Central Asia Metals has reported higher copper and zinc production in the first five months of 2026 compared to the same period last year, with sharply elevated metal prices converting operational improvements into what the company describes as a highly profitable and cash-generative first half.
Copper production from the Kounrad heap leach operation in Kazakhstan totalled 5,141 tonnes in the January to May period, ahead of 4,953 tonnes in the same period of 2025. The Sasa zinc-lead underground mine in North Macedonia produced 7,566 tonnes of zinc in concentrate, up from 7,397 tonnes. Lead production of 11,142 tonnes was marginally ahead of the prior year, though the average received price for lead concentrates dipped slightly.
The more significant driver of financial performance has been metal prices. Copper averaged $13,076 per tonne across the five months — a near 40% increase from $9,377 per tonne in the equivalent period of 2025. Zinc averaged $3,299 per tonne, 19% higher year-on-year. Sasa also benefited from historically low treatment charges for lead concentrates, which have turned negative, boosting revenues at that operation.
CEO Gavin Ferrar said the company’s emphasis on production efficiency had allowed it to take full advantage of the high 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.
CAML maintained full-year production guidance of 12,000 to 13,000 tonnes of copper, 18,000 to 20,000 tonnes of zinc concentrates and 26,000 to 28,000 tonnes of lead concentrates, noting that Kounrad typically delivers stronger output in the second half as warmer weather improves dump-leach performance.
The update comes alongside CAML’s announced acquisition of Cygnus Metals and its copper-gold project in Quebec, Canada — a transaction intended to add a development-stage asset to the company’s producing portfolio. Shares closed 3.4% higher at a market capitalisation of £240.3 million.
