Central Asia Metals Regulatory News (CAML)

8 July 2026

Central Asia Metals PLC

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

H1 2026 Operations Update

Central Asia Metals PLC (AIM: CAML) provides its H1 2026 operations update, principally concerning the Kounrad dump-leach, solvent extraction-electrowinning (SX-EW) copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

H1 2026 operational summary

- Production for H1 2026 ahead of the corresponding period in 2025 in all three metals:

o  Kounrad copper production of 6,304 tonnes (1% higher)

o  Sasa zinc-in-concentrate production of 9,094 tonnes (5% higher)

o  Sasa lead-in-concentrate production of 13,312 tonnes (6% higher)

- Average received prices for copper and zinc significantly higher than in H1 2025:

o  Average received copper price of $13,181 per tonne (39% higher)

o  Average received zinc price of $3,349 per tonne1,2 (25% higher)

o  Average received lead price of $1,936 per tonne2 (1% lower)

- Improvement programme at Sasa progressed to the next phase, with the emphasis on better management information to improve the mining performance, and on cost control

- One lost time injury (LTI) at Kounrad and one at Sasa (both in Q1 2026)

- Maiden drilling programmes completed on two Group exploration projects in the Chingiz-Tarbagatay belt, Kazakhstan, totalling approximately 4,300 metres; option over additional licence secured in prospective Tengiz Basin

- Phase 3 drilling completed at 32.6%-owned Aberdeen Minerals' Arthrath base-metals project in northeast Scotland

Group cash

- Net cash at 30 June 2026 of $96.7 million

Outlook

- Production guidance for FY2026 reiterated:

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

- Assay results from Group maiden exploration drilling programmes on the Yuzhnoe and Otyar projects in Kazakhstan expected in Q3 2026; and will inform decision-making regarding further exploration

- Technical report due in Q3 2026 based on Aberdeen Minerals' 2026 exploration programme at Arthrath, which will also help to inform a decision on the potential exercise of CAML's remaining £1.15 million warrants

- Closing of the acquisition of Cygnus Metals and its Chibougamau high-grade copper-gold project remains on schedule for September

CAML production summary

Gavin Ferrar, Chief Executive Officer, commented:

"I am pleased to report a strong production performance in all three metals in Q2 2026, bringing our H1 2026 production firmly on track to meet the 2026 guidance ranges we set at the start of the year. This is allowing CAML to take advantage of the current high prices for copper and zinc in particular, underpinning the strong cash generation of our existing operations. This production was achieved safely, with no lost-time injuries recorded in Q2 2026.

"Kounrad had a strong production quarter in Q2 2026, building on its solid Q1 performance, which is particularly pleasing given we set production guidance for this year slightly lower than last year owing to the nature of the blocks due to be leached.

"Sasa achieved a marked improvement across all of its production measures in Q2 2026, bringing its H1 performance well ahead of that recorded in H1 of last year. This provides a tangible result from the work of the site team since the comprehensive business review conducted last year. That programme continues in order to consolidate the improved performance and to build on it in the quarters ahead.

"Meanwhile, work is well advanced on completing the proposed acquisition of Cygnus Metals and its high-grade Chibougamau copper-gold development asset. We are extremely excited at the prospect of adding this asset to our portfolio, both for the potential production from the core project and for the exploration upside that we see in the accompanying land package and its 18 kilometres of strike. We look forward to closing the transaction in September."

Health and Safety

Kounrad and Sasa each recorded one LTI during H1 2026, both in Q1. By 30 June 2026, Sasa had achieved 141 days LTI-free and Kounrad 106 days.

Kounrad

Kounrad's Q2 2026 copper production was 3,424 tonnes, bringing production for H1 2026 to 6,304 tonnes (1.4% higher than in H1 2025). The strong performance was mainly attributable to the leach pick-up grade of 1.45 grammes per litre, higher than the forecast of 1.37 grammes per litre. Sales during the quarter were 3,584 tonnes, and totalled 6,287 tonnes for H1 2026, both broadly in line with production.

During Q2 2026, the intermediate pumping station was commissioned at the juncture of Dumps 15 and 22, with dozer levelling works completed on Dump 15 in readiness for the coming year 2027. Winterisation works associated with three ore blocks on Dump 16 is under way and will be complete by September, in readiness for the next winter operating period. In line with the planned maintenance schedule, three new 2.8MW boiler units arrived at site in early June, two of which will be installed at the Eastern Dumps and one at the Western Dumps prior to September. 

