Central Asia Metals (GB:CAML)
LSE:CAML
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Central Asia Metals
(LSE:CAML)
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Rating:63Neutral
Price Target:
170.00 p
â–²(2.04% Upside)
Action:ReiteratedDate:03/26/26
The score is supported by a conservatively financed balance sheet and resilient cash generation, reinforced by management commentary on strong EBITDA/FCF and continued dividends. Offsetting this are elevated earnings volatility (including the impairment-driven loss) and clearly bearish technical signals with the stock trading below key moving averages.
Positive Factors
Balance sheet strength
Very low net debt and a conservatively positioned balance sheet give CAML durable financial flexibility. This supports continued dividends, funds sustaining capex and exploration, and provides capacity for opportunistic M&A or to absorb commodity-cycle shocks without levering the business.
Negative Factors
Large impairment at Sasa
The sizable Sasa impairment signals material asset-quality risk and a reassessment of reserve/valuation assumptions. It weakens reported equity and earnings, can constrain distributable reserves or trigger more conservative capital allocation, and raises the bar for future project returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low net debt and a conservatively positioned balance sheet give CAML durable financial flexibility. This supports continued dividends, funds sustaining capex and exploration, and provides capacity for opportunistic M&A or to absorb commodity-cycle shocks without levering the business.
Read all positive factors
Central Asia Metals (CAML) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£280.15M
Dividend Yield5.15%
Average Volume (3M)1.10M
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth5.70%
EPS Growth-9.60%
CountryUK
Employees1,000
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)0.11
Shares Outstanding177,710,950
10 Day Avg. Volume1,094,438
30 Day Avg. Volume1,097,963
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.57
Price to Sales (P/S)1.90
P/FCF Ratio9.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£188.33Price Target Upside13.05% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.4
Revenue Forecast (FY)£265.11M
Central Asia Metals Business Overview & Revenue Model
Company Description
Central Asia Metals plc, together with its subsidiaries, operates as a base metals producer. The company produces copper, zinc, silver, and lead. It owns a 100% interest in the Kounrad solvent extraction- electrowinning operation located near the ...
How the Company Makes Money
CAML makes money by producing and selling base metals and metal concentrates from its operating mines. Its primary revenue stream is the sale of copper cathode from the Kounrad operation in Kazakhstan: the site processes copper-bearing material an...
Central Asia Metals Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 16, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong operating performance, robust cash generation ($56m FCF), high group EBITDA margin (44%) and disciplined shareholder returns (12p dividend at top of policy) were major positives. However, the material impairment at Sasa (~$117.5m), negative reported EPS, geological and cost pressures at Sasa, and FX/tax headwinds are significant negatives that materially affect reported results. Management emphasized remediation plans at Sasa, ongoing exploration progress and conservative capital allocation. Given the sizeable one-off impairment but strong underlying cash generation and operational metrics, the positives and negatives are roughly balanced.Positive Updates
Strong Production Volumes
2025 production: 13,311 t copper, 17,881 t zinc and 25,156 t lead. Kounrad production was within guidance (13,000–14,000 t) and Sasa met revised guidance despite challenges.
Negative Updates
Large Impairment at Sasa
Impairment charge of $117.5 million (reported as GBP 117.5m) for Sasa recognized in 2025, materially impacting reported profit and resulting in negative reported EPS.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Production Volumes
2025 production: 13,311 t copper, 17,881 t zinc and 25,156 t lead. Kounrad production was within guidance (13,000–14,000 t) and Sasa met revised guidance despite challenges.
