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CENTRAL ASIA METALS PLC 2 DISCLAIMER IMPORTANT – You must read the following before continuing This is a presentation (together with any accompanying documents and oral presentation of these slides, including talks given by the presenters, any question and answer session, and any material distributed in connection with this presentation, the "Presentation") by Central Asia Metals PLC (CAML) dated 2 June 2026. CAML confirms that this Presentation has been authorised for public release by its board of directors. T his Presentation has been prepared in relation to the proposed acquisition by CAML of all the shares issued in Cygnus Metals Limited ("Cygnus") by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Corporations Act) between Cygnus and its shareholders (Scheme). Under the Scheme, it is proposed that CAML will acquire 100% of the fully paid ordinary shares in Cygnus in exchange for the issue of ordinary shares in the capital of CAML to Cygnus shareholders. The Scheme is subject to the terms and conditions described in the scheme implementation deed entered into between CAML and Cygnus on or about the date of this Presentation (SID). A copy of the SID is available on the Australian Securities Exchange (ASX) and CAML's website. This Presentation has not been approved by an authorised person in accordance with applicable UK legislation, including the F inancial Services and Markets Act 2000 ("FSMA"). If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in in vestments of this kind. The information contained in this Presentation does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment and is not intended to provide, an d should not be relied upon whatsoever, for financial, accounting, legal or tax advice Summary information This Presentation contains summary information about CAML and Cygnus and their respective associated entities and activities current as at the date of this Presentation (unless otherwise indicated). This Presentation is for information purposes only. Th e information in this Presentation is of a general background nature and does not purport to be complete, nor does it contain a ll the information that an investor may require to make an informed assessment about the Scheme and its effect, nor does it contain all the information which prospective investors would require to evaluate an investment in CAML or Cygnus, nor does it contain all the information which would be required in a prospectus or product disclosure statement prepared in accordance with the Corporations Act or the UK's Public Offers and Admission to Trading Regulations 2023. Neither CAML nor Cygnus is res ponsible for updating, nor undertakes to update, this Presentation. This Presentation has been prepared by CAML based on information available to them at the time of preparing this Presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, o pinions and conclusions contained in this Presentation. To the maximum extent permitted by law none of CAML or any related body corporate of CAML, nor any of their respective directors, employees, agents or advisers ( CAML Parties), or any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this Presentation or its contents or otherwise arising in connectio n with it. This Presentation should be read in conjunction with CAML’s and Cygnus’ most recent financial reports and other periodic and continuous disclosure announcements which are available at https://www.centralasiametals.com/investors/ (in respect of CAML) and www.asx.com.au and on SEDAR (in respect of Cygnus). The information in this Presentation is based on CAML’s own inf ormation and estimates and has not been independently verified. Further information about the Scheme will be provided by Cygnus to Cygnus shareholders and released to ASX and SEDAR in due c ourse, in the form of an explanatory statement and notice of meeting (Scheme Booklet). The Scheme Booklet will also include or be accompanied by an independent expert’s report that will opine on whether the Scheme is in the best interests of Cygnus shareholders. Not an offer This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy any securities in any jurisdicti on. The distribution of this Presentation and the offer of securities is restricted in jurisdictions outside of Australia. This P resentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer t o sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an o ffer would be unlawful. The securities referred to in this Presentation have not been, and will not be, registered under the US Se curities Act of 1933 (US Securities Act) and may not be offered or sold, resold, taken up, exercised, renounced, transferred or delivered, directly or indirectly, in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This Presentation is for information purposes only and is not, and should not be considered as, an offer or solicitation or a n invitation or recommendation to subscribe for, acquire or buy securities in CAML or Cygnus or any other financial products. Neither this Presentation nor any of its contents will form the basis of any contract or commitment. This Presentation is not a prospectus, an advertisement in connection with a prospectus, product disclosure statement or other disclosure document under the Corporations Act or the UK's Public Offers and Admission to Trading Regulations 2023 or any other offering document under Australian, Canadian or English law or the law of any other jurisdiction (and will not be lodged with nor has it been approved by the Australian Securities and Investments Commission (ASIC), the FCA, the LSE, or any other regulator). Neither this Presentation nor any of its contents may be reproduced or used for any purpose without the prior written consent of CAML. H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC 3 DISCLAIMER Not investment or financial advice This Presentation, and the information in it, does not constitute financial product, legal, tax, accounting or investment advice and is not a recommendation to investors or potential investors. This Presentation, and the information contained within it, does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, you should consider the appropriateness of the information having regard to these matters, any relevant offe r document and in particular, you should seek independent professional advice that you deem necessary or appropriate before tak ing any action based on the information contained in this Presentation. CAML is not licensed to provide financial product advice and does not purport to give advice of any nature. Investment risk An investment in any listed company, including CAML, is subject to investment and other known and unknown risks, some of which are beyond the control of CAML, including possible loss of income and capital invested. CAML does not guarantee any particular rate of return or the performance of CAML or Cygnus, nor does it guarantee the repayment of capital from CAML or a ny particular tax treatment. When making any investment decision, investors should make their own enquiries and investigations regarding all information in this Presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of CAML and Cygnus, and the impact that different future outcomes may have on CAML and Cygnus. In respect of the S cheme, investors should carefully consider the information to be made available in the Scheme Booklet (and all other materials issued by Cygnus in connection with the Scheme) and seek independent advice before making any decision. Limitation on information in relation to Cygnus and its operations All information in this Presentation in relation to Cygnus and its assets and operations – including in relation to or otherwise derived from reserves, resources, historical production, historical costs and cash flows and other financial information, or production or development plans, or infrastructure or production capacity or capability, or any forward -looking statements relating to or extrapolated from any of that information – has been sourced from Cygnus (Cygnus