Earnings call transcript: Central Asia Metals lifts H1 2026 profit, shares jump

Central Asia Metals PLC reported a sharp increase in first-half 2026 results, with revenue rising 46% to $145.5 million and EBITDA up 89% to $75.5 million. The company attributed the growth to higher prices for copper, zinc, and silver, as well as stronger production at its core assets. Kounrad, its copper operation in Kazakhstan, achieved an impressive 84% EBITDA margin, while Sasa, the lead-zinc mine in North Macedonia, saw production increases of 5% in zinc and 6% in lead.

The company also announced an 8 pence interim dividend, reflecting $46.8 million in adjusted free cash flow. Shares jumped 9.31% to $183.20 in pre-market trading, buoyed by the strong earnings and a dividend declaration. Management highlighted the favorable commodity backdrop, particularly the 39% higher average copper prices and 26% higher zinc prices compared to the same period in 2025.

The company remains on track for full-year production targets at both Kounrad and Sasa, with exploration spending of $3 million to $3.5 million for 2026 and $14.5 million to $17.5 million in total capital spending, including $3 million for the proposed Cygnus acquisition.