Read all positive updates
Company Guidance
Management guided 2026 production of 12,000–13,000 t of copper at Kounrad (vs 13,311 t in 2025; 2025 guidance 13,000–14,000 t) and 18,000–20,000 t zinc and 26,000–28,000 t lead at Sasa (2025 actuals 17,881 t Zn, 25,156 t Pb), with group CapEx guidance of $14.5–$17.5m for 2026 (Kounrad returning to ~$2m p.a.; Sasa sustaining capex was $11.3m of the $14.1m spent in 2025), exploration capitalised guidance of $3.0–$3.5m, and hedges covering c.50% of 2026 zinc production and 50% of euro operating cost exposure; 2025 financials to note were $230m revenue, ~$102m EBITDA (44% margin), $56m free cash flow, $80.1m cash, a 12p FY dividend (7.5p final) equating to 50% of FCF, >14% FCF yield and >7% dividend yield.Central Asia Metals Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
83
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 234.68M | 214.44M | 195.28M | 220.85M | 223.37M |
| Gross Profit | 102.42M | 103.50M | 99.54M | 131.79M | 141.13M |
| EBITDA | 103.55M | 105.99M | 94.93M | 131.50M | 141.22M |
| Net Income | -76.63M | 50.86M | 37.31M | 33.81M | 84.18M |
Balance Sheet | |||||
| Total Assets | 384.95M | 440.29M | 462.19M | 443.05M | 520.59M |
| Cash, Cash Equivalents and Short-Term Investments | 80.10M | 67.32M | 56.83M | 60.30M | 55.70M |
| Total Debt | 2.17M | 1.72M | 1.83M | 1.70M | 33.61M |
| Total Liabilities | 100.04M | 88.58M | 82.13M | 74.92M | 111.34M |
| Stockholders Equity | 284.67M | 353.20M | 381.31M | 369.44M | 410.56M |
Cash Flow | |||||
| Free Cash Flow | 47.45M | 53.02M | 38.55M | 82.45M | 97.91M |
| Operating Cash Flow | 66.87M | 74.26M | 66.41M | 99.84M | 112.61M |
| Investing Cash Flow | -16.93M | -22.71M | -25.97M | -13.69M | -14.53M |
| Financing Cash Flow | -37.26M | -40.96M | -44.00M | -81.49M | -86.59M |
Central Asia Metals Technical Analysis
Negative
166.60
Price Trends
196.31
Negative
188.33
Negative
170.56
Negative
Market Momentum
-9.09
Negative
41.31
Neutral
65.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CAML, the sentiment is Negative. The current price of 166.6 is above the 20-day moving average (MA) of 166.13, below the 50-day MA of 196.31, and below the 200-day MA of 170.56, indicating a bearish trend. The MACD of -9.09 indicates Negative momentum. The RSI at 41.31 is Neutral, neither overbought nor oversold. The STOCH value of 65.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CAML.
Central Asia Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | £37.24B | 32.06 | 10.67% | 0.92% | 13.52% | 38.75% | |
65 Neutral | £1.21B | 16.42 | 15.06% | 0.74% | 23.97% | 216.41% | |
63 Neutral | £280.15M | -5.82 | -22.86% | 5.15% | 5.70% | -9.60% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | £278.99M | 13.71 | -12.56% | ― | 129.53% | 70.68% | |
45 Neutral | £19.70M | ― | ― | ― | ― | ― |
* Basic Materials Sector Average
GB:CAML
Central Asia Metals
164.40
30.90
23.15%
GB:AAZ
Anglo Asian Mining
244.00
130.00
114.04%
GB:ANTO
Antofagasta
3,777.00
2,412.58
176.82%
GB:ATYM
Atalaya Mining
786.00
487.53
163.34%
GB:GSCU
Great Southern Copper PLC
2.75
-0.95
-25.68%
Central Asia Metals Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Central Asia Metals Swings to Loss on Sasa Impairment but Maintains Dividend and Growth Push
Negative
Mar 19, 2026
Central Asia Metals reported 2025 revenue of $229.9 million and EBITDA of $101.8 million, largely flat year on year, but swung to a net loss of $75.2 million after a $117.8 million non-cash impairment at its Sasa mine, while maintaining strong cas...
Business Operations and StrategyShareholder Meetings
Central Asia Metals Moves to Boost Distributable Reserves via Share Premium Cancellation
Positive
Mar 10, 2026
Central Asia Metals has proposed cancelling its share premium account to restructure its balance sheet and increase distributable reserves. The move is designed to enhance the company’s capacity to pay future dividends, conduct potential sha...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Completes Share Buyback and Reduces Share Capital
Positive
Mar 5, 2026
Central Asia Metals has completed its previously announced share buyback programme with the repurchase on 4 March 2026 of 31,727 ordinary shares at a volume-weighted average price of 186.48 pence. These shares will be cancelled and delisted from A...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Central Asia Metals Cuts Share Count with Latest Buyback Tranche
Positive
Mar 4, 2026
Central Asia Metals has continued its previously announced share buyback programme, repurchasing 45,311 ordinary shares on 3 March 2026 via Peel Hunt at a volume-weighted average price of 186.95 pence. The repurchased shares will be cancelled and ...
Stock BuybackRegulatory Filings and Compliance
Central Asia Metals Tightens Free Float with Latest Share Buyback
Positive
Mar 3, 2026
Central Asia Metals has continued its ongoing share buyback programme, repurchasing 25,000 ordinary shares at a price of 238.5 pence each on 2 March 2026 through Peel Hunt. The purchased shares will be cancelled and delisted from AIM, reducing the...
Financial Disclosures
Central Asia Metals sets 19 March date for 2025 full-year results
Neutral
Mar 3, 2026
Central Asia Metals said it will publish its full-year results for 2025 on 19 March 2026, offering investors and analysts a key update on performance at its copper and zinc-lead operations. Management will host a conference call and webcast that m...
