Central Asia Metals

Investing in 
our future
Annual Report and 
Accounts 2024

Central Asia Metals Plc (‘CAML’) is focused on low-cost 
production in Kazakhstan and North Macedonia, and is 
actively involved in exploration in Kazakhstan and Scotland.
Our purpose is to produce base metals essential for 
modern living, safely, profitably and in a sustainable 
manner, for the benefit of all our stakeholders.
CONTENTS
Governance
Introduction to Corporate Governance
53
The QCA Corporate Governance Code
55
Board of Directors
56
Our Approach to Corporate Governance
59
Board Report
61
Sustainability Committee Report
67
Audit Committee Report
71
Nomination Committee Report
74
Remuneration Committee Report
79
Directors’ Report
91
Statement of Directors’ Responsibilities
93
Financial Statements
Independent Auditors’ Report
95
Consolidated Income Statement
102
Consolidated Statement of Comprehensive Income
103
Statements of Financial Position
104
Consolidated Statement of Changes in Equity
105
Company Statement of Changes in Equity
106
Consolidated Statement of Cash Flows
107
Notes to the Financial Statements
108
Glossary of Technical Terms
137
Directors, Secretary and Advisers
138
Overview
2024 Highlights
1
2024 A Year in Review
2
Strategic Report
Chairman’s Statement
4
Our Business Model
6
Chief Executive Officer’s Statement
8
Operational Review
10
Business Development
19
Sustainability
20
Stakeholder Engagement and S172
27
Non-Financial and Sustainability Information Statement
30
Financial Review
31
Our Strategy
39
Key Performance Indicators
40
Risk Management
44
Principal Risks and Uncertainties
47
Our reporting suite
ESG Datasheet
Click to download  
the ESG Datasheet
Annual 
Report 2024
Sustainability 
Report 2024
Investing in 
sustainability
Sustainability 
Report 2024
All references to dollars in this report are US dollars unless otherwise stated.
CAML has adopted and complies with the revised Quoted 
Companies Alliance (QCA) Code for small and mid-size 
companies. The QCA Code consists of ten principles of corporate 
governance which promote medium- to long-term value for 
shareholders and other stakeholders. Throughout this report, 
icons can be found to demonstrate CAML’s application of each 
of the ten principles, and a full index signposting all of our 
disclosures under the QCA Code can be found on page 55.
QCA 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
Strategic report
Governance
Financial statements
Overview

Revenue*
$214.4m
2023: $203.5m
EBITDA*
$101.8m
2023: $101.0m
Group financial highlights
Safety highlights
EBITDA margin*
47%
2023: 50%
Cash
$67.6m
Debt free
Free cash flow
$65.7m
2023: $57.5m
Group capex
$20.8m
2023: $27.8m
Profit after tax*
$50.8m
2023: $37.2m
See page 37 for a definition of 
non-IFRS alternative financial 
performance measures.
2024 HIGHLIGHTS
Kazakhstan
Copper cathode production
13,439t 
2023: 13,816t
EBITDA margin*
73%
2023: 73%
Copper sales
13,521t
2023: 13,687t
In-situ dump leach and 
SX-EW processing facility, 
central Kazakhstan, in 
production for 12 years.
EBITDA margin* 
35%
2023: 40%
North Macedonia
Zinc-in-concentrate 
production
18,572t 
2023: 20,338t
Lead-in-concentrate 
production
26,617t
2023: 27,794t
Underground zinc and 
lead mine, northeast North 
Macedonia. Production 
commenced in 1960s. CAML 
owned since 2017.
Lost-time injuries (LTIs)
2
2023: 1
Lost-time injury frequency rate (LTIFR)
0.77
2023: 0.40
Dividend
18p
2023: 18p
	
* Following a review of 
our accounting policies, 
revenue, EBITDA and 
profit after tax disclosed 
have been updated, 
with a restatement 
of comparatives. 
See the notes to the 
financial statements 
for more details.
1
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
Strategic report
Governance
Financial statements
Overview

2024 A YEAR IN REVIEW
The year marked significant progress for CAML, at both the corporate and the site level, including 
changes in our executive leadership team and major achievements in the operational transition at Sasa.
October
Senior 
management 
team changes 
took effect
May
Copper price 
broke through
$11,000
per tonne, reaching 
a record high 
November
Aberdeen Minerals 
completed its 2024 
drilling campaign at 
Arthrath in Scotland
December
Development of 
the Central Decline 
at Sasa completed
August
Sasa passed 
milestone of
200,000t
of paste fill placed 
underground 
March
Announced $3.8 million 
investment in Aberdeen 
Minerals for a 28.7% initial 
shareholding (now 28.4%)
January
Strong 2023 production 
reported, at 13,816 tonnes 
of copper, 20,338 tonnes 
of zinc and 27,794 tonnes 
of lead
February
Formal creation of 
CAML X, the Company’s 
80%-owned subsidiary 
focused on early-stage 
exploration in Kazakhstan
April
Kounrad 
celebrated 12 
years in production
June
Golden Rules 
on safety 
launched 
at Sasa and 
Kounrad
July
Conformance 
with Global 
Industry Standard 
on Tailings 
Management
September
Board visited 
Sasa
2
Strategic report
Governance
Financial statements
Overview
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

Chairman’s Statement
4
Our Business Model
6
Chief Executive Officer’s Statement
8
Operational Review
10
Business Development
19
Sustainability
20
Stakeholder Engagement and S172
27
Non-Financial and Sustainability Information Statement
30
Financial Review
31
Our Strategy
39
Key Performance Indicators
40
Risk Management
44
Principal Risks and Uncertainties
47
Strategic 
Report
3
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

CHAIRMAN’S STATEMENT
“We achieved another year of safe, 
profitable production in 2024, 
and maintained our dividend 
while beginning to develop our 
exploration pipeline and continuing 
the search for an acquisition 
to grow the business.”
Nick Clarke
Non-Executive Chairman
A year of transition
2024 was a year of significant transition for CAML, at 
both the corporate and the operational level, underpinned 
as in previous years by a robust performance from both 
of our operations.
The major corporate change was the succession in senior 
management, with Nigel Robinson stepping down as Chief 
Executive Officer (CEO) after more than six years to be 
replaced by Gavin Ferrar.
Louise Wrathall has stepped up to fill Gavin’s previous 
role as Chief Financial Officer (CFO), whilst retaining 
her existing responsibility for business development. 
The Board and I have every confidence that Gavin and 
Louise will continue to take CAML forward, backed 
by the strong teams in London and at our operations.
The main transition at the operational level has been the 
change in mining at Sasa, where we now use methods that 
employ paste backfill. Apart from the benefit of allowing 
Sasa to return a significant proportion of its tailings 
back underground, the new mining methods allow much 
greater mining flexibility. This enables the operation to 
exploit narrower sections of the orebody both safely and 
profitably, maximising resource extraction and extending 
the life of the mine.
Kounrad, meanwhile, has continued to be the bedrock of 
the Group, meeting its production targets safely, efficiently 
and highly profitably. 2024 also featured the first full year’s 
contribution from Kounrad’s Solar Power Plant, which met 
approximately 14% of the operation’s electricity demand, 
helping to offset the impact of higher power prices.
Meeting our challenges
Any major operational change is bound to present 
challenges, and the transition to new mining methods 
at Sasa has been no exception. I am proud of the way our 
team at Sasa has met those challenges, some of which 
were unforeseen, and maintained production in sometimes 
difficult circumstances. Those challenges did result in 
Sasa’s production for 2024 falling very marginally below 
the guidance that we set at the start of the year, though 
we are confident that the experience gained will stand 
the operation in good stead in the years to come.
2024 dividend
18p
Distribution ratio
c.63% 
of FCF
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

We also faced a number of external challenges in 2024, 
including continued cost inflation. Prices for the metals 
we produce were, on average, higher than in 2023, 
although they exhibited significant volatility. This was 
driven in part by political developments, which featured 
an unprecedented number of elections around the world, 
including in the UK and the US, and wars in the Middle 
East and Ukraine.
On the positive side, the year also featured a major turn 
in the interest rate cycle, albeit ending with perhaps not 
as rapid a decline in interest rates as had been expected 
earlier in the year. Finally, towards the end of 2024, the US 
election result raised fears of trade wars, which weighed 
on prices for base metals and other industrial commodities 
towards the end of the year, with markets looking forward 
to 2025 for some resolution of that uncertainty.
Delivering on our purpose
Amidst these various challenges, we never lose sight 
of our purpose, which is to produce base metals essential 
for modern living, safely, profitably and sustainably. 
The metals we produce have seldom been more important, 
owing to their key uses in electrification, transport, 
construction and batteries. This importance can only grow, 
as the world seeks to transform its energy generation 
away from fossil fuels.
At CAML sustainability is not just about environmental 
stewardship and social development, it also encompasses 
the financial sustainability of our business for the benefit 
of all our stakeholders. To this end we are ever mindful 
of our capital allocation. 
During 2024 we invested $20.8 million in our existing 
operations, predominantly at Sasa, and a further 
$3.8 million to take a 28.4% shareholding in Aberdeen 
Minerals, a private company working on a highly promising 
base-metals exploration project in northeast Scotland. 
We also spent $1.3 million in CAML X, our exploration 
subsidiary in Kazakhstan.
In addition to these significant investments in our future, 
the Board was pleased to recommend a final dividend of 
9p pence per share which, if approved by shareholders, 
would bring the annual total to 18p pence per share, 
representing approximately 63% of our annual free cash 
flow (FCF) of $65.7 million. This ratio of distribution 
to FCF is significantly higher than CAML’s stated policy 
of 30-50%, but we believe maintaining this level of return 
to our shareholders is appropriate while we continue 
the search for a material transaction with which to grow 
the business. That search remains a key priority for our 
management team.
Sustainability
I have already mentioned one key area of sustainability, 
which is to ensure the long-term financial health of our 
business through profitable production and disciplined 
business development. That said, we never lose sight 
of our wider responsibilities to the physical environment 
in which we operate.
To that end, the Board is particularly proud of a key 
achievement of the Group in 2024: conformance with 
the Global Industry Standard on Tailings Management 
(GISTM). This standard of international best practice has 
been adopted by CAML on a voluntary basis, representing 
the culmination of a three‑year work programme, and 
is independently audited by third‑party consultants.
sustainability‑related targets, and our Nomination 
Committee aims to ensure we attract, retain and develop 
appropriately talented individuals for the future.
Our Sustainability Committee has continued to advise 
our site-based foundations on how best to support their 
respective communities with sustainable development 
initiatives, and has ensured Board oversight on all other 
aspects under its remit.
Acknowledgements
It would be impossible for me to finish this annual 
statement without again mentioning Nigel Robinson and 
the huge contribution he has made to CAML since joining 
the Group in 2007 prior to its Initial Public Offering. The 
rest of the Board would like to join me in thanking Nigel 
for his hard work and dedication over the past 15 years, 
and we look forward to continuing to benefit from his good 
judgement and experience in his new role as an NED.
I would also like to take this opportunity to thank Scott 
Yelland, who is stepping down at the end of March 
as CAML’s Chief Operating Officer. Scott has played 
a key role in the integration of Sasa into CAML, and 
in the subsequent Capital Projects programme, and I am 
delighted that he will remain a consultant to the Group.
CAML’s employees are fundamental to the Group’s 
achievements, and I would like to thank each and everyone 
one of you for your contributions over the past year. 
I would also like to take this opportunity to thank all of our 
other stakeholders for their continued support, as we look 
forward to another successful year.
Nick Clarke
Non-Executive Chairman
19 March 2025
Establish and maintain the Board as a 
well‑functioning, balanced team led by the Chair.
6
QCA 
CHAIRMAN’S STATEMENT continued
“We remain committed as ever to 
strong corporate governance, as 
evidenced by the work of our various 
Board Committees.”
Governance
Our Board remained stable through 2024, with the 
only significant changes being those among the senior 
management team referenced earlier. Despite stepping 
down as CEO, Nigel Robinson remains an Executive 
Director, though he will transition to Non-Executive 
Director (NED) from 1 April 2025.
We remain committed as ever to strong corporate 
governance, as evidenced by the work of our various 
Board Committees. Our Technical Committee made 
two visits to Sasa during the year, one along with the 
entire Board, to see first-hand the progress made on 
the Capital Projects. Our Audit Committee continues to 
oversee the financial aspects of the business as well as 
monitoring risk management.
The Remuneration Committee continues to ensure clear 
and measurable targets for our Executive Directors and 
senior management team, which always incorporate 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

OUR BUSINESS MODEL
Who we are
CAML is a base metals producer quoted on the AIM market 
of the London Stock Exchange, with a copper operation 
in Kazakhstan and a zinc and lead mine in North Macedonia.  
Our focus is on safe, efficient and low-cost production 
of these base metals, underpinned by our values.
Sustainability
In order to operate more efficiently and responsibly, 
we ensure that sustainability underpins our business model.
More information on sustainability can be found on page 20.
What sustains us
Our success is based principally on the competence and 
commitment of our employees, and the support of our local 
communities and host governments. We also benefit from 
our relationships with our external suppliers, and our offtake 
partners and customers. We greatly value the support 
of our shareholders.
What we do
CAML produces copper cathode, and zinc and lead 
concentrates, from its operations in Kazakhstan and North 
Macedonia. We strive to do this safely, profitably and with the 
minimum impact on the physical environment. We also seek 
to grow the business via appropriate investments.
Revenue 2024
Kazakhstan
$121.8m
North Macedonia
$92.7m
Revenue 2024
Copper
$121.8m
Zinc
$35.3m
Lead
$55.1m
Silver stream
$2.3m
We focus on low‑cost, 
ethical metal production to 
the benefit of our employees, 
local communities, 
host governments and 
shareholders. We strive 
to minimise the impact on 
the physical environment, 
while enriching communities 
close to our operations with 
employment opportunities, 
and support in education and 
other initiatives. We prioritise 
local procurement. A key 
aim of our business model 
is to ensure the financial 
sustainability of the 
Group’s operations.
Employees 
Kazakhstan
29%
North Macedonia
69%
UK
2%
People and skills
We are proud of the experienced and capable 
teams at Sasa and Kounrad, which employ 
over 1,000 people. There are no expatriates 
at Kounrad, and just 13 (out of 788) at Sasa, 
as we focus on employing nationals to 
support local economic development and 
develop local skills. We provide wide‑ranging 
training programmes for our employees and, 
in some cases, tertiary education for talented 
individuals. We have a strong Board, with 
complementary skills and experience, and 
a London‑based senior management team.
Relationships
Maintaining strong employee, community 
and national relationships in our countries 
of operation are key to retaining the licence 
to operate that we currently enjoy. We also 
benefit from positive relationships with 
suppliers and service providers, and our 
offtake partners and the customers for our 
products. Our relationships with shareholders 
and other members of the financial 
community are also of crucial importance, 
especially as we seek to grow the business.
Investment
In order to ensure safe, efficient, low‑cost 
operations, which also optimise resource 
extraction and thus operational life, 
we ensure that Kounrad and Sasa are 
appropriately funded. We also invest in 
the long-term sustainability of the business 
by funding our exploration programmes.
The metals CAML produces are essential for modern living and to support future advances in technology. 
Availability of these metals is critical to economic growth and development.
In-situ dump leaching 
and SX-EW
Kounrad
CAML owns 100% of the 
Kounrad in-situ dump-leach 
and solvent extraction- 
electrowinning (SX-EW) 
operation close to Balkhash 
in central Kazakhstan. The 
operation recovers copper 
from waste dumps created 
by historical mining activities 
over many decades. 
Since production commenced 
in 2012, more than 165,000 
tonnes of copper have been 
produced at Kounrad, at 
costs that are amongst the 
lowest in the world.
More information can be found 
on page 11. 
Licensed to
2034
Minimum recoverable copper 
remaining 
85kt
Mining and mineral 
processing
Sasa
Since 2017, CAML has held 
a 100% interest in the Sasa 
zinc-lead mine and associated 
infrastructure in northeastern 
North Macedonia. The 
operation is an underground 
mine, with a processing plant 
using froth flotation to produce 
a zinc concentrate and a lead 
concentrate also containing 
silver. These concentrates 
are shipped to smelters 
for refining into metals.
In 2024, Sasa produced 18,572 
tonnes of zinc‑in‑concentrate 
and 26,617 tonnes of 
lead‑in‑concentrate.
More information can be found 
on page 14.
Life of mine to
2039
Ore Reserves 
9.2Mt
Ensuring 
ethical practices
Maintaining health  
and safety
Valuing  
our people
Caring for the  
environment
Creating value for 
our communities
Proportion of 
local employees
99%
Total capex 
2024
$20.8m
Our values
Health and safety
Sustainability
Efficiency and 
innovation
Respect and trust
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

How we grow
CAML is actively exploring 
in Kazakhstan, and funding 
an associate company 
in Scotland.
What we supply
The metals CAML produces are essential for modern 
living, and increasingly so as the world reduces its 
dependence on fossil fuels. They play key roles in 
generating, storing and transmitting renewable power, 
in transport and construction, and in a wide range 
of consumer products.
Stakeholders
Exploration 
in Kazakhstan
In 2023, CAML partnered 
with a team of experienced 
exploration geologists to 
establish a subsidiary called 
CAML Exploration (CAML 
X) to conduct early-stage 
exploration for base metals 
in Kazakhstan. CAML holds 
an 80% interest. Thus far 
the focus has been on target 
generation and licence 
applications.
More information can be found 
on pages 10 and 19.
Copper
Fundamental to electrical infrastructure (both 
renewable and conventional), and to electric motors 
and generators, copper plays a critical role in the 
clean‑energy transition.
Construction
Telecommunications
Electric vehicles
Wind turbines
Zinc
Zinc’s dominant application is as a coating to protect 
steel from corrosion, thus increasing the useful life 
of a vast array of products, and the metal is also 
a key element in a number of green technologies.
Construction
Solar energy
Pharmaceuticals
Transport
Lead
Lead’s main use is in lead-acid batteries, found in both 
conventional vehicles and electric vehicles/hybrids, 
and used as storage batteries; along with other 
important applications such as radiation shielding.
Energy storage
Solder and 
electronics
Healthcare PPE
Weights and ballast
Investment in exploration
Aberdeen Minerals
In June 2024, CAML invested 
£3 million ($3.8 million) 
in Aberdeen Minerals 
(‘Aberdeen’), an unlisted 
company exploring for 
base metals in northeast 
Scotland. The proceeds of 
CAML’s initial investment are 
funding a drilling campaign 
at Aberdeen’s Arthrath 
nickel-copper project. CAML 
holds a 28.4% interest in 
Aberdeen, with warrants to 
invest a further £2 million 
and increase its shareholding 
to 37.6%.
More information can be found 
on pages 10 and 19.
Investors
Financial returns via 
dividends and long‑term 
growth
More information on page 9
Employees
Competitive salaries and 
career development through 
wide‑ranging training
programmes
More information on page 22
Governments
Economic contributions to the 
countries in which we operate
More information on pages 12 
and 15
Communities
Jobs and social investments 
for our local communities
More information on page 23
Suppliers
Supporting local responsible 
suppliers
More information on pages 12 
and 15
OUR BUSINESS MODEL continued
1
QCA 
Establish a purpose, strategy and 
business model which promote 
long‑term value for shareholders.
Outcomes
GRI 201 – Economic value generated $214.5m
2024 earnings per share
28.90c
2024 copper production
13,439t
2024 copper C1  
cash cost
$0.80/lb
Kounrad employees
340
Tax paid in Kazakhstan 
since 2012
$296.5m
Kounrad in-country 
procurement
95%
2024 dividend per share
18p
2024 zinc/lead production
18,572t/26,617t
2024 zinc-equivalent C1 
cash cost
$0.76/lb Zn-eq
Sasa employees
788
Tax paid in North Macedonia 
since 2017
$95.5m
Sasa in-country procurement
67%
1.	 Includes corporate taxes, concession fees and mineral 
extraction tax.
2.	Mainly retained in the form of capital expenditure.
Wages/payments: $42.8m
Other opex: $59.0m
Dividends: $40.9m
Taxes1: $39.7m
Social investments: $1.1m
Economic value retained2: $30.9m
More information can be found on page 32.
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Financial statements
Overview
7

CHIEF EXECUTIVE OFFICER’S STATEMENT
“Our focus is on maintaining existing 
low-cost production, whilst building 
a pipeline of projects to sustain and 
grow the business in the future.”
Gavin Ferrar
Chief Executive Officer
I am delighted to be giving this, my first annual statement 
as CEO of CAML, and I would like to thank the Board and 
our other stakeholders for the trust they have placed in 
me. The role of CEO inevitably carries a high degree of 
responsibility, but it also presents an exciting opportunity 
to lead the next steps in the evolution of our business.
CAML’s operations delivered another year of safe, reliable 
and profitable base metals production in 2024. Kounrad 
achieved production firmly in the guidance range we gave 
at the start of the year, whilst maintaining its exemplary 
safety record.
Despite the challenges posed by the transition to new mining 
methods at Sasa, the operation came within a fraction of 
meeting its guidance for the year, and largely completed 
the capital investment programme designed to transform 
the way we mine ore and store tailings. Sasa also achieved 
a commendable safety performance in 2024, with just two 
lost time injuries (LTIs), and continues to strive for zero harm.
2024 financial overview
These reliable operating performances by our two 
operations underpinned a solid financial performance, with 
revenue of $214.4 million and EBITDA of $101.8 million. 
The resulting EBITDA margin of 47% reflects the financial 
robustness of our production base, and the free cash flow 
this generated, at $65.7 million, has allowed us to propose 
a final dividend of 9p.
This level of dividend exceeds our stated distribution 
policy, but we believe it is appropriate for our shareholders 
to receive this significant level of capital return while we 
continue the search for new opportunities with which to 
build a pipeline of production and growth projects.
We also invested significantly in 2024 in the future of 
the business, spending a total of $20.8 million on capital 
expenditure at our two operations, including $6.4 million 
on the transition projects at Sasa. In addition, we invested 
£3 million ($3.8 million) in Aberdeen Minerals (‘Aberdeen’), 
an unlisted company exploring for base metals in northeast 
Scotland, for a 28.4% initial shareholding, with warrants 
to invest a further £2 million if drilling results are 
sufficiently promising.
Kounrad
Kounrad again demonstrated its reliability in 2024, with 
production of 13,439 tonnes of high-purity copper cathode. 
The operation continues to stand out from its peers in two 
respects: its safety record, which at the end of 2024 stood 
at 2,420 days without an LTI, and its bottom-quartile C1 
cash operating costs of $0.80 per pound.
Despite being leached since operations at Kounrad 
commenced in 2012, the Eastern Dumps continue to 
yield copper, contributing 27% of the 2024 production 
total. Our highly experienced site team continues to 
assess the economics of leaching at the Eastern Dumps, 
and has confirmed that, assuming current copper prices 
prevail, limited production from the East could continue 
beyond 2025.
The balance of 2024 production came from the Western 
Dumps, which will remain the mainstay for the rest 
of Kounrad’s life. The Kounrad team remains focused 
on maximising recoveries whilst controlling costs; against 
a background of inflation, including higher reagent prices 
and wage increases which we have awarded to help our 
employees address the cost of living.
A useful contributor to cost control is Kounrad’s Solar 
Power Plant, which enjoyed its first full year of operation 
in 2024, contributing approximately 14% of the operation’s 
total power requirements. Conceived principally as a 
means of helping CAML to achieve its goal of reducing 
greenhouse gas emissions, the Solar Power Plant is now 
making a significant contribution to cost control, offsetting 
part of the impact of recent increases in Kounrad’s 
electricity tariff.
Sasa
The key achievements at Sasa in 2024 included the first 
full year of operation of the Paste Backfill (PBF) Plant and 
the completion in December of the development of the 
Central Decline. Significant progress was also made 
on the Dry Stack Tailings (DST) Plant, which we expect 
to become operational in Q1 2025.
Together, these projects are transforming Sasa into a 
more robust and flexible operation, employing international 
best practice in tailings disposal, and ensuring safe and 
profitable operations until at least 2039.
Sasa produced 18,572 tonnes of zinc-in-concentrate 
in 2024 and 26,617 tonnes of lead-in-concentrate. 
These totals fell fractionally short of the guidance we gave 
at the start of the year, as operations were constrained 
to some degree by the challenges posed by the transition 
to new mining methods. Many of those challenges we had 
anticipated, though others were more difficult to predict. 
EBITDA
$101.8m
LTIFR
0.77
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

EBITDA margin
47%
Driven by low-cost 
copper, zinc and lead 
production
Dividend yield
11.5%
Based on share price 
at 31 December 2024 
Cash
$67.6m
Cash balance at 
31 December 2024
Dividend
18p
per share 2024 interim 
of 9p and final of 9p 
proposed
Total shareholder 
return since IPO
259%
From IPO in 2010 
to 31 December 20241
Debt
Zero
At 31 December 2024
These included the filling of previously mined voids with 
paste fill from Sasa’s PBF Plant. Several of these voids 
proved larger and more complex than expected, taking 
additional time to fill. From a positive perspective, this 
has allowed additional tailings to be stored underground, 
further contributing to one of the long-term benefits of the 
capital investment programme, which is to avoid the need 
for a new conventional tailings storage facility for the 
remainder of Sasa’s planned life.
Despite 2024 being a year of transition for our production 
teams, Sasa maintained its robust cost performance, 
returning a C1 cash operating cost of $0.76 per pound 
of zinc-equivalent.
Sustainability
Our commitment to sustainability remains undiminished, 
not least because we believe it represents good business 
practice whilst safeguarding the interests of all 
our stakeholders.
I am therefore particularly proud of a key achievement during 
the year under review. In July, CAML was independently 
confirmed to be in conformance with the Global Industry 
Standard on Tailings Management (GISTM), an internationally 
accepted set of best practices for the management 
of tailings storage facilities (TSFs), on a voluntary basis. 
TSF management is not relevant to Kounrad, but does 
apply to Sasa, which is a conventional mining operation.
Our goal in managing tailings is zero harm to people 
and the environment. The GISTM covers standards and 
practices over the entire TSF lifecycle.
Work continued on our measurable goals in sustainability, 
in particular our commitment to reduce Sasa’s consumption 
of water abstracted from the environment by 75% 
by the end of 2026 (compared with 2020). The focus is 
on measures to re-use waste water produced by the mine, 
the PBF Plant, the DST Plant and disused adits.
Our other key measurable target, a 50% reduction in the 
Group’s Scope 1 and 2 greenhouse gas emissions by 2030 
(compared with 2020), took a major step forward in 2024 
with the first full year of operation of Kounrad’s Solar 
Power Plant.
2024 also marked the second year in which the funding 
of the social foundations in our two areas of operation 
represented 0.50% of their respective revenues, double 
the previous rate.
This funding allowed the foundations to support a wide 
range of community projects, in the areas of education 
and youth sport, the donation of medical equipment, 
and helping those facing socio-economic challenges.
Outlook
Despite the uncertainties in international commodity 
markets stemming from the onset of tariff-induced trade 
wars, we remain positive on the demand for our products 
given their respective roles in the modern economy.
We expect Kounrad to produce between 13,000 and 
14,000 tonnes of copper this year, and Sasa to deliver 
19,000 to 21,000 tonnes of zinc-in-concentrate and 
27,000 to 29,000 tonnes of lead-in-concentrate. As ever, 
our teams will remain focused on safety, productivity 
and cost control.
We look forward to the DST Plant at Sasa becoming 
operational in Q1 2025, helping to reinforce our 
commitment to best practice in our tailings management.
Completion of the DST Plant marks the end of our current 
capital investment programme at Sasa (apart from normal 
sustaining capital expenditure), further boosting our 
available future cash flow to fund growth. 
To this end, we look forward to further positive progress 
with the exploration programmes being conducted by 
Aberdeen and by our exploration subsidiary in Kazakhstan, 
CAML Exploration. The latter is focused on early‑stage 
work, and now has two licences active with two more 
granted post period end. 
Looking to the nearer term, we were again extremely 
active in 2024 evaluating new material opportunities 
to complement our existing portfolio. We worked on 
37 potential acquisitions, signed 13 non-disclosure 
agreements and undertook six site visits. This activity 
will remain a key focus of our teams in the year ahead.
Gavin Ferrar
Chief Executive Officer
19 March 2025
CHIEF EXECUTIVE OFFICER’S STATEMENT continued
Why invest in CAML?
A high-margin business committed to growth
CAML offers the combination of a 13-year track 
record of reliable dividends, a strong balance sheet 
and a commitment to growth.
Since the Company’s initial public offering (IPO) 
in 2010, CAML has returned a total of $380 million1 
in cash to its shareholders, representing 188 pence 
per share1, far exceeding the $214 million it has 
raised in equity.
The Company’s low-cost base metals operations 
returned an EBITDA margin of 47% in 2024, and 
CAML’s cash balance grew to $67.6 million whilst 
the Group remained debt free. This balance sheet 
strength and reliable cash flow gives CAML the 
financial flexibility to realise its ambition of building 
a pipeline of production and development projects 
through which to grow.
1.	 Includes proposed 2024 
final dividend of 9p to 
be paid on 20 May 2025.
More information can be found on page 31.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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OPERATIONAL REVIEW
Central Asia Metals (‘CAML’) is focused on low-cost base metals production in Kazakhstan and North Macedonia, 
and has active projects exploring for base metals in Kazakhstan and Scotland (via an associate company).
Creating value for all stakeholders
CAML is a base-metals producer quoted 
on the AIM market of the London Stock 
Exchange, with a copper operation in 
Kazakhstan, and a zinc and lead mine 
in North Macedonia. The Group includes 
an exploration subsidiary in Kazakhstan 
and the Company also has an investment 
in an unlisted company exploring for base 
metals in northeast Scotland.
Kounrad operations (100%)
Low-cost, highly profitable copper cathode 
production in Kazakhstan
CAML is the sole owner and operator of the in-situ dump-
leach and solvent extraction-electrowinning (SX-EW) 
copper operation at Kounrad, near the city of Balkhash 
in central Kazakhstan. The operation recovers copper 
from waste dumps created by historical mining activities 
over many decades. CAML’s operations commenced on 
the Eastern Dumps in 2012, with leaching of the Western 
Dumps following in 2017. Kounrad has now produced 
over 165,000 tonnes of copper cathode, with production 
consistently in the lowest quartile of the global copper cash 
cost curve. Kounrad has a remaining life until at least 2034.
Sasa operations (100%)
Profitable zinc and lead production 
in North Macedonia
CAML acquired a 100% interest in the Sasa underground 
zinc-lead mine and associated infrastructure in November 
2017. The operation is located in northeastern North 
Macedonia, approximately 150km east of the capital, 
Skopje, and 10km north of the town of Makedonska 
Kamenica. Sasa first operated in 1966, and lies within the 
Serbo-Macedonian Massif, which hosts a number of lead 
and zinc deposits and extends through the Balkans into 
Turkey. In 2021, CAML embarked on an extensive capital 
investment programme at Sasa, including the introduction 
of paste-fill mining and dry-stack tailings, designed to 
ensure Sasa’s future until at least 2039.
CAML Exploration (80%)
Targeting base metals in the highly prospective 
geology of Kazakhstan
CAML Exploration (CAML X) is an 80%-owned subsidiary of 
CAML, conducting early-stage exploration for base metals 
in Kazakhstan. CAML X was established in late 2023, with 
a team of highly experienced geologists, and thus far has 
focused on target generation and licence applications. 
More details can be found in the Business Development section 
on page 19.
Aberdeen Minerals (28.4%)
Associate company exploring for base 
metals in Scotland
CAML has a 28.4% shareholding in Aberdeen Minerals 
(‘Aberdeen’), an unlisted company exploring for base metals in 
northeast Scotland. CAML’s interest was acquired in June 2024 
by investing £3 million ($3.8 million) via a share subscription. 
Exercise of associated warrants would result in CAML investing 
a further £2 million in Aberdeen, increasing its shareholding 
to 37.6%. The proceeds of CAML’s initial investment are funding 
a drilling campaign at Aberdeen’s Arthrath nickel-copper project.
More details can be found in the Business Development section 
on page 19.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

