the industry cost curve. It also provides a simple indication of the profitability of a mine when compared against the unit price of the relevant metal.

Sasa's C1 unit cash cost is measured in zinc equivalents, based on the Wood Mackenzie pro-rata approach, with costs allocated to Sasa's zinc production based on the relative revenue contributions of zinc, lead and silver revenue.

	2025 $'000	2025 %	Production t	2025 $/lb
Kounrad C1 cash costs	23,924	100	13,311	0.82
Sasa C1 cash costs (zinc equivalent)	66,650	39	15,032	0.79
Group C1 cash costs (copper equivalent)	90,574	100	22,210	1.85
Reconciliation of Group C1 cash costs to Group costs (IFRS):
Group C1 cash costs	90,574
Plus:
Royalties (Note 7)	16,238
Taxes and duties (Notes 7, 9)	885
Depreciation and amortisation (Note 5)	30,350
Non-mining operations, unallocated EBITDA (Note 5)	19,888
Other items, including inventories variation	(22)
Less:
Group technical, support and marketing costs1	(489)
Silver stream commitment (Note 7)	(1,028)
Offtake buyers' fee (Note 6)2	(4,161)
Realisation charges3	(8,050)
Group costs (IFRS) as shown below	144,185
Group cost of sales (excl. silver purchases)	109,738
Group distribution and selling costs	2,295
Group administrative expenses	32,152
Group costs (IFRS)	144,185

For 2024

	2024 $'000	2024 %	Production t	2024 $/lb
Kounrad C1 cash costs	23,740	100	13,439	0.80
Sasa C1 cash costs (zinc equivalent)	67,100	39	15,614	0.76
Group C1 cash costs (copper equivalent)	90,840	100	23,798	1.73
Reconciliation of Group C1 cash costs to Group costs (IFRS):
Group C1 cash costs	90,840
Plus:
Royalties (Note 7)	12,722
Taxes and duties (Notes 7, 9)	926
Depreciation and amortisation (Note 5)	27,088
Non-mining operations, unallocated EBITDA (Note 5)	18,258
Other items, including inventories variation	136
Less:
Group technical, support and marketing costs1	(618)
Silver stream commitment (Note 7)	(984)
Offtake buyers' fee (Note 6)2	(3,929)
Realisation charges3	(14,784)
Group costs (IFRS) as shown below	129,655
Group cost of sales (excl. silver purchases)	98,746
Group distribution and selling costs	2,142
Group administrative expenses	28,767
Group costs (IFRS)	129,655

1. Certain technical, support and marketing activities are conducted on a centralised basis and recharged from the parent company to the operating entities, and are therefore included in the C1 cash cost figures. They are deducted to arrive at the Group cost (IFRS) reconciliation as transactions between Group companies are eliminated on consolidation.

2. For accounting purposes, the revenue amount is reported after deduction of offtake buyers' fees. Under the standard industry definition of cash costs, offtake buyers' fees are regarded as an expense and form part of the C1 cash costs figure.

3. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and form part of the C1 cash costs figure.

On behalf of the Board

Louise Wrathall

Chief Financial Officer, 18 March 2026