Information). Cygnus is responsible for the Cygnus Information. None of the CAML Parties assume any responsibility for the accuracy or completeness o f the Cygnus Information. Whilst the Company confirms that it has accurately reproduced the Cygnus Information, it cannot give any representations or w arranties as to the accuracy or completeness of this information, which is the responsibility of Cygnus. In particular, the financial information provided by the owner has been relied upon by the Company for assessing the effects the transaction wil l have on the enlarged group's position (for example, figures relating to earnings per share, EBITDA, market capitalisation and so on) and any potential synergies. These figures therefore represent the Company's own assessment of the position using the information provided to it. The Company has relied upon the accuracy and completeness of the information provided to it by the owner. In particular, any estimates or projections or opinions or statements regarding potential synergies contained her ein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Currency and effect of rounding Unless otherwise stated, all dollar values are in United States dollars (US$) or Australian dollars (A$). A number of figures , amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of roundin g. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance, including future share price performance. Historical information in this Presentation relating to CAML or Cygnus is information that has been released to the market. The historical information is pr esented in an abbreviated form insofar as it does not include all presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS), IFRS and Canadian equivalent and other mandatory profes sional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act, the UK Companies Act 2006 and Canadian legislation. H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC 4 DISCLAIMER Future performance and forward-looking statements This Presentation contains references to forecasts, estimates, assumptions and other forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “forecast”, "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All forward-looking statements are based on information and estimates available to CAML at the time of this Presentation and are not guarantees of future performance. They may be affected by a va riety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. Examples of forward-looking statements (made at the date of this Presentation unless otherwise indicated) include, among others, statements regarding intentions, beliefs and expectations, plans, strategies and objectives of the directors and management of CAML, the anticipated timing for and outcome and effects of the Scheme (including expected benefits to shareholders of CAML and Cygnus), indications of and guidance on synergies, future earnings or financial position or performance, anticipated production or construction or development commencement dates, costs or production outputs, capital expenditure an d future demand for copper, gold, zinc, lead and other commodities, expectations for the ongoing development and growth potential and the future operation of CAML and Cygnus. Any forward-looking statements, as well as any other opinions and estimates, provided in this Presentation are based on assumpti ons, contingencies and estimates existing at the time of assessment and which are subject to change without notice impacting the accuracy of those statements and which may prove ultimately to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those contemplated by the forw ard-looking statements as a result of a variety of risks, uncertainties and other factors, many of which are outside the control of CAML and Cygnus. Such factors may include, among other things, risks relating to funding requirements, copper, gold, zinc, lead and other commodity prices, exploration, development and operating risks (including unexpected capital or operating cost increases), production risks, competition and market risks, regulatory restrictions (including environmental regulations and associated liability, changes in regulatory restrictions or regulatory policy and potential title disputes), risks associated wi th operating in emerging markets (including significant legal, economic and political risks in Kazakhstan and North Macedonia) a nd risks associated with general economic conditions. In addition, other factors related to the Scheme that contribute to the uncertain nature of the forward-looking statements and that could cause actual results and financial condition to differ materially from those expressed or implied include, but are not limited to: the satisfaction of the conditions precedent to the consummation of the Scheme, including, without limitation, the receipt of securityholder and regulatory approvals on the terms desired or anticipated; whether an additional listing will be achieved; unanticipated difficulties or expenditures relating to the Scheme, including, without limitation: difficulties that result in the failure to realise expected synergies, efficiencies and cost savings from the Scheme within the expected time period (if at all); potential difficulties in CAML and Cygnus’ ability to retain employees as a result of the announcement and pendency of the Scheme; disruptions of CAML and Cygnus’ current plans, operations and relationships with customers caused by the announcement and pendency of the Scheme; and legal proceedings that may be instituted against CAML or Cygnus following announ cement of the Scheme. There can be no assurance that the Scheme will be implemented or that plans of the directors and management of CAML and Cygnu s will proceed as currently expected or will ultimately be successful. You are strongly cautioned not to place undue reliance on forward-looking statements, including in respect of the financial or operating outlook for CAML or Cygnus. Except as required by applicable law, the ASX listing rules, the policies of the TSXV or the AIM Rules for Companies, CAML as sumes no obligation to, and expressly disclaim any duty to, provide any additional or updated information or to update any forward looking statements, whether as a result of new information, future events or results, or otherwise. Nothing in this P resentation will, under any circumstances (including by reason of this Presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to CAML or Cygnus, or the subject matter of this Presentati on), create an implication that there has been no change in the affairs of CAML or Cygnus since the date of this Presentation. The distribution of this Presentation may be subject to legal or regulatory restrictions in certain jurisdictions. Any person who comes into possession of this Presentation must inform themselves of and comply with any such restrictions. Financial data Investors should be aware that this Presentation may contain certain financial information and measures that are “non -IFRS financial information” under Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC, and are not recognised under AAS and International Financial Reporting Standards (IFRS). The non-IFRS financial information financial measures do not have a standardised meaning prescribed by the applicable AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with the applicable AAS or IFRS. Although CAML believes that the non-IFRS financial information and financial measures provide useful information to users in measuring the financial performance and condition o f CAML and Cygnus, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures included in this Presentation. Investors should further note that this Presentation contains pro-forma and historical financial information. The pro-forma and historical financial information provided in this Presentation is for illustrative purposes only and should not be relied upo n as, and is not represented as, being indicative of CAML or Cygnus’ future financial condition and/or performance. H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC 5 DISCLAIMER Market