Copper produced 
in 2024
13,439t
LTIs in 2024
zero
Revenue in 2024
$121.8m
EBITDA 
in 2024
$88.8m
C1 cash cost in 2024
$0.80
per pound
Licensed to
2034
How we produce copper
Irrigation of dumps
Leaching of copper into pregnant leach solution 
Extraction of copper from PLS
Stripping of copper from organic solution
Electrowinning of copper from electrolyte
Production of copper cathode
Strong operational and financial performance
Kounrad delivered another strong performance in 2024. 
The team delivered production firmly in the middle of 
guidance at 13,439 tonnes of copper cathode, taking 
cumulative production from the solvent extraction-
electrowinning (SX-EW) plant to more than 165,000 tonnes 
of cathode since production commenced in 2012.
The new Solar Power Plant operated reliably during 2024, 
contributing approximately 14% of Kounrad’s total power 
consumption. During the summer months, the Solar Power 
Plant’s contribution averaged 18%.
Kounrad generated revenue of $121.8 million (2023 
restated: $113.3 million) and EBITDA of $88.8 million (2023: 
$82.3 million). The EBITDA margin of 73% (2023 restated: 
73%) reflects the low-cost nature of the operation.
Leaching operations
Both the Eastern and Western Dumps were leached during 
2024, with the production split being 27% and 73%, respectively. 
At the Eastern Dumps, the average monthly area under 
leach was 20.7 hectares, falling to approximately 14 
hectares (all under cover) during the winter periods. 
During the summer period, irrigation flows were maintained 
at approximately 500 cubic metres per hour, whereas 
during winter the flow rate was reduced to approximately 
350 cubic metres per hour. Over the course of the year, 
the average copper pick-up grade from the Eastern Dumps 
was 0.93 grammes per litre.
Through the summer months, the team focused on 
irrigating the last remaining fresh ore block in the Eastern 
Dumps, Dump 5-12, which comprises the fresh material 
relocated as part of trench extension works in 2022 and 
the previously dozed and levelled side slopes of Dump 7. 
The leaching response from these specific areas was 
excellent, generating 2,649 tonnes of copper through 
the course of the year.
During the year, the site operations team continued 
to review the leaching characteristics and economic 
parameters of continued irrigation activity at the East, 
now that 100% of fresh ore material has been subject to 
leaching of varying intensity. The results have confirmed 
that, under prevailing copper prices, the breakeven copper 
pick-up grade is estimated at just 0.25 grammes per litre.
As such, under a scenario of rotational ‘rest-rinse’ 
irrigation patterns, copper production from the East could 
continue for several years beyond 2025. Additionally, 
such breakeven grades mean that previous plans only 
to operate the East during the summer months will be 
set aside, and that winter leaching will continue in future, 
to be economically assessed on a year-by-year basis. 
At the Western Dumps, the focus of irrigation remained on 
parts of Dumps 16, 21, 22 and 1A, contributing 73% of the 
annual copper production for 2024. The average daily area 
under irrigation at the Western Dumps was 33.8 hectares, 
comprising both fresh and previously leached material.
Kazakhstan
Kazakhstan has significant natural resources and is strategically located between major geopolitical 
areas of influence, namely China, Russia and Western Europe. It ranks amongst the world’s top 
producers of chromite, lead, zinc and uranium, as well as being a significant producer of oil and gas, 
copper, gold and iron ore, and is attracting increasing interest among major international mining 
companies for minerals exploration. Kazakhstan’s economy is the largest in Central Asia. 
CAML’s Kounrad operation benefits from low-cost electrical power, well-developed infrastructure 
and an educated workforce.
OPERATIONAL REVIEW continued
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Financial statements
Overview
11
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

OPERATIONAL REVIEW continued
Socio-economic value
CAML is proud of the value that it brings 
to its host communities and countries 
of operation, and seeks to create 
meaningful and lasting benefits within 
local economies.
The Group aims to support local businesses 
wherever possible and considers this a crucial way 
of promoting socio-economic benefits, leading to 
additional jobs and income, as well as transferring 
skills and technology.
In Kazakhstan, 95% of goods and services were 
purchased in country, and 35% were bought from 
suppliers local to the Karaganda region, equating 
to $14.0 million and $5.2 million respectively.
Taxes paid in 2024
$33.2m
Local employment at Kounrad
100%
Donations to Kounrad Foundation in 2024
$0.6m
The volume of raffinate pumped around the site averaged 
1,290 cubic metres per hour, virtually the same as in 2023. 
As in previous summer periods, a proportion of the off-flow 
solution from the Eastern Dumps was recycled across to 
the Western Dumps, with the aim of maintaining broadly 
stable pregnant leach solution (PLS) grades to the solvent 
extraction plant. Application rates of solution to the dumps 
were maintained at a level of 2.46 litres per square metre 
per hour throughout the year, slightly higher than in 2023.
During the year, 400 metres of trench were excavated and 
lined with high-density polyethylene (HDPE), northwards 
around the edge of Dump 16 to reach Block 40. In addition, 
940 metres of trench were extended along the edge of 
Dump 21 towards Block 22, of which 500 metres were lined 
by the year end. At this location, a temporary storage pond 
and pump house were installed in preparation for leaching 
activity in this area during 2025. Minor trench support 
work was undertaken along a 120 metre length of trench 
adjacent to Dump 22.
Two bulldozers continued with levelling and shaping 
earthworks, solely on the Western Dumps. Ore blocks 
16-22 and 16-23 were fully prepared for winter operation, 
requiring 164,000 square metres of HDPE cover to be 
installed, along with the now standard double-strand 
dripper irrigation pipe.
During the year an additional 1.4 million metres of dripper 
piping and over 18,000 metres of larger-diameter solution 
distribution pipes were installed.
Significant regulatory, legal and technical works were 
undertaken in connection with the necessary Land 
Allotment expansion and technical and environmental 
approvals for the relocation of approximately 750,000 
cubic metres of edge material from Dump 15. This is 
necessary to allow installation of the solution interceptor 
trench, adjacent to an existing railway spur owned 
by a third party.
By year end, all technical and environmental aspects had 
been successfully concluded, and the Land Allotment 
adjustment was moving forward, in co-operation with 
the third party. This preparatory process is planned to 
be completed during H1 2025. Discussions with potential 
mining contractors to undertake the necessary works 
have already been held and earth-moving should begin 
early in H2 2025.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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OPERATIONAL REVIEW continued
SX-EW plant
The SX-EW plant continued to operate efficiently during 
2024 and overall operational availability throughout the 
year was 99.7%. This was 0.25 percentage points above 
availability in 2023, owing primarily to a reduced number 
of power supply interruptions and improved maintenance 
planning during scheduled shutdowns. 
With the average Western Dumps in-situ copper grade at 
approximately 0.1% and the Eastern Dumps all having been 
put under leach, the average PLS copper grade declined 
to 1.99 grammes per litre in 2024, approximately 0.06 
grammes per litre lower than in 2023.
To mitigate this decline, solution flow rates through the 
SX increased by almost 3% compared with 2023, to 1,103 
cubic metres per hour. This flow rate is considered the 
maximum practicable without significantly increasing 
the losses of the main organic extraction reagents, which 
can have negative impacts both in leaching and on the 
electrowinning (EW) aspects of the operation, as well as 
increasing unit costs.
It was necessary to take the SX strong-electrolyte tank 
offline through the summer period, to undertake necessary 
repairs and replacement of the internal lining with a more 
robust PVC system.
Operations within the EW sections were steady throughout 
the year, with the teams focusing on minimising water and 
reagent consumption in the off-gas scrubber units, with 
positive results, whilst maintaining high efficiency levels. 
Inspections during the bi-annual engineering shutdowns 
identified corrosion in both the EW1 and EW2 electrolyte 
tanks, which were successfully repaired using the HDPE 
lining system.
As scheduled, 1,064 new anode plates were replaced 
in rows 1-25 of the EW1 tank house, with further renewals 
planned for H1 2025. A technical review of the longevity 
and quality of the stainless-steel mother plates used 
in the EW circuits indicated that renewal of at least 40% 
of the sheets should be scheduled for H1 2025, with the 
balance to be completed in 2026.
Kounrad maintained high chemical purity of the copper 
cathode produced during the year, and continues to be 
proactive and to impose tight controls in this regard.
The site management team continued its emphasis 
on reagent consumption and controls. In line with the 
increased PLS flow rate, the consumption of LIX and 
Escaid organic reagents increased to 73 parts per million 
per cubic metre in 2024, from 65 parts per million per 
cubic metre in the previous year.
Water consumption for leaching and SX-EW operations 
totalled 356,272 cubic metres, 12% less than in 2023.
Overall power consumption at Kounrad in 2024 was 
58.7 million kilowatt-hours, but with the contribution 
of the Solar Power Plant the total amount of electricity 
purchased from the grid supply was 8.1 million 
kilowatt‑hours less than in 2023.
Copper sales
The Group continues to sell most of its copper production 
through offtake arrangements with Traxys. Throughout 
the year, the quality of CAML’s copper cathode product 
was maintained at high levels. Regular in-house and 
independent metallurgical analyses have consistently 
reported 2024 copper purity of 99.998%.
Solar Power Plant
The Solar Power Plant, which has a capacity of 
4.77 megawatts, operated without interruption during 
2024, generating 8.1 million kilowatt-hours, equivalent 
to 14% of Kounrad’s total power consumption for the year.
During the months April to September the facility 
contributed an average of 18% of the total power 
requirement, with the lowest generation being seen 
in December at 5%.
The Solar Power Plant has direct operating costs of just 
over $68,000 per year (of which 75% is salary related), 
resulting in a direct production cost of electricity 
generated in 2024 at 0.84 cents per kilowatt‑hour. 
If depreciation and other costs are considered, 
then the total unit cost is approximately 4 cents per 
kilowatt‑hour, with project payback estimated at under 
eight years. This compares with an average of 6 cents 
per kilowatt‑hour for grid power.
2025 production guidance
The guidance for Kounrad’s copper cathode production 
in 2025 is between 13,000 and 14,000 tonnes.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

Base metal produced in 2024
18,572t
of zinc
LTIs in 2024
2
Revenue in 2024
$92.7m
EBITDA in 2024
$32.2m
26,617t
of lead
Life of mine
2039
C1 cash cost in 2024
$0.76
per pound of 
zinc‑equivalent
How we produce zinc and lead
Mining methods include cut-and-fill and long-hole 
stoping, using paste backfill, plus sub-level caving
Ore transported to surface by the new Central 
Decline and by shaft
Crushing and screening using jaw and 
cone crushers
Milling to 74 microns using rod mills, spiral 
classifiers and ball mills
Froth flotation produces a zinc concentrate 
and a lead concentrate also containing silver
Water content reduced by thickening and filter 
pressing
Tailings stored underground in paste backfill and, 
from 2025, in new dry-stack facility or in TSF4
Saleable concentrate products stored in sheds 
prior to loading
Concentrate trucked or shipped to smelters
North Macedonia hosts a range of natural resources, 
including metals such as gold, silver, copper, zinc and lead. 
Other resources include non-metallic minerals, arable land 
and agricultural products such as tobacco, grapes and 
vegetables. During 2024, the newly elected government 
created a new ministry, the Ministry of Energy, Mining and 
Mineral Resources. Responsibility for the sector previously 
fell under the Ministry of Economy.
Lead and zinc are some of the most important and valuable 
natural resources in North Macedonia and have been 
produced at the Sasa mine since 1966.
Production statistics
Units
2024
2023
2022
Ore mined
t 762,456
805,621
806,069
Plant feed
t
760,514
805,819
806,653
Zinc grade
%
2.87
2.97
3.15
Zinc recovery
%
85.2
85.0
84.6
Lead grade
%
3.71
3.70
3.63
Lead recovery
%
94.4
93.1
93.4
Zinc concentrate
t (dry)
36,967
40,226
42,824
•	 Grade
%
50.2
50.6
50.1
•	 Contained zinc
t
18,572
20,338
21,473
Lead concentrate
t (dry)
37,595
39,136
38,439
•	 Grade
%
70.8
71.0
71.2
•	 Contained lead
t
26,617
27,794
27,354
Solid operational and financial performance
In 2024, Sasa mined 762,456 tonnes and processed 
760,514 tonnes, with an average head grade of 2.87% 
zinc and 3.71% lead. The average metallurgical recoveries 
for these metals were 85.2% and 94.4%, respectively. 
Sasa produces a zinc concentrate and a separate 
lead concentrate.
Total production for 2024 comprised 36,967 tonnes of zinc 
concentrate at a grade of 50.2% and 37,596 tonnes of lead 
concentrate at a grade of 70.8%. 
Sasa typically receives from smelters approximately 84% 
of the value of its zinc-in-concentrate and approximately 
95% of the value of its lead-in-concentrate. Accordingly, 
2024 payable production amounted to 15,614 tonnes 
of zinc and 25,286 tonnes of lead.
Payable base-metal-in-concentrate sales for 2024 
were 15,839 tonnes of zinc and 25,560 tonnes of 
lead respectively.
During 2024, Sasa sold 379,010 ounces of payable silver 
to Osisko Gold Royalties, in accordance with its streaming 
agreement, for which it received revenue of approximately 
$6 per ounce.
Sasa generated revenue of $92.6 million (2023 restated: 
$90.1 million), resulting in EBITDA of $32.2 million 
(2023: $35.7 million). Capital expenditure of $6.4 million 
(2023: $22.7 million) represents the final year of major 
expenditure on Sasa’s Capital Projects, including the 
transition to paste-fill mining and dry-stack tailings, 
designed to ensure the operation’s future until 
at least 2039.
OPERATIONAL REVIEW continued
North Macedonia
The Republic of North Macedonia is a landlocked country in the south-central Balkans, bordered to 
the north by Kosovo and Serbia, to the east by Bulgaria, to the south by Greece and to the west by 
Albania. North Macedonia has undergone considerable economic reform since its independence and 
has developed an open economy with trade accounting for more than 90% of gross domestic product 
in recent years. It is a developing country, ranked 83rd on the United Nations Human Development 
Index, and provides social security, a universal healthcare system, and free primary and secondary 
education to its citizens. 
14
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Financial statements
Overview
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

Socio-economic value
CAML is proud of the value that it brings to its 
host communities and countries of operation, 
and seeks to create meaningful and lasting 
benefits within local economies.
The Group aims to support local businesses wherever 
possible and considers this a crucial way of promoting 
socio-economic benefits, leading to additional jobs and 
income, as well as transferring skills and technology.
At Sasa, we give priority in procurement to majority-
owned North Macedonian businesses, and support 
companies within the vicinity of the mine whenever 
possible. Sasa ensures that it does not build new 
supply capacity at the local or regional level where 
there are already adequate suppliers. 67% of Sasa’s 
goods and services were purchased from local 
suppliers in 2024, equating to $47.7 million.
Taxes paid in 2024
$9.5m
Local employment at Sasa
98%
Donations to Sasa Foundation in 2024
$0.4m
OPERATIONAL REVIEW continued
Mining
Ore was mined during the year using a combination of 
sub-level caving, cut-and-fill mining and long-hole stoping, 
combined with the use of paste backfill (PBF), from the 
990 level, 910 level and 830 level production areas. 
The ore and waste from the underground operations are 
transported to surface via a combination of hoisting via the 
Golema Reka shaft and, increasingly, the newly-completed 
Central Decline, using a fleet of 20-tonne haul trucks. 
The average combined zinc and lead grade of the ore 
mined was 6.57%, compared with 6.67% in 2023.
Ore development across the three working areas totalled 
7,393 metres, a 12% increase compared with 2023, 
including long-hole stoping development in the 990 level 
and 910 level areas.
Waste development for the year totalled 3,424 metres, 
approximately 25% more than in 2023. This generated 
137,059 tonnes of waste from a combination of internal 
ramp access and crosscuts to the orebody, raise 
development and development of the Central Decline.
The mine produced a total of 899,515 tonnes of ore and 
waste during the year, approximately 1% less than in 2023.
Maintenance
Development of a computerised maintenance management 
system for surface equipment was under way during 2024, 
with approximately 30% of the equipment entered into the 
system by the end of the year and scheduled to be fully 
completed during 2025. The computerised maintenance 
system for mobile equipment is already fully operational. 
As part of the general move to modernise facilities and 
procedures, a new underground Wi-Fi system has also 
been installed to improve communications, productivity 
and safety.
During the year, additional equipment was acquired 
to help maintain production and to improve efficiency:
	
‣ A Diamec 232 drilling rig for underground exploration 
drilling.
	
‣ Two Epiroc underground trucks, an МТ436B and 
an МТ2200 (MT436B on loan from Epiroc to test use 
of a larger truck in the Central Decline).
	
‣ An Epiroc S1D Boomer production drill rig to replace 
old equipment.
	
‣ An Epiroc ST7 underground loader to replace old 
equipment.
	
‣ A CAT 950GC surface loader for loading concentrate 
and waste rock from underground.
	
‣ Two Bobcat S76 loaders, smaller units for production 
logistics, such as cleaning and maintaining roads.
Processing
Sasa processed 760,514 tonnes of ore during 2024, 
4.3% under the amount planned and 5.6% less than the 
total processed in 2023. The shortfall compared with 
the production plan was due to the lower tonnage of 
ore produced by the mine, as new mining areas were 
developed as part of the transition to the new mining 
methods. Overall plant availability was 92.9%.
A significant number of improvement projects were 
implemented during the year in the flotation section: 
	
‣ The asset integrity project to improve and/or replace 
critical infrastructure by the examination of supporting 
steel structures across the flotation, crushing and milling 
circuits. This work will continue in 2025. 
	
‣ The water security and re-use project, developed 
for water supply to the flotation plant. Changes are 
being implemented to re-use in the processing plant 
wastewater from the mine, the PBF Plant, the Dry Stack 
Tailings (DST) Plant and from old adits. 
	
‣ The replacement of the electrical management system 
in the crushing plant was completed.
	
‣ A ventilation system was installed in the flotation 
section. 
	
‣ Replacement of two tanks for the preparation of 
reagents was carried out. 
	
‣ A sprinkler system for fire extinguishing on the conveyor 
belts in the crushing plant was installed.
The management of the tailings storage facilities (TSFs) 
at Sasa was maintained to a high standard during 2024. 
In addition, in July 2024 CAML announced its conformance 
with the Global Industry Standard on Tailings Management 
(GISTM), an internationally accepted set of best practices 
for the management of TSFs. The goal of managing tailings 
is zero harm to people and the environment. Although not 
legally required to do so, in 2021 CAML took the decision 
to adopt the GISTM on a voluntary basis. 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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OPERATIONAL REVIEW continued
Capital Projects
The transition to using paste backfill at Sasa is designed 
to create a safer and more sustainable underground mining 
operation for the long term and to improve the overall 
recovery of metal from the orebody. Investments have 
been made in three key areas: 
	
‣ a PBF Plant and associated surface and 
underground reticulation; 
	
‣ a DST Plant and associated landform; and
	
‣ a new Central Decline.
The PBF Plant and associated infrastructure have been 
completed, and the plant has been operating since late 
2023. By the end of December 2024, a total of 240,000 
tonnes of paste had been placed underground. The tailings 
content in this fill represented approximately one third 
of the total tailings generated over the period.
During 2024, the construction and equipment installation 
of the DST Plant were substantially completed, followed 
in Q1 2025 by the automation system prior to entering 
operation. An area of the DST landform of 20,000 square 
metres has been prepared for dry tailings storage. 
The landform will be extended during 2025 and beyond, 
as required.
A key benefit of the transition to paste backfill mining 
is the improved storage of tailings. Previously, all tailings 
generated from Sasa’s processing plant were stored 
in TSF4. For the remaining life of the mine, tailings will be 
stored in the following three locations in order of priority: 
underground as paste backfill; on the DST landform; 
and the balance in TSF4.
The development of the Central Decline was completed 
in December 2024 by its connection with the 750 level. 
The decline connects the surface with the 910 level, the 
830 level, the 800 level and the 750 level. During 2024, 
1,125 metres were completed, bringing total development 
for the Central Decline to 3,735 metres. In 2024, the 
section for transport of ore from the 910 level was 
commissioned, and the other section, to the 750 level, 
is expected to be fully operational in Q1 2025.
2025 production guidance
CAML has maintained its ore mined guidance year‑on-year 
at 790,000 to 810,000 tonnes. Expected metal production 
in 2025 is 19,000 to 21,000 tonnes of zinc-in-concentrate 
and 27,000 to 29,000 tonnes of lead-in-concentrate.
The GISTM covers standards and practices over the 
entire TSF lifecycle. CAML elected to have Sasa’s GISTM 
audit conducted by an independent third party, Knight 
Piésold, which confirmed that 92% of the requirements 
were in conformance, and the remaining 8% were met with 
a plan in place (thus constituting overall conformance).
Extension of the rock toe at the downstream slope of TSF4 
continued during 2024. By the end of the year a total 
of 113,304 cubic metres of waste rock had been placed. 
During the year additional piezometers were installed in 
the seismic monitoring system for the TSFs. The upgraded 
TSF management system can also monitor processing and 
other water flows, water levels, drainage flows, turbidity 
and other relevant information. Additional upgrades are 
planned in 2025.
The rehabilitation of TSF3.2 continued during 2024, with 
the placing of waste rock from the underground mine, 
and was completed by year end.
Exploration
A total of 7,127 metres of advance drilling was completed 
during the year across the five working areas, on the 750 
level, 800 level, 830 level, 910 level and 990 level, to 
provide additional information on the grade and thickness 
of the three orebodies. (Note: levels are numbered 
in metres above a zero datum below the orebodies.)
Exploration drilling included 2,747 metres completed below 
the 750 level to improve the geological understanding 
of the mineralisation at Svinja Reka at depth. 
In addition, 1,458 metres of exploration drilling in five 
holes were completed from the new Central Decline 
at Kozja Reka North to improve understanding of the 
geology at depth and to test hanging wall targets. 
These holes intersected zones of mineralisation down 
to at least the 550 level, demonstrating the extension 
of the mineralisation at depth. However, no economic 
mineralisation was intersected in these holes.
In April 2024, two structural geologists from Tect 
Geological Consulting visited Sasa to conduct an 
independent review of the structural geology. The review 
findings have enhanced our understanding of the structural 
geology, which has led to improvements in the geological 
modelling and Mineral Resource estimation. In addition, 
the study has delineated targets for further exploration.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

Sasa Mineral Resources, Ore Reserves and LoM
During 2024, the technical services team updated Sasa’s 
Mineral Resource Estimate (MRE) for the Svinja Reka and 
Golema Reka deposits and the Ore Reserves for the Svinja 
Reka deposit.
The updated work took into account recent additional 
drilling, mining depletion and, where applicable, changes 
to the assumptions for metal prices, treatment charges 
and transport costs used in the Net Smelter Return (NSR) 
calculation. Sasa’s MRE and Ore Reserves are shown 
in the following tables.
Total Svinja Reka Mineral Resources have increased 
to 11.8 million tonnes at grades of 4.2% lead and 3.0% 
zinc (2023: 11.5 million tonnes at grades of 4.3% lead 
and 2.9% zinc), owing to additions resulting from drilling 
in 2024 more than offsetting depletion from mining.
Total Golema Reka Mineral Resources are unchanged 
at 9.3 million tonnes at grades of 3.8% lead and 1.2% zinc.
The Svinja Reka 2024 Ore Reserve is 9.2 million tonnes 
at grades of 3.4% lead and 2.4% zinc (2023: 9.0 million 
tonnes at grades of 4.0% lead and 2.6% zinc). Mining 
depletion of approximately 0.8 million tonnes has been 
offset by design changes associated with increased metal 
prices and additional geotechnical data.
Based on the latest Mineral Resources and Ore Reserves, 
CAML expects Sasa to maintain annual production rates 
of between 800,000 – 830,000 tonnes per annum for 
an expected LoM of 14 years until 2039.
Approximately 10,000 metres of exploration drilling are 
planned at Sasa for 2025, which will focus on surface and 
underground drilling of the Svinja Reka deposit from the 
750 level to explore for down-dip and northern extensions 
of the previously mined mineralisation. In addition, a model 
of the structural geology of the Sasa area will assist with 
the definition of exploration targets.
Mineral Resource Estimate for Svinja Reka and Golema Reka
Sasa’s technical services team has updated the MRE for the Svinja Reka and Golema Reka deposits as of 31 December 
2024. NSR cut-off values for each mining method were applied as below.
Classification
Deposit
Mt
Grades
Contained metal
Pb (%)
Zn (%)
Ag (g/t)
Pb (kt)
Zn (kt)
Ag (koz)
Indicated Mineral
Resources
Svinja Reka
9.5
4.3
3.1
31.1
409
292
9,540
Golema Reka
1.9
4.0
1.3
13.5
77
26
841
Total Indicated
11.5
4.2
2.8
28.1
487
318
10,381
Inferred Mineral 
Resources
Svinja Reka
2.3
3.7
2.6
40.8
83
59
2,960
Golema Reka
7.3
3.7
1.2
12.8
274
87
3,021
Total Inferred
9.6
3.7
1.5
19.4
357
146
5,981
Total Indicated and Inferred Resources
21.1
4.0
2.2
24.2
843
464
16,362
Notes
	
‣ The Mineral Resources and Ore Reserves are reported in accordance with the guidelines of the 2012 Edition of the Australasian Joint 
Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
	
‣ Mineral Resources have an effective date of 31 December 2024.
	
