Central Asia Metals’ copper-zinc output beats last year

Central Asia Metals (AIM: CAML) says operational efficiencies have allowed it to produce more copper and zinc through the first five months of 2026 than the same period last year, as the company pursues a potential expansion into Canada. 

From January to May, copper production from its Kounrad operation in Kazakhstan totalled 5,141 tonnes, almost 4% higher than last year’s 4,953 tonnes, while the Sasa mine in North Macedonia produced 7,566 tonnes of zinc in concentrate, a more than 2% rise over 7,397 tonnes in 2025.

Alongside higher production, the U.K.-listed miner also reported significantly higher realized prices for the metals through the five-month period. Copper averaged $13,076 per tonne, a near 40% increase from last year’s $9,377 per tonne. Average zinc prices were 19% higher at $3,299 per tonne.

For lead, CAML said it experienced historically low levels of treatment charges, which have turned negative, boosting Sasa’s revenues. During the five months, the average received price for lead concentrates dipped slightly, offsetting a marginal increase in lead concentrate production compared with the same period last year.

Commenting on the results, CEO Gavin Ferrar pointed to an emphasis on production efficiency that has allowed the company to take full advantage of the high metals prices. “H1 2026 is shaping up to be a highly profitable and cash-generative period for the group, supporting our stated dividend policy,” he said in a release on Wednesday.

The production gains come as copper and zinc prices remain well above year-ago levels, positioning Central Asia Metals for a stronger financial performance this year and providing additional support for its proposed expansion into Canada through the acquisition of Cygnus Metals.

Group outlook

Looking ahead, CAML expects to meet its full-year production guidance of 12,000-13,000 tonnes of copper, 18,000-20,000 tonnes of zinc concentrates and 26,000-28,000 tonnes of lead concentrates. For copper, it pointed to a typically stronger second half at Kounrad, given the positive effects of warmer weather on dump-leach operations.

The company is also set to expand its portfolio beyond the European and Central Asian regions, having announced last week its proposed acquisition of Cygnus Metals (ASX: CY5; TSXV: CYG) and its high-grade copper-gold project in Quebec.

“The transaction combines a highly cash-generative business with a very prospective copper development asset, giving both sets of shareholders exposure to a diversified base metals mining company,” Ferrar said in a press release on Wednesday.

Shares in CAML fell 3% to £1.31 apiece on Thursday in London, for a market capitalization of £231.7 million. The stock has traded in a 12-month range of £1.28 to £2.44.