data Certain market data used in connection with or referenced in this Presentation, may have been obtained from public filings, r esearch, surveys or studies contracted by third parties, including as published in industry-specific or general publications. Neither CAML nor its advisers nor their respective representatives have independently verified any market data provided by th ird parties or industry or general publications. Photographs and diagrams Photographs and diagrams in this Presentation are for illustration purposes only and should not be interpreted to mean that a ny person shown in them endorses this Presentation or its contents or that the assets shown in them are owned by CAML or Cygnus. Diagrams and maps used in this Presentation are illustrative only and may not be drawn to scale. Unless otherwise sta ted, all data contained in charts, graphs and tables is based on information available as at the date of this Presentation. Cautionary Note Regarding Mineral Resources Mineral resources that are not ore reserves do not have demonstrated economic viability. The estimates of mineral resources r eferred to in this Presentation may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing or other relevant issues. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their e conomic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded t o a higher category. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is eco nomically or legally mineable. Information contained in this Presentation describing mineral deposits, including the Standard (as defined in the Note for Mining and Oil & Gas Companies which forms part of the AIM Rules for Companies) may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian, Australian or US securities law and may not be made in accordance with the same Standard. You should not assume that quantiti es reported as “resources” will be converted into reserves under the JORC Code, Canadian NI 43 -101 Standards or any other reporting regime or that CAML or Cygnus will be able to legally and economically extract them. Preliminary Economic Assessment Certain information contained in this Presentation relating to the Chibougamau Project is based upon the outcomes of a Preliminary Economic Assessment ("PEA") which was first announced by Doré Copper Mining Corp. on 10 May 2022 and the comprehensive technical report underpinning the PEA was announced by Doré in accordance with the requirements of NI 43 -101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc. The Technical Report and the announcement are available o n SEDAR. CAML cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of Cygnus' Chibougamau Project. It is at scoping study level only, which is base d on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, CAML understands that Cygnus is not able to disclose the outcomes of the PEA as the signific ant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in t he PEA. Accordingly, CAML understands that Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. Qualified Person and National Instrument 43-101 Disclosure The scientific and technical information in this announcement relating to the Chibougamau Project has been reviewed and approved by Louis Beaupre, the Quebec Exploration Manager of Cygnus, who is a ‘qualified person’ for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’). The mineral resource estimate for the Chibougamau Project referenced in this announcement has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ‘CIM Definition Standards on Mineral Resources and Mineral Reserves’ (May 2014) and disclosed in com pliance with NI 43-101. A current technical report prepared in accordance with NI 43 -101 in respect of the Chibougamau Project entitled ‘NI 43-101 Technical Report – Chibougamau Hub and Spoke Complex, Quebec, Canada’ dated as of October 31, 2025 w ith an effective date of August 30, 2025 is available under Cygnus’ profile on SEDAR+ at www.sedarplus.ca. H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC 6 Kounrad operations (100%) Low-cost, highly profitable copper production in Kazakhstan In-situ dump leach and SX-EW processing facility Producing 12,000-13,000t of copper annually Consistently in the lowest quartile of the global copper cash cost curve In production since 2012; licensed to 2034 Sasa operations (100%) Conventional underground zinc-lead mine using established technology in North Macedonia Modernisation programme completed 2025: paste-fill mining and dry-stack tailings Producing 18,000-20,000t of zinc and 26,000-28,000t of lead annually CAML acquired ownership in 2017 Mine life to 2034 based on reserves and limited portion of resources Group exploration CAML X (80%) and CAML XD (100%) – active exploration for base metals in Kazakhstan Targeting high-grade base metals in regions with outstanding prospectivity Completed maiden drilling programmes at Otyar and Yuzhnoe Tengiz Basin copper project to commence drilling in H2 2026 Aberdeen Minerals (32.6%) Associate company exploring for base metals at the Arthrath project in northeast Scotland £3.85m investment to-date Agreement reached to invest additional £1.15m to fund regional drilling programme CAML OPERATIONS H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC 7 H1 RESULTS PRESENTATION AUGUST 2026 H1 2026 RESULTS SUMMARY Group financial highlights EBITDA $75.5m H1 2025: $39.9m Cash $97.2m 31 Dec 2025: $79.7m Dividend 8p H1 2025: 4.5p EBITDA margin 52% H1 2025: 40% Adj free cash flow $46.8m H1 2025: $16.2m Revenue $145.5m H1 2025: $99.5m Safety highlights Lost-time injuries (LTIs) 2 H1 2025: nil Lost-time injury frequency rate (LTIFR) 1.73 H1 2025: nil Kazakhstan Copper cathode production 6,304t H1 2025: 6,218t EBITDA margin 84% H1 2025: 72% North Macedonia Zinc-in-concentrate production 9,094t H1 2025: 8,692t Lead-in-concentrate production 13,312t H1 2025: 12,613t * Adjusted EPS excludes unrealised losses on financial instruments EBITDA margin 30% H1 2025: 26% EPS, cents 22.12 H1 2025: 5.33 Adjusted EPS, cents* 22.97 H1 2025: 5.33 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC A HIGHLY CASH-GENERATIVE BUSINESS DELIVERING GROWTH 8 H1 RESULTS PRESENTATION AUGUST 20268CENTRAL ASIA METALS PLC 8CENTRAL ASIA METALS PLC INVESTMENT CASE OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK CASH GENERATION H1 2026 FCF of $46.8m, 189% increase YoY Group EBITDA margin for H1 2026 of 52% High-margin Kounrad copper production Improving Sasa performance RETURNS Consistent shareholder returns – $437m distributed since IPO Disciplined capital allocation Underpinned by strong balance sheet $97.2m cash at 30 June 2026 GROWTH Proposed Cygnus acquisition: Existing resource Development potential Exploration upside Advancing exploration portfolio in Kazakhstan Aberdeen Minerals investment
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CENTRAL ASIA METALS PLC 0 50 100 150 200 250 300 350 400 450$m Cumulative shareholder returns BALANCING CAPITAL ALLOCATION 9 H1 RESULTS PRESENTATION AUGUST 2026 MINING FOR RETURNS OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK Dividends paid exceed the total equity raised from the market Share buybacks supplement dividends and enhance capital returns ~$437m returned since IPO Strong balance sheet supports returns and growth investments 30-50% FCF dividend policy 208p cumulative dividends paid since IPO Balanced approach to capital allocation: returns, growth and financial strength Building on strong foundations for long-term success
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CENTRAL ASIA METALS PLC Financial Results 10 H1 RESULTS PRESENTATION AUGUST 2026 Demonstrating a strong and resilient business