‣ The Competent Person for the declaration of Mineral Resources is Graham Greenway, BSc Honours (Geology), PGeo. Mr Greenway, 
CAML’s Group Geologist, is a Practising Registrant of the Professional Geoscientists of Ontario and has over 35 years’ experience in 
the exploration, definition and mining of precious and base metal Mineral Resources, and has sufficient experience relevant to the style 
of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking, to qualify as a Competent 
Person as defined by the JORC Code (2012) and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas 
Companies. He has reviewed, and consents to, the inclusion in the Annual Report of these matters based on the information in the form 
and context in which it appears, and confirms that this information is accurate and not false or misleading.
	
‣ Mineral Resources are reported inclusive of Ore Reserves.
	
‣ The Svinja Reka Mineral Resource is reported based on an NSR cut-off of $46 per tonne for sub-level caving, and $53 per tonne for 
cut‑and-fill and long-hole stoping. These cut-offs are based on metal price assumptions of $2,933 per tonne for zinc, $2,300 per tonne 
for lead and $26 per ounce for silver (these being consistent with the prices assumed for the Mineral Resource in December 2023 in 
order to include mineralisation that has ‘reasonable prospects for eventual economic exploitation’ but which is not economic assuming 
the prices used for reporting the Ore Reserve).
	
‣ The Golema Reka Mineral Resource is reported based on a NSR cut-off of $53 per tonne for cut-and-fill stoping.
	
‣ Mineral Resources are reported as undiluted. No mining recovery has been applied in the Statement.
	
‣ Tonnages are reported in metric units, grades in percent (%) or grams per tonne (g/t) and the contained metal in metric units or ounces. 
Tonnages, grades and contained metal totals are rounded appropriately.
	
‣ Rounding may result in apparent summation differences between tonnes, grade and contained metal content.
OPERATIONAL REVIEW continued
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

OPERATIONAL REVIEW continued
Svinja Reka Ore Reserve Statement
The following Ore Reserve Statement has been prepared by Sasa’s technical services team 
based on a LoM plan that includes a transition from the sub-level caving mining method 
to cut-and-fill and long-hole stoping with paste backfill. The Ore Reserve Statement 
considers the updated Indicated Resources constrained within a practical and economic 
mine design only. NSR cut-off values and design modifying factors for each mining method 
were applied as below.
Svinja Reka
Mt
Grades
Contained metal
Pb (%)
Zn (%)
Ag (g/t)
Pb (kt)
Zn (kt)
Ag (koz)
Probable
9.2
3.4
2.4
26.5
316
223
7,800
Total
9.2
3.4
2.4
26.5
316
223
7,800
Notes
	
‣ Ore Reserves have an effective date of 31 December 2024.
	
‣ The Competent Person who has reviewed the Ore Reserves is Scott Yelland, CEng, FIMMM, MSc, 
who is a full-time employee and Chief Operating Officer of CAML. He is a mining engineer with 
over 42 years’ experience in the mining and metals industry, including operational experience 
in underground zinc and lead mines, and as such qualifies as a Competent Person as defined 
in the JORC Code (2012).
	
‣ The Ore Reserve is reported using a NSR cut-off of $46 per tonne for sub-level caving, $53 per 
tonne for cut-and-fill and long-hole stoping and $37 per tonne for the ore development drives 
which are required to establish stope access. These cut-offs are based on metal price assumptions 
of $2,750 per tonne for zinc, $2,081 per tonne for lead and $23.90 per ounce for silver.
	
‣ Ore Reserves have been estimated utilising 3D-modelling software (Deswik) and are reported within 
practical mining shapes.
	
‣ Rounding may result in apparent summation differences between tonnes, grade and contained 
metal content.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

BUSINESS DEVELOPMENT
CAML is seeking to grow its pipeline 
of projects and has outlined the 
following strategy to frame the 
team’s business development efforts. 
Type of opportunity
	
‣ Earlier stage exploration opportunities largely 
in existing local jurisdictions.
	
‣ Larger, of a material size and most likely 
‘in production’ acquisitions to enhance scale 
and liquidity.
	
‣ Ad hoc ‘overlooked’ opportunities.
Jurisdiction
	
‣ Principally European time zone plus Kazakhstan.
Commodity exposure
	
‣ The principal commodities should align with the 
Company’s purpose, which remains to produce 
base metals essential for modern living.
Affordability
	
‣ CAML’s strong balance sheet with no debt and 
strong cash generation from existing operations 
means that the Group has considerable borrowing 
capacity to enable a strong cash element 
in any offer.
	
‣ Good liquidity and strong shareholder support 
for future deals.
Financial criteria
	
‣ Business development transactions must 
be accretive to earnings.
	
‣ Transactions must add value for shareholders.
Sustainability
	
‣ Acquisition opportunities must not negatively 
impact the Group’s sustainability position in the 
long term.
Aberdeen Minerals 
CAML completed its initial investment into 
Aberdeen Minerals (‘Aberdeen’) on 31 May 
2024, and now owns 28.4% of that company. 
CAML’s investment represents a low-cost entry 
into a focused junior exploration company 
which is actively exploring the Arthrath project 
in Aberdeenshire, northeast Scotland, and 
several promising targets in the underexplored 
surrounding district.
The investment into Aberdeen is funding a 
significant drilling programme being undertaken 
in several phases. The first phase (seven holes 
ranging between 243 metres and 510 metres in 
depth and totalling 2,682 metres) was completed 
between July and October 2024, as well as 
borehole electromagnetic geophysical surveys, 
which maximise the data gained from each hole.
The results have been encouraging, with extensive 
intersections of net-textured sulphides and some 
areas of massive sulphides identified. The results 
have validated the exploration model and confirm 
the potential for higher-grade nickel-copper 
sulphide traps within depth extensions to a 
prospective conduit system. In parallel, updated 
geological modelling is in progress, with the next 
round of drilling due to commence in Q2 2025.
2024 summary
CAML continued to place a high priority on its business 
development efforts during 2024, both in seeking 
acquisition opportunities offering existing or near-term 
cash flow and with respect to the Company’s longer-term 
exploration investments.
The team was pleased to conclude the Aberdeen Minerals 
investment and progress its CAML Exploration (CAML X) 
activities during the year. The opportunities CAML reviewed 
during 2024 were all evaluated against the Company’s 
business development strategy as previously outlined.
Material opportunities
The CAML team remains focused on identifying 
opportunities that have the potential to make a material 
contribution to the growth of the business, whilst 
recognising the need for such developments to be 
accretive to earnings and valuation.
During 2024, a total of 37 potential acquisitions were 
appraised, 13 non-disclosure agreements were signed and 
six site visits undertaken. Within this activity, the business 
development team spent significant time on a number of 
opportunities within the Group’s current areas of operation, 
as well as potential transactions in other jurisdictions, 
resulting in a number of formal offers being submitted. 
The Company enters 2025 with a pipeline of opportunities 
to pursue and remains focused on developing the business 
for the long term.
CAML X
CAML X undertook its first full reconnaissance exploration 
season during the summer of 2024, which generated a 
number of prospective targets, following which the team 
focused on additional licence applications during the 
remainder of H2 2024. 
Two of these applications were successful in 2024, 
with another two granted post period end. Together, 
these licences give CAML X a strong foothold in two 
prospective geological regions: North Balkhash and 
the Chingiz-Tarbagatay belts.
During Q4 2024, the team identified other prospective 
Kazakh base-metal project acquisition opportunities 
through local relationships, two of which are being appraised.
The 2025 strategy is for CAML X to commence exploration 
on its licensed project areas, with soil geochemistry, and 
magnetic and induced-polarisation geophysics expected to 
be undertaken. Desk-based work in two other mineralised 
belts will continue during 2025. 
The CAML X team has also expanded into assisting CAML 
in other technical areas. During Q4 2024, the team visited 
North Macedonia to provide an additional viewpoint on 
regional exploration prospectivity around the Sasa mine.
19
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Financial statements
Overview
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

SUSTAINABILITY
Safety: LTIFR
0.77
2023: 0.40
Donations to our foundations
$1.0m
2023: $1.1m
Carbon emissions reduction
44%1
Compared with 2020 baseline
Overview
Producing base metals, essential for modern living, 
profitably and in a safe and sustainable manner, drives 
CAML’s strategy and business model. In turn, CAML’s 
sustainability strategy is built upon the five pillars shown 
on the left.
This means protecting the longevity of its operations and 
working towards an enduring net positive outcome after 
the end of asset life by upholding strong ethical practices 
throughout the Group and its supply chain. 
Additionally, this allows prioritising the safety, health 
and development of our people, conducting business 
in an environmentally responsible manner, and positively 
contributing to our communities and the countries in which 
we operate.
CAML’s Board has accountability for risk management, 
including those risks related to the Group’s impacts on 
the economy, environment and people. The Sustainability 
Committee has overall responsibility for overseeing those 
impacts, and its report can be found on page 67.
For 2024, CAML has published its sixth stand-alone annual 
Sustainability Report. This reports have been produced 
in line with the Global Reporting Initiative (GRI) Universal 
Standards using the GRI Mining Sector Standards.
CAML’s SDGs
CAML’s sustainability pillars
Ensuring ethical 
practices
During 2024, CAML conducted an internal 
assessment of responses received from the 
supplier assessment questionnaire, the results 
of which will guide its sustainability-related 
engagement with suppliers in future. The 
questionnaire is included as part of the Group’s 
Supplier Code of Conduct. 
Maintaining 
health and safety
Workshops were held in 2024 to assess the 
safety culture across the Group. This is leading 
to the development of a strategy to drive further 
transformation and maturity in our safety culture, 
with implementation planned for 2025.
Valuing our people
Efforts continued during 2024 to ensure the 
workforce was fully prepared for the operational 
transition at Sasa. The Paste Backfill (PBF) Plant 
became fully operational, with employees trained 
and ready. No workforce-related incidents 
were recorded in connection with the PBF 
Plant’s operations, reflecting the effectiveness 
of this training.
Caring for the environment
In July 2024, CAML announced its voluntary 
conformance with the Global Industry Standard 
on Tailings Management, an internationally 
accepted set of best practices for the 
management of tailings storage facilities.
Creating value for 
our communities
During 2024, CAML continued its policy 
of donating 0.5% of revenue to its local 
foundations. The foundations fund a range 
of projects in support of the communities 
in which the Group operates.
We have also mapped our reporting to the Sustainability 
Accounting Standards Board (SASB) for the metals 
and mining industry, providing readers with another 
internationally recognised framework whilst also preparing 
the Group for the International Sustainability Standards 
Board (ISSB) Sustainability Disclosure Standards.
The report discusses CAML’s contributions to sustainable 
development, and provides its stakeholders with an 
overview of the achievements the Group has made and 
the challenges it has faced.
In addition, CAML has further developed its approach 
to sustainability reporting with the introduction of 
individual management-approach factsheets covering key 
sustainability-related topics which are available on our 
website https://www.centralasiametals.com/sustainability/.
CAML’s sustainability strategy and practices continue 
to develop, and the Group has advanced its approach 
to contributing to the United Nations Sustainable 
Development Goals (UN SDGs) in 2024.
CAML recognises that all 17 SDGs are important and 
that many of them are interconnected; however, for the 
purposes of our sustainability activities, we believe it is 
helpful to prioritise and have therefore identified primary 
and supporting SDGs.
1.	 Group figure, excludes CAML Exploration.
More information on 
CAML’s sustainability 
pillars can be found 
on pages 21 to 23.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

SUSTAINABILITY continued
Highest priority
1
Responsible waste and tailings management
2
Safety, emergency preparedness and occupational health
3
Responsible water management
4
Socio-economic value
5
Talent attraction, employee retention and development
High priority
6
Labour rights and relations
7  Business ethics
8
Community engagement and impact
9
Biodiversity, closure and rehabilitation
10
Climate change and energy efficiency
11
Human rights
Double materiality assessment
During 2024, CAML conducted its second double materiality assessment to identify the sustainability aspects most 
material to the Group, focusing on impacts, risks and opportunities. The process included an aspect identification 
exercise, an internal impact assessment, engagement with key stakeholders such as employees, local communities, 
investors, supply chain partners and regulators, and an analysis of internal and external data. Insights from this 
process informed the assessment results and supported a comprehensive analysis.
The assessment addressed both financial impacts and impact materiality, evaluating CAML’s activities and business 
relationships and their effects on the environment and stakeholders, including employees, local communities, supply 
chains and the countries in which the Group operates. It also examined how environmental and societal factors, along 
with sustainability-related risks and opportunities, could influence CAML’s business model, strategy and financial 
performance.
By assessing the Group’s impact on these factors and their effects on the Group’s business, CAML adopts a balanced 
and integrated approach to sustainability. This reinforces its commitment to delivering long-term value to stakeholders 
whilst addressing evolving challenges and opportunities in its operating environment.
Ensuring ethical practices
CAML is committed to upholding high standards 
of governance and ethical behaviour, guided by 
our Code of Conduct, which sets out expected 
standards of behaviour, including ethical conduct, 
anti-bribery, compliance with local laws and the 
protection of human rights. Strong governance 
and ethical business practices are essential to 
maintaining stakeholder trust, ensuring operational 
stability and securing long-term business success.
The Group’s Human Rights Policy outlines CAML’s 
commitment to respecting and promoting human 
rights across our business and supply chain, in line 
the International Labour Organization's Declaration 
on Fundamental Principles and Rights at Work. CAML’s 
approach is guided by the UN Guiding Principles 
on Business and Human Rights (UNGPs), ensuring 
that human rights considerations are embedded 
in business decisions. In 2024, we conducted a 
Human Rights Impact Assessment (HRIA) at both 
Sasa and Kounrad, identifying areas for improvement 
related to labour conditions, fair wages, grievance 
mechanisms, health and safety, collective bargaining 
and supply chain responsibility.
We maintain a zero-tolerance approach to bribery 
and corruption, underpinned by our Anti-Bribery 
and Corruption (ABC) Policy. All employees, 
contractors and business partners are required 
to comply with the policy, which sets out clear 
guidelines on acceptable behaviour, including rules 
on gifts, hospitality and political donations. Those 
in high-risk roles, including senior management 
and those interacting with government officials 
and external stakeholders, undergo training and 
regular compliance reviews. No incidents of bribery 
or corruption were recorded in 2024.
Our Supplier Code of Conduct outlines the 
standards we expect from suppliers in relation 
to human rights, environmental responsibility 
and business ethics. Suppliers are screened 
for compliance with the code, and contracts 
include specific ABC and human rights clauses. 
Non-compliance issues are addressed through 
corrective action plans or termination of the 
relationship, where necessary. In 2024, CAML 
undertook a review of its supplier assessment 
screening process, and identified opportunities 
to strengthen supplier due diligence procedures.
Promote a corporate culture 
that is based on ethical values 
and behaviours.
Take into account wider stakeholder 
interests, including social and 
environmental responsibilities, and their 
implications for long‑term success.
2
QCA 
4
QCA 
 
 
MAINTAINING 
HEALTH AND 
SAFETY
 
 
VALUING
OUR PEOPLE
   
    
 
    
    
    
   
 
   
   
  
   
   
  
ENSURING 
ETHICAL PRACTICES
CARING FOR THE 
ENVIRONMENT
CREATING
VALUE FOR OUR 
COMMUNITIES
6
10
9
11
8
7
2
1
4
5
3
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

SUSTAINABILITY continued
CAML’s Modern Slavery Act Statement reflects its 
commitment to preventing forced labour and human 
trafficking across the Group’s operations and supply 
chains. Through our HRIA, conducted every three 
years, we identify potential modern slavery risks 
and work closely with suppliers to mitigate them. 
No breaches of our Modern Slavery Policy were 
recorded in 2024.
Accountability for governance and business ethics 
rests with the Board of Directors, supported by the 
Sustainability Committee and the Chief Executive 
Officer (CEO). The General Counsel, along with site 
general directors, are responsible for overseeing 
day-to-day management and ensuring compliance 
with CAML’s governance framework.
Our confidential whistle-blowing hotline, available 
24/7, allows employees and stakeholders to report 
concerns without fear of retaliation. Reports 
under our Whistle-blowing Policy are handled 
confidentially and reviewed by senior management, 
with significant issues escalated to the General 
Counsel and the Audit Committee. In 2024, CAML 
received no reports through the whistle-blowing 
hotline. Findings from whistle-blowing cases are 
incorporated into governance improvement plans, 
reinforcing CAML’s commitment to accountability 
and ethical business conduct.
Business ethics and governance performance 
objectives are integrated into CAML’s executive 
remuneration framework (see KPI section on page 40).
Maintaining health and safety
CAML prioritises a safe and healthy working 
environment for our employees, contractors 
and visitors, striving together towards zero harm. 
Acknowledging the inherent risks in mineral 
extraction (see page 47 for more information on our 
principal risks), we work to eliminate occupational 
health risks, support employee well-being and foster 
a strong health and safety culture, recognising 
that effective health and safety performance is 
essential to our success and sustainability.
Our Group Health and Safety Policy is built on 
the principle that all occupational injuries and 
illnesses are preventable. We implement robust 
health and safety management systems aligned 
with internationally recognised standards and 
local regulations. Sasa is ISO 45001 certified, while 
Kounrad aligns with ISO 45001. However, both 
operations incorporate industry-specific safety 
measures into their management system.
We focus on proactive risk identification, employee 
training and fostering a safety-first culture. Regular 
risk assessments, hazard identification, incident 
reporting and root-cause analysis are conducted 
to prevent recurrence, supported by site-level 
safety committees which address concerns and 
feedback from employees. Emergency response 
plans are in place at both operations, with regular 
drills being undertaken to ensure preparedness. 
Independent third-party audits of our H&S systems 
are conducted periodically to verify compliance 
and identify areas for improvement.
Accountability for health and safety ultimately 
rests with the Board of Directors, supported 
by the Sustainability Committee and the CEO. 
CAML’s Senior Sustainability Adviser and Head 
of Sustainability, along with its site general 
directors and on-site health and safety teams, are 
responsible for overseeing day-to-day management 
and ensuring that the policy and procedures are 
effectively implemented.
CAML continued to demonstrate a strong safety 
performance in 2024, achieving an LTIFR of 
0.77. Health and safety performance objectives 
are integrated into our executive remuneration 
(see page 80 for details). Employees received 
on average 11 hours of training for the year, with 
contractors receiving 3 hours. In addition, a Group 
safety culture strategy was developed and will 
be incorporated into site-specific plans in 2025, 
reflecting CAML’s commitment to continuous 
improvement in health and safety performance. 
An important part of this strategy is visible felt 
leadership (VFL) walkovers, enabling managers 
to engage directly and openly with employees 
and contractors on-site.
We prioritise employee health and well-being 
through proactive monitoring, 24-hour medical 
clinics and annual occupational health tests, 
ensuring early identification and mitigation 
of potential risks. Key initiatives include supporting 
our zero-tolerance alcohol policy, health education 
on smoking and alcohol risks, health awareness 
programmes and organised sports activities.
Valuing our people
CAML recognises that a motivated and skilled 
workforce is essential to the success and 
sustainability of the business. Our People Policy 
sets out our commitment to fair treatment, diversity 
and professional development. Employees have 
the right to freedom of association and collective 
bargaining within the framework of local labour 
laws. CAML does not tolerate discrimination 
or harassment, and has mechanisms such as a 
whistle-blowing hotline and grievance procedures 
to address issues.
Training and professional development are key 
priorities. In 2024, employees completed an 
average of 33 hours of training, covering technical 
skills, health and safety, management and 
leadership. At Sasa, a dual-education programme 
engaged young people in mining careers and 
Kounrad’s mentoring programme supported the 
successful onboarding of new hires. CAML also 
provided university sponsorship opportunities in 
fields such as geology, engineering and automation 
to strengthen the future talent pipeline.
CAML continues to focus on diversity, equality 
and inclusion and has undertaken several initiatives, 
including improving female facilities, offering 
networking opportunities and providing training 
on topics such as unconscious bias.
Employee performance is evaluated based on 
our Group-wide goals and our business strategy. 
Employees are encouraged to take part in regular 
feedback and performance reviews. Salary 
benchmarking is conducted regularly to ensure 
fair and competitive pay, with salaries significantly 
above the minimum wage in both North Macedonia 
and Kazakhstan. Our focus on employee engagement 
is reflected in high retention rates and strong 
workforce morale.
Accountability for CAML’s approach to people 
management rests with the Board of Directors, 
supported by the CEO. Day-to-day responsibility 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

SUSTAINABILITY continued
lies with the Head of People and site leadership 
teams, who work closely with union representatives 
and employee committees. In 2024, strategic 
meetings were held to assess key talent, 
succession planning and potential retention risks. 
Comprehensive plans are now in place to safeguard 
critical personnel and mitigate associated risks.
In 2024, CAML undertook a culture survey to 
further understand our strengths and areas for 
development. Overall, the survey results confirm 
that we have an engaged and inclusive workplace 
culture, which prioritises people and results, with 
opportunities to refine leadership expectations 
and enhance knowledge sharing and improve 
cross-team collaboration. We remain committed 
to continuously evolving our culture to support 
both our people and our business objectives.
Caring for the environment
CAML is committed to responsible environmental 
management, guided by our Environmental Policy, 
Climate Change Policy and Tailings Policy, which 
set out our approach to managing environmental 
risks and impacts across the lifecycle of our 
operations. The Board of Directors holds ultimate 
accountability for environmental performance, 
supported by the Sustainability Committee and 
the CEO. Day-to-day responsibility lies with the 
Head of Sustainability, assisted by CAML’s Senior 
Sustainability Adviser and site general directors, 
supported by dedicated environmental teams. 
We have implemented environmental management 
systems (EMS) aligned with international standards. 
Sasa’s EMS is certified to ISO 14001 and is subject 
to annual external audits. Kounrad, although 
not formally certified, operates in alignment with 
ISO 14001, as confirmed by an independent audit 
in 2022. Environmental risks are managed through 
regular monitoring, site-specific environmental 
action plans and ongoing employee training 
to ensure compliance with regulatory requirements 
and industry best practices.
Water stewardship remains central to our 
environmental strategy. Kounrad operates a 
closed-loop in-situ dump leach system with minimal 
water loss, primarily through evaporation and 
solution retention within the dumps. Sasa uses 
water from a combination of surface water and 
groundwater sources, in addition to contact and 
recycled/reused water from the underground mining 
operation. Recycled/reused water is employed in 
the processing plant and dust suppression systems 
installed on TSF4. CAML has set a target to achieve 
a 75% reduction in surface water abstraction at 
Sasa by the end of 2026 (compared with a 2020 
baseline), supported by our water management 
strategy which focuses on increasing the recycling/
reuse of technical waters where possible.
Responsible tailings management is a key priority. 
CAML adheres to the Global Industry Standard 
on Tailings Management (GISTM) as well as 
international standards and national regulations, 
ensuring that our tailings storage facilities 
(TSFs) are designed, operated and monitored 
to the highest industry standards. Our Tailings 
Policy outlines our commitment to the safe and 
environmentally responsible management of tailings. 
We have set a target for 70% of tailings to be stored 
using more environmentally responsible methods, 
such as paste fill and dry stack tailings. Regular 
inspections and independent audits are conducted 
to ensure the integrity of our tailings facilities. In 
2024, a GISTM audit conducted by a third party 
confirmed Sasa’s TSFs conform with the standard.
A key component of CAML’s environmental strategy 
is stakeholder engagement. In 2024, we engaged 
with local communities through public hearings and 
environmental campaigns to promote transparency 
and sustainable practices. We also worked 
closely with local governments and regulatory 
authorities to ensure alignment with environmental 
standards and expectations. Feedback from local 
stakeholders continues to inform our environmental 
initiatives, reinforcing our commitment to shared 
environmental responsibility.
Creating value for our communities
CAML is committed to creating shared value and 
delivering positive benefits for the communities in 
which it operates, guided by our Community Policy. 
The policy sets out our approach to stakeholder 
engagement, local employment and socio-economic 
development. The Board of Directors holds 
ultimate accountability for community engagement, 
supported by the Sustainability Committee and 
the CEO. Day-to-day responsibility lies with the 
CAML Senior Sustainability Adviser assisted by 
the Head of Sustainability and site general directors 
and social affairs co-ordinators, who engage 
regularly with local stakeholders and oversee the 
implementation of CAML’s community programmes.
In 2024, CAML paid $42.8 million in taxes to the 
governments of North Macedonia and Kazakhstan, 
within a cumulative total of $392.0 million since 
the start of Group operations. Local procurement 
remained a key priority, strengthening regional 
economies and supply chains. CAML aims to 
prioritise hiring from within local communities, 
with almost all employees at Sasa and 100% 
of employees at Kounrad hired locally.
Our charitable foundations at both operations 
funded projects focused on education, healthcare 
and infrastructure in 2024. Initiatives included 
support for local schools, medical centres and 
youth engagement programmes. At Sasa, the 
dual‑education programme partnered with local 
schools to promote mining-related careers, and 
Kounrad provided scholarships and vocational 
training to support local employment opportunities. 
During the year we advanced $1.1 million to the 
combined foundations and spent $0.9 million across 
the Group on community projects.
Structured grievance mechanisms at both sites 
ensure that community feedback is addressed 
promptly and fairly. Grievances are recorded 
and monitored at site-level meetings, with 
issues requiring escalation addressed by senior 
management and the Sustainability Committee.
Stakeholder collaboration remains central to 
CAML’s strategy. The Group works with local 
governments and industry groups to foster 
economic development and infrastructure 
improvements. CAML actively participates in the 
British Business Association in North Macedonia, 
which promotes business development and 
regulatory improvements in the region.
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Climate-related reporting
CAML is committed to transparent disclosure of its climate 
impacts, risks and opportunities. The Group follows the 
Task Force on Climate-Related Financial Disclosures 
(TCFD) framework and the mandatory Climate-Related 
Financial Disclosure (CFD) framework, recognising them 
as robust and relevant structures for assessing and 
reporting climate-related risks and opportunities.
CAML continues to review the recommendations of the 
ISSB, specifically IFRS S1 (General Requirements for 
Disclosure of Sustainability-Related Financial Information) 
and IFRS S2 (Climate-Related Disclosures), with a view 
to adopting these standards in the future.
Governance
The Board of Directors has ultimate responsibility for the 
Group’s approach to climate change, including strategy, 
risk management and performance. The Board is supported 
by the Sustainability Committee, Audit Committee and the 
Chief Executive Officer, who oversee the implementation 
of climate strategy. The Head of Sustainability is 
responsible for day-to-day management.
CAML’s approach to managing climate-related matters 
is guided by its Climate Change Policy and climate change 
strategy. The policy sets out the Group’s commitments to 
addressing the effects of climate change, and the strategy 
defines how CAML will work towards these commitments 
through specific actions and targets designed to reduce 
emissions, strengthen resilience and capture opportunities 
arising from the transition to a low-carbon economy.
Climate risks are discussed quarterly by the Group Risk 
Committee (GRC) and communicated to the Company’s 
Audit Committee, which oversees climate-related 
disclosures to ensure alignment with financial reporting 
and internal controls. The Audit Committee and the 
GRC monitor and manage risks, including emerging 
risks linked to climate change, and co-ordinate with the 
Sustainability Committee in presenting these to the Board. 
The findings directly inform the Group’s decision-making 
process and strategy.
At an operational level, site-based risk co-ordinators work 
with on-site management and the risk committees to assess 
and monitor climate risks. The outcomes of these reviews 
are reported to the GRC and presented as part of the Group’s 
principal risk update under principal risk 5: Climate change.
SUSTAINABILITY continued
Managing climate-related risks
We identify, assess and manage climate-related risks 
through our existing risk management framework as 
outlined in the Risk Management section of this report 
(see page 44). Climate risks are integrated into the Group’s 
risk register and monitored quarterly at both corporate and 
site levels. The outcomes of these reviews are reported 
to the GRC and Board, ensuring that climate risks are 
assessed and managed consistently across the business.
Identifying climate-related risk
In 2022, CAML initiated scenario planning supported by 
external consultants to test strategic resilience under 
three plausible climate futures: Net Zero 2050 (NZ2050), 
Net Zero 2090 (NZ2090), and High Physical Risk (HPR), 
based on Shared Socio-economic Pathways (SSP) and 
Representative Concentration Pathways (RCPs) developed 
by the Integrated Pollution and Prevention Control (IPCC). 
We assessed our climate-related risks and opportunities 
over three time horizons: short term (2011-40), medium 
term (2041-70) and long term (2071-2100); aligned with 
the IPCC’s Coupled Model Intercomparison Project (CMIP) 
to ensure consistency with global climate assessment 
standards. As the lifespan of CAML’s operating assets 
is not expected to extend beyond 2070, our analysis 
focuses primarily on short- and medium-term risks 
and opportunities.
These scenarios incorporate variables such as global 
trends and broader driving forces, alongside specific 
factors relevant to CAML’s operations, commodities and 
stakeholders. The aim was to stress-test CAML’s strategy 
and activities against a range of physical and transition 
risks, and to integrate the outcomes into the Group’s 
broader risk management process. 
The scenario analysis broadly validated the Group’s 
climate strategy and identified opportunities to strengthen 
operational resilience. The business model demonstrated 
resilience under the NZ2050 and NZ2090 scenarios, 
supported by increased renewable energy sourcing, 
energy efficiency measures and operational improvements. 
The HPR scenario highlighted the need for enhanced 
physical risk management and adaptation measures to 
withstand increased water stress and wildfires caused 
by heat events. The results of our risk assessment and 
scenario analysis are presented in the table on page 25.
We have not disclosed physical risks assessed as low, 
as they are not seen as material to CAML.
In response to the findings from the risk assessment 
and scenario analysis, CAML has implemented targeted 
mitigation and adaptation measures, including:
	