Business Operations and StrategyFinancial Disclosures
Central Asia Metals Cuts Sasa Mine Life and Flags Non-Cash Impairment
Negative
Mar 3, 2026
Central Asia Metals has updated the year-end Mineral Resource and Ore Reserve for its Sasa zinc-lead mine, reporting a total Mineral Resource of 20.5 million tonnes and an Ore Reserve of 6.9 million tonnes as of 31 December 2025. The revisions imp...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Central Asia Metals Tightens Free Float with Latest Share Buyback
Positive
Mar 2, 2026
Central Asia Metals has continued executing its share buyback programme, repurchasing 51,313 ordinary shares on 27 February 2026 at a volume-weighted average price of 240.63 pence. The repurchased shares will be cancelled and delisted from AIM, re...
Regulatory Filings and Compliance
Central Asia Metals Updates Total Voting Rights and Share Capital
Neutral
Feb 27, 2026
Central Asia Metals has reported that, as of 27 February 2026, its issued share capital stands at 178,006,319 ordinary shares, of which 193,325 are held in treasury. This leaves a total of 177,812,994 voting rights in the company, a key figure for...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Central Asia Metals Tightens Free Float With Latest Share Buyback
Positive
Feb 18, 2026
Central Asia Metals has continued its capital management strategy by repurchasing 35,000 ordinary shares on 17 February 2026 under its existing buyback programme, at a volume-weighted average price of 209.86 pence per share. The purchased shares w...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels New Tranche of Shares Under Ongoing Buyback
Positive
Feb 17, 2026
Central Asia Metals has continued its share buyback programme, repurchasing 33,804 ordinary shares on 16 February 2026 via Peel Hunt at a volume-weighted average price of 214.35 pence. The company will cancel and delist these shares from AIM, redu...
Business Operations and StrategyStock Buyback
Central Asia Metals Cancels New Buyback Shares, Trimming Free Float
Positive
Feb 16, 2026
Central Asia Metals has continued to execute its previously announced share buyback programme, repurchasing 50,000 ordinary shares on 13 February 2026 at a price of 218 pence per share. The shares, acquired via Peel Hunt, will be cancelled and del...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 25,000 Shares Under Ongoing Buyback
Neutral
Feb 13, 2026
Central Asia Metals has continued its share buyback programme, repurchasing 25,000 ordinary shares on 12 February 2026 at a price of 219 pence per share through broker Peel Hunt. The repurchased shares will be cancelled and delisted from AIM, redu...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Buys Back and Cancels 25,000 Shares
Neutral
Feb 12, 2026
Central Asia Metals has repurchased 25,000 ordinary shares under its ongoing buyback programme, paying 219.50 pence per share, with the shares to be cancelled and delisted from AIM. Following this latest transaction, the company will have 178,201,...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 75,000 Shares Under Ongoing Buyback Programme
Positive
Feb 5, 2026
Central Asia Metals has continued to execute its previously announced share buyback programme, repurchasing 75,000 ordinary shares on 4 February 2026 at a volume-weighted average price of 222.17 pence per share through Peel Hunt. The repurchased s...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Cancels 50,000 Shares Under Ongoing Buyback Programme
Neutral
Feb 4, 2026
Central Asia Metals has continued to execute its share buyback programme, repurchasing 50,000 ordinary shares on 3 February 2026 at a volume-weighted average price of 218.25 pence per share through Peel Hunt. The repurchased shares will be cancell...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels Further Shares Under Ongoing Buyback Programme
Positive
Feb 3, 2026
Central Asia Metals has continued to execute its previously announced share buyback programme, repurchasing 249,026 ordinary shares on 2 February 2026 at a volume-weighted average price of 215.04 pence per share through Peel Hunt. The repurchased ...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Cancels 200,000 Shares Under Ongoing Buyback Programme
Neutral
Feb 2, 2026
Central Asia Metals has continued executing its previously announced share buyback programme with the purchase of 200,000 ordinary shares on 30 January 2026 via Peel Hunt at a volume-weighted average price of 224.98 pence per share. The repurchase...
Regulatory Filings and Compliance
Central Asia Metals Updates Total Voting Rights and Share Capital
Neutral
Jan 30, 2026
Central Asia Metals has reported that as of 30 January 2026 its issued share capital comprises 178,600,462 ordinary shares of US$0.01 each, of which 193,325 are held in treasury, leaving 178,407,137 voting rights in issue. The updated voting right...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 25,000 Shares Under Ongoing Buyback
Neutral
Jan 28, 2026
Central Asia Metals has repurchased 25,000 of its own ordinary shares at 216 pence per share under its ongoing share buyback programme, with the shares to be cancelled and delisted from AIM. Following this transaction, the company will have 178,80...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 100,000 Shares in Latest Buyback Move
Neutral
Jan 23, 2026
Central Asia Metals has repurchased 100,000 of its own ordinary shares on 22 January 2026 under its previously announced share buyback programme, at a volume-weighted average price of 200.95 pence per share, with the shares to be cancelled and del...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 100,000 Shares in Ongoing Buyback Programme
Positive
Jan 22, 2026
Central Asia Metals has repurchased 100,000 of its own ordinary shares on 21 January 2026 under its ongoing share buyback programme, at a volume-weighted average price of 209.56 pence per share, with the shares to be cancelled and delisted from AI...