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CENTRAL ASIA METALS PLC OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK Base metals in H1 2026 11 H1 RESULTS PRESENTATION AUGUST 2026 MARKET CONDITIONS Cu $/t Zn $/t Pb $/t H1 2026 average price received ($/t) 13,171 3,365 1,891 H1 2025 average price received ($/t) 9,458 2,675 1,960 Change (%) 39% 26% -4% Commodity market Copper: prices continued to strengthen significantly during H1 2026, peaking at $14,096/t in May, close to record highs due to favourable market fundamentals Zinc: prices improved significantly during H1 2026 reaching highs of $3,624/t, supported by ongoing tightness on the supply side Derivative contract to hedge ~50% of zinc production at $3,011.50/t Lead: prices softened slightly during the period but remained relatively stable overall Silver: prices increased significantly during the period with peaks of $115/oz due to structural supply deficits (CAML only effectively receives $6/oz as per streaming agreement) Macroeconomic and treatment charges Treatment Charges (TCs) Zinc TCs: increased as improving mine supply and greater concentrate availability eased some of the supply tightness that had supported recent historically low TCs Lead TCs: remained favourable, turning negative in Q2 2026 supported by tight concentrate availability FX/Inflation Sasa (MKD – FX impact): USD weakened 7% vs denar YoY, increasing local costs; denar pegged to euro The Group entered into a derivative contract to hedge ~50% of expected Sasa on-site cash operating costs at ~$1.18/€ Kounrad (KZT – FX impact): USD weakened 5% vs tenge YoY, increasing local costs Inflation: Remained elevated at 11% in Kazakhstan, 4% in North Macedonia OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK 12 H1 2026 INCOME STATEMENT Revenue: Up 46% HoH Driven by higher sales volumes and commodity prices: Cu +39%, Zn +26%, Ag +128% $2.2m reduction in TCs owing to negative lead TCs Cost of sales: Up 17% HoH Primarily due to increase in silver purchases of $8.8m to $15.4m (H1 2025: $6.6m), from a +128% silver price increase Increase in D&A to $15.9m (H1 2025: $14.0m) Cost increase of $2.4m from USD weakening against local currencies Kounrad MET charges reduced to $0.8m (H1 2025: $5.0m) due to reduction in rate to 0.855% from 1 Jan 2026 Admin expenses: Up 3% HoH BD costs increased by $0.3m to $3.1m, mainly potential Cygnus acquisition FV movement SBP liability gain of $3.9m reflecting decreased share price and weakened USD reducing liability Taxation up $10.8m driven by higher profits at Kounrad taxed at 20% and increase in the Kazakhstan WHT rate to 15% wef 1 Jan 2026 EPS adjusted to exclude $1.5m unrealised hedge loss EBITDA $68.0m (H1 2025: $38.3m) EBITDA $19.3m (H1 2025: $11.9m) EBITDA up by 89% HoH Highlights H1 2026 $m H1 2025 $m % change Revenue 145.5 99.5 46% Cost of sales (68.5) (58.6) 17% Admin expenses (14.8) (14.3) 3% FX loss (1.8) (0.9) 100% FV movement SBP liability 3.9 (4.8) >100% Profit before tax 59.3 19.6 203% Taxation (21.2) (10.4) 104% Profit after tax 38.1 9.2 314% EBITDA 75.5 39.9 89% EBITDA margin, % 52% 40% 12% EPS, ¢ 22.12 5.33 315% Adjusted EPS, ¢ 22.97 5.33 331% H1 RESULTS PRESENTATION AUGUST 2026 78% INCREASE HoH 62% INCREASE HoH OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC 13 KOUNRAD C1 COPPER CASH COST EBITDA MARGIN 84% (H1 2025: 72%) H1 2026 H1 2026 C1 cash cost $0.91/lb (H1 2025: $0.79/lb) C1 cash cost H1 2026 $m H1 2025 $m H1 2026 $/lb H1 2025 $/lb Reagents 1.9 1.7 0.14 0.13 Power 1.1 1.2 0.08 0.09 Payroll 4.5 3.7 0.33 0.27 Materials 0.8 0.8 0.06 0.06 Consulting & other 1.2 1.0 0.08 0.08 Processing total 9.5 8.4 0.69 0.63 Realisation 1.8 1.3 0.13 0.09 G&A 1.2 1.1 0.09 0.07 Kounrad C1 costs 12.5 10.8 0.91 0.79 $0.12/lb HoH increase in C1 cost Cathode production of 6,304t (H1 2025: 6,218t) C1 costs of $12.5m (H1 2025: $10.8m), increase substantially due to strengthening of tenge relative to USD Increased C1 costs also impacted by inflation-related salary rises, leading to higher payroll costs of $0.8m Higher realisation costs of $0.5m, reflecting higher variable offtake fees paste-fill transition; includes DST Plant and tailings works, H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC Site operating costs broadly stable, up 2% to $26.1m Increase driven by weaker USD by 7% and $1.0m increase in tailings disposal costs for new tailings disposal methods Mining costs lower by $0.7m due to reduced spare parts and payroll savings following headcount reductions Electricity costs remained broadly stable Overall, on-site unit costs reduced by $0.4/t reflecting improved production performance Lower C1 cash cost base: $30.8m (H1 2025: $32.1m) Reduction in realisation costs, in particular lower lead TCs C1 zinc-eq cost decreased to $0.67/lb (H1 2025: $0.75/lb) driven by the higher silver price impacting the zinc-eq calculation, a lower C1 cost base and increased zinc production 14 SASA COSTS EBITDA MARGIN 30% (H1 2025: 26%) H1 2026 SASA C1 COSTS DOWN 4% C1 cash cost H1 2026 $m H1 2025 $m H1 2026 H1 2025 RoM, t 403,665 394,156 Mining 14.5 15.2 $35.9/t $38.7/t Processing 8.5 7.3 $21.1/t $18.6/t G&A 3.1 3.2 $7.7/t $7.8/t Total site-based operating costs 26.1 25.7 $64.7/t $65.1/t Realisation 4.7 6.4 Sasa C1 costs 30.8 32.1 $0.67/lb $0.75/lb H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK 1515 15 GROUP CAPEX OF $9.5m (H1 2025: $7.4m) Sasa capex of $8.1m includes $2.4m underground development, $2.1m of underground equipment and vehicles and raise boring of $1.4m Kounrad: $1.4m including $0.3m dripper pipes, $0.2m new anodes, $0.2m replacement boilers FY2026 outlook: $14.5m–17.5m reiterating guidance Kounrad $2.0m-3.0m Sasa $12.5m-14.5m CAML X and CAML XD $1.6m related to maiden drilling programmes at Yuzhnoe and Otyar and geophysics at Shaindy FY2026 outlook: $3.0m–3.5m planned, continued target generation in Kazakhstan Sasa $0.2m (surface/underground drilling) EXPLORATION OF $1.8m (H1 2025: $0.5m) H1 RESULTS PRESENTATION AUGUST 2026 H1 2026 CAPEX OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK STRONG BALANCE SHEET Assets PP&E decreased reflecting depreciation and adverse FX movements Intangible assets increased reflecting capitalised exploration expenditure in Kazakhstan Investment in associate in Aberdeen Minerals Ltd, CAML exercised $1.2m of warrants, increasing its shareholding to 32.6% Group cash balance increased to $97.2m (31 Dec 2025: $79.7m) Inventory decreased by $3.0m reflecting Sasa inventory optimisation initiatives Equity and liabilities Share based payments liability decreased by $4.5m, driven by share price reduction and weakening of USD Share premium cancellation completed in April 2026, transfer of $205.8m from share premium to retained earnings to create further distributable reserves for future dividends 16 STATEMENT OF FINANCIAL POSITION 30 June 2026 $m 31 December 2025 $m PP&E 226.3 238.8 Intangible assets 24.2 22.9 Investment in associate 4.7 3.6 Cash 97.2 79.7 Inventory 17.6 20.6 Other assets 21.6 19.2 Total assets 391.6 384.8 Borrowings 0.9 0.9 Silver stream commitment 14.4 15.0 SBP liability 10.1 14.6 Other liabilities 26.8 25.5 Provisions and deferred tax 42.0 44.6 Share capital, equity & reserves 297.4 78.4 Share premium - 205.8 Total equity & liabilities 391.6 384.8 H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK INCREASE IN ADJ. FCF 189% 17 H1 2026 FCF AND CASH FLOW Free cash flow H1 2026 $m H1 2025 $m Net cash generated from operations 51.5 17.9 Capex (9.5) (7.4) Exploration (1.8) (0.5) Interest received 1.0 1.2 Adj: Capital Projects - 1.1 Adj: Cash settled SBP 0.5 1.0 Free cash flow 41.7 13.2 Adj: KZ WHT on dividends 5.1 3.0 Adjusted FCF 46.8 16.2 H1 RESULTS PRESENTATION AUGUST 2026 79.7 71.4 -17.3 -19.8 -9.5 -1.8 -1.2 1.0 -4.8 -0.5 97.2 $m - 20 40 60 80 100 120 140 160 Increase Decrease Total OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC Operations A focused portfolio in base metals 18 H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC H1 2026 OPERATIONAL HIGHLIGHTS H1 2026 copper cathode production of 6,304t H1 copper sales of 6,287t On track to meet full-year 2026 guidance of 12,000–13,000t One LTI in H1 2026 Cumulative production from Kounrad’s SX-EW plant now more than 185,000t since start of production in 2012 Licensed to 2034 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 20122013201420152016201720182019202020212022202320242025 H1 2026 Kounrad copper production Cumulative production (t) Annual production (t) 19 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC KOUNRAD OUTLOOK Record-high copper prices in H1 2026 (up 39% compared with H1 2025) leveraged strong operational performance Operational focus remains on maximising efficiency to sustain Kounrad’s industry-leading margins Updated Mineral Resource and maiden Ore Reserve Statements published August 2026 JORC Ore Reserve for Kounrad estimated at 407,900t of contained copper (at 31 December 2025) 20 Recoverable copper estimated at 75,400t, confirming sufficient to support operations until at least 2034 Solar plant generated 4.6 million kWh in H1 2026, supplying 18% of electricity consumption 0 5 10 15 20 25 30 35 40 45 0 200 400 600 800 Recovery of total Cu % Leach days of all operating blocks Western Dumps actual Cu recovery vs. forecast leach curve Actual recovery all operating blocks OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC H1 2026 OPERATIONAL HIGHLIGHTS Ore mined 403,665t, 2.4% higher than H1 2025 H1 2026 production 9,094t zinc-in-concentrate and 13,312t lead-in- concentrate On track to meet guidance of 18,000-20,000t zinc and 26,000-28,000t lead Mineral Resource and Ore Reserve Statements published H1 2026 Improvement programme continues, with emphasis on mining performance and cost control One LTI in H1 2026 21 Unit H1 2026 H1 2025 Ore mined t 403,665 394,156 Plant feed t 400,798 393,325 Zinc grade % 2.65 2.59 Zinc recovery % 85.5 85.4 Zinc-in- concentrate t 9,094 8,692 Lead grade % 3.52 3.40 Lead recovery % 94.4 94.4 Lead-in- concentrate t 13,312 12,613 2026 marked the completion of the raise bore project H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK - 50 100 150 200 250 300 350 400 450 - 5 10 15 20 25 30 H1 18 H2 18 H1 19 H2 19 H1 20 H2 20 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 25 H1 26 Plant throughput (kt) Metal production (kt) Sasa zinc and lead production Throughput Zn production Pb production
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CENTRAL ASIA METALS PLC EFFECTING CHANGE Continuous business improvement programme: Driving targeted improvements across mine planning, processing throughput, productivity, staffing levels and overall cost control Mining initiatives in H1 2026: increase in advance per blast in lateral development enhancement of the grade-control model inventory reduction programme meaningfully advanced focus on cost control has delivered lower mining costs YoY Implementation strengthened with key personnel appointments, including a new chief geologist Focus for H2 2026 includes: execution of life-of-mine plan improved maintenance planning and implementation for the mobile equipment fleet additional key appointments planned, including a drill-and-blast engineer, a senior mine planning engineer, and a senior mine production engineer 22 H1 RESULTS PRESENTATION AUGUST 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC 23 Maintaining health and safety Launched the Group Safety Culture Programme, with site-specific plans under implementation Developing a common Group health and safety management system standard and updated incident reporting procedure Reviewed risk registers, confirming critical controls and accountabilities across both operations Completed emergency preparedness exercises and independent specialist site visits Incorporate recommendations and lessons learned into H2 2026 action plans Community investment Continued the Kounrad Foundation’s STEAM programme across 16 Balkhash schools, awarding grants to five winning projects Supported the new Children’s Rehabilitation Centre in Balkhash, due to open in H2 2026 Marked 20 years since Sasa’s restart through community activities supporting education, sport and local tree planting Signed contracts with four businesses through the Sasa Foundation’s Business Acceleration Programme Donated a forest-fire detection drone and continued support for local youth, library and childcare initiatives Caring for the environment Completed biodiversity management and climate resilience reviews across both operations Progressed biodiversity monitoring at Kounrad and water and hydrological studies at Sasa Initiated updated closure planning at Sasa and Kounrad Strengthened tailings governance through continued GISTM implementation and the annual ITRB review Managed 77% of Sasa’s year-to-date tailings through paste backfill and dry stack tailings H1 RESULTS PRESENTATION AUGUST 2026 SUSTAINABILITY PROGRESS H1 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC Outlook and Capital allocation Disciplined capital allocation for sustained value creation 24 H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC ADVANCING OUR EXPLORATION PIPELINE 24 CAML XD (100%) Targeting high-grade, base metals prospects in Kazakhstan Option over additional exploration project secured in the Tengiz Basin, a region prospective for sediment-hosted copper mineralisation Initial option term of three years, extendable for an additional year Complements contiguous Borisovsky exploration licence, obtained in late 2025 Field work on Tengiz Basin project commenced, with soil sampling and geophysical surveys aimed at delineating drill targets Initial drilling programme of 4,600m planned in 2026 and 2027, including 2,000m in H2 2026 Aberdeen Minerals 32.6% shareholding represents strategic investment focused on base metals opportunities in northeast Scotland Phase 3 drilling programme completed at the Arthrath project in H1 2026 Agreement reached to exercise CAML's remaining £1.15 million warrants at 8.5p per share (reduced from 11p agreed when warrants were issued in 2024); exercise will increase CAML’s shareholding to 38.9% Warrant proceeds to fund Phase 4 regional programme to test new targets for scalable massive sulphide deposits GROWTH CENTRAL ASIA METALS PLC H1 RESULTS PRESENTATION AUGUST 2026 CAML X (80%) Targeting high-grade, base metals prospects in Kazakhstan Completed maiden drilling programmes at Otyar and Yuzhnoe, totalling ~4,300m across 15 diamond drill holes Otyar drilling intersected a structurally controlled polymetallic mineralised system with visible sphalerite and galena mineralisation identified Yuzhnoe drilling confirmed geological continuity of a copper- molybdenum mineralised system over ~1.2km strike Assay results expected in Q3 2026 to guide future exploration programmes Geophysical surveys at Shaindy generated several drill targets: drilling decision to be taken in H2 2026 OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC PROPOSED TRANSACTION 24 GROWTH CENTRAL ASIA METALS PLC H1 RESULTS PRESENTATION AUGUST 2026 Cygnus Metals All-share transaction proposed, valuing Cygnus’ equity at A$232m* Scheme Booklet and UK circular published ahead of September shareholder votes Targeting completion in early October 2026 Adds to CAML’s portfolio the Chibougamau Project, a high-grade copper-gold development asset in Québec Expands CAML's development and growth pipeline beyond existing operations Provides geographical diversification in a tier one jurisdiction Significant exploration potential across the accompanying land package; project benefits from approximately 18km of prospective strike length Creates additional opportunities for future resource growth and potential production CAML brings proven underground mining expertise, financial strength and operational capability to advance the project towards development Latest time and date for receipt of Forms of Proxy 10:00 on 2 September 2026 Extraordinary General Meeting of the Company 10:00 on 4 September 2026 Cygnus Scheme Meeting 14:00 (AWST) on 18 September 2026 Second Court Date: Court Hearing (to sanction the Scheme) 14:15 (AWST) on 23 September 2026 Effective Date 24 September 2026 Scheme Record Date 17:00 (AWST) on 28 September 2026 Implementation Date 5 October 2026 Issue of the New CAML Shares 08:00 on 5 October 2026 Admission of the New CAML Shares to trading on AIM 08:00 on 5 October 2026 Crediting of New CAML Shares to CREST accounts 5 October 2026 Latest date for share certificates in respect of New CAML Shares issued 19 October 2026 Expected timetable of events OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK *Based on CAML’s share price and exchange rates immediately prior to announcement on 2 June 2026.
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CENTRAL ASIA METALS PLC HIGH-GRADE COPPER-GOLD PROJECT IN A TIER-ONE JURISDICTION 27 CHIBOUGAMAU Location Located in Central Québec, approximately 480km due north of Montreal ~10km from local town of Chibougamau; no remote camp required Deposit Collection of five high-grade copper-gold deposits, most of which located within a 30km radius from Cygnus’ 100%-owned existing processing facility Potential to upgrade existing processing facility to create a “hub-and-spoke” operation Resource(1) M&I Mineral Resource: 6.4Mt @ 2.3% Cu, 0.8g/t Au, 7.6g/t Ag Inferred Mineral Resource: 8.5Mt @ 2.1% Cu, 1.7g/t Au, 7.9g/t Ag See appendix for Resource table Development study Preliminary economic assessment (PEA) on the Chibougamau Project was released in 2022 Significant increase in resources achieved since 2022 Updated PEA is under way, to be completed by CAML, which will reflect the updated resources Infrastructure Existing mine infrastructure, including a 900,000 tonne-per-annum processing plant and tailings storage facility Proximity to sealed highway, airport, regional rail infrastructure and access to hydro power via installed powerlines Exploration Limited modern exploration completed on Cygnus tenements Combination of AI, modern geophysics and targeted drilling has already yielded positive exploration results 2025 MRE update yielded a 78% increase in M&I Mineral Resource compared with previous MRE for the project in 2022(2) with substantial scope for further resource growth(1) CENTRAL ASIA METALS PLC | TRANSACTION PRESENTATION | JUNE 2026 Source: Chibougamau Project 2025 MRE, Cygnus Metals Limited public disclosure 1. Refer CY5 ASX announcement titled Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project dated 17-Sep-25. 2. Refer CY5 ASX announcement titled Merger and Equity Raise Presentation dated 15-Oct-24. OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC 28 RESOURCE GROWTH OPPORTUNITIES CENTRAL ASIA METALS PLC | TRANSACTION PRESENTATION | JUNE 2026 Prospective Geological Setting with Multiple Known Open Targets Historical Production & Underexplored Areas Large Existing Datasets & Lack of Modern Exploration Techniques Previously Applied Potentially increase the resource base at the Chibougamau Project through low-risk brownfield exploration Chibougamau has a rich mining history having produced nearly 1Mt of copper and 3.5Moz of gold(1) Cygnus is in the process of compiling and digitalising hard copy documents, including drill logs Currently generating a pipeline of exploration targets using its in-house AI-driven solution for the compilation of historical drill logs and maps A unique opportunity to revitalise the district through consolidation and compilation of the historical data using modern exploration techniques and software Compilation of Historical Data Targeting Geophysics Systematic Drilling Historical Production 363kt Cu & 1.8Moz Au Historical Production 285kt Cu & 1.2Moz Au Source: Cygnus Metals Limited public disclosure Note: Refer CY5 ASX releases dated 15 Oct 2024, 25 Mar 2025, 8 May 2025, and 12 Aug 2025 for details of exploration results. 1. Refer CY5 ASX announcement titled Annual report to shareholders dated 30-Mar-26. OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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CENTRAL ASIA METALS PLC SUMMARY AND OUTLOOK 29 H1 RESULTS PRESENTATION AUGUST 2026 H2 2026 OUTLOOK Continued high prices for copper and zinc Kounrad and Sasa both on track to achieve 2026 full-year guidance Shareholder votes on the Cygnus acquisition scheduled for September; completion of the transaction expected in early October 2026 TSX listing application under way Assay results expected in Q3 2026 from Yuzhnoe and Otyar projects; decisions on follow- up programmes expected in H2 2026 CAPITAL ALLOCATION PRIORITIES H1 2026 dividend 8p, representing 40% of adjusted free cash flow Capex at both operations sustaining only following completion of Sasa Capital Projects; 2026 guidance $14.5m to $17.5m Cash of $97.2m, minimal debt ($0.9m overdraft) Cash resources amply sufficient to fund Group exploration in Kazakhstan, exercise of Aberdeen warrants and advancement of Chibougamau project post completion of transaction OVERVIEW FINANCIALS OPERATIONS CAPITAL ALLOCATION OUTLOOK
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To update the image: Right click > Click Format Background… > Under Picture Source, click Insert… > Choose From a File > Browse to your image and click Open. You may then need to adjust the offset positioning settings in the Format Background panel in order to bring the focus on the image into the area visible on the right. www.centralasiametals.com /camlmetals LinkedIn Financial Times INVESTOR RELATIONS MANAGER Richard Morgan rm@caml.uk +44 (0) 207 898 9001
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TAB ONE TAB TWO TAB THREE TAB FOUR CENTRAL ASIA METALS PLC Appendix 31 H1 RESULTS PRESENTATION AUGUST 2026
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CENTRAL ASIA METALS PLC FAST TRACKED FOR DEVELOPMENT 32 CHIBOUGAMAU – INFRASTRUCTURE IN PLACE CENTRAL ASIA METALS PLC | TRANSACTION PRESENTATION | JUNE 2026 CHIBOUGAMAU PROJECT INFRASTRUCTURE THE TOWN OF CHIBOUGAMAU Access to local airport, regional railway, highways, low-cost hydro power Existing 900ktpa processing facility and TSF (replacement value >C$150m) provide operational flexibility Power lines to site Sealed roads to site Full site offices including administration and core shed Residential mining town Chibougamau is a ~10 minute commute from Cygnus mining sites (no remote camp required) Population of ~7,500 Mining training centre Access to skilled labour, consultants and drilling contractors, mobile plant hire Local administrative offices Chibougamau Copper-Gold Project Montreal Ottawa Port of Quebec Horne Copper Smelter LEGEND Main highways Rail Infrastructure Port of Saguenay 0 150 300 km 900ktpa Processing Facility TSF Source: Cygnus Metals Limited public disclosure
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CENTRAL ASIA METALS PLC CAML TRANSACTION HIGHLIGHTS AND RATIONALE CYGNUS CENTRAL ASIA METALS PLC | TRANSACTION PRESENTATION | JUNE 2026 Transformative transaction Once in production, the Chibougamau Project has the potential to add meaningfully to CAML’s annual copper-equivalent output and cash flows The Transaction adds material near-term potential growth to CAML’s portfolio, with a flagship development-stage copper-gold asset to complement existing operations 01 High-grade development project with significant exploration potential High-grade copper-gold project with a MRE of 6.4 million tonnes at 2.3% Cu, 0.8g/t Au, 7.6g/t Ag in the Measured and Indicated Resource categories and 8.5 million tonnes at 2.1% Cu, 1.7g/t Au, 7.9g/t Ag in the Inferred Resource category(1) Additional resource upside potential from ongoing exploration at and around the Chibougamau deposits 02 Increased copper exposure in a tier-one jurisdiction Located in Québec, Canada, Chibougamau sits in a world-class mining jurisdiction with mining-friendly policies, a skilled workforce and low-cost hydroelectric power The acquisition of Cygnus would broaden CAML’s geographical footprint beyond Kazakhstan and North Macedonia, enhancing portfolio diversification 03 Clear pathway to project development Baseline environmental and engineering studies for Chibougamau have commenced, and the project is progressing through the permitting process in parallel with ongoing resource drilling CAML intends to leverage its own expertise, along with that of the existing Chibougamau development team, to complete further studies leading in due course to project development 04 Immediate value realisation for Cygnus shareholders 60% premium to Cygnus’ closing price on 1 June 2026 49% premium to Cygnus’ 20-day volume weighted average price (‘VWAP’) to 1 June 2026 01 Commodity and project diversification, whilst retaining upside exposure to Chibougamau Immediate exposure to CAML’s producing assets reduces exposure to risks associated with potential development of a single asset operation and further diversifies commodity and jurisdictional exposure Scrip consideration preserves Cygnus shareholders’ exposure to upside at Chibougamau as exploration and development progresses 02 Increased trading liquidity in a diversified AIM50 quoted vehicle CAML’s shares are quoted on the AIM market of the LSE and are included in the FTSE AIM UK 50 and 100 indices Cygnus shareholders to be exposed to increased liquidity, with 1-month Average Daily Traded Value for CAML of ~A$2.0m compared with Cygnus of ~A$0.2m CAML has agreed to use reasonable endeavours to apply for approval for listing its ordinary shares on the Toronto Stock Exchange or TSX Venture Exchange, offering potential continuing exposure to Canadian capital markets 04 Provides exposure to strong balance sheet and cash generating business Derisks development of the Chibougamau Project The Transaction provides exposure to CAML’s robust balance sheet and sustainable cash flow with CAML reporting free cash flow of US$56m in FY2025 Pro-forma cash balance of ~US$103m(2) CAML has consistently demonstrated its ability to return capital to shareholders 03 Source: Chibougamau Project 2025 MRE 1. Refer CY5 ASX announcement titled Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project dated 17-Sep-25. 2. Represents CAML’s cash balance as at 31-Dec-25 and Cygnus’ cash balance as at 31-Mar-26. 33
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CENTRAL ASIA METALS PLC CAML PRO-FORMA ASSET PORTFOLIO CENTRAL ASIA METALS PLC | TRANSACTION PRESENTATION | JUNE 2026 Cygnus Assets (1) CASH FLOW GENERATING ASSETS Kounrad (100%) In-situ dump leach and SX-EW copper operation, central Kazakhstan In production since 2012; licensed to 2034 2026 production guidance 12,000-13,000t copper cathode(2) Sasa (100%) - Underground zinc and lead mine, northeast North Macedonia Life of mine to 2034 (reserves and resources)(3) 2026 production guidance 18,000-20,000t zinc and 26,000-28,000t lead(2) LONG-TERM GROWTH FROM EXPLORATION Chibougamau Exploration Upside - Significant upside potential from ongoing drilling at the Chibougamau Project at Corner Bay, Cedar Bay and Golden Eye deposits, with recent results identifying potential new lodes outside the existing resource(5) CAML Group Exploration CAML subsidiaries focused on early-stage exploration for base metals in Kazakhstan Aberdeen Minerals (32.6%) Associate company exploring for base metals at the Arthrath project in northeast Scotland MEDIUM-TERM GROWTH FROM DEVELOPMENT Chibougamau Project (100%) High-grade copper-gold development project, Québec Updated preliminary economic assessment under way 2025 MRE highlighting 6.4Mt @ 2.3% Cu, 0.8g/t Au, 7.6g/t Ag M&I Resource and 8.5Mt @ 2.1% Cu, 1.7g/t Au, 7.9g/t Ag Inferred Resource(4) Existing mine infrastructure, including a 900,000 tonne- per-annum processing plant and tailings storage facility Kounrad Aberdeen CAML Exploration Chibougamau Sasa Two highly cash generative operations producing base metals High-grade development stage project in a tier-one jurisdiction Expanding portfolio of low-cost exploration optionality Chibougamau Exploration Source: Chibougamau Project 2025 MRE, Central Asia Metals PLC public disclosure 1. Includes exploration projects located within the James Bay lithium district and granted tenements over greenstone belts in Western Australia prospective for lithium, REEs, nickel, copper, PGEs & gold. 2. Refer CAML AIM announcement titled 2025 Operations Update dated 08-Jan-26. 3. Refer CAML AIM announcement titled Sasa Mineral Resource and Ore Reserve Statement dated 03-Mar-26. 4. Refer CY5 ASX announcement titled Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project dated 17-Sep-25. 5. Refer CY5 ASX announcement titled Drilling hits wide zone of mineralisation in new area well outside resource dated 07-Dec-25. 34
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CENTRAL ASIA METALS PLC 35 H1 RESULTS PRESENTATION AUGUST 2026 BOARD OF DIRECTORS Mike Prentis Senior Independent Director NED Chair - Remuneration Committee Member - Audit Committee - Nomination Committee Nick Clarke Non-Executive Chairman Chair - Nomination Committee Member - Technical committee Nigel Robinson NED Member - Sustainability Committee - Technical Committee Louise Wrathall CFO Gavin Ferrar CEO Roger Davey NED Chair - Technical Committee Member - Nomination Committee - Remuneration Committee - Sustainability Committee Dr Mike Armitage NED Member - Audit Committee - Nomination Committee - Sustainability Committee - Technical Committee Dr Gillian Davidson NED Chair - Sustainability Committee Member - Nomination Committee - Audit Committee Alison Baker NED Chair - Audit Committee Member - Nomination Committee - Remuneration Committee
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CENTRAL ASIA METALS PLC TOTAL SHAREHOLDER RETURN VS INDICES 36 H1 RESULTS PRESENTATION AUGUST 2026 SHAREHOLDER RETURNS * Share price as at close 25 August 2026 - 1.00 2.00 3.00 4.00 5.00 6.00 7.00Relative TSR Central Asia Metals Total Return (Gross) FTSE 100 Total Return (Gross) FTSE AIM All-Share Total Return (Gross) FTSE AIM 100 Total Return (Gross) Share price* (AIM:CAML) 167.6 pence Total no. voting shares 177,904,281 Treasury shares 193,325 Issued shares 177,710,956 Market capitalisation £298m Free float 96% Average daily volume (last 6M) 0.94m
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CENTRAL ASIA METALS PLC COPPER 37 -- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 (200) -- 200 400 600 800 2010 2014 2018 2022 2026E 2030E Price (US$/t) Surplus / (Deficit) (ktpa) Copper Market Balance Current market fundamentals support high copper prices Copper market fundamentals remain tight, with a forecast 470kt concentrate deficit in 2026, the largest since 2022, as mine-supply estimates for companies by BMO Capital Markets’ Commodity Research have been revised lower Despite recent price gains, inventories remain tight, with concentrate market tightness expected to persist and support copper's relative outperformance Structural demand drivers underpin the medium-term outlook Western reindustrialisation, particularly AI-driven power demand, is identified as a key structural driver of copper demand Global electrification and the fuel-to-materials transition continue to support copper demand, while lean inventories, supply-side cost pressures and mine- supply disappointments underpin the market Long-term supply constraints expected to support the market The copper supply outlook is constrained by financial and ESG barriers, an ageing production base and a drying greenfield pipeline with increasing reliance on more difficult-to-forecast brownfield growth across a fragmented supply base (300) (50) 200 450 700 950 1,200 1,450 2010 2014 2018 2022 2026E 2030E Year-on-Year Change (ktpa) Global Copper Mine Supply Growth Sources: BMO Capital Markets, Bloomberg Note: Historical commodity prices show average annual price; forecast prices based on BMO projections. Expected forecasts from BMO Capital Markets’ Commodity Research STRUCTURAL DEMAND AND SUPPLY CONSTRAINTS SUPPORT HIGHER PRICES
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CENTRAL ASIA METALS PLC CONCENTRATE TIGHTNESS UNDERPINS NEAR-TERM PRICE STRENGTH 38 Tight concentrate supply supports zinc prices Zinc market fundamentals remain supported by constrained concentrate availability across the upstream supply chain Lower output from ageing mines, declining ore grades, production reductions and delays to new projects have constrained concentrate supply and contributed to near - term market tightness Subdued demand growth shapes the medium-term outlook Zinc demand growth remains low, reflecting continued thrifting and substitution across key construction and automotive applications, alongside only a minimal energy - transition angle Global zinc consumption is forecast to increase from 13,881kt in 2026E to 14,676kt by 2030E, with India and ASEAN supporting growth while demand in the US and Europe remains broadly flat or declines Supply-side limitations provide long-term price support Zinc is unlikely to compete for new project capital at major miners against commodities with stronger thematic demand, potentially limiting the development of new supply despite modest projected market surpluses through 2030 Zinc’s sacrificial role in its principal end use means scrap recovery is expected to remain largely non-existent, while the economics of polymetallic mines are likely to provide long-term price support; the long-term equilibrium price is estimated at US$2,750/t in real 2026 dollars (1,000) (500) -- 500 1,000 2010 2015 2020 2025E 2030E Year-on-Year Change (ktpa) Global Zinc Mine Supply Growth -$800 -$400 $0 $400 $800 $1,200 -- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2010 2015 2020 2025E 2030E Price (US$/t) Surplus / (Deficit) (ktpa) Zinc Market Balance Sources: BMO Capital Markets, Bloomberg Note: Historical commodity prices show average annual price; forecast prices based on BMO projections. Expected forecasts from BMO Capital Markets’ Commodity Research ZINC