‣ installing fire-suppression systems at both operations 
to improve response to fires and wildfires;
	
‣ implementing a surface-water reduction project at Sasa 
to improve water management and reduce surface 
water usage;
	
‣ purchase of 100% renewable power for Sasa, verified 
by a third party;
	
‣ construction of the Kounrad solar farm, reducing energy 
consumption by approximately 14%; and
	
‣ installation of temperature sensors on Kounrad’s Western 
Dumps to reduce coal use.
Performance and metrics
Progress toward the targets is tracked through the 
Group’s performance monitoring process. In 2024, CAML 
achieved a 44% reduction in Scope 1 and 2 emissions 
versus the 2020 base year, reflecting progress through 
energy efficiency improvements and increased use of 
renewable energy. CAML remains focused on achieving 
a 50% reduction in Scope 1 and 2 emissions by 2030 
and reaching net zero by 2050.
Climate-related risks are integrated into business 
development and capital allocation decisions. CAML has 
considered a shadow carbon price to assess the financial 
impact of carbon costs in investment decisions; for more 
information see our material accounting policy information 
on page 108. Climate considerations are embedded into 
due diligence for potential acquisitions to ensure alignment 
with the Group’s long-term climate strategy.
CAML has disclosed its Scope 3 emissions for the period 
2022 to 2024, providing a more complete picture of 
the Group’s overall emissions profile. Approximately 15% 
of Scope 3 emissions are related to upstream activities, 
including purchased goods and services and capital 
goods. Around 85% of Scope 3 emissions are linked to 
downstream activities, such as product processing and use 
by customers. For example, the smelting of zinc and lead 
from CAML’s concentrate accounted for 98,648 tonnes 
of CO2 in 2024, representing the most significant portion 
of downstream emissions.
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SUSTAINABILITY continued
Risk/ opportunity
Description
Entity
Short 
term
Medium 
term
Physical
Wildfires
Wildfire risks include damage to equipment 
and infrastructure, site evacuations and 
shutdowns, restricted access and potential 
fatalities. Disruptions can also result in 
revenue losses and increased capital costs 
for repairs and maintenance.
Kounrad
Sasa
Water stress
Water stress can increase competition for 
resources, affecting pricing and availability, 
which may lead to operational stoppages 
and higher costs due to reliance on water 
in processing facilities.
Kounrad
–
–
Sasa
Transition
Policy and 
regulatory
Direct exposure through CAML’s emissions 
profile and indirect exposure from fuel carbon 
taxes, supplier pricing and more stringent 
disclosure and permitting requirements, 
with significant costs arising from its 
emissions profile.
CAML
Market behaviour
Supply chain disruptions from physical 
hazards, impacting operational reliability 
and efficiency. 
CAML
Shifts in supply and demand for commodities, 
products and services. 
CAML
Supply chain disruptions exacerbated 
by a delayed and disorderly transition.
CAML
Technological shifts
Higher energy needs due to slower adoption 
of new cleaner technology compared 
with other mines.
CAML
Reputation
Reputational risk related to emissions reduction 
performance in comparison with peers.
CAML
Opportunities
Technology 
advancements 
Technological innovations are driving greater 
efficiency and reduced energy use through 
cleaner energy sources.
CAML
Increased metal 
demand
Copper is fundamental to achieving 
a low‑carbon economy.
CAML
Jurisdictions that 
favour renewable 
transition
Our projects are located in regions committed 
to renewable energy.
CAML
The physical risks disclosed include only those assessed as medium-high or above, in the short term 
(2011‑40) and medium term (2041-70). Due to the life of our current operations, we have not disclosed 
long‑term (2071-2100) physical risks, transition risks or opportunities.
The Group updated its Scope 3 emissions methodology 
this year by using a more accurate emissions database, 
aligning with the Scope 3 elements of the Greenhouse 
Gas Protocol. This has improved the completeness and 
accuracy of Scope 3 estimates. Although no Scope 3 
target is currently set, CAML is focused on improving its 
Scope 3 data quality through supplier engagement and 
enhanced data collection methods.
Progress against climate targets is reviewed regularly at 
management level and reported to the Board through the 
Group’s performance monitoring processes, with emissions 
reduction targets integrated into the Group’s Long-Term 
Incentive Plan. 
Although the financial impact of climate risks is not yet 
fully quantified, the Group is actively monitoring how these 
factors may influence operating costs, capital expenditure 
and future business performance.
Commitment to resilience
CAML is committed to strengthening its climate resilience 
and will update its scenario analysis every three years 
to reflect emerging climate data and policy changes.
Risk key
Extremely high
High
Low-medium
Low
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Recommendation
Disclosure topic
Alignment status
Governance
Board oversight
The Board receives regular climate‑related updates from Board Committees and management in most meetings, 
and these findings shape Group strategies and decision‑making processes.
Management’s role
We have several Committees and management‑level positions with climate‑related responsibilities, including our 
Sustainability Committee, which assesses and manages climate‑related risks as outlined in the ‘Principal risks and 
uncertainties’ section on page 47.
Strategy
Risks and opportunities
CAML’s 2021 climate risk assessment resulted in the development of a specific risk register and work to identify physical 
and transition risks and opportunities over the short (2022-40), medium (2041-70) and long term (2071‑2100). In 2024, 
the team continued to work through the recommendations of the 2022 climate change scenario work, with a focus 
on building operational resilience and adaptability to withstand climate-related shocks.
Impact on organisation
This ongoing work supports the organisation’s efforts to mitigate climate-related risks, ensuring long-term operational 
sustainability and minimising disruptions from climate events. It also aligns with CAML’s commitment to adapting 
proactively to the evolving climate landscape, positioning the Group to capitalise on emerging opportunities and 
strengthening its resilience to future climate impacts. Further information can be found in our 2024 Sustainability Report.
Resilience of strategy
Following completion of scenario analysis under three plausible climate futures (Net Zero 2050, Net Zero 2090 and High 
Physical Risk), we have stress-tested our strategic resilience and validated our climate strategy. This work confirmed 
our strategic rationale while highlighting areas for improvement, particularly around physical risks such as flooding, 
water scarcity and heat stress; and transition risks including carbon pricing, stricter disclosure requirements and market 
volatility. As a result, we have been working to strengthen forest fire protection, improve water management, enhance 
supply chain resilience and adapt business operations to future climate conditions. We are committed to strengthening 
our resilience by updating our scenario analysis every three years.
Risk management
 
Risk identification 
and assessment
CAML has identified existing and emerging physical and transition climate risks and incorporated these into the 
Group risk register; see Managing climate-related risks on page 24 and Principal risks and uncertainties on page 48.
Risk management
Risk owners are identified, and the Group has established measures to mitigate, transfer, accept or control the 
impacts of identified climate‑related risks. Risks, and CAML’s response, are monitored on a quarterly basis. These risks 
include: physical risks (wildfires and water stress) and transition risks (policy and regulatory risks, market behaviour, 
technological shifts and reputation). The physical risks disclosed include those assessed as medium‑high or above, 
and in the short and medium term. The Group has not disclosed long‑term physical risk owing to the planned life-spans 
of its operations. Further information may be found in the Climate Change fact sheet.
Integration of risk 
management
Identified climate‑related risks are included in CAML’s Group‑level risk register and are integrated into established risk 
management practices.
Metrics and targets
Climate‑related metrics
The Group assesses emissions and the proportion of renewable energy. It has established a shadow carbon price, 
which can be applied to financial models to aid decision‑making. CAML will continue to evaluate other relevant metrics 
as the Group further analyses the results of the risk assessment and begins to act on its climate change strategy.
Scope 1, 2 and 3
CAML continues to report its Scope 1, 2 and 3 emissions and the methodology used (details in CAML’s GHG 
Methodology Report).
Climate‑related targets
CAML is targeting a 50% reduction in Scope 1 and 2 combined GHG emissions by 2030 compared with a 2020 base. 
The Group is also aiming for net zero by 2050, incorporating climate change considerations into business development 
decisions. Since the baseline year of 2020, the Group has achieved a significant reduction in Scope 1 and 2 emissions 
of 44%, indicating good progress towards its target of a 50% reduction by 2030. CAML will continue to evaluate other 
potential targets, such as for Scope 3 emissions or for risk and opportunity management.
TCFD SUMMARY TABLE
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STAKEHOLDER ENGAGEMENT AND S172
CAML’s Directors act in a way they consider, in good 
faith, to be most likely to promote the success of the 
Group for the benefit of its stakeholders. In doing so, each 
has regard to a range of matters in making decisions for 
the Group’s success over the long term. Key decisions 
and matters of strategic importance to the Group are 
appropriately influenced by the matters set out in s172.
Our purpose is to produce base metals, essential for 
modern living, profitably in a safe and sustainable 
environment for all our stakeholders. This purpose is 
underpinned by our culture and values, which promote 
appropriate behaviours and set standards aligned 
with these values. This purpose‑driven approach 
determines how we identify and deliver our immediate and 
long‑term strategic objectives and responsibly generate 
sustainable, long‑term returns for all our stakeholders.
Long-term approach
The Board and its Committees are mindful of the potential 
impact of decisions on relevant stakeholders whilst also 
having regard to a number of broader factors, including 
the need to foster the Group’s business relationships with 
suppliers, customers and others. Examples can be seen 
in the long‑term planning for the operation of the Group’s 
key assets in Kazakhstan and North Macedonia, ensuring 
that this continues to consider the interests and views 
of all of our stakeholders. Particular consideration is given 
to the impact of the Group’s operations on the community 
and environment, ethical business practices and the likely 
consequences of key Board decisions in the long term. 
Throughout the year we engage, formally and informally, 
with our key stakeholders to assess and understand their 
needs, consider their perspectives and expectations, and 
monitor the impact of our strategic ambition. This helps 
us to identify factors for consideration in the Board’s 
decision‑making process. We also undertake independent 
stakeholder engagement to ascertain stakeholder views 
with regard to specific matters.
In 2024, we again conducted an assessment of material 
sustainability topics, working with external consultants, 
corporately and for both of our operations. The process 
included an internal impact assessment, engagement with 
key stakeholders such as employees, local communities, 
investors, supply chain partners and regulators, and an 
analysis of internal and external data.
The importance of strong governance has always been 
recognised in CAML, and its role in the management of the 
Group has been essential in building and sustaining value 
for all of our stakeholders. Ensuring appropriate succession 
plans are in place for the Board of Directors is a key aspect 
of the reinforcement of CAML’s already robust governance.
Continuity and progression at Board level are key 
considerations for the Board and Nomination Committee in 
their deliberations, and how these can be maintained over 
the coming years and in the longer term. As is common in 
the resources sector, projects are often developed and 
implemented over long timescales. Long-tenure Directors 
help preserve valuable knowledge and experience 
throughout the lifespan of these projects. 
This year, after a period of careful planning, the roles 
of Chief Executive Officer and Chief Financial Officer 
were transitioned to Gavin Ferrar and Louise Wrathall 
respectively. Further details of the process undertaken 
prior to these role changes becoming effective on 
1 October 2024 are set out in the report of the Nomination 
Committee commencing on page 74. We believe the 
careful planning and in-depth considerations that preceded 
this transition demonstrate our consideration of the long-
term implications of our decisions on the business, in the 
best interests of shareholders and other stakeholders.
Alignment with stakeholder interests
Remuneration is another area in which the Group takes 
account of the views of its stakeholders, through 
employees and their representatives and, at a senior 
level, through the views of investors. The Remuneration 
Committee of the Board works closely in consultation with 
the Sustainability and Technical Committees to ensure 
that the sustainability and other performance targets 
set for the short‑ and long‑term incentive plans are 
appropriately stretching and transparent, clearly defined 
and quantitative, linking performance and reward with 
the Group’s long‑term strategic goals, key performance 
indicators (KPIs) and value drivers.
The Remuneration Committee monitors progress against 
these measures to ensure that, through our incentive 
plan performance targets, Executive Director and senior 
management remuneration is aligned with the interests 
of stakeholders. The Remuneration Committee Report 
on pages 79 to 90 has further details.
Further examples of how the Company has had regard to the 
matters set out in section 172(1) (a)-(f) when discharging its duties 
can be found throughout the Strategic Report on pages 3 to 51.
The table on pages 28-29 sets out our key stakeholder groups 
and how we engaged with them during the year.
The Board of Directors has 
always been mindful of the duties 
of Directors under s172 of the 
Companies Act 2006.
Take into account wider stakeholder interests, 
including social and environmental responsibilities, 
and their implications for long-term success.
4
QCA 
Communicate how the company is governed 
and is performing by maintaining dialogue with 
shareholders and other relevant stakeholders.
10
QCA 
Seek to understand and meet shareholder 
needs and expectations.
3
QCA 
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Stakeholders
How the Board and Company 
engage with them
Key topics raised
Outcomes of engagement
Shareholders
CAML’s shareholders 
play an important role in 
supporting the Company. 
We regularly engage 
with investors on our 
financial performance, 
strategy, business model, 
corporate governance 
and sustainability 
performance.
	
‣ Regular one‑on‑one meetings 
with Executive Directors, Head 
of Sustainability and Investor 
Relations Manager
	
‣ Investor presentations (Executive 
Directors)
	
‣ AGM (all Directors)
	
‣ AGM held through the Investor Meet 
Company retail investor platform
	
‣ Additional Investor Meet Company 
presentations
	
‣ In‑person and virtual industry 
conferences (including Executive 
Directors)
	
‣ Social media
	
‣ Capital allocation
	
‣ Operational performance
	
‣ Growth
	
‣ Inflation
	
‣ Political risk
	
‣ Climate change
	
‣ Tailings management
	
‣ Biodiversity
	
‣ Stakeholder engagement-based materiality assessment 
undertaken, and material sustainability topics adjusted to reflect 
their views.
	
‣ Views sought on capital allocation from largest shareholders in 
light of CAML’s debt-free position.
	
‣ Regular dialogue maintained by Executive Directors on business 
development strategy with institutional and retail shareholders.
	
‣ Clear communication given to market by Executive Directors 
on inflation risks.
	
‣ Executive Director discussions with shareholders.
	
‣ Board of Directors underwent an education session on 
biodiversity/Taskforce on Nature-Related Financial Disclosures 
(see page 70 for more information).
Employees and 
contractors
CAML’s employees are 
its most important asset. 
They want to work in 
an environment in which 
they are safe, respected 
and have the opportunity 
to learn, reaching their 
potential and developing 
successful careers in a 
Group of which they can 
be proud.
	
‣ Video presentations (including 
Executive Directors)
	
‣ Frequent site visits by senior 
management (including Executive 
Directors) and regular full Board visits
	
‣ Human Resources discussions
	
‣ Notice boards and suggestion boxes
	
‣ Union representatives at Sasa and 
employee representative group 
at Kounrad
	
‣ Local website for each operation
	
‣ Newsletters
	
‣ Briefings
	
‣ Email and social media
	
‣ Wages, particularly with regard 
to in‑country inflation
	
‣ Update collective bargaining 
agreement
	
‣ Job postings
	
‣ Amendments or introduction 
of new policies or initiatives
	
‣ Briefing of Group performance 
and key performance indicators
	
‣ Introduction and on-boarding 
of new hires and contractors 
on health and safety rules 
and procedures
	
‣ Stakeholder engagement-based materiality assessment 
undertaken and material sustainability topics adjusted to reflect 
their views.
	
‣ Support provided via site pay rises.
	
‣ Kounrad finalised its collective bargaining agreement during 
2024. Collective bargaining agreement to be finalised at Sasa 
during 2025. 
	
‣ Found suitable candidates for vacancies at Group operations.
	
‣ Employees informed of Group vision and short‑term focus areas.
	
‣ New employees and contractors informed about the Group’s 
ethos, Group policies, their colleagues and safety rules to help 
them settle into their roles.
	
‣ Understanding of Group targets.
	
‣ Effective communication of any change management 
initiatives (for example, the introduction of new initiatives 
and improvements to facilities).
STAKEHOLDER ENGAGEMENT AND S172 continued
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STAKEHOLDER ENGAGEMENT AND S172 continued
Stakeholders
How the Board and Company 
engage with them
Key topics raised
Outcomes of engagement
Governments and NGOs
Building trust and 
partnerships with the 
governments that host 
our operations is very 
important to the Group, 
along with minimising any 
adverse impacts on the 
natural environment.
	
‣ Meetings with Group management 
(including Executive Directors).
	
‣ National government engagement 
(including Executive Directors).
	
‣ Local government officials meeting 
with Non‑Executive Directors and Chair 
of the Sustainability Committee.
	
‣ Sasa Sustainability Director serves 
as president of Macedonian Mining 
Association.
	
‣ Site visits by local and national 
government officials and ministers 
(including Executive Directors).
	
‣ Significant technical input by professors 
of local technical universities.
	
‣ Permitting for the Capital 
Projects at Sasa
	
‣ Inflation
	
‣ Ensuring a generally positive 
impact of the mining industry 
in North Macedonia
	
‣ Permitting for the relocation 
of a minor portion of Dump 
15 at Kounrad
	
‣ Stakeholder engagement-based materiality assessment 
undertaken, and material sustainability topics adjusted to reflect 
stakeholders’ views.
	
‣ Compliance with local laws.
	
‣ Strong local relationships maintained.
	
‣ Continued collaborative working with in‑country stakeholders.
	
‣ Enhanced awareness and consultation on regulatory changes.
Communities
Building trust and 
partnerships with the 
communities closest to 
the Group’s operations is 
very important, along with 
minimising any adverse 
impacts on the natural 
environment.
	
‣ Local media
	
‣ Drop‑in community relations centre 
at Sasa
	
‣ Public meetings
	
‣ Local website for each operation
	
‣ Local community events
	
‣ Communication by telephone and email
	
‣ Sponsorship of university students
	
‣ Sasa training centre
	
‣ Local jobs
	
‣ Support for local communities
	
‣ Installation of an audio alarm 
system at Sasa for the local 
community, for use in unlikely 
event of a TSF failure
	
‣ Community health issues 
in Kounrad/Balkhash
	
‣ Dump 15 material relocation 
at Kounrad
	
‣ Stakeholder engagement-based materiality assessment 
undertaken, and material sustainability topics adjusted to reflect 
stakeholders’ views.
	
‣ LinkedIn page for local recruitment at Sasa.
	
‣ Opened applications for the Sasa Foundation Accelerator 
Programme Pilot Project.
	
‣ Continued sponsorship in Kazakhstan for student doctors 
to attend university.
	
‣ Continued scholarship programme for students undertaking 
degrees in geology and mining engineering in North Macedonia.
Suppliers
CAML has established 
long-term partnerships 
which complement its 
in-house expertise, 
and has built a network 
of suppliers which share 
the Group’s values 
both on a local and 
international level.
	
‣ Preferential local procurement is 
a principle followed by the Group 
whenever possible.
	
‣ Communication regarding the Group’s 
values and policies, which are approved 
by the Board and which cover 
governance and ethics.
	
‣ Supplier assessment 
questionnaire (social and 
environmental) included as part 
of the Supplier Code of Conduct 
and sent to new suppliers1
	
‣ Addressing and monitoring 
trade sanctions within supply 
chains and procurement policies
	
‣ Stakeholder engagement-based materiality assessment 
undertaken, and material sustainability topics adjusted to reflect 
stakeholders’ views.
	
‣ In 2024, the Group carried out an internal assessment 
of responses received as part of the supplier assessment 
questionnaire, the results of which will guide its sustainability-
related engagement with suppliers in future. Key actions 
include introducing a weighted scoring system, and enhancing 
guidelines to strengthen the assessment process and alignment 
with the Group’s sustainability objectives.
	
‣ Annual compliance training for on‑site contractors/suppliers and 
dissemination of human rights letters to top suppliers continues.
1.	 With a contract value of >$5,000.
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT
This report provides CAML’s non-financial and sustainability information, in line with sections 414CA and 414CB of the Companies Act 2006 and the amendments introduced by the 
Companies (Strategic Report) (Climate-Related Financial Disclosure (CFD) Regulations 2022. It outlines the Group’s approach to managing sustainability-related risks and opportunities, 
including those covered under the CFD regulations, offering a clear view of our performance beyond financial metrics.
Description
Policies
Section within the Annual Report
Pages
Environmental 
matters
At CAML, we are committed to responsible environmental management, focusing 
on energy efficiency, emissions reduction, water stewardship and responsible 
tailings management, supported by the Environmental Policy, Climate Change 
Policy and Tailings Policy.
	
‣ Environment Policy
	
‣ Tailings Policy
	
‣ Climate Change Policy
	
‣ Code of Conduct
	
‣ Caring for the environment
	
‣ Climate-related reporting
	
‣ Ensuring ethical practices
23
24-25
21-22
Employees
CAML fosters a safe, fair and inclusive workplace through its People Policy, 
Health and Safety Policy, Human Rights Policy and our Code of Conduct, with 
a focus on ensuring a safe work environment, employee engagement, training 
and development and fair treatment.
	
‣ People Policy
	
‣ Health and Safety Policy
	
‣ Whistle-blowing Policy
	
‣ Code of Conduct
	
‣ Valuing our people
	
‣ Maintaining health and safety
	
‣ Ensuring ethical practices
22-23
22
21-22
Social and 
community 
matters
CAML creates shared value by supporting local employment, procurement and 
community investment, guided by the Community Policy. Community safety 
and responsible tailings management are central to our approach. Community 
safety is a key focus, and the Tailings Policy ensures the safe and responsible 
management of tailings to protect local communities and the environment.
	
‣ Community Policy
	
‣ Tailings Policy
	
‣ Creating value for our community
	
‣ Caring for the environment
23
23
Human rights
CAML is committed to upholding fundamental human rights. Our approach is 
guided by several policies, including the Human Rights Policy, Modern Slavery 
Act Statement, Supplier Code of Conduct, Code of Conduct, Whistle-blowing 
Policy and People Policy, ensuring fair treatment and respect for workers and 
local communities across our operations and supply chains.
	
‣ Human Rights Policy
	
‣ Modern Slavery Act Statement
	
‣ Supplier Code of Conduct
	
‣ Code of Conduct
	
‣ Whistle-blowing Policy
	
‣ People Policy
	
‣ Ensuring ethical practices
	
‣ Valuing our people
	
‣ Audit Committee Report
21-22
22-23
71-73
Anti-bribery 
and corruption
At CAML, our stance on bribery and corruption is unwavering: we maintain 
a zero-tolerance approach which is underpinned by the Group’s ABC Policy, 
supported by the Code of Conduct and Whistle-blowing Policy.
	