Sasa

Sasa's production in Q2 2026 represented a significant improvement compared with the corresponding period in 2025 in each of the key performance measures. Ore tonnes mined and milled were 3.7% and 5.4% higher, respectively; the head grade for zinc was up by 9.6% and that for lead was 6.4% higher. The resulting output of zinc-in-concentrate was nearly 18% higher than in Q2 2025, and that for lead was approximately 13% higher. The H1 2026 production results were also all higher than those of the corresponding period in 2025.

Sasa production summary

Sasa's metal-in-concentrate production is subject to payability factors of approximately 84% for zinc and 95% for lead when delivered to smelters. Consequently, H1 2026 payable production was 7,656 tonnes of zinc-in-concentrate and 12,647 tonnes of lead-in-concentrate.

Payable metal-in-concentrate sales for H1 2026 were 7,732 tonnes of zinc and 12,705 tonnes of lead, in line with payable production. During H1 2026, Sasa delivered 209,859 ounces of payable silver to OR Royalties, in accordance with its streaming agreement.

Meanwhile, the site team at Sasa is implementing a structured continuous improvement programme focused on sustainable operational improvements across the operation. The programme, building on the outcomes from last year's comprehensive review, covers all operational, technical and supporting functions. Key areas covered by the current programme include:

- increasing the density of geological data covering upcoming mining areas;

- strengthening the management systems of the mine to give better information on operational performance in real time, enabling improved performance management;

- refining the mix and practical implementation of the three mining methods; and

- managing operating costs across procurement and contracting.

Exploration activities

During H1 2026, CAML X, an 80%-owned subsidiary of CAML, completed its maiden drilling programmes in Kazakhstan, comprising approximately 2,200 metres over eight diamond-drill holes at Otyar and approximately 2,100 metres over seven diamond-drill holes at Yuzhnoe.

At Otyar, the drilling confirmed the presence of a structurally controlled polymetallic zinc-lead-silver-gold system. Drilling intersected visible sphalerite and galena mineralisation in several holes, and preliminary portable X-ray fluorescence (pXRF) measurements indicated locally elevated zinc values. Geological observations suggest that mineralisation is controlled by discrete fracture systems, rather than the broader induced polarisation (IP) chargeability anomalies originally targeted, leading to an updated structural interpretation of the prospect. Laboratory assay results are expected in August and September 2026, and will be used to assess the significance of associated precious metal mineralisation and to determine the next phase of exploration.

The drilling at Yuzhnoe confirmed the existence of a continuous, structurally controlled copper-molybdenum porphyry stockwork system over approximately 1 kilometre of strike. Geological observations show a strong correlation among IP anomalies, structural controls and sulphide mineralisation. Preliminary pXRF data have been used to support geological vectoring and to prioritise follow-up work, and laboratory assay results are expected in Q3 2026. Following interpretation of the complete assay dataset, CAML expects to determine whether a Phase 2 drilling programme will proceed in Q3 2026.

During Q2 2026, CAML XD, a wholly-owned subsidiary of CAML, signed an option agreement over an additional licence in the Tengiz Basin, a region of Kazakhstan prospective for sediment-hosted copper mineralisation. The licence covers multiple exploration targets within an area approximately 3 kilometres by 6 kilometres. Under the agreement, CAML XD has the right to acquire a 100% interest by meeting agreed exploration commitments, including a minimum 2,500-metre drilling programme during the initial three-year option period, which may be extended by one year. The acquisition complements CAML XD's existing exploration licence in the Tengiz Basin, obtained in late 2025.

Group cash and debt position

At 30 June 2026, CAML held cash of $97.6 million (including $0.4 million classified as restricted cash) and had $0.9 million drawn under an overdraft facility, for net cash of $96.7 million.

Cygnus transaction update

On 2 June 2026, CAML announced the proposed acquisition of Cygnus Metals Limited ('Cygnus') via an Australian scheme of arrangement, offering 0.06 new CAML shares per Cygnus share, implying an equity value for Cygnus of ~A$232 million (based on prices and exchange rates at that date). The all-share transaction would add the Chibougamau Project in Québec, a high-grade copper-gold development asset, to CAML's portfolio. Work on documentation for the transaction is well advanced, and completion remains scheduled for September 2026, in line with the indicative timetable previously announced. CAML expects to distribute a circular to its shareholders containing a notice of extraordinary general meeting in mid-August.

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

For further information contact:

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 and 100% in CAML XD, two subsidiaries 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