Business Operations and StrategyStock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 50,000 Shares Under Ongoing Buyback Programme
Positive
Jan 20, 2026
Central Asia Metals has repurchased 50,000 of its own ordinary shares on 19 January 2026 under its ongoing share buyback programme, at a volume-weighted average price of 198 pence per share, with the shares to be cancelled and delisted from AIM. F...
Stock BuybackDelistings and Listing Changes
Central Asia Metals Cancels 150,000 Shares Under Ongoing Buyback Programme
Positive
Jan 19, 2026
Central Asia Metals has repurchased 150,000 ordinary shares under its ongoing share buyback programme, executed via Peel Hunt on 16 January 2026 at a volume-weighted average price of 196.75 pence per share. The repurchased shares will be cancelled...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Cancels Further 100,000 Shares Under Ongoing Buyback
Positive
Jan 14, 2026
Central Asia Metals has continued its share buyback programme, repurchasing 100,000 ordinary shares on 13 January 2026 via Peel Hunt at a volume-weighted average price of 190.25 pence, with the shares to be cancelled and delisted from AIM. Followi...
Business Operations and StrategyStock Buyback
Central Asia Metals Buys Back 50,000 Shares Under Ongoing AIM Programme
Positive
Jan 12, 2026
Central Asia Metals has continued its share buyback programme, repurchasing 50,000 ordinary shares at 189 pence each on 9 January 2026 via Peel Hunt, with the shares to be cancelled and delisted from AIM. Following this transaction, the company...
Stock BuybackRegulatory Filings and Compliance
Central Asia Metals Cancels Further Shares Under Ongoing Buyback
Neutral
Jan 9, 2026
Central Asia Metals has continued to execute its share buyback programme, purchasing 45,000 ordinary shares on 8 January 2026 at a volume-weighted average price of 187.29 pence, with the shares to be cancelled and delisted from AIM. Following this...
Stock BuybackRegulatory Filings and Compliance
Central Asia Metals Cancels 75,000 Shares Under Buyback Programme
Neutral
Jan 8, 2026
Central Asia Metals has repurchased 75,000 of its own ordinary shares on 7 January 2026 under its ongoing share buyback programme, at a volume-weighted average price of 191.83 pence per share, with the shares to be cancelled and removed from tradi...
Business Operations and StrategyFinancial Disclosures
Central Asia Metals Hits 2025 Guidance, Tightens Sasa Operations and Ramps Up Exploration Drive
Positive
Jan 8, 2026
Central Asia Metals reported that both its Kounrad copper operation and Sasa zinc-lead mine delivered 2025 production within guidance, with Kounrad producing 13,311 tonnes of copper and Sasa outputting 17,881 tonnes of zinc-in-concentrate and 25,1...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Cancels 40,000 Shares Under Ongoing Buyback Programme
Neutral
Jan 6, 2026
Central Asia Metals has continued to execute its previously announced share buyback programme, purchasing 40,000 ordinary shares on 5 January 2026 at a volume-weighted average price of 188.31 pence per share through Peel Hunt. The repurchased shar...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Cancels 50,000 Shares Under Ongoing Buyback Programme
Neutral
Jan 5, 2026
Central Asia Metals has continued its previously announced share buyback programme with the purchase of 50,000 ordinary shares on 2 January 2026 at a price of 188.50 pence per share, executed through Peel Hunt. The acquired shares will be cancelle...
Regulatory Filings and Compliance
Central Asia Metals Updates Total Voting Rights for Year-End 2025
Neutral
Dec 31, 2025
Central Asia Metals has confirmed that as of 31 December 2025 its issued share capital comprised 179,585,462 ordinary shares, of which 193,325 are held in treasury, leaving 179,392,137 voting rights in issue. The updated voting rights figure provi...
Stock BuybackDelistings and Listing ChangesRegulatory Filings and Compliance
Central Asia Metals Buys Back and Cancels 35,000 Shares Under Ongoing Programme
Positive
Dec 30, 2025
Central Asia Metals has continued its previously announced share buyback programme with the repurchase of 35,000 ordinary shares on 29 December 2025, at a volume-weighted average price of 187.43 pence per share, via broker Peel Hunt. The shares wi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.