‣ Anti-bribery Policy
	
‣ Whistle-blowing Policy
	
‣ Code of Conduct
	
‣ Ensuring ethical practices
	
‣ Audit Committee Report
21-22
71-73
Business model
CAML’s purpose is to produce base metals essential for modern living, profitably 
and sustainably. Our business model and strategic decisions are shaped by this 
purpose and guided by our values.
N/A
	
‣ Our business model
	
‣ CEO’s statement
	
‣ Our strategy
6-7
8-9
39
Principal risks
CAML’s approach to risk management and a summary of its principal risks.
N/A
	
‣ Risk management
	
‣ Principal risks and uncertainties
44-46
47-51
Non-
financial key 
performance 
indicators
CAML has identified a range of non-financial key performance indicators aligned 
to our strategic objectives to measure our performance.
N/A
	
‣ Key performance indicators
	
‣ Remuneration Committee Report
40-43
80, 84
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FINANCIAL REVIEW
“CAML’s strong and consistent 
financial performance in 2024 was 
underpinned by our reliable, low-cost 
operations, allowing us to maintain 
our dividends to shareholders.”
Louise Wrathall
Chief Financial Officer
CAML has maintained a consistent financial performance 
in 2024, achieving strong earnings before interest, tax, 
depreciation and amortisation (EBITDA) and continuing 
to generate robust cash flows. These results have 
been driven by higher revenue, reflecting generally 
higher commodity prices and the overall reliability of 
the Group’s operations. They also reflect an increase 
in costs associated with the full operation of Sasa’s Paste 
Backfill (PBF) Plant, continued inflationary pressures, as 
well as continued exploration and business development 
initiatives. The Company continues to provide returns to 
its shareholders, with a final dividend proposed of 9 pence 
bringing the full year dividend to 18 pence for 2024.
The Group approaches the completion of the transition 
to paste-fill mining with the conclusion of development 
of the Central Decline in 2024 and the Dry Stack Tailings 
(DST) Plant scheduled to become operational in Q1 2025. 
These achievements reflect the significant capital 
investment throughout the past few years. Construction 
of the DST landform will continue as capacity is expanded, 
enabling an increasing volume of dry tailings to be stored.
The Group remains effectively debt free, with a strong 
balance sheet, ending 2024 with cash in the bank 
of $67.6 million.
Copper price received, average
$9,219/t
YoY price movement
9%
Zinc price received, average
$2,766/t
YoY price movement
8%
Lead price received, average
$2,023/t
YoY price movement
-3%
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Market overview
In 2024, CAML’s share price fluctuated between £1.50 
and £2.30, closing the year at £1.57, which reflects 
the broader challenges faced by the mining sector 
as a whole, including fluctuating commodity prices, 
the strong US dollar towards the end of the year and 
the outlook for global trade.
Macroeconomic environment
Inflation
Although inflation in the countries in which the Group 
operates remained elevated in 2024, primarily driven 
by a continued surge in food prices and energy 
in Kazakhstan, there was a slowdown compared 
with 2023. Inflation rates for the year averaged 8.6% 
in Kazakhstan and 3.5% in North Macedonia.
Currency fluctuations
The functional currencies of the Group’s main 
operations are the North Macedonian denar (MKD), 
which is pegged to the euro, for Sasa and the Kazakh 
tenge (KZT) for Kounrad, and therefore fluctuations 
in the exchange rates of these currencies affect the 
Group’s financial results. Towards the end of the year, 
the MKD and the KZT both weakened against the US 
dollar (USD), by 6% and 15% respectively, and this had 
a positive impact on the cost base measured in USD.
Commodity prices
The prices of the base metals the Group produces, 
copper, zinc and lead, are highly dependent on global 
economic conditions, including supply and demand 
dynamics. The fluctuation in prices directly affects 
the Group’s profitability, which can have an impact 
on the Company’s share price.
Copper prices
In 2024, copper prices were volatile, reaching a record 
high of over $11,000 per tonne in May, reflecting higher 
demand from the energy sector, supply disruptions, 
the prospects of cuts in US interest rates and restricted 
smelting capacity in China. Prices subsequently retreated, 
closing the year at $8,706 per tonne. Copper’s critical role 
in electrification, which lies at the heart of the transition 
to a low-carbon economy, and potential supply constraints, 
suggest a bullish market outlook in the long term.
Zinc prices
Zinc was one of the best-performing of base metals 
in 2024, with prices peaking above $3,200 per tonne 
in October, attributed to supply pressures including 
production disruptions at key mines. Zinc ended 2024 
at $2,900 per tonne.
Lead prices
Lead prices remained relatively stable in 2024 compared 
with the preceding year, averaging around $2,020 
per tonne. The price ended the year at $1,940 per 
tonne, having come under pressure from the strength 
in the US dollar.
Treatment charges
Spot treatment charges (TCs) for zinc reduced during 
2024, indicating a tightening of the concentrate market. 
The outlook for treatment charges for both lead and zinc 
in 2025 is positive, with zinc TCs at historically low levels 
owing to continued disruption of concentrate supply.
FINANCIAL REVIEW continued
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in costs was associated with the full operation of Sasa’s 
PBF Plant, as well as corporate exploration and business 
development initiatives.
Kounrad’s 2024 EBITDA improved to $88.8 million (2023: 
$82.3 million), with a consistent margin of 73% (2023 
restated: 73%). Kounrad’s increased EBITDA reflects higher 
revenue, with stronger copper prices partially offset by 
an increase in costs owing to elevated payroll expenses 
and reagent consumption.
Sasa’s 2024 EBITDA was $32.2 million (2023: 
$35.7 million), with a margin of 35% (2023 restated: 40%). 
The margin decline was due predominantly to higher 
costs associated with the full operation of the PBF Plant 
and payroll increases owing to a greater headcount and 
a rise in salaries.
Group profit before tax from continuing operations 
increased by 18% versus 2023, to $76.7 million (2023 
restated: $64.9 million), reflecting an increase in 
profitability driven by a positive foreign-exchange swing 
of $9.0 million caused by the strengthening of the US 
dollar against the local currencies. Earnings per share 
(EPS) from continuing operations was therefore higher than 
the previous year, at 28.90 cents (2023 restated: 20.40 
cents). Additionally, EPS has increased due to a reduced 
weighted average number of shares versus 2023 to 
reflect that the employee benefit trust (EBT) is now being 
consolidated into the Group and therefore these shares 
are excluded, in line with treasury shares.
Free cash flow 
CAML is highly cash generative and delivered 
increased free cash flow of $65.7 million in 2024 (2023: 
$57.5 million), arising from a reduction in CIT paid of 
$7.9 million. Tax instalments are based on the previous 
year’s taxation charge, resulting in overpayments in 2023 
owing to the higher profits in 2022 for both Kounrad 
and Sasa. This has led to a healthy year-end balance 
of $67.6 million (2023: $57.1 million) cash in the bank, 
enabling the Board to propose a final dividend of 9 pence.
Business development activities
The Group continued to make significant investments 
in its future growth through key projects. During the year, 
CAML incurred $1.0 million of costs in target-generative 
exploration work, and invested $3.8 million in cash for 
a 28.4% interest in Aberdeen Minerals (‘Aberdeen’). 
Use of these funds is predominantly for exploration drilling, 
and Aberdeen is classified as an associate for accounting 
purposes. Additionally, business development costs 
of $1.9 million (2023: $0.9 million) were incurred as the 
Group continues to evaluate new growth opportunities. 
Income statement
Revenue
CAML generated 2024 revenue of $214.4 million 
(2023 restated: $203.5 million) which is reported after 
the deduction of zinc and lead TCs and offtake fees.
Kounrad
Kounrad achieved revenue of $121.8 million for 2024 
(2023 restated: $113.3 million). This improved performance 
is attributable to the higher average copper price received, 
up 9% to $9,219 per tonne (2023: 8,466 per tonne), 
more than offsetting the slightly lower sales of 13,521 
tonnes (2023: 13,687 tonnes). Sales were made under 
the Group’s offtake arrangement with Traxys, which has 
been extended on a one-year rolling basis from 1 January 
2025 and commits a minimum of 95% of Kounrad’s annual 
production. The offtake fees for Kounrad remained 
consistent at $3.0 million (2023: $3.0 million) due to 
a similar level of international sales.
Sasa
Sasa realised revenue of $92.6 million in 2024 (2023 
restated: $90.1 million), with the improved performance 
driven by an 8% increase in the average price received 
for zinc, which rose to $2,766 per tonne (2023: $2,552 
per tonne). Additionally, there were reduced TCs 
which amounted to $14.8 million (2023: $17.6 million), 
owing to the tightening in the zinc concentrate market. 
Looking ahead, zinc and lead TCs have been negotiated 
for the period from April 2025 to April 2026 at historically 
low levels owing to shortages of concentrates.
These positive factors were partially offset by a 3% 
decrease in the price received for lead, which averaged 
$2,023 per tonne (2023: $2,085 per tonne). Additionally, 
there was a decrease in payable zinc‑in‑concentrate 
to 15,839 tonnes (2023: 17,113 tonnes) and lead-in-
concentrate to 25,560 tonnes (2023: 26,298 tonnes), 
owing to a reduction in ore processed.
The offtake fees for Sasa remained consistent at 
$1.0 million (2023: $1.0 million). Zinc and lead concentrate 
sales agreements have been extended with Traxys on 
a one‑year rolling basis for 100% of Sasa’s production.
FINANCIAL REVIEW continued
Performance overview
Restatement following an FRC enquiry
In October 2024, the Company received a letter from 
the Financial Reporting Council (FRC) requesting further 
information in relation to the 2023 Annual Report 
and Accounts. As a result of the FRC’s review, two 
restatements have been made to the 2023 financial 
statements. The changes in the restated 2023 financial 
statements have been reflected in the 2024 financial 
statements and the Group will continue to follow this 
approach going forward. The first involves an amendment 
to how revenue is presented on the income statement, 
reclassifying $8.2 million of silver purchases for the silver 
stream arrangement from a revenue deduction to cost 
of sales. It is important to note that this reclassification 
does not affect gross profit, but it does impact the EBITDA 
margin given the amendments to revenue. 
Additionally, effective 1 January 2023, the Group has 
modified its share-based payments from equity-settled 
to cash-settled. During 2023, the Company settled a 
number of awards in cash, which is deemed sufficient to 
have established a past practice of cash settlement. As 
a result of this modification, a liability of $12.5 million has 
been recognised as at 31 December 2023, representing 
the fair value of the cash-settled share-based payments. 
The change in treatment results in a reduction in non-cash 
administration expenses, as the previously equity-settled 
share-based payments are now not included within this 
component, which effectively improves CAML’s EBITDA. 
The fair value adjustments of this new liability are shown 
separately on the income statement. See Note 40 for more 
details on these restatements.
Revenue
CAML’s 2024 revenue was up 5% versus 2023 to 
$214.4 million (2023 restated: $203.5 million). The 
increase was primarily driven by increased commodity 
prices for copper and zinc, which rose by 9% and 8% 
respectively, as well as reduced TCs for zinc owing 
to a tightening in the concentrate market.
EBITDA and earnings per share
The Group generated a consistent EBITDA of $101.8 million 
(2023 restated: $101.0 million), at an EBITDA margin 
of 47% (2023 restated: 50%) reflecting the higher revenue 
as well as an increase in the cost base. This increase 
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FINANCIAL REVIEW continued
This tax was calculated at the rate of 2% (2023: 2%) on 
the value of metal recovered during the year. Subsequent 
to the year-end, the concession fee rate increased to 4%, 
effective from 1 January 2025. Finally, silver purchases 
on the open market used to satisfy the silver stream 
arrangement increased to $10.1 million (2023: $8.2 million) 
as a result of the increased silver price.
Distribution and selling costs
There was a decrease in distribution and selling costs 
to $2.1 million (2023: $2.8 million) owing to significantly 
reduced freight and forwarding costs incurred. This 
reduction resulted from an increase in European sales 
from Sasa, compared with higher shipping costs to some 
customers further afield in 2023.
C1 cash cost of production
C1 cash cost of production is a standard metric used 
in the mining industry to allow comparison across the 
sector. The method of this calculation and assumptions 
are disclosed in the section on non-IFRS financial 
measures on page 37. The methodology of Sasa C1 and 
on-site unit cost has been amended with the comparative 
restated to exclude intercompany management fees 
as these are not considered direct costs of production.
Kounrad
Kounrad’s 2024 C1 cash cost of copper production was 
$0.80 per pound (2023: $0.74 per pound), based on a 
C1 cash cost of $23.7 million (2023: $22.6 million), which 
remains amongst the lowest in the industry. The increase 
in the C1 unit cash cost compared with 2023 was primarily 
due to higher operating costs resulting from employee pay 
increases, higher reagent costs and lower production.
Sasa
Sasa’s on-site operating costs increased by 9% to 
$49.2 million (2023 restated: $45.2 million). The on-site unit 
cost increased by 15% to $64.6 per tonne (2023 restated: 
$56.2 per tonne) owing to the reduction in mined tonnage 
for the period as well as the additional costs for the full 
operation of the PBF Plant and higher costs of salaries.
Sasa’s total C1 cash cost base, including realisation costs, 
increased to $67.1 million (2023 restated: $66.6 million) 
driven by higher costs, partially offset by lower TCs, and 
Sasa’s C1 zinc equivalent cash cost of production increased 
to $0.76 per pound (2023 restated: $0.66 per pound).
The $0.10 per pound increase in the C1 calculation was 
primarily due to the increase in the total C1 cash cost base 
and the lower zinc production, plus the strength of the 
zinc price relative to that of lead, which determines the 
proportion of the overall C1 cost base that is attributed 
to the zinc production.
Group
CAML reports its Group C1 unit cash cost on a 
copper‑equivalent basis, incorporating the production 
costs at Sasa with those of Kounrad and correspondingly 
converting Sasa’s zinc and lead production into its 
copper‑equivalent.
The Group’s 2024 C1 copper-equivalent cash cost was 
$1.73 per pound (2023 restated: $1.59 per pound). This 
is calculated based on Sasa’s 2024 zinc and lead payable 
production, added to Kounrad’s 2024 copper production 
of 13,439 tonnes (2023: 13,816 tonnes). The increase 
in Group C1 unit cash costs on a copper-equivalent basis 
was due to lower production, higher aggregate costs 
at Sasa and the relative strength of the average copper 
price compared with the prices of zinc and lead.
CAML also reports a fully inclusive cost that includes 
sustaining capital expenditure, local taxes (including 
the MET and concession fees), interest on any loans, and 
applicable corporate overheads, as well as the C1 cost 
component. The Group’s fully inclusive copper-equivalent 
unit cost for the year was $2.54 per pound (2023 restated: 
$2.21 per pound). The increase was due to higher C1 costs 
as per above as well as additional sustaining capex.
Administrative expenses
During the year, administrative expenses increased to 
$28.8 million (2023 restated: $26.7 million). The increase 
largely reflects the Group’s business development 
activities of $1.9 million (2023: $0.9 million) for due 
diligence on new opportunities, plus additional costs 
of $1.0 million for the newly-formed exploration team 
in Kazakhstan, CAML X. The latter was focused on target 
generation during the period, and thus the bulk of its 
expenditure was expensed rather than capitalised. 
There was also $0.4 million in employer’s national 
insurance contributions related to exercised share options, 
along with a higher non-cash accrual for employer’s 
national insurance liability. There were additional corporate 
costs of $0.4 million to bring Sasa into conformance with 
the Global Industry Standard on Tailings Management.
Sasa has an existing streaming agreement with Osisko 
Gold Royalties whereby Sasa receives approximately $6 
per ounce for its silver production for the life of the mine.
Cost of sales
The Group cost of sales for the year was $108.8 million 
(2023 restated: $101.1 million). This figure includes 
depreciation and amortisation charges of $26.3 million 
(2023: $27.4 million). The increase in cost of sales was 
due to higher costs associated with the full operation 
of Sasa’s PBF Plant as well as local inflationary pressures 
from ensuring employee remuneration remains competitive. 
From an overall perspective, the Group continues to focus 
on a range of cost-control measures.
Kounrad
Kounrad’s cost of sales for 2024 increased to $34.0 million 
(2023: $31.2 million). This was caused by several factors, 
including a $0.8 million rise in payroll costs driven by 
inflation-related salary increases, a $0.5 million increase 
for key reagents for copper production and an additional 
$0.4 million for depreciation, including an element 
recognised on the Solar Power Plant which was completed 
at the end of 2023.
The Mineral Extraction Tax (MET) is a form of royalty 
charged by the Kazakh authorities at the rate of 8.55% 
on the value of metal recovered. MET charges for the year 
remained stable at $10.3 million (2023: $10.2 million).
Sasa
Sasa’s cost of sales increased by 7% in 2024 compared 
with the previous year, reaching $74.8 million (2023 
restated: $69.9 million). The primary factor contributing to 
this increase was the full operation of the PBF Plant during 
2024, leading to a rise in the cost of technical materials 
by $1.4 million. In particular this included the consumption 
of cement used in the backfilling process, and the use of 
pipes and connectors for the backfill reticulation system, 
as Sasa transitioned to paste-fill mining methods.
Additionally, Sasa faced some general cost pressure, 
including an increase in salaries of $1.4 million owing 
to a greater headcount for the mining transition phase 
and higher wages agreed with employees together with 
the introduction of an underground allowance. 
Concession fees for 2024 were reduced to $2.4 million 
(2023: $2.5 million), owing to Sasa’s lower metal production.
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Discontinued operations
The Group reports the results of the Copper Bay entities 
within discontinued operations, as they were held for sale 
during the reporting period. These assets were fully written 
off in prior years. 
In February 2025, the Company agreed the sale of its 
76% interest in the share capital of Copper Bay Limited 
and its subsidiaries, for which the entire consideration 
is contingent on the potential future production of copper. 
Completion of the sale is expected in March 2025. 
Balance sheet
Investments
On 31 May 2024, CAML completed its investment of 
$3.8 million (£3.0 million) in Aberdeen, acquiring a 28.7% 
shareholding (since reduced to 28.4% by the exercise 
of warrants held by other shareholders in Aberdeen). 
The investment is accounted for as an associate using 
the equity method, as CAML is deemed to have significant 
influence. CAML holds warrants to invest an additional 
£2 million at a price of 11 pence per share which, if 
exercised, would bring CAML’s ownership to 37.6%, 
assuming no other changes in Aberdeen’s issued share 
capital. The warrants are financial assets held at fair value 
through profit and loss (FVTPL) and have been valued 
at $0.3 million at year end using the Black‑Scholes model.
Capital expenditure
During the year, there were additions to property, plant 
and equipment of $20.8 million (2023: $27.8 million) 
as Sasa approached the completion of the transition 
to paste-fill mining.
Kounrad
The capital expenditure additions of $2.5 million (2023: 
$1.5 million) included costs incurred for advance purchase 
of dripper pipes for leaching of $0.8 million and anodes 
of $0.8 million.
Sasa
At Sasa, there was a total of $11.6 million (2023: $8.7 million) 
spent on sustaining capital and $6.4 million (2023: 
$14.0 million) in relation to the transition to paste‑fill mining.
Sasa’s sustaining capital expenditure included $5.2 million 
on mining equipment, which covered shaft upgrade costs, 
and new underground fleet. Additionally, $3.0 million was 
capitalised for mine development, and $2.2 million was 
allocated to flotation equipment.
Transition to paste-fill mining
The Group has made continued significant investments 
in the Capital Projects at Sasa with the continued transition 
to paste-fill mining. Key developments during the year 
included the following.
	
‣ PBF Plant and underground reticulation commissioning: 
a total of $0.7 million was spent on commissioning 
of the PBF Plant and underground reticulation system. 
They are fully operational and are a key part of Sasa’s 
tailings disposal.
	
‣ Central Decline completion: the completion of the 
Central Decline project incurred capex of $2.5 million 
in 2024, with the decline now ready for operation, 
enhancing the operational efficiency of the mine.
	
‣ DST Plant and landform: capex on the construction 
and automisation of the DST Plant amounted to 
$1.9 million and capex on the DST landform was 
$1.2 million. The plant is scheduled to become 
operational in Q1 2025.
2025
CAML expects capital expenditure in 2025 of between 
$18 million and $21 million, of which between $15 million 
and $17 million is expected to be committed to sustaining 
capex. CAML expects project capital expenditure 
of between $3 million and $4 million in 2025. This will 
be largely related to completion of the DST landform.
Exploration
The Group’s policy is to capitalise exploration and 
evaluation costs that are directly attributable to areas 
where legal exploration rights are held. During the year, 
$0.1 million of expenditure by CAML X was capitalised 
related to obtaining licences in Zhamantas and 
Shaindy, as well as $0.4 million at Sasa for surface and 
underground drilling. The majority of work at CAML X 
focused on exploration-target generation, necessitating 
$1.0 million in pre-licence activities to be expensed 
as administrative expenses.
FINANCIAL REVIEW continued
Foreign exchange gain/(loss)
The Group reports a foreign exchange gain of $5.6 million 
in 2024 (2023: loss of $3.4 million) resulting from the 
retranslation of US dollar-denominated monetary assets 
held by foreign subsidiaries with a local functional 
currency, taking into account the weakening of the Kazakh 
tenge during the year.
At 31 December 2024, the Kazakh tenge weakened by 15% 
to 524 against the US dollar, down from 455 on 1 January 
2024 (31 December 2023: 455, up from 463 on 1 January 
2023). Similarly, the Macedonian denar had weakened 
by 6% to 58.88 against the US dollar, down from 55.65 
on 1 January 2024 (31 December 2023: 55.65, up from 
57.65 on 1 January 2023).
Finance income
The Group received finance income of $2.4 million 
(2023: $2.0 million) owing predominantly to higher interest 
rates and increased cash balances during the year.
Finance costs
The Group incurred finance costs of $2.2 million 
(2023: $1.9 million) in 2024, primarily related to non-cash 
unwinding charges of Group asset retirement obligations. 
The costs have reduced compared with 2023 owing 
to reduced overdraft balances.
Fair value movement of share-based payment 
liability
A charge of $4.0 million (2023 restated: $4.8 million) was 
recognised to reflect the fair movement of the liability 
during the year. 
Taxation
In 2024, the Group’s income tax charges declined to 
$25.9 million (2023: $27.7 million), primarily due to a 
reduction in intercompany dividend distributions from 
Kazakhstan to the UK, which incurred a 10% withholding 
tax (WHT), totalling $5.1 million (2023: $7.5 million). 
However, the actual corporate income tax charge has 
increased to $22.1 million (2023: $19.2 million), due 
to higher profits at Kounrad, where taxes are levied 
at a corporate income tax rate of 20% (Sasa is taxed at 
a rate of 10%). The deferred tax liability on Group asset 
retirement obligations led to a $1.3 million non-cash 
increase in income tax (2023: increase of $1.0 million).
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Looking ahead, the Group anticipates spending between 
$2 million and $3 million in 2025 on its exploration 
licences, including continued target generation efforts 
in Kazakhstan. Post-licensing exploration costs will be 
capitalised as intangible assets.
Working capital
As at 31 December 2024, current trade and other 
receivables were $8.7 million (31 December 2023: 
$12.2 million). This decrease from the prior year is mainly 
due to a reduction in the overpaid Group corporate 
income tax balance of $1.0 million (31 December 2023: 
$6.8 million) which was used to offset against corporate 
income tax liabilities arising in the same entities in 
the current financial year. Additionally, this balance 
also includes trade receivables from the offtake sales 
of $1.9 million (31 December 2023: $1.4 million) and 
$2.4 million in relation to prepayments and accrued 
income (31 December 2023: $2.3 million).
Non-current trade and other receivables were $6.6 million 
(31 December 2023: $13.8 million). This balance includes 
advances for property, plant and equipment amounting 
to $2.9 million (31 December 2023: $9.3 million) as 
Sasa’s capital investment programme continues. As of 
31 December 2024, a total of $3.7 million (31 December 
2023: $4.5 million) of VAT receivable was owed to the 
Group by the Kazakhstan authorities. Recovery is still 
expected through a continued dialogue with the authorities 
for cash recovery and further offsets.
At 31 December 2024, current trade and other payables 
were $17.2 million (31 December 2023: $17.3 million).
Cash and borrowings
At 31 December 2024, the Group had cash in the bank 
of $67.6 million (31 December 2023: $57.2 million) and 
a $0.3 million (31 December 2023: $0.3 million) overdraft.
Cash flows
Net cash flow generated from operations was $74.3 million 
(2023 restated: $65.0 million).
In 2024, corporate income tax payments to governments 
totalled $19.6 million (2023: $27.5 million). This included 
$14.4 million (2023: $19.2 million) of Kazakhstan corporate 
income tax and WHT of 10% on dividends amounting 
to $5.1 million (2023: $7.5 million) paid during the year. 
In North Macedonia, $0.1 million (2023: $0.6 million) 
of corporate income tax was paid in cash in addition 
to a $1.4 million (2023: $5.5 million) non-cash payment 
offset against VAT and corporate income tax receivable. 
The decrease in CIT payments was primarily due to tax 
instalments being based on the previous year’s taxation 
charge, resulting in overpayments in 2023 owing to the 
higher profits in 2022 for both Kounrad and Sasa.
Taking into consideration the sustaining capital 
expenditure for Kounrad, Sasa and CAML X of $14.4 million, 
which excludes Sasa project capex of $6.4 million, 
CAML’s free cash flow for 2024 was $65.7 million (2023: 
$57.5 million).
As a result, CAML concluded the year with a strong cash 
position of $67.6 million (2023: $57.2 million). This was 
achieved while continuing to support capital investments, 
covering operating costs and funding business growth 
in exploration and business development initiatives.
Dividend
The Company’s dividend policy is to return to shareholders 
a range of between 30% and 50% of the Group’s free 
cash flow, defined as net cash generated from operating 
activities less sustaining capital expenditure plus interest 
received plus cash-settled share-based payments. The 
dividends will only be paid provided there is sufficient 
cash remaining in the Group to meet any contractual debt 
repayments and any banking covenants are not breached.
During the year, the Company paid $40.9 million (2023: 
$41.5 million) which consisted of the 2024 interim dividend 
of 9 pence per share and the 2023 final dividend of 9 
pence per share (2023: 2023 interim dividend of 9 pence 
per share and 2022 final dividend of 10 pence per share).
FINANCIAL REVIEW continued
In conjunction with CAML’s 2024 annual results, the Board 
proposes a final dividend for 2024 of 9 pence per Ordinary 
Share. This brings total dividends (proposed and declared) 
for the year to 18 pence (2023: 18 pence) which represents 
approximately 63% of free cash flow. The final dividend 
is payable on 20 May 2025 to shareholders registered on 
25 April 2025. This latest dividend will increase the amount 
returned to shareholders in dividends since CAML’s 2010 
Initial Public Offering to 188 pence per share, a cumulative 
distribution totalling $380 million.
Going concern
The Group sells and distributes its copper cathode product 
primarily through an annual rolling offtake arrangement 
with Traxys Europe SA, with a minimum of 95% of the 
Kounrad solvent extraction-electrowinning (SX-EW) 
plant’s forecast output committed under this contract. 
The Group sells Sasa’s zinc and lead concentrate product 
through an annual rolling offtake arrangement with 
Traxys. The commitment is for 100% of Sasa’s annual 
concentrate production.
The Group meets its day-to-day working capital 
requirements through its profitable and cash generative 
operations at Kounrad and Sasa. The Group manages 
liquidity risk by maintaining adequate committed borrowing 
facilities and the Group had substantial cash balances 
at 31 December 2024.
The Board has reviewed forecasts for the period to 
December 2026 to assess the Group’s liquidity which 
demonstrate substantial headroom. The Board has 
considered additional sensitivity scenarios in terms of the 
Group’s commodity price forecasts, expected production 
volumes, operating cost profile and capital expenditure.
The Board has assessed the key risks that could impact 
the prospects of the Group over the ‘going concern’ 
period, including commodity price outlook, cost inflation 
and supply chain disruption, with stress testing of the 
forecasts in line with best practice. Liquidity headroom 
was demonstrated in each reasonably possible scenario. 
Accordingly, the Directors continue to adopt the 
‘going concern’ basis in preparing the consolidated 
financial statements.
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Non-IFRS financial measures
The Group uses alternative performance measures, which are not defined by generally 
accepted accounting principles (GAAP) such as International Financial Reporting Standards 
(IFRS), as additional indicators. These measures are used by management, alongside 
the comparable GAAP measures, in evaluating the Group’s business performance. 
The measures are not intended as a substitute for GAAP measures and may not be 
comparable to similarly reported measures by other companies. The following non-IFRS 
alternative performance financial measures are used in this report.
Earnings before interest, tax, depreciation and amortisation
EBITDA is a valuable indicator of the Group’s ability to generate liquidity and is frequently 
used by investors and analysts for valuation purposes. It is also a non-IFRS financial 
measure which is reconciled as follows:
2024
$’000
2023
$’000
(restated)
Profit for the year
50,631
37,119
Plus/(less):
Income tax expense
25,896
27,703
Depreciation and amortisation
27,088
28,192
Share of post-tax loss of investment in equity 
accounted associate
76
–
Fair value movement of share-based payments liability
3,966
4,803
Foreign exchange (gain)/loss
(5,638)
3,378
Other loss/(income)
(211)
(75)
Finance income
(2,364)
(1,992)
Finance costs
2,192
1,852
Loss from discontinued operations
183
63
EBITDA
101,819
101,043
Revenue
Revenue is presented as the total revenue received from sales of all commodities after 
deducting the directly attributable TCs associated with the sale of the Group’s zinc, lead 
and silver, and offtake fees. This figure is presented inclusive of total revenue received 
in respect of the copper, zinc and lead concentrate and the revenue from silver sold 
to Osisko through CAML’s streaming agreement.
FINANCIAL REVIEW continued
Net cash
Net cash is a measure used by the Board for the purposes of capital management and 
is calculated as the total of the borrowings held plus the cash and cash equivalents 
held at the end of the year. This balance does not include the restricted cash balance 
of $0.3 million (31 December 2023: $0.3 million).
31-Dec-24
$’000
31-Dec-23
$’000
Borrowings
(252)
(326)
Cash and cash equivalents excluding restricted cash
67,318
56,832
Net cash
67,066
56,506
Free cash flow
Free cash flow (FCF) is a non-IFRS financial measure calculated as the cash from 
operations, less sustaining capital expenditure on property, plant and equipment and 
intangible assets plus interest received and cash-settled share-based payments and 
is presented as follows:
2024
$’000
2023
$’000
(restated)
Net cash generated from operating activities
74,264
65,023
Less: purchase of property, plant and equipment
(14,352)
(10,726)
Less: purchase of intangible assets
(459)
(54)
Add: cash-settled share-based payments
3,900
1,387
Add: interest received
2,374
1,916
Free cash flow
65,727
57,546
The purchase of sustaining property, plant and equipment figure above does not include 
the $6.4 million (2023: $17.0 million) of capitalised expenditure on the Capital Projects 
at Sasa. These costs are not considered sustaining capital expenditure as they are 
expansionary development costs required for the transition to paste-fill mining.
The definition of FCF was updated to include the cash-settled share-based payments 
of $3.9 million (2023: $1.4 million) which following a restatement has been reclassified 
to net cash generated from operating activities.
C1 cash costs
C1 cash costs of production is a standard metric used in the mining industry to allow 
comparison across the sector. In line with the industry standard, CAML calculates C1 
cash costs by including all direct costs of production at Kounrad and Sasa (reagents, 
power, production labour and materials, as well as realisation charges such as freight and 
treatment charges), in addition to local administrative expenses. Royalties, silver stream 
commitments, taxes and duties, depreciation and amortisation charges are not included 
in the calculation of the C1 cash cost.
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This is considered to be a useful and relevant measure as it is a standard industry 
measure applied by most major base-metal mining companies. It allows a straightforward 
comparison of the unit of production costs of different mines and an assessment of 
the position of each mine on the industry cost curve. It also provides a simple indication 
of the profitability of a mine when compared against the unit price of the relevant metal.
Sasa’s C1 unit cash cost is measured in zinc equivalents, based on the Wood Mackenzie 
pro-rata approach, with costs allocated to Sasa’s zinc production based on the 
relative revenue contributions of zinc, lead and silver revenue. For 2024, this pro-rata 
contribution was 39%.
2024
$’000
2024 
%
Production 
 t
2024
$/lb
Kounrad C1 cash costs
23,740
100
13,439
0.80
Sasa C1 cash costs (zinc equivalent)
67,100
39
15,614
0.76
Group C1 cash costs (copper equivalent)
90,840
100
23,798
1.73
Reconciliation of Group C1 cash costs to Group costs (IFRS):
Group C1 cash costs
90,840
Plus:
Royalties (Note 7)
12,722
Taxes and duties (Notes 7, 9)
926
Depreciation and amortisation (Note 5)
27,088
Elimination of non-mining operations:
Non-mining operations, unallocated EBITDA 
(Note 5)
18,258
Other items, including inventories variation
135
Less:
Group technical, support and marketing costs1
(618)
Silver stream commitment (Note 7)
(984)
Offtake buyers’ fee (Note 6)2
(3,929)
Realisation charges3
(14,784)
Group costs (IFRS) as shown below
129,655
Group cost of sales (excl. silver purchases)
98,746
Group distribution and selling costs
2,142
Group administrative expenses
28,767
Group costs (IFRS) 
129,655
FINANCIAL REVIEW continued
For 2023, the pro-rata contribution was 37%
2023
$’000
2023 
%
Production 
 t
2023
$/lb
Kounrad C1 cash costs
 22,645
100%
 13,816
 0.74
Sasa C1 cash costs (zinc equivalent)
 66,648
37%
 17,120
 0.66
Group C1 cash costs (copper equivalent)
 89,293
 25,451
1.59
Reconciliation of Group C1 cash costs to Group costs (IFRS):
Group C1 cash costs
 89,293
Plus:
Royalties (Note 7)
12,692
Taxes and duties (Notes 7, 9)
929
Depreciation and amortisation (Note 5)
28,192
Elimination of non-mining operations:
Non-mining operations, unallocated EBITDA 
(Note 5)
16,928
Other items, including inventories variation
1,033
Less:
Group technical, support and marketing costs1
(3,899)
Silver stream commitment (Note 7)
(1,136)
Offtake buyers’ fee (Note 6)2
(3,955)
Realisation charges3
(17,648)
Group costs (IFRS) as shown below
 122,429
Group cost of sales excl. silver purchases)
 92,894
Group distribution and selling costs
 2,844
Group administrative expenses
 26,691
Group costs (IFRS) 
 122,429
On behalf of the Board
Louise Wrathall
Chief Financial Officer
19 March 2025
1.	 Certain technical, support and marketing activities are conducted on a centralised basis and recharged from the parent company to the operating entities and are therefore included in the C1 cash cost figures. 
They are deducted to arrive at the Group cost (IFRS) reconciliation as transactions between Group companies are eliminated on consolidation. 
2.	For accounting purposes, the revenue amount is reported after deduction of offtake buyers’ fees. Under the standard industry definition of cash costs, offtake buyers’ fees are regarded as an expense and form 
part of the C1 cash costs figure.
3.	For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment 
and refining charges are regarded as an expense and form part of the C1 cash costs figure.
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OUR STRATEGY
Our strategy in action
Aligning our strategic objectives 
to our purpose
CAML’s Annual Report demonstrates how our 
strategic objectives and our everyday working 
practices continue to be embedded in the Group 
to deliver long‑term value for our stakeholders.
Our immediate strategic objectives of sustainability, low 
costs and high margins, and prudent capital allocation 
are underpinned by our longer-term objective of growth 
through acquisition.
We promote low-cost, sustainable and ethical metal 
production to benefit our employees, local communities, 
host governments and shareholders. We benefit communities 
close to our operations through employment opportunities 
and education, as well as other facilities, while focusing 
on the financial sustainability of our operations.
Find out more in our 2024 Sustainability Report
Golden Rules at Sasa
9
1
QCA 
Establish a purpose, strategy and business model which 
promote long-term value for shareholders.
Sasa’s Capital Projects
CAML is investing a total of $46.9 million in the Capital Projects programme at 
Sasa, reflecting the importance the Company places on the long-term future of the 
Group’s operations. This is a key element in capital allocation, alongside distributing 
capital to shareholders and investing in growth. Sasa’s Capital Projects comprises 
three main parts: moving to mining methods using paste fill; development of the 
Central Decline; and changing the main method of storing tailings on surface to the 
dry-stack system. These projects enable safer, more flexible mining suited to the 
shape of the orebody at depth; more efficient underground transport and better 
ventilation; and remove the need for an additional conventional tailings storage 
facility for the rest of Sasa’s planned life.
Golden Rules
In 2024, CAML introduced the ‘Golden Rules’ for safety at both Sasa and 
Kounrad. The rules are designed to reinforce the safe work practices in all 
parts of the Group’s operations, and apply to everyone: employees, contractors, 
service providers and visitors. All employees are required to sign that they 
have familiarised themselves with the rules, and non‑compliance is regarded 
as a disciplinary matter. The Golden Rules also empower employees to take 
responsibility for their own safety and that of others, giving each of them the right 
to refuse to carry out work if he/she considers that it cannot be carried out safely.
Aberdeen Minerals
CAML has invested £2 million ($3.8 million) for a 28.4% shareholding in Aberdeen 
Minerals (‘Aberdeen’) to fund the latter’s drilling programme at the Arthrath 
nickel‑copper project in northeast Scotland. The first phase of this programme, 
totalling 2,682 metres, was completed in 2024. Initial results have validated 
Aberdeen’s exploration model and confirmed the potential for higher-grade 
nickel‑copper sulphide traps within depth extensions to a prospective conduit 
system. CAML’s investment includes warrants to invest a further £2 million 
(increasing its shareholding to 37.6%) if results are sufficiently positive.
Kounrad’s low costs and high margins 
Since its commissioning in 2012, Kounrad has been a consistently low-cost, 
high‑margin copper producer, benefiting both from the operation’s inherent 
technical advantages, and from the skill and efforts of its workforce. To date, 
the in-situ dump-leach, SX-EW operation has produced over 165,000 tonnes 
of high-quality copper cathode, at an average C1 cash operating cost of 
approximately $0.60 per pound, placing Kounrad firmly in the lowest quartile 
of the global copper operating-cost curve. Kounrad’s EBITDA margin in 2024 
was 73%, unchanged from the previous year.
Drilled in 2024
2,682m
Forecast capital 
investment
$46.9m
More information on these and other case studies can be found on CAML’s website at the following link:  
https://www.centralasiametals.com/sustainability/case-studies/
Our immediate strategic objectives
Targeting low costs, high margins
This objective drives CAML’s focus on low-cost 
production, which results in high margins
Ensuring prudent capital allocation
This objective reflects the importance of allocating 
capital efficiently and in the interests of stakeholders
Focus on sustainability
This objective ensures that sustainability, based on our 
five pillars, remains a key priority in everything we do
Our long-term strategic objective
Delivering growth
This objective is a continuous and underlying ambition
Kounrad’s 2024 
EBITDA margin
73%
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CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