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CENTRAL ASIA METALS PLC REFINED SUPPLY CONSTRAINTS OFFSET STRUCTURAL DEMAND HEADWINDS 39 Constrained refined supply underpins near-term pricing Lead market fundamentals remain supported by constrained refined supply, particularly as weakness in secondary production continues to weigh on overall availability China’s refined lead output declined by approximately 6.5% y/y YTD, primarily reflecting weakness in secondary supply, which typically accounts for around half of total refined production Scrap availability and mine disruptions shape the supply outlook Chinese secondary lead output fell 33.1% y/y in April and 15.0% y/y in May, reflecting persistent tightness in battery-scrap feedstock due to limited retirements and weak collection volumes Primary supply is also under pressure from record-low treatment charges and soft mine supply. Australian output declined by approximately 12kt y/y and 22kt q/q due to weather-related disruptions, while North American supply was affected by lower grades and throughput Structural headwinds constrain the long-term outlook The wider trend towards energy storage could support lead demand; however, the market continues to face substitution risk and structural challenges arising from its well-established secondary supply base The potential reuse of LFP batteries could limit the need for primary lead extraction in the 2030s. China’s growing dominance of the lead value chain, environmental concerns and the well-established secondary market also remain structural challenges, with the long-term equilibrium price estimated at US$1,700/t in real 2026 dollars $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 2010 2014 2018 2022 2026E 2030E Price (US$/t) Lead Price Chart -- 50 100 150 200 250 300 350 Jun 21 Apr 22 Feb 23 Dec 23 Oct 24 Aug 25 Jun 26 (kt) Weekly Exchange Lead Inventories SHFE LME Sources: BMO Capital Markets, Bloomberg Note: Historical commodity prices show average annual price; forecast prices based on BMO projections. Expected forecasts from BMO Capital Markets’ Commodity Research LEAD
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CENTRAL ASIA METALS PLC 40 H1 RESULTS PRESENTATION AUGUST 2026 SASA MINERAL RESOURCE ESTIMATE Grades Contained metal Classification Deposit Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Indicated Svinja Reka 9.6 3.0 4.2 32.8 290 404 10,100 Golema Reka 1.8 1.3 4.1 13.8 24 75 810 Total Indicated 11.4 2.8 4.2 29.8 314 479 10,910 Inferred Svinja Reka 2.3 2.4 2.9 35.5 56 68 2,662 Golema Reka 6.8 1.2 3.9 13.2 82 263 2,880 Total Inferred 9.1 1.5 3.6 18.9 138 331 5,541 Notes 1. Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012). 2. The Competent Person is Jason Ché Osmond, an independent Competent Person as defined by JORC and an employee of SLR Consulting (UK) Ltd. 3. Mineral Resources are estimated using NSR cut-off values of US$53 per tonne for sub-level caving, US$65 per tonne for cut and fill stoping and $60 per tonne for long-hole stoping. 4. Mineral Resources are estimated using metal prices of US$3,041 per tonne for zinc, US$2,506 per tonne for lead and US$31 per ounce for silver. 5. Mineral Resources are estimated using metallurgical recoveries of 94% for lead, 82% for zinc and 75% for silver. 6. Mineral Resources are estimated using average dry densities ranging from 2.7 to 4.0 t/m3. 7. A minimum thickness of 1.5 metres was used to model the mineralised zones. 8. Mineral Resources are inclusive of Ore Reserves. 9. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability based on a prefeasibility study or feasibility study. 10. Contained metal refers to estimated contained metal in the ground not adjusted for metallurgical recovery. 11. Totals may not represent the sum of the parts owing to rounding SASA ORE RESERVE STATEMENT Grades Contained metal Classification Deposit Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Probable Svinja Reka 6.9 2.5 3.5 26.1 170 244 5,782 Total Ore Reserve 6.9 2.5 3.5 26.1 170 244 5,782 Notes 1. Ore Reserves are reported in accordance with the guidelines of the JORC Code (2012). 2. The Competent Person is Colin Davies, an independent Competent Person as defined by JORC, and an employee of SLR Consulting (UK) Ltd.. 3. Ore Reserves are estimated using NSR cut-off values of US$53 per tonne for SLC, US$65 per tonne for C&F and $60 per tonne for LHS. 4. Ore Reserves are estimated using metal prices of US$2,644 per tonne for zinc, US$2,179 per tonne for lead and US$27 per ounce for silver. 5. Ore Reserves are estimated using metallurgical recoveries of 94% for lead, 82% for zinc and 75% for silver. 6. A minimum mining width of 1.8 metres, including internal but excluding external dilution, has been used. 7. Contained metal refers to estimated contained metal in the ground not adjusted for metallurgical recovery. 8. Totals may not represent the sum of the parts owing to rounding. Audited Ore Reserve Statement for Sasa (effective date of 31 December 2025) Audited Mineral Resource Statement for Sasa (effective date of 31 December 2025)
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CENTRAL ASIA METALS PLC 41 H1 RESULTS PRESENTATION AUGUST 2026 KOUNRAD MINERAL RESOURCE ESTIMATE Classification Tonnes (Mt) Cu (%) Contained Cu metal (kt) Measured - - - Indicated 595.1 0.07 407.9 Inferred - - - Notes 1. Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012). 2. The Competent Person is Ruslan Erzhanov, an independent Competent Person as defined by JORC, and an employee of SLR Consulting (UK) Ltd. 3. Cu grade is total copper. 4. Mineral Resources are estimated at a cut-off grade of 0% Cu. 5. Mineral Resources are estimated using a copper price of US$11,080 per tonne. 6. Mineral Resources are estimated using a calculated leach recovery of 18.5%. 7. Mineral Resources are estimated using average dry densities ranging from 1.875 to 2.07 t/m3. 8. Kounrad is an in-situ dump-leach operation, and therefore no minimum mining width has been applied. 9. Mineral Resources are inclusive of Ore Reserves. 10. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability based on a prefeasibility study or feasibility study. 11. Contained metal refers to estimated contained metal in the ground not adjusted for metallurgical recovery. 12. Totals may not represent the sum of the parts owing to rounding. Audited Mineral Resource Statement for Kounrad (effective date of 31 December 2025) Classification Tonnes (Mt) Cu (%) Contained Cu metal (kt) Proved - - - Probable 595.1 0.07 407.9 Audited Ore Reserve Statement for Kounrad (effective date of 31 December 2025) Notes 1. Ore Reserves are reported in accordance with the guidelines of the JORC Code (2012). 2. The Competent Person is Philip King, an independent Competent Person as defined by JORC, and an employee of SLR Consulting (UK) Ltd.. 3. Cu grade is total copper. 4. Ore Reserves are estimated at a cut-off grade of 0% Cu. 5. Ore Reserves are estimated using a copper price of US$11,080 per tonne. 6. Ore Reserves are estimated using a calculated leach recovery of 18.5%. 7. Kounrad is an in-situ dump-leach operation, and therefore no dilution or mining recovery factors have been applied. 8. Contained metal refers to estimated contained metal in the ground not adjusted for metallurgical recovery. 9. Totals may not represent the sum of the parts owing to rounding. KOUNRAD ORE RESERVE STATEMENT