KEY PERFORMANCE INDICATORS
CAML has identified a range of financial and non-financial KPIs aligned to its strategic objectives to measure its performance, 
many of which are directly related to Executive Director and senior management remuneration. See annual bonus out-turn 
in the remuneration committee report on page 84.
Copper equivalent production
23,798t
Definition/rationale
CAML aims to meet annual production targets and continue 
efficient operations to unlock maximum value and ensure 
a profitable performance.
2024 performance
2024 copper production at Kounrad was firmly within the 
guidance range. At Sasa, both zinc and lead production 
were fractionally below the lower end of guidance in 2024.
Related to remuneration
Cash cost, copper equivalent
$1.73/lb
Definition/rationale
Maintaining low costs at both of our operations underpins 
profitability. CAML reports its Group C1 cash cost on 
a copper equivalent basis incorporating production costs 
at Sasa. C1 cash cost of production is a standard metric 
used in the mining industry to allow comparison across 
the sector. CAML calculates C1 cash cost by including 
all direct costs of production (reagents, power, production 
labour and materials, as well as realisation charges such 
as freight and treatment charges) in addition to local 
administrative expenses. Royalties, depreciation and 
amortisation charges are excluded.
2024 performance
There is an increase in costs associated with the 
full operation of Sasa’s PBF Plant and continued 
inflationary pressures.
Related to remuneration
Targeting low costs, high margins
Measuring our performance
EBITDA
$101.8m
Definition/rationale
EBITDA is a valuable indicator of the Group’s underlying 
profitability and is frequently used in the mining sector 
by investors and analysts for valuation purposes. 
It is a non‑IFRS financial measure which is reconciled 
on page 37.
2024 performance
The Group achieved a strong EBITDA of $96.8 million in 
2024, driven by higher revenue. This performance reflects 
improved commodity prices and the overall reliability 
of the Group’s operations.
Related to remuneration
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Capital expenditure
$20.8m
Definition/rationale
Capital expenditure reflects the investment in the 
operations for both sustaining capital expenditure, 
as well as expenditure on Sasa’s Capital Projects. 
2024 performance
In 2024, Group capital expenditure totalled $20.8 million. 
At Kounrad, $2.5 million was spent on sustaining capital 
expenditure. At Sasa, $11.6 million was spent on sustaining 
capital expenditure, with an additional $6.4 million spent 
on Capital Projects, including the completion of the 
transition to paste-fill mining and Central Decline in 2024, 
and the introduction of dry-stack tailings. Additionally, 
$0.3 million was invested in CAML X’s exploration 
initiatives.
Related to remuneration
Net cash/(net debt)
$67.1m
Definition/rationale
Net debt reflects the Group’s financial liquidity. Net debt 
is calculated as the total of its borrowings and bank 
overdrafts less the cash and cash equivalents held 
at the end of the year.
2024 performance
Improved net cash position maintained without any 
increases in debt.
Related to remuneration
Dependable dividends
18p
Definition/rationale
CAML has a dividend policy of returning to its shareholders 
between 30% and 50% of its FCF, defined as net cash 
generated from operating activities less sustaining 
capital expenditure.
2024 performance
Total dividends related to 2024 (interim and final) 
amounted to 18 pence per share, which equated to 
63% of FCF. This exceeded the Company’s dividend 
policy, owing to the absence of a current material 
business development activity and no outstanding debt.
Related to remuneration
Ensuring prudent capital allocation
KEY PERFORMANCE INDICATORS continued
Focus on sustainability
LTIFR
0.77
2022
2023
2024
0.77
0.40
0.83
Definition/rationale
CAML aims to provide a safe working environment for 
its people. The lost-time injury frequency rate (LTIFR) 
is calculated as the number of work lost‑time injuries, 
divided by the number of hours worked and multiplied 
by 1,000,000.
2024 performance
CAML’s 2024 safety performance was excellent at 
Kounrad, with zero LTIs. At Sasa, two LTIs were recorded 
during the year.
Related to remuneration
Fatalities
Zero
Definition/rationale
CAML has a target of no fatalities and of zero harm in the 
workplace and firmly believes that every employee should 
go home safely to their family at the end of their shift.
2024 performance
There were no fatalities owing to a workplace safety 
incident at either operation in 2024. There has never been 
a fatality at a CAML operated site.
Related to remuneration
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Governance
100% complete
Conduct internal Human Rights Impact Assessment 
at both sites
Definition/rationale
Conducting a Human Rights Impact Assessment 
every three years ensures we regularly evaluate and 
address potential human rights risks, ensuring ethical 
business practices. 
2024 performance
The assessment highlighted key areas of impact within 
our business and supply chain. Insights will guide our 
2025 plan to strengthen labour relations, fair wages, 
health and safety, collective bargaining, ethical supply 
chains, grievance mechanisms and diversity.
Related to remuneration
People
100% complete
Identify critical roles and create succession plans to 
highlight key talent and skills gaps that require focus
Definition/rationale
Identifying critical roles and creating succession plans 
by highlighting key talent and addressing skills gaps. 
This proactive approach supports long-term organisational 
stability and readiness for future challenges.
Environmental and community incidents
Zero
Definition/rationale
CAML aims for zero severe or major environmental 
and community-related incidents in Kazakhstan and 
North Macedonia, recognising that strong community 
support is essential for maintaining the Group's effective 
licence to operate.
2024 performance
There were no severe or major environmental or 
community incidents at either operation in 2024. Since the 
Group began constructing the Kounrad operation in 2010 
and acquired Sasa in 2017, there have been no severe 
or major community-related incidents.
Related to remuneration
Human rights abuses
Zero
Definition/rationale
Good governance is firmly embedded in CAML’s approach 
to sustainability, and the Group monitors human rights 
abuses in Kazakhstan and North Macedonia as one 
barometer of governance.
2024 performance
There were zero human rights abuses related to 
CAML’s operations during 2024. Since the Group began 
constructing the Kounrad project in 2010 and since it 
acquired Sasa in 2017, there have been no human rights 
abuses recorded related to either operation.
Related to remuneration
Focus on sustainability continued
KEY PERFORMANCE INDICATORS continued
2024 performance
In 2024, strategic meetings were conducted to assess key 
talent, succession planning and potential retention risks. 
Comprehensive plans are now in place to safeguard critical 
personnel and mitigate associated risks.
Related to remuneration
Responsible tailings management
100% complete
Undertake a GISTM conformance audit
Definition/rationale
A Global Industry Standard on Tailings Management 
(GISTM) conformance audit evaluates a company’s tailings 
management against global safety and environmental 
standards, ensuring responsible practices to minimise risks 
and protect people and the environment.
2024 performance
The GISTM audit, conducted by third-party consultants 
Knight Piésold and published in July 2024, confirmed 
CAML as conforming to the GISTM. The audit covered the 
tailings storage facilities at Sasa, the only such facilities in 
the Group. Publication of the associated Public Disclosure 
Document marked the culmination of a three-year work 
programme completed on schedule. 
Related to remuneration
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KEY PERFORMANCE INDICATORS continued
Business development opportunities reviewed
37
Definition/rationale
Reviews of potential opportunities for mergers and 
acquisitions are undertaken as a routine part of CAML’s 
business and the Company has a stated long-term 
strategic objective to grow the business by acquisition.
2024 performance
CAML reviewed 37 opportunities during the course 
of the year.
Related to remuneration
NDAs signed
13
Definition/rationale
Signing an NDA gives CAML access to information 
that is not in the public domain. This greatly improves 
the level of due diligence that can be undertaken 
on a potential opportunity.
2024 performance
13 NDAs were signed in 2024.
Related to remuneration
Site visits undertaken to potential acquisitions
6
Definition/rationale
Senior management undertaking a site visit 
denotes an advanced level of interest in a business 
development opportunity.
2024 performance
Six site visits were undertaken during the year.
Related to remuneration
Although the specific criteria detailed above are not related to 
remuneration, an overall judgement on business development 
was reflected in executive remuneration. Details can be found 
on page 84.
Delivering growth
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43

RISK MANAGEMENT
Identifying and managing risks
In 2024, we continued to prioritise and enhance our risk management processes, building 
upon the foundations established in previous years. This ongoing commitment ensures 
engagement at all levels of management up to the Board, supporting a resilient and 
proactive approach to managing risks.
The Board remains ultimately responsible for CAML’s risk management and internal control 
systems and for reviewing their effectiveness. CAML’s Group Head of Risk and Internal 
Controls continues to co-ordinate the risk management processes both corporately and 
at the operational level, facilitating regular reporting on principal risks to the Group Risk 
Committee (GRC) and the Board’s Audit Committee.
The risk assessment process has remained consistent. Risk management is led by the 
Executive Directors and senior management. On a quarterly basis, risk co-ordinators 
facilitate the site-level risk review process by engaging relevant on-site management 
as well as on-site risk and sustainability committees. Findings are reported to the Group 
Head of Risk and Internal Controls for consolidation into one risk register at Group 
level. From this database, principal risks are identified based on their risk severity from 
a Company perspective.
The quarterly principal risks are presented to the GRC by risk owners to obtain further 
feedback on the relevance of risk mitigation plans and identification of any top-down 
emerging risks. The Chair of the GRC meets the Audit Committee at least annually, and 
reports on the material risks to the business and the measures taken to mitigate them.
In 2024, we sustained our efforts to embed risk management processes across the Group. 
Sasa’s leadership continued to utilise key performance indicators to enhance employee 
engagement in risk management activities, and maintained the use of a site-wide risk 
dashboard. Quarterly reporting to the GRC and regular updates to the Board ensured that 
principal risks and mitigation plans remained central to discussions.
The updated CAML Group Risk Management procedure was rolled out to sites in 
2024, with its implementation to be supported by workshops scheduled for H1 2025. 
These workshops will aim to raise awareness and achieve broader engagement across 
the Group. This remains a priority for the coming year as we advance risk management 
practices and strengthen our culture of proactive risk awareness.
Insurance is a risk management tool that we employ to minimise financial impact to 
the Company. Independent survey reports from insurers continue to provide valuable 
insights, helping to identify areas requiring additional mitigation. Despite challenges 
in the insurance market, we successfully maintained our coverage levels and achieved 
competitive rates for 2024.
Management’s role in assessing and 
managing risks and opportunities
Determines executive 
compensation policies 
and salaries to align 
with Group policy.
Oversees financial 
reporting, internal 
controls and external 
audit processes. In 
addition to supervising 
and monitoring risk 
management activities 
on behalf of the Board.
The GRC comprises Executive Directors and senior management, including the Head of Sustainability. 
It is responsible for advising the Audit Committee on all aspects of the business’s risk management 
process and providing updates on the principal risks (sustainability-related risks and opportunities) 
and associated mitigation activities.
Oversees the 
management of CAML’s 
sustainability impacts 
and due diligence, 
has oversight of the 
sustainability reporting.
The Board and Sustainability Committee delegate the day-to-day management of CAML’s 
sustainability impacts, risks and opportunities to the relevant risk owners. Sustainability risks are 
managed by the respective teams, with oversight provided by the Group Head of Sustainability, 
General Counsel and Group Head of People.
At site level, regular meetings on sustainability topics are held at Kounrad and Sasa between 
the general directors and site senior management. In addition, the Executive team in London 
receives monthly, quarterly and annual reports on our sustainability management.
Identifies suitable 
candidates for Board 
positions to align with 
strategic objectives.
Remuneration 
Committee
Group Risk Committee
Senior management including site general directors
Site-level management
Audit  
Committee
Sustainability 
Committee
Nomination 
Committee
CAML Executives and Head of Sustainability
5
QCA 
Embed effective risk management, 
internal controls and assurance activities, 
considering both opportunities and 
threats, throughout the organisation.
Board of Directors
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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44

Emerging risks
The identification of emerging risks is integrated into ongoing risk management discussions at both operational and corporate level. In 2024, we continued with the practice 
of discussing emerging risks as part of the quarterly GRC meetings.
Risk management process
Communication and consultation
There is continual consultation with the relevant parties throughout the process to ensure consistency 
and appropriate decision‑making across the Company towards risk management.
Monitoring and review
Regular supervision and observation are conducted to monitor changes in risk attributes, such as likelihood and potential consequence, 
and the effectiveness of current risk treatment plans to ensure that the risk level is maintained within an acceptable level. 
If necessary, risk treatment plans are modified to address identified gaps.
Risk assessment
Establish context
The ‘establishing 
context’ step is 
essential for aligning 
risk management 
efforts with the 
Group’s strategic 
objectives. This 
involves defining 
risk appetite, 
risk tolerance 
and risk matrix 
criteria, providing 
a foundation for 
effective risk 
identification 
and assessment.
Identification
Risks are identified 
by all levels of 
management, 
along with their 
teams, across the 
Group. The Group 
Head of Risk and 
Internal Controls and 
site‑based risk  
co-ordinators 
facilitate risk 
management 
processes, 
including providing 
guidance in the risk 
identification process.
Evaluation
The results of risk 
analysis are used 
to determine the 
overall level of the 
risk, its significance 
to the Company 
and whether risk 
mitigation plans need 
to be implemented 
to reduce the risk 
to an acceptable 
level. The risk 
assessment criteria 
and risk appetite 
are determined 
by the Board.
Analysis
For identified risks, 
further analysis 
is conducted to 
understand root 
causes of each risk 
and an estimate 
of the likelihood 
of risk occurrence 
and its potential 
consequences, 
including financial and 
non-financial impacts 
to the Company. 
Subsequent risk 
analysis is performed 
as part of ongoing 
risk monitoring and 
review processes.
Mitigation
An agreed risk 
treatment plan is put 
in place to reduce 
the risk’s likelihood 
of occurrence and 
to manage the 
consequences of the 
risk’s occurrence. 
This should result 
in a decrease in the 
overall risk level 
to an acceptable 
degree as determined 
by the Company’s 
risk appetite.
RISK MANAGEMENT continued
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Financial statements
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45
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

Risk appetite
In early 2024, we engaged in discussions with the Board 
and the Audit Committee regarding our risk appetite 
and reconfirmed that the Company’s risk appetite remains 
consistent with the previously defined parameters. 
We continue to focus on health and safety as an area 
where there is minimal risk appetite. The Company 
also has very limited risk appetite for other areas 
of sustainability, such as the environment, community, 
employee risks and governance.
The Company’s appetite for financial risk is more forgiving, 
as we have low-cost operations and can therefore withstand 
certain unfavourable pricing and cost developments. 
Additionally, in 2024 we incorporated the results of these 
risk appetite discussions into our risk assessment criteria, 
which were rolled out to our sites as part of the updated 
CAML Risk Management procedure.
In 2025, we aim to enhance our risk reporting processes 
to have a clearer link between reported principal risks 
and the Company’s risk appetite.
Responsibilities
All principal risks are ultimately the responsibility of the 
Board and, at the executive level, the Chief Executive 
Officer. In addition, on a day-to-day level, responsibilities 
for the principal risks fall under the relevant managers 
along the following lines.
Legend
1
Environment 
– leaching
2
TSFs failure
3
Governance and 
compliance
4
Health and safety
5
Climate change
6
Political and 
geopolitical
7
People
8
Leaching 
operations
9
Fire
10
TSF capacity
11
Sasa Capital 
Projects
12
Tax
13
Commodity 
markets
14
Inflation and cost 
pressures
15
Mining and 
processing
Consequences
Likelihood
Our risk heat map
Risk movement
Prior year 
position
New risk
RISK MANAGEMENT continued
Sustainability: Chief Operating Officer, site general 
directors, Head of Sustainability, General Counsel, 
Head of People and Technical Director
Operational: Chief Operating Officer, site 
general directors, Head of Sustainability and 
Technical Director
Business: Chief Financial Officer
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Increase
No change
Decrease

PRINCIPAL RISKS AND UNCERTAINTIES
The mining sector inherently involves risks associated with the extraction and processing 
of natural resources. This section highlights the principal risks and uncertainties that could 
challenge CAML’s ability to achieve its strategic goals, along with the measures management 
has implemented to address and mitigate those risks.
Risk movement
Link to responsibilities
Sustainability
Operational
Business
Risk and impact
	
‣ The primary environmental risk at Kounrad is the potential 
contamination of groundwater from the in-situ dump 
leach process.
Mitigation
	
‣ A groundwater monitoring programme has been 
implemented, covering leaching blocks at both the Western 
and Eastern Dumps. Regular sampling is undertaken 
and has shown no exceedances of metal concentrations. 
If elevated levels are detected, repeat sampling is 
conducted and corrective actions, such as halting 
operations in the affected area, may be implemented.
Risk movement
The risk profile remained stable in 2024, with leaching 
concentrated at the Western Dumps and fewer blocks 
at the Eastern Dumps. 
2. TSFs failure
Risk and impact
	
‣ Improperly constructed or managed Tailings Storage 
Facilities (TSFs) can fail, causing significant harm 
to people, property, the environment and the 
Company’s reputation.
1. Environment – leaching
Mitigation
	
‣ All of Sasa’s TSFs are of the ‘downstream’ construction 
type, which is generally regarded as the safest option. 
In addition, dry-stack tailings (DST) facilities will be 
operational from Q1 2025. 
	
‣ Ongoing mitigation measures focus on monitoring and 
preventing incidents, including real-time automated 
monitoring of TSF operations (eg movement and water 
levels), monthly site inspections, and independent 
audits and reviews by external parties.
	
‣ Standard Operating Procedures (SOPs) and Trigger 
Action Response Plans are regularly reviewed 
and updated. 
	
‣ Sasa has engaged Knight Pièsold for a Dam Safety 
Review, which began in 2024 and focused on ground 
investigations and laboratory testing. Completion 
is expected in H1 2025.
	
‣ An audio alarm system for the local community, for use in 
the unlikely event of a TSF failure, has been constructed 
and will be commissioned by the Crisis Management 
Center of North Macedonia in 2025.
	
‣ In 2024, CAML achieved conformance with the Global 
Industry Standard on Tailings Management (GISTM).
	
‣ Further details of the TSFs safety and monitoring‑related 
initiatives undertaken in 2024 are set out in 
CAML’s 2024 Sustainability Report and in its GISTM 
disclosure document.
Risk movement
The risk profile remained stable in 2024.
Principal risks
Increase
No change
Decrease
New risk
Risk and impact
	
‣ The Group operates within a complex regulatory 
environment, and failure to comply with regulations, 
sanctions regimes or required licences could 
lead to operational disruptions, financial loss and 
reputational damage.
Mitigation
	
‣ The Company maintains strong principles of corporate 
governance supported by an experienced Board and 
reinforced by the several Committees supporting the 
Board in its role.
	
‣ Governance policies and procedures are in place, and 
annual compliance training is provided to employees 
and contractors via an online platform and on-site 
workshops.
	
‣ Management actively monitors changes in sanctions 
legislation and enforces compliance through mandatory 
checks, regular reviews and consistent policies on 
high‑risk suppliers.
	
‣ Supplier due diligence procedures have been expanded 
and are consistently applied across operations, 
incorporating environmental criteria into assessments.
	
‣ Engagement with local authorities and communities 
remains a priority for good governance.
	
‣ Further details of governance initiatives undertaken 
are set out in the 2024 Sustainability Report.
3. Governance and compliance
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PRINCIPAL RISKS AND UNCERTAINTIES continued
Risk movement
In 2024, the risk profile increased owing to the ongoing 
conflict in Ukraine, expanding sanctions and the complexity 
of adapting control mechanisms. The potential impact on 
the Company’s reputation owing to non-compliance could 
be significant.
There is increased scrutiny from the EU and US on sanction 
evasion and secondary sanctions, with Kazakhstan facing 
heightened scrutiny owing to its proximity to, and ties 
with, Russia.
4. Health and safety
Risk and impact
	
‣ Mining operations are inherently hazardous, especially 
underground work, which presents significant risks 
which, if not carefully managed, could result in serious 
injury or loss of life.
Mitigation
	
‣ The health and safety of our employees remains a top 
priority for the Group.
	
‣ Management continues to embed a strong safety 
culture across the Group. In 2024, workshops were 
held to assess the current safety culture, leading to the 
development of a strategy to drive further transformation 
and maturity, with implementation planned for 2025.
	
‣ Policies and SOPs are in place to identify and 
mitigate risks, providing clear guidance on safe 
operational processes.
	
‣ Regular training is conducted by dedicated health and 
safety teams to ensure employees are well-informed 
about safety protocols, including the proper use of PPE 
and adherence to safe operating procedures. 
	
‣ These efforts are supported by regular safety briefings, 
toolbox talks, periodic inspections and other initiatives 
aimed at reinforcing awareness of potential safety risks. 
Managers and supervisors are responsible for ensuring 
compliance with these standards. 
	
‣ Specific procedures address the challenges of 
underground mining, including guidance for identifying 
and assessing high-risk ‘red’ zones. The underground 
fleet, equipped with remote-operating capabilities, 
has further reduced injury risk.
	
‣ Further details of the Group’s health and safety initiatives 
and health and safety performance are set out in the 
2024 Sustainability Report.
Risk movement
The risk profile remained stable in 2024.
Although progress has been made, the inherent risks 
associated with the nature of our operations continue 
to impact the overall risk assessment.
5. Climate change
Risk and impact
	
‣ Physical and transition risks from climate change pose 
a risk to the Group and its operations. Physical risks 
associated with climate change have the potential 
to disrupt operations, and transition risks pose a threat 
to the Company through policy and regulatory changes. 
	
‣ Regulators are increasingly integrating climate risk 
considerations into financial regulations and disclosures. 
Countries are also adopting measures to incentivise or 
penalise companies to align with decarbonisation targets 
and reduce greenhouse gas (GHG) emissions.
Mitigation
	
‣ CAML’s climate change strategy, approved by the Board 
in 2021, aims to develop and execute decarbonisation 
projects in support of the Group’s objective of a 50% 
reduction in GHG emissions (Scope 1 and 2) by 2030 
from a base year of 2020. By the end of 2024, the Group 
had achieved a 44% reduction in GHG emissions as 
a result of initiatives undertaken. This mid-term target 
is a key milestone towards the Group’s overall objective 
of net zero Scope 1 and 2 GHG emissions by 2050.
	
‣ Details of the initiatives to reduce CAML’s GHG 
emissions are contained in the Group’s Climate Change 
Factsheet and 2024 Sustainability Report, available 
on the CAML website.
	
‣ In-country teams are actively monitoring local policies 
and regulations on GHG emissions, including limits, 
mandatory reporting and disclosure requirements.
	
‣ Climate change mitigation and decarbonisation efforts 
are further guided by investor expectations, with 
management maintaining appropriate dialogue to align 
the Group’s actions with stakeholder aspirations.
	
‣ Physical risks identified in the 2022 scenario analysis 
are being addressed through ongoing site activities. 
Management is also considering options to examine 
transition risks further.
	
‣ The impact of climate-related strategic decisions is 
integrated into management’s assessments and estimates, 
particularly regarding future cash flow projections 
supporting the recoverable amounts of mining assets, once 
the strategic decisions have been approved by the Board. 
Although climate change considerations did not significantly 
impact key accounting judgements and estimates in 
the current year, the focus on climate-related strategic 
decisions may have a substantial impact in future periods. 
	
‣ Further details of the Group’s climate change initiatives 
are set out in its Climate Change Factsheet and 2024 
Sustainability Report, available on the CAML website.
Risk movement
The risk profile for climate change remained stable in 2024.
6. Political and geopolitical
Risk and impact
	
‣ The Group’s operations and financial performance 
could be adversely affected by changes in regulations 
introduced by the governments of the countries in which 
it operates. These risks include revisions to mining laws, 
restrictions on foreign ownership, remittance of funds 
and changes to taxation rates. 
	
‣ The Group operates across diverse jurisdictions with 
an international network of customers and suppliers. 
International conflicts can thus give rise to geopolitical 
challenges. These challenges may manifest themselves 
as disrupted supply chains, heightened costs, increased 
compliance burdens and a surge in political instability.
Mitigation
	
‣ Senior management teams at the Group’s operations 
have built relationships with local authorities and 
government ministries.
	
‣ Through these relationships and a proactive approach 
to engagement, management aims to anticipate changes 
in legislation and plan accordingly.
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PRINCIPAL RISKS AND UNCERTAINTIES continued
	
‣ In response to the conflict in Ukraine and the associated 
sanctions regime, measures were implemented to adjust 
the transportation routes for Kounrad’s copper cathodes, 
ensuring insurance coverage remained adequate and 
potential losses were mitigated.
	
‣ Additionally, the Group reviewed its supply chains 
to identify alternative suppliers. These efforts continue 
to be monitored proactively to address any further 
expansion of the sanctions regime.
Risk movement
The risk profile has increased during the year, driven 
by a combination of geopolitical and regional factors.
Geopolitical risks linked to the ongoing conflict in Ukraine 
have intensified, with heightened international involvement 
and broader implications for economic and political stability. 
Additionally, developments following the US presidential 
election have introduced further uncertainty, as global 
stakeholders closely monitor potential impacts on security 
and the global economy.
In Kazakhstan, emerging uncertainties surrounding potential 
leadership changes, fiscal challenges and inflationary 
pressures have raised concerns about social and political 
stability.
In North Macedonia, recent government changes have 
introduced increased scrutiny in areas such as taxation, 
environmental compliance and permitting. Although key 
approvals have been secured, there is potential for delays 
in obtaining additional permits necessary for Sasa’s 
Capital Projects.
7. People
Risk and impact
	
‣ CAML’s growth and success depend on its ability 
to attract, retain and motivate employees and key 
management. Failure to maintain a skilled and motivated 
workforce could adversely affect operations and harm 
the Company’s reputation. 
	
‣ The location of operations presents additional challenges 
in recruitment and retention, particularly given the 
scarcity of skilled mining professionals.
	
‣ The mining industry, especially in underground 
operations, faces a broader challenge in appealing 
to younger generations, who are typically reluctant 
to pursue careers in the sector.
	
‣ Failure to train employees appropriately or to ensure 
their readiness could undermine the successful and safe 
implementation of new methods or processes.
Mitigation
	
‣ The Human Resources team regularly assesses 
inflationary pressures and benchmarks remuneration 
offerings against industry peers to ensure 
competitiveness. Where necessary, the Group grants 
pay increases to support employee retention and 
satisfaction. In 2024, an underground employee 
allowance was introduced to attract and retain 
underground workers for the Sasa operation. 
	
‣ Comprehensive succession plans have been developed 
across the Group to ensure continuity and readiness for 
key roles. These plans are reviewed and approved by the 
Board for senior leadership positions and by executive 
management for other roles, aligning with the Company’s 
strategic objectives.
	
‣ In 2024, efforts continued to ensure the workforce 
was fully prepared for operational transition at Sasa. 
The Paste Backfill (PBF) Plant became fully operational 
during the year, with employees adequately trained and 
ready for its operations.
	
‣ The focus in 2025 is on preparing employees for 
the remaining phases of the transition, including 
commissioning and operation of the DST Plant and 
landform, as well as the adoption of new mining methods. 
Training programmes prioritise skill enhancement, 
whilst adhering to on-site safety compliance, ensuring 
operational preparedness and a smooth progression 
through these critical changes.
	
‣ Further details of the Company’s HR initiatives are set 
out in the 2024 Sustainability Report.
Risk movement
The risk profile remained unchanged in 2024. Although 
substantial progress was made in workforce training 
and readiness for Sasa’s transition projects, this initiative 
continues to require a focused effort to ensure the 
successful adoption of new mining methods. 
Additionally, challenges in attracting and retaining 
employees for Sasa’s underground operations have further 
contributed to maintaining the current risk level.
8. Leaching operations
Risk and impact
	
‣ The in-situ leaching process relies on the geology 
and hydrogeology of the dump material and underlying 
formations, making copper-bearing solution grades and 
flow rates variable. Any decline in flow rates or grades 
could reduce copper cathode production.
	
‣ A continuous and reliable supply of fresh water is critical 
for operations. Potential water shortages, particularly 
related to declining water levels in Lake Balkhash, pose 
a risk of operational disruptions and adverse publicity.
Mitigation
	
‣ Extensive studies have been completed at Kounrad 
to Kazakh and international standards to ascertain 
the characteristics of copper mineralisation within the 
dumps. The results of operations for more than 12 years 
have shown a good correlation to the initial study work 
undertaken, which gives management confidence for 
future operations. A network of boreholes surrounds 
the dumps to detect and address any issues related 
to solution losses.
	
‣ Management is actively monitoring water levels in Lake 
Balkhash, a key water source for operations. Although there 
were no signs of declining water levels in 2024, contingency 
plans are being developed to address potential future 
risks, ensuring proactive management of the situation.
Risk movement
The risk profile remained stable in 2024. Production of PLS 
aligned with technical expectations, with no significant 
deviations observed in grades.
9. Fire
Risk and impact
	
‣ A significant fire at one of the Group’s sites represents 
a substantial potential operational risk. The SX facility at 
Kounrad contains highly flammable solutions which would be 
difficult to extinguish if ignited. At Sasa, a fire in the processing 
facility could cause prolonged operational disruptions.
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PRINCIPAL RISKS AND UNCERTAINTIES continued
Mitigation
	
‣ Fire suppression systems have been installed in key 
facilities at both Sasa and Kounrad, including the SX 
facility, where extensive measures are in place to 
minimise fire risks.
	
‣ At the SX facility, mitigating measures are specifically 
designed to prevent potential sparks or ignition. These 
include static-electricity sensors, equipment grounding, 
spark-proof radios and restrictions on mobile phone use. 
Independent audits of fire prevention measures are used 
to maintain compliance with applicable regulations.
	
‣ At Sasa, comprehensive fire protection measures are 
in place, including an extensive hydrant network which 
covers all critical areas, such as the explosives storage 
facility as well as the new PBF Plant and DST Plant. 
These systems are continuously improved, expanded 
and tested to ensure their effectiveness. 
	
‣ Both operations undertake regular emergency 
preparedness and response drills, as well as training. 
	
‣ The Group’s Property Damage and Business Interruption 
Policy provides financial protection in the event of a fire. 
Annual risk assessments by insurer-appointed engineers 
ensure ongoing compliance and adequacy of fire 
mitigation measures.
Risk movement
The risk profile remained stable in 2024.
This risk remains high owing to the perceived challenges 
in extinguishing a fire at the Kounrad SX facility. Mitigation 
measures at both sites are considered adequate by 
management.
10. TSF capacity
Risk and impact
	
‣ Failure to identify long-term storage capacity for tailings 
could result in the inability to process mined ore at Sasa. 
Mitigation
	
‣ Through the use of alternative storage solutions, such 
as the transition to PBF mining and DST deposition, 
the life of TSF4 will be extended to support the mine’s 
planned operational life.
	
‣ In 2024, the PBF Plant operated consistently, with paste 
also being used to backfill voids created by past mining. 
The transition to the new mining methods of cut-and-fill 
and long-hole stoping is well under way. 
	
‣ Construction of the DST Plant is complete, with the 
plant and the first phase of the landform scheduled 
to be operational from Q1 2025.
Risk movement
The risk profile increased slightly in 2024 owing to minor 
delays in commissioning the DST project and landform, 
resulting in additional waste deposition on TSF4, 
which temporarily elevated the risk.
The DST Plant and landform, scheduled to enter 
operation in Q1 2025, are expected to ease capacity 
constraints at TSF4, leading to risk reduction over 
time as they become fully operational.
11. Sasa Capital Projects
Risk and impact
	
‣ The Sasa Capital Projects are in their final stages. 
Key remaining risks include potential delays in 
commissioning the DST Plant and DST landform, 
and securing a concession extension for the later 
stages of the DST landform construction.
	
‣ Any delays in the commissioning or in securing 
approvals could impact the project timeline, increase 
short-term storage requirements for tailings, and lead 
to additional costs.
Mitigation
	
‣ A dedicated project management team continues to 
oversee all stages of the project, ensuring performance 
is monitored against key milestones and budget.
	
‣ Specialist engineering consultants have been engaged 
to provide technical support throughout the DST Plant 
commissioning and DST landform development.
	
‣ The Group maintains engagement with local and national 
stakeholders to support the permitting process. Although 
the concession extension is still required, previous 
permits, including the Integrated Pollution Prevention 
and Control (IPPC) permit amendment, have been 
secured in a timely manner.
Risk movement
The risk profile reduced during 2024 owing to extensive 
progress in Sasa’s Capital Projects. Key milestones were 
achieved, including the PBF Plant becoming fully operational 
and the completion of the Central Decline. Construction of 
the DST Plant is complete, with the plant and the first phase 
of the landform scheduled to be operational from Q1 2025.
12. Tax
Risk and impact
	
‣ The Group is subject to taxation in its jurisdictions 
of operation. There are inherent risks associated 
with the complexities of tax legislation, including 
differences in interpretation of applicable laws and 
potential changes to tax regimes that could increase 
the Group’s tax burden.
	
‣ Additionally, increased scrutiny of taxation 
measures or revisiting interpretations of prior tax 
decisions by governments in the Group’s countries 
of operation may result in higher taxes for current 
or prior periods, or adversely impact the recoverability 
of tax receivable balances.
Mitigation
	
‣ Management is committed to full compliance 
with tax requirements in all operating jurisdictions 
and to minimising risks associated with taxation.
	
‣ Mitigating measures include monitoring changes in tax 
legislation, maintaining constructive relationships with 
tax authorities and seeking independent tax advice 
where appropriate to complement the expertise 
of in-house specialists.
Risk movement
The tax risk is inherently high owing to the jurisdictions 
in which the Group operates but remained stable in 
2024, as the current assessment already accounts for 
uncertainties surrounding potential changes to tax regimes. 
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PRINCIPAL RISKS AND UNCERTAINTIES continued
13. Commodity markets
Risk and impact
	
‣ A significant decrease in copper, zinc or lead prices 
would negatively impact the Group’s revenues.
	
‣ Additionally, reduced demand or increased availability 
of zinc and lead concentrates could result in adverse 
movements in treatment charges, affecting profitability.
Mitigation
	
‣ As a low-cost metals producer, the Group can withstand 
periods of depressed commodity prices. Efforts are 
focused on ensuring the marketability of cathode copper 
from Kounrad and zinc and lead concentrates from Sasa.
	
‣ In 2024, Sasa continued to work with established 
regional and international smelters, with small 
volumes allocated to new customers to diversify 
the customer base.
	
‣ The Group has historically used hedging agreements 
for a portion of its production to mitigate price volatility 
and may consider hedging again in the future.
Risk movement
During 2024 the risk profile remained the same.
In 2024, commodity prices exhibited volatility. 
At 31 December 2024, the copper price had increased 
by 2.7% compared with its level on 1 January 2024, 
and the zinc price exhibited a significant rise of 12.6%. 
In contrast, the lead price underwent a decline of 5.4% 
over the same period.
Broker consensus prices suggest a strengthening price 
outlook for copper in 2025 and beyond, but weakening 
prices for zinc and lead, compared with spot prices 
at the end of 2024.
14. Inflation and cost pressures
Risk and impact
	
‣ The Group’s cost base is highly susceptible to 
inflationary pressures, which directly impact operational 
expenses across both Sasa and Kounrad. Rising costs, 
driven by inflation and other external factors, affect key 
expenditures, such as labour, services and supplies, 
ultimately influencing the Group’s profitability.
	
‣ Specifically, inflationary pressures, particularly in the 
labour market, may lead to higher costs for services, 
as wage increases in the broader economy drive up 
prices for outsourced labour-intensive services, such 
as security, catering and maintenance. Additionally, 
inflationary pressures may result in increased costs 
for supplier contracts.
Mitigation
	
‣ The main mitigation measures include placing orders 
early to secure lower prices, signing long-term contracts 
with fixed pricing, and building strategic relationships 
with key suppliers.
Risk movement
Although this risk decreased in 2024, as global inflation 
eased compared with 2023 levels, inflationary pressures 
remain elevated across the Group’s countries of operation.
In Kazakhstan, higher inflation continues to drive increased 
costs, and in North Macedonia, labour market conditions 
are creating upward wage pressures. This may result in 
higher operational costs, as service providers and suppliers 
pass on increased labour expenses. Given these factors, 
the overall risk level remains elevated.
15. Mining and processing
Risk and impact
	
‣ The Group’s mining and processing operations at 
Sasa are inherently dependent on the accuracy and 
completeness of geological and metallurgical data.
	
‣ Limited understanding or variability within the orebody 
could lead to unforeseen challenges in mining, ore 
grades and metallurgical recovery rates. Such variances 
may impact operational efficiency, increase production 
costs and/or reduce output, ultimately affecting the 
financial performance and long-term sustainability 
of operations.
Mitigation
	
‣ Continuous exploration and detailed geological studies 
are conducted to improve understanding of the orebody 
and minimise uncertainties in mined grades, mining 
methods and metallurgical recovery rates.
	
‣ Mining and processing plans are regularly reviewed and 
adjusted based on updated geological and metallurgical 
data to optimise operational efficiency.
	
‣ Dedicated technical teams and external consultants are 
engaged in developing innovative solutions for mining 
and processing.
	
‣ Key performance indicators for mined grade, recoveries 
and processing performance are closely monitored, with 
adjustments made to mining and processing techniques 
to address variability in the orebody.
	
‣ On-site teams are trained to adapt to new mining 
and processing challenges, ensuring that operational 
capabilities align with evolving conditions.
Risk movement
New principal risk in 2024.
This risk was elevated to the principal risks in 2024 as 
it highlights the potential impact of geological variability 
and operational challenges on production targets and 
overall performance.
In 2024, Sasa’s production was marginally below guidance 
owing mainly to the transition to new mining methods, 
which involved challenges arising from an increase 
in the ground-support work needed, along with slightly 
lower ore grades.
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Introduction to Corporate Governance
53
The QCA Corporate Governance Code
55
Board of Directors
56
Our Approach to Corporate Governance
59
Board Report
61
Sustainability Committee Report
67
Audit Committee Report
71
Nomination Committee Report
74
Remuneration Committee Report
79
Directors’ Report
91
Statement of Directors’ Responsibilities
93
Governance
52
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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INTRODUCTION TO CORPORATE GOVERNANCE
Dear shareholder,
In corporate governance terms, the past year has been 
particularly significant for CAML. Following a period 
of careful and considered succession planning, we 
transitioned to both a new Chief Executive Officer (CEO) 
and a new Chief Financial Officer (CFO) during the 
year. We adopted and comply with the revised Quoted 
Companies Alliance (QCA) Code. And we continued to 
maintain and enhance the strong corporate governance 
which has always been a cornerstone of the way in which 
CAML conducts its business.
Our underlying commitment to good governance 
extends across the Group in the way CAML operates: 
from our transparency with shareholders and other 
stakeholders, to our commitment to health and safety, 
and environmental protection in our operations. This 
is key to protecting and building shareholder value and 
stakeholder interests over the long term. It informs our 
determination of strategy, monitoring of its implementation 
and reporting on our work. Furthermore, and importantly, 
it enables us to hold ourselves accountable for these 
fundamental responsibilities.
This section of the Annual Report summarises the work 
of our Board and its Committees in these areas. This has 
been a particularly busy year, and I would like to thank 
all Directors, Executive and Non-Executive, for their 
commitment and contributions in this area, especially 
our Committee Chairs whose important work is invaluable 
to the Board as a whole.
Before turning to the more detailed reports of the Board 
and Committees, in this introduction there are 12 particular 
areas I would like to highlight:
1.	
Following its visit to Kounrad the previous year, the Board 
visited Sasa in 2024. This visit included meetings with 
management and staff, touring the site and its facilities, 
and inspecting the Capital Projects, including the Paste 
Backfill Plant, the new Central Decline and the Dry Stack 
Tailings Plant. It also included reviews of the mining, 
processing and sustainability aspects of the operations.
All Directors had visited the site previously and 
this visit provided an update on the substantial 
development of the Group’s operations, as well as 
confirming the ongoing commitment of our local team 
to its long-term success. These will drive future
Letter from the Chairman
“Key decisions regarding 
maximisation of the value 
of CAML’s current assets and 
appraising opportunities for the 
future are taken by the Board as 
part of its overall responsibility 
for strategy. Along with its 
Committees, the Board monitors, 
encourages and, where appropriate, 
challenges the implementation 
of this strategy. The corporate 
governance structures within 
which these matters are considered 
are therefore fundamental 
to building, sustaining and 
protecting shareholder value 
and other stakeholder interests 
over the long term.”
Nick Clarke
Non-Executive Chairman
6
QCA 
Establish and maintain the Board 
as a well-functioning, balanced 
team led by the Chair.
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INTRODUCTION TO CORPORATE GOVERNANCE continued
production and continue to reinforce our commitment 
to health and safety, environmental protection, and 
support of our employees and the local community.
2.	
In addition to the visit of the Board as a whole, our 
Technical Committee visited Sasa in April and November 
to review its operations and the work on the Capital 
Projects. The Technical Committee’s views are shared 
with both management and the Board, allowing both 
to draw on the extensive experience of its members.
3.	
All our Committees have continued to work closely 
on matters of common interest. This has included 
the Remuneration Committee drawing on the expertise 
of the Sustainability Committee in terms of setting 
and measuring performance against incentive targets. 
4.	
Following the externally facilitated Board evaluation 
in the prior year, this year we conducted an internally 
facilitated performance review led by the Chairman 
with the assistance of our company secretariat. 
This assessed our Board, its Committees and 
individual Directors, and included follow-up on actions 
agreed from the previous evaluation. Our Nomination 
Committee Report commencing on page 74 sets out 
further details of this review.
5.	
The focus in Board discussions on building our project 
pipeline and asset portfolio, as well as strategy more 
generally, has continued. As well as these remaining key 
topics for consideration at each main Board meeting, 
specific opportunities have been reviewed at dedicated 
Board meetings during the year. Such reviews examine 
the potential for building shareholder value from these 
opportunities, together with possible challenges.
6.	
Succession planning is another key area for the 
Board, and indeed for our Nomination Committee, 
which reports on this further in its report on page 
76. The business cycles in the resources sector are 
amongst the longest in any industry. CAML’s projects 
are sought, developed and implemented over long 
timescales. In this context, long-tenure Directors 
help preserve valuable knowledge and experience 
on the Board and its Committees. Consistent with this, 
the progressive succession planning for refreshing 
the Board pursued by CAML over recent years has 
been ongoing and will continue in the coming year. 
In line with this succession planning, the Executive 
Director roles have been the focus of Board 
changes in 2024. 
7.	
Nigel Robinson stepped down as CEO at the beginning 
of October. I am delighted that Nigel agreed both to 
remain in an executive role during a transition period, 
and then to continue on the Board, and on our Technical 
and Sustainability Committees, as a Non-Executive 
Director (NED). He has unparalleled experience and 
knowledge of the Group stretching back 18 years 
which will accordingly be retained within the Board.
8.	
Following nine years on the Board, four as Business 
Development Director and then five as CFO, Gavin 
Ferrar accepted the position of CEO from the beginning 
of October. Similarly, after eight years in the Group, 
two of those on the Board as Director of Corporate 
Development, Louise Wrathall accepted the position 
of CFO, also from the beginning of October.
9.	
Given the importance of the CEO and CFO roles, 
the appointment process, led by the Nomination 
Committee, included assessments, external 
benchmarking and progression projects undertaken 
over a period of months, with the assistance 
of a leading global executive search firm. 
10.	 As I mentioned in last year’s report, we are extremely 
grateful to David Swan for agreeing to remain on 
the Board as Chairman of our Audit Committee, and 
continuing to demonstrate unflinching independence in 
his roles, with one of the most distinctive voices on the 
Board. It is clearly important to maintain consistency 
in at least one of the lead roles in oversight of our 
financial reporting, audit and internal controls; and, 
as well as our change of CFO, the past year has seen 
our Auditors assign CAML a new Audit Partner owing to 
their professional rotation requirements. In 2025, a new 
independent NED is to be appointed to assume the role 
of Chair of the Audit Committee, after which David Swan 
will retire from the Board following a period of transition. 
This resumption of our succession plans for the 
independent membership of the Board will continue 
with a further appointment planned, pending which, 
Roger Davey, another of our staunchly independent 
Directors, has agreed to remain on the Board. These 
ongoing plans reflect our continued recognition of the 
importance of progressive refreshment of the Board 
over time, even where Directors remain independent, 
and even though the QCA does not prescribe 
a specific length of tenure for independence.
11.	 With the knowledge of the current Directors retained 
on our Board, we have been able to step down our 
Advisory Committee of former Directors from its role. 
I would like to thank Nigel Hurst-Brown and Robert 
Cathery for their service on this committee and extend 
to them every good wish for the future. 
12.	 The revised QCA Code published in November 2023 
came into effect for CAML on 1 January 2025. The 
Company already fully applied the provisions of the 
QCA Code, and continues to do so through additional 
reporting in this Annual Report and additional resolutions 
at the upcoming AGM. Accordingly, at this year’s AGM, 
there will be votes on the re-appointment of every 
Director, rather than only those retiring by rotation 
under the Company’s Articles. There will also be 
votes on our long-standing Directors’ remuneration 
policy and its ongoing implementation. All of these 
resolutions are being recommended by the relevant 
committees as well as the Board as a whole, and 
I trust they will receive the appropriate support 
from shareholders.
The following reports by the Board and its Committees 
provide further details of areas set out above and of other 
key governance matters. I extend my thanks again to the 
Committee Chairs for their valuable work. In 2025, we see 
the first year of reporting by our new Executive Directors 
and look forward to the first full year of the Group under 
their leadership. The other members of the Board will 
continue to provide them with support and encouragement 
and, where appropriate, to challenge them. The Board as 
a whole continues to look to the future in terms of strategy 
and to development of the business opportunities, and 
to governance including ongoing succession planning.
I look forward to reporting on further developments in next 
year’s Annual Report.
Nick Clarke
Non-Executive Chairman
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THE QCA CORPORATE GOVERNANCE CODE
CAML complies with the Quoted Companies 
Alliance Corporate Governance Code for small 
and mid-sized companies (as revised with effect 
from 1 January 2025) and has incorporated a set 
of robust principles based on its guidelines into 
our corporate governance procedures.
The Directors believe this reinforces the strong corporate 
governance systems and processes that are vital in 
building a successful business, maximising value and 
maintaining the high standards that we set for ourselves. 
Our QCA Code disclosures within this Annual Report are 
summarised in the table to the right.
In addition, details of how we have applied each of the ten 
principles of the QCA Code can be found on our website at:
https://www.centralasiametals.com/corporate-governance
1
QCA 
2
QCA 
3
QCA 
4
QCA 
Principle
Establish a purpose, 
strategy and 
business model 
which promote 
long-term value for 
shareholders.
Promote a corporate 
culture that is based 
on ethical values and 
behaviours.
Seek to understand 
and meet 
shareholder needs 
and expectations.
Take into account 
wider stakeholder 
interests, including 
social and 
environmental 
responsibilities, and 
their implications for 
long-term success.
Disclosure within 
this report
see pages  
6 to 7, 19, 39, 61
see pages  
21, 63 to 64, 67 to 70
see pages  
27 to 29, 65 to 66
see pages  
21, 27 to 29, 63 to 70
5
QCA 
6
QCA 
7
QCA 
8
QCA 
Principle
Embed effective 
risk management, 
internal controls and 
assurance activities, 
considering both 
opportunities and 
threats, throughout 
the organisation.
Establish and 
maintain the Board 
as a well-functioning, 
balanced team led 
by the Chair.
Maintain appropriate 
governance 
structures and 
ensure that, 
individually and 
collectively, directors 
have the necessary 
up-to-date 
experience, skills 
and capabilities.
Evaluate Board 
performance 
based on clear and 
relevant objectives, 
seeking continuous 
improvement.
Disclosure within 
this report
see pages  
44 to 51, 71 to 73
see pages  
4 to 5, 53 to 54
see pages  
59 to 62
see pages  
74, 77 to 78
9
QCA 
10
QCA 
Principle
Establish a 
remuneration policy 
that is supportive 
of long-term value 
creation and the 
Company’s purpose, 
strategy and culture.
Communicate 
how the Company 
is governed and 
is performing by 
maintaining dialogue 
with shareholders 
and other relevant 
stakeholders.
Disclosure within 
this report
see pages  
79, 86 to 90
see pages  
27 to 29, 65 to 66
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Committee legend
Audit Committee
Nomination 
Committee
Remuneration 
Committee
Sustainability 
Committee
Technical Committee
Chair of Committee
Gavin Ferrar
Chief Executive Officer
Appointed: June 2016
Education/qualifications/memberships: Gavin 
holds post-graduate degrees in geology from the 
University of the Witwatersrand, Johannesburg and 
from the University of Natal. He also holds an MBA 
in finance from Imperial College, London.
Skills and experience: Gavin has been involved 
in the mining sector for over 25 years. His career 
in the industry began with Anglo American in its 
New Mining Business Division, where he worked 
in a target generation and due diligence team, and 
subsequently managed projects from greenfields 
exploration through to a feasibility study on a gold 
project. He then spent eleven years in the London 
investment banking sector focusing on debt and 
derivative financing for mining clients of Barclays 
Capital, and equity and debt investments 
for Investec.
After leaving the banking sector he advised 
a variety of private mining investors and junior 
companies on project development and funding 
before joining the Company in June 2014 as 
Business Development Director. He was appointed 
CFO on 16 April 2018 and held this position for 
six years before being appointed as CEO on 
1 October 2024.
External appointments
None.
Nick Clarke
Non-Executive Chairman
Appointed: April 2009
Education/qualifications/memberships: Nick 
graduated in 1974 from the Camborne School 
of Mines, ACSM. He is a Chartered Engineer and 
a Member of the Institute of Materials, Minerals 
and Mining, IOM3.
Skills and experience: Nick has over 50 years of 
mining experience, including 16 years spent within 
senior management positions in production and 
technical services in South Africa, Ghana and Saudi 
Arabia. Nick served as managing director of Oriel 
Resources until its acquisition by OAO Mechel for 
$1.5 billion in 2008. In addition, Nick was managing 
director at Wardell Armstrong International, where 
he managed numerous multidisciplinary consulting 
projects in the resource sector. In 2013, Nick was 
named CEO of the year at the Mining Journal 
outstanding achievements awards.
He joined CAML in 2009 as Chief Executive Officer 
prior to the Company’s initial public offering in 2010, 
and assumed the role of Chairman in June 2016.
External appointments: Nick joined the Board 
of Caledonia Mining as a non-executive director 
in September 2019.
Louise Wrathall
Chief Financial Officer
Appointed: May 2022
Education/qualifications/memberships: Louise 
has a degree in geology from the University of 
Liverpool and a Master’s degree in mining geology 
from the Camborne School of Mines, University 
of Exeter.
Skills and experience: Louise has over 20 
years’ experience in the mining sector. Following 
a two‑year period working in the UK quarrying 
industry, Louise spent almost ten years as a 
mining equity analyst focused on London-listed 
companies. Latterly in this role, she worked as part 
of the research team at Investec covering a wide 
range of companies, including those in the FTSE 
100 Index, as well as junior mining and exploration 
companies. Louise was a director of Cornish 
Lithium Ltd from May 2016 to March 2022.
Louise joined CAML in 2015, initially responsible for 
investor relations, and in 2022 her role expanded 
to include business development. Louise was 
appointed to the CAML Board of Directors in 
May 2022, and transitioned to the role of CFO on 
1 October 2024. Louise also retains responsibility 
for the key areas of business development and 
investor relations and is chair of CAML’s exploration 
subsidiary, CAML Exploration (CAML X).
External appointments: Louise is CAML’s 
representative on the board of Aberdeen Minerals 
Ltd where she serves as a non-executive director.
BOARD OF DIRECTORS
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Dr Mike Armitage
Non-Executive Director
Appointed: January 2022
Education/qualifications/memberships: Mike 
holds a BSc (Hons) in Mineral Exploitation from 
the University of Cardiff and a PhD in Mineral 
Resource Estimation from the University of Bristol. 
He is also a Chartered Geologist and Fellow of the 
Geological Society, and a Chartered Engineer and 
a Member of the Institute of Materials, Minerals 
and Mining, IOM3.
Skills and experience: Mike has some 40 years’ 
experience in the mining industry. He spent his 
early career working underground as a geologist in 
South Africa and then completed his PhD assessing 
alternative methods of reserve estimation at the 
Renco Mine in Zimbabwe. He joined SRK Consulting 
in 1991, and over the next 30 years held various 
technical and management roles before leaving in 
early 2022. These roles included managing director 
and chairman of SRK’s UK practice, and chairman 
of SRK’s Russia and Kazakhstan practices as well 
as SRK Exploration Services. He also spent six 
years as chairman of SRK Global. 
External appointments: Mike currently serves as 
a non-executive director of Tertiary Minerals, which 
is quoted on AIM, and is a founder and managing 
director of Sarn Helen Gold, a private company 
exploring for gold in Wales and Scotland.
Roger Davey
Non-Executive Director
Appointed: December 2015
Education/qualifications/memberships: Roger 
holds a Master of Science in Mineral Production 
Management from the Royal School of Mines, 
Imperial College, London and a Master of Science 
in Water Resource Management and Water 
Environment from Bournemouth University. 
He is an Associate of the Camborne School of 
Mines (ACSM), a Chartered Engineer, a European 
Engineer and a Member of the Institute of Materials, 
Minerals and Mining, IOM3.
Skills and experience: Roger has over 40 years’ 
operational experience at senior management 
and director level in the international mining 
industry, covering feasibility studies, financing, 
construction, development, commissioning and 
operational management of both underground and 
surface mining operations in gold and base metals. 
He served as chairman and non-executive director 
of Atalaya Mining until late 2024.
Roger’s previous positions include senior mining 
engineer at NM Rothschild (London) in the Mining 
and Metals Project Finance team (1997 to 2010); 
director, vice-president and general manager 
of Minorco (AngloGold) subsidiaries in Argentina 
(1994 to 1997), for the development of the 
Cerro Vanguardia, an open-pit gold-silver mine 
in Patagonia; operations director of Greenwich 
Resources plc, London (1984 to 1992); production 
manager for Blue Circle Industries in Chile (1979 to 
1984); and various production roles from graduate 
trainee to mine manager, in Gold Fields of South 
Africa (1971 to 1978).
External appointments: Roger is also a 
non‑executive director of both Tharisa plc and 
Highfield Resources. 
BOARD OF DIRECTORS continued
Committee legend
Audit Committee
Nomination 
Committee
Remuneration 
Committee
Sustainability 
Committee
Technical Committee
Chair of Committee
Dr Gillian Davidson
Non-Executive Director
Appointed: December 2019
Education/qualifications/memberships: Gillian 
holds an MA (Hons) in Geography from the 
University of Glasgow, a PhD in Development 
Economics and Economic Geography 
from the University of Liverpool and is an 
alumnus of the Governor General‘s Canadian 
Leadership Conference.
Skills and experience: Gillian has over 25 years 
of sustainability experience in the extractive and 
natural resources sectors. Gillian was, until 2017, 
Head of Mining & Metals at the World Economic 
Forum (WEF), leading global and regional initiatives 
for responsible and sustainable development. 
Prior to this, she was director of social responsibility 
at Teck Resources. Gillian is the former chair 
of International Women in Mining and previously 
served on the boards of Lydian International Ltd 
and Horizonte Minerals plc. She has held senior 
roles in mining companies, government, academia 
and consultancy. 
External appointments: Gillian is an independent 
sustainability adviser, and currently serves as 
a non-executive director on the boards of New 
Gold Inc and Lundin Gold. She is also chair of 
the Global Battery Alliance, co-chair of the WEF 
Global Futures Council on Responsible Resource 
Use, and head of sustainability for Regeneration, 
a non‑governmental organisation focused on 
promoting the re-mining of mineral waste and 
rehabilitating former mine sites.
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BOARD OF DIRECTORS continued
David Swan
Non-Executive Director
Appointed: June 2014
Education/qualifications/memberships: 
David holds a Bachelor of Commerce from the 
University of WA and is a Fellow of both the 
Institute of Chartered Accountants in Australia 
and New Zealand and of the Institute of Chartered 
Accountants in England and Wales. David is an 
active member of the Audit Committee Chair 
Independent Forum and is a stakeholder member 
of the Financial Reporting Council.
Skills and experience: David has extensive 
commercial experience across the natural 
resources sector internationally, in Australia, 
Europe, Central Asia, Africa, the US and Russia. 
He has experience as a director of companies 
listed on the Australian, Canadian and UK 
stock exchanges. David has been involved with 
numerous corporate transactions, including IPOs, 
reverse takeovers, mergers and acquisitions, 
and project funding.
David’s mining sector experience includes 
exploration, mine start-up, open-cast and 
underground mining operations.
External appointments: David is a member of the 
QCA Audit Committee Guide Working Group, and 
honorary independent examiner of the Friends 
of the University of Western Australia in the United 
Kingdom and Europe, a UK registered charity.
Mike Prentis
Non-Executive Director and Senior Independent 
Director
Appointed: March 2021
Education/qualifications/memberships: Mike 
holds an MA in Geography from Trinity College, 
University of Cambridge. He is an Associate 
of the Institute of Chartered Accountants 
in England and Wales.
Skills and experience: Mike has 33 years of 
investment management experience, most recently 
at BlackRock where he was a managing director 
and fund manager. For many years he managed 
funds investing in listed UK small- and mid-cap 
companies. These funds included BlackRock 
Smaller Companies Trust plc (2002 to 2019) and 
BlackRock Throgmorton Trust plc (2008 to 2018), 
both now FTSE 250 constituents. Mike was Head 
of the BlackRock UK Small- and Mid-Cap Equities 
Team (2015 to 2017). 
Previously, Mike worked in private equity, mainly 
helping to put together management buyouts. 
He was also a local director for 3i Group plc. 
Mike qualified as a Chartered Accountant with 
Peat Marwick Mitchell (now KPMG) prior to 
commencing his investment management career.
External appointments: Mike is senior independent 
director and chair of the Management Engagement 
Committee of Artemis UK Future Leaders plc 
(formerly Invesco Perpetual UK Smaller Companies 
Investment Trust plc). He is also a Governor of 
MidKent College and a member of its Group Risk 
and Audit, and Finance and Resources Committees.
Committee legend
Audit Committee
Nomination 
Committee
Remuneration 
Committee
Sustainability 
Committee
Technical Committee
Chair of Committee
Nigel Robinson
Executive Director
Appointed: April 2009
Education/qualifications/memberships: Nigel has 
an engineering degree from Lancaster University 
and is a member of the Institute of Chartered 
Accountants in England and Wales.
Skills and experience: Nigel started his career as 
a Royal Naval Officer in the Fleet Air Arm where 
he served an eight-year short career commission. 
Upon leaving the Royal Navy, he qualified as a 
Chartered Accountant with KPMG in the North 
West of England, where he stayed for a further 
three years before leaving the profession to work 
in commerce. He initially joined one of KPMG’s 
clients, British Aerospace, working in the internal 
audit department, before relocating to London 
where he worked for six years in management 
with British Airways. 
Nigel joined CAML in 2007 as Group Financial 
Controller, before being appointed to the CAML 
Board as CFO in April 2009, a role in which he 
played a pivotal role in the Company’s growth. Nigel 
was appointed as CEO in April 2018 and served in 
this role for more than six years. In October 2024, 
Nigel stepped down as CEO though he remains on 
the CAML Board, initially as an Executive Director 
before transitioning to a Non-Executive Director 
role from 1 April 2025.
External appointments
None.
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OUR APPROACH TO CORPORATE 
GOVERNANCE
The Board and our governance framework
	
‣ As well as our highly experienced Chairman and Executive Directors, we have strong 
independent representation on the Board with five independent Non‑Executive Directors 
(NEDs).
	
‣ The Board leads the Company in making key decisions about strategy, financial 
planning, operations and development of the Group’s culture, purpose and values. 
It is supported by five standing Committees, specifically the Sustainability, Audit, 
Nomination, Remuneration and Technical Committees.
	
‣ The standing Committees focus on five areas of the Group’s operations that the Board 
views as having key importance to the Company’s shareholders and other stakeholders.
	
‣ These Committees support the Board in ensuring the relevant level of focus on their 
specific areas of responsibility, and all have their own terms of reference, which provide 
the necessary authorities for them to operate as they consider appropriate.
	
‣ Each Committee reports to the Board through its respective Chair, providing invaluable 
contributions to the Board’s effectiveness through their work.
	
‣ Although not a decision-making Committee, management within the Group benefits 
particularly from the expertise and guidance provided by our Technical Committee, 
established in 2022 and chaired by Roger Davey. The Technical Committee assists 
in the review of major projects. It also works with the other Committees, such as the 
Sustainability and Remuneration Committees, where its expertise is beneficial.
These arrangements form part of the Company’s ongoing commitment to create value 
for all our stakeholders through the long‑term success of the business.
Further details of our Sustainability, Audit, Nomination and Remuneration Committees 
are shown on the following page, with specific reports from each later in this report.
In structuring its governance framework, CAML 
takes guidance from the principles of the QCA Code. 
Maximising the value of our current assets and appraising 
opportunities for future growth have always been key 
long-term aims for the Group. These robust governance 
arrangements are aligned with, and supportive of, CAML’s 
purpose to produce base metals essential for modern 
living, safely, profitably and in a sustainable manner 
for the benefit of all our stakeholders.
7
QCA 
Maintain appropriate governance structures and ensure that, individually 
and collectively, directors have the necessary up-to-date experience, 
skills and capabilities.
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OUR APPROACH TO GOVERNANCE continued
Board Committees
Sustainability Committee
Although not a QCA Code requirement, we have a long-established Sustainability 
Committee, chaired by Dr Gillian Davidson, as this is an area the Board views 
as critically important to the way in which CAML operates.
This Committee comprises Executive and NEDs, and closely involves members 
of the senior management team, including our Head of Sustainability.
The Sustainability Committee enables us to maintain a strong focus on our 
people, their health and safety, environmental matters and the local communities 
in which we operate.
The Committee is responsible for the Group’s environmental, social and governance 
performance, in particular in relation to governance.
See the report of the Sustainability Committee on pages 67 to 70 for further details.
See the report of the Audit Committee on pages 71 to 73 for further details.
See the report of the Nomination Committee on pages 74 to 78 for further details.
See the report of the Remuneration Committee on pages 79 to 90 for further details.
Audit Committee
Our Audit Committee, consisting of four independent NEDs, is led by David Swan 
as its Chairman.
The Audit Committee assists the Board in its oversight of the Company’s financial 
reporting, regulatory compliance and internal controls.
The Committee also oversees risk management, and is supported in this by the 
work of the Group Risk Committee comprised of senior executive management. 
The Committee’s oversight of risk matters includes receiving reports from 
management on key business, operational and sustainability risks.
In addition, the Audit Committee reviews, on a regular basis, the independence, 
objectivity and effectiveness of the external Auditors.
Nomination Committee
Our Nomination Committee is chaired by Nick Clarke. The members of this 
Committee are our other five independent NEDs.
The Nomination Committee leads the process and makes recommendations 
to the Board in relation to Director appointments.
It also reviews the composition and structure of the Board with regard to Director 
independence, and evaluates the balance of skills, strengths, diversity, knowledge, 
experience and tenure of the Directors.
The Committee reports on the annual review process for evaluating the Board’s 
performance and effectiveness, and assists the Board with its progressive 
refreshment and ongoing succession planning.
Remuneration Committee
Our Remuneration Committee is led by Mike Prentis, with two of the other 
independent NEDs as members.
The Remuneration Committee determines the remuneration of our Executive 
Directors, oversees the remuneration of our senior management and approves 
awards under the Company’s Long-Term Incentive Plan.
In doing so, it ensures that both our remuneration policy and practice, and our 
incentive schemes encourage and drive efficient, long-term growth of shareholder 
value in line with our strategic and sustainability priorities.
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BOARD REPORT
The role of our Board
In leading the Company, the Board defines the purpose 
of the Group, and determines the appropriate strategy 
to deliver it.
The Board is also responsible for making key decisions 
in relation to financial planning, for reviewing financial 
performance and operational matters, and for setting 
the cultural tone of the Group and ensuring its values 
are upheld. In addition, the Board is responsible for 
the Company, its governance framework, investments 
and Director appointments. In undertaking these 
responsibilities, the Board draws on each Director’s unique 
skill set, socio-economic and educational backgrounds, 
diverse personal attributes and perspectives.
The Board also benefits from the Directors’ wide range 
of experience in the mining industry, in the financial and 
operational aspects of the business, in public markets 
and of different geographies around the world.
Our Board meets at least four times a year and at other 
times when required to consider specific matters as they 
arise. Scheduled Board meetings are held in person, with 
video meetings utilised when additional or short-notice 
Board meetings are required.
All Directors devote ample time in order to discharge their 
duties both at and outside Board meetings. They make 
themselves available in accordance with our annual meeting 
schedule and also at short notice as far as is practicable.
See page 62 for our Board and Committee meeting 
attendance during 2024.
As well as the Executive Directors, other members 
of senior management are invited to attend and present 
at meetings of the Board and its Committees where 
appropriate. Our senior management team supports 
the Board by ensuring the successful day-to-day running 
of the business, and their attendance at these meetings 
is of great benefit to all attendees.
Key strengths
The table below shows the range of our Board’s key strengths based on particular skills, knowledge and experience. In addition, further detailed biographies of each of our Directors 
are shown on pages 56 to 58:
Name
Natural resources
Sustainability
Financial governance, 
risk and controls
People
Strategy
International
Capital markets
Nick Clarke
Gavin Ferrar
Louise Wrathall
Dr Mike Armitage
Roger Davey
Dr Gillian Davidson
Mike Prentis
Nigel Robinson
David Swan
The Board is comprised of a diverse group of experienced Directors, both from the UK and abroad, each  
with a wealth of expertise and a depth of knowledge. Many have worked across a variety of jurisdictions 
and have extensive business and financial experience in the sector in which the Group operates. This ensures 
that each member of the Board is able to contribute fully to the effectiveness of the Board as a whole. In doing 
so, all Directors have a collective responsibility for promotion of the interests of the Company, participation 
in its decision-making and the setting of its governance arrangements. This helps us to maximise long-term 
performance, sustainable growth and value in the business for shareholders and other stakeholders.
Maintain appropriate governance structures and 
ensure that, individually and collectively, directors 
have the necessary up-to-date experience, 
skills and capabilities.
1
QCA 
Establish a purpose, strategy and business model 
that promotes long-term value for shareholders.
7
QCA 
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2024 attendance at Board meetings
The attendance of current Board and Committee members at the scheduled meetings and calls, compared with 
the number of meetings held during 2024, is shown below.
Director
Board1 
(4 meetings)
Audit
(4 meetings)
Remuneration 
(4 meetings)
Sustainability 
(4 meetings)
Nick Clarke
2
2
Gavin Ferrar
Louise Wrathall
Nigel Robinson
Mike Armitage
Roger Davey3
Dr Gillian Davidson
2
Mike Prentis
2
David Swan
2
Meetings attended
Board or Committee member not present
Non-Committee member invited to attend some or all of a meeting
1.	 The Board also held additional update meetings on four other occasions to monitor progress on specific matters.
2.	Denotes Chairman status.
3.	Roger Davey was unable to attend one Board meeting due to connectivity difficulties from his remote location at the time of the meeting.
Directors do not participate in meetings (or parts of meetings) of the Remuneration Committee when the Committee is deciding 
matters in relation to such Directors’ remuneration.
All Directors attended the Annual General Meeting.
2025 Board composition
We have a well-balanced Board, 
constituted as follows:
Non-Executive Chairman:
	
‣ Nick Clarke
Two Executive Directors:
	
‣ Gavin Ferrar
	
‣ Louise Wrathall
Six Non-Executive Directors 
(in addition to the Chairman):
Five are considered fully 
independent:
	
‣ Dr Mike Armitage
	
‣ Roger Davey
	
‣ Dr Gillian Davidson
	
‣ Mike Prentis
	
‣ David Swan
One is not considered 
independent due to his previous 
role as CEO:
	
‣ Nigel Robinson*
	
* Nigel Robinson will become a Non-Executive Director on 1 April 2025.
Non-Executive Chairman 1
Executive Director (male) 1
Executive Director (female) 1
Independent Non-Executive Director (male) 4
Independent Non-Executive Director (female) 1
Other Non-Executive Director (male) 1
BOARD REPORT continued
Board and Committee meetings generally take place 
over the course of two days. At these meetings, 
strategy‑specific matters in the Group are a Board 
priority and include in-depth presentations, discussions 
and updates. In addition, to ensure growth and business 
development matters can be fully considered, Board 
meetings are periodically devoted largely to strategic 
matters. Board and Committee meetings are also attended 
by local operational management as appropriate.
In addition, Non-Executive as well as Executive 
Directors visit both of the Group’s operations when such 
opportunities arise. Following its visit to Kounrad the 
previous year, in September 2024, the Board, along with 
members of senior management, were able to visit our 
operations at Sasa. In addition to their participation in the 
overall Board visit, members of the Technical Committee 
also visited our operations at Sasa twice during the 
year. Further site visits are planned for the Technical 
Committee in 2025.
The Board is well briefed in advance of meetings through 
high-quality, comprehensive reports to ensure matters 
can be given thorough consideration. Particular areas 
of focus receive enhanced reporting at Board meetings, 
both in terms of the content of papers received in advance 
and management presentations at meetings. If deemed 
appropriate, items covering particular areas of focus are 
included for ongoing review as standing agenda items 
at each main Board meeting. 
Matters identified for particular focus in Board and 
Committee deliberations in the coming year include those 
from the 2024 Board evaluation process set out on pages 
77 to 78 of the Nomination Committee Report.
The members of the Board share collective responsibility 
for its effectiveness. There is an appropriate balance 
of influence within the Board which, as a result, is not 
dominated by any one person or group of individuals. 
The independent Non-Executive Directors (NEDs) 
constructively challenge the Executive Directors, and the 
resulting Board debates are always robust and sometimes 
lively. This open and direct forum for discussions during 
meetings ensures appropriate decisions are reached by the 
Board in alignment with the core values of the Company.
Nomination 
(2 meetings)
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Board changes
Succession planning for the Board continued during the 
year and, as mentioned in the Chairman’s letter on page 
54, with a focus on the Executive Director roles in 2024.
The changes in the roles within the Executive Director 
team were planned to ensure both continuity and effective 
leadership for the future. Effective 1 October 2024, Nigel 
Robinson stepped down as Chief Executive Officer (CEO)
after more than six years in the role. Nigel has been 
succeeded as CEO by Gavin Ferrar, who has held the 
position of CAML’s Chief Financial Officer (CFO) for the 
past six years. Louise Wrathall, a CAML Board member 
since May 2022, has taken over from Gavin as CFO, whilst 
also retaining responsibility for business development 
and investor relations. Nigel remains on the CAML Board, 
initially as an Executive Director before transitioning 
to a Non-Executive Director role from 1 April 2025.
Following this phase of Board changes, we have continued 
to keep the membership of our Committees under review, 
ensuring we continue to utilise the skills and experience 
of each of our Directors in the best way possible.
Details of the current Committee memberships are set out 
in the Director biographies on pages 56 to 58.
Further details in relation to the succession planning process 
undertaken and future plans in this area are set out in the report 
of the Nomination Committee on page 76.
Board independence
In line with the QCA Code, the Board is mindful 
of ensuring that the appropriate level of independence 
within its membership is maintained. Our current Board 
composition is shown on page 62. The Board has assessed 
the independence of each of its NEDs, and is sensitive 
to real and perceived impediments to this aim.
Consideration was given to the Directors’ character, 
judgement, length of tenure, and any business or other 
relationships that could significantly interfere with their 
ability to discharge their duties effectively. After taking 
full and careful account of all of these factors, the Board 
believes Dr Mike Armitage, Dr Gillian Davidson and Mike 
Prentis remain staunchly independent and continue to 
act clearly in the interests of all shareholders and other 
stakeholders. The Board assessed the independence 
of David Swan in the context of his tenure, and remains 
fully satisfied that David continues to fulfil his duties 
in an unflinchingly independent manner. As explained 
in the Chairman’s letter on page 54, a new NED is to be 
appointed this year to assume the role of Audit Committee 
Chair, following which David Swan will retire from the 
Board after a period of transition. Furthermore, the Board 
has carefully reviewed the ongoing independence of Roger 
Davey with regard to his tenure, and confirms he remains 
fully independent. Particularly with the recent changes 
to the Executive management team, Roger provides key 
technical experience in the matters being addressed by 
the Group and has agreed to remain on the Board this year. 
Our succession plans for the independent membership of 
the Board will continue with a further appointment planned, 
after which Roger Davey will also retire from the Board.
The Board believes that the combination of independent 
Non-Executive Board members, together with our highly 
experienced Chairman, Executive Directors and other Non-
Executive Director, ensures a good balance of views and 
personal qualities, plus a wide range of skills and a great 
depth of experience within the Board. CAML’s plans reflect 
the ongoing importance of progressive refreshment of the 
Board over time, even when Directors remain independent. 
Support to Directors
All Directors on the Board have access to, and the 
support of, the Company Secretary, who acts as secretary 
to the Board and its Committees. He reports directly 
to the Committee Chairs, advising on, and assisting with, 
compliance with relevant regulations and procedures.
In addition, all Directors have unrestricted access 
to the Company’s external advisers and Group senior 
management. Resources and training for their own 
personal development are accessible to Directors on 
an ongoing basis, ensuring they maintain the necessary 
knowledge and skills to fulfil their roles effectively. 
Furthermore, the Executive team is always available 
to ensure the Board is fully informed on relevant matters.
The role of the Company’s Auditors is explained in more detail in 
the Audit Committee Report which can be found on pages 71 to 73.
The Board and culture
Commitment to good corporate governance in the 
boardroom is a key part of setting and maintaining 
an appropriate culture in the Group to advance our 
purpose and achieve our strategic goals. This culture 
supports our sound ethical values. The Board and 
its Committees lead by example, promoting a healthy 
culture of openness, honesty, engagement, inclusiveness 
and respect throughout the Group and with all of its 
stakeholders. The Board welcomes an open dialogue with 
all stakeholders. Decisions made by the Board, supported 
by management, are taken in the context of this shared 
sense of purpose, reinforced by the emphasis on culture 
throughout the entire organisation. 
The Board promotes and monitors the corporate culture 
of the Group with the support of the Head of People and 
the Sustainability Committee. During the year, the Head 
of People led a review of Group culture. This included 
consultation with managers across the organisation and 
assessed the embedding of the Group’s culture, identifying 
opportunities for further enhancements. Work on these 
enhancements is ongoing to ensure culture is consistently 
and appropriately addressed across the Group, taking 
into account the cultures of the jurisdictions in which 
CAML operates.
Communication
Communication throughout the Group is important, for 
example to ensure consistency in our procedures. As well 
as our Executive Directors, our Head of People undertakes 
regular exercises on-site to revisit the Company’s values, 
ensuring alignment with our Group commitment.
Local community
Mining companies have a historical role in the communities 
in North Macedonia and Kazakhstan where our operations 
are based. As a Group, we are sensitive to, and educate 
ourselves on, the cultural norms of our local communities 
with whom we have strong relationships.
We listen and interact effectively and provide strategic 
and long-term support to these communities where we 
can. Care is taken to train, develop and hire local talent, 
and to ensure our employees are treated fairly.
For further details and examples, please see our s172 and 
stakeholder engagement statement on pages 27 to 29.
BOARD REPORT continued
2
QCA 
Promote a corporate culture that is based 
on ethical values and behaviours.
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Site visits
One of the most effective ways in which the Board can 
monitor culture throughout the Group is for members 
to visit our sites and interact with representatives 
of the workforce and local community.
Our Board and Technical Committee visits to site are 
immersive and take place over the course of a week. 
As part of the itinerary, Directors attend both more 
formal meetings and more informal social events with 
local employees.
Visits typically include:
	
‣ attending briefings and presentations by Executive 
Directors and local management;
	
‣ site and operations tours given by local employees;
	
‣ attendance by local management at Board and relevant 
Committee meetings (held on site);
	
‣ attendance at social events to provide the opportunity 
for interaction between the Board and local team 
members outside of the business environment; and
	
‣ attendance at local community events.
Company policies
The Company also maintains strong internal policies 
established to provide guidelines and best practices for 
the Group, including those relating to health and safety, 
environmental matters, anti-bribery, share-dealing, 
modern slavery, human rights, our code of conduct and 
whistle-blowing. These policies facilitate transparency 
and responsibility, and are implemented by our teams 
and regularly reviewed.
How the Board engages with its stakeholders
CAML Board members seeing at first hand 
the dump-leaching facilities at Kounrad
Members of the CAML Board visiting 
the SX-EW facilities at Kounrad
The entire CAML Board, along with local 
senior management, on site at Sasa
BOARD REPORT continued
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Shareholder engagement
As mentioned previously, we have embedded into our 
culture the maintenance of regular, open and active 
dialogue with our stakeholders. This plays an essential part 
in building a mutual understanding of views and in ensuring 
the long-term success of the Company. An example 
of this is our engagement with our shareholders.
Although most engagement with the Company’s 
institutional investors is through the Executive 
Directors or Chairman, feedback from shareholders 
is also communicated to, and discussed with, the 
other Board members. Our Senior Independent Director, 
Mike Prentis, is also available as an additional point 
of contact for shareholders. Given his background 
and substantial experience as an investor, Mike is 
ideal for this position. In addition, we have an Investor 
Relations Manager, responsible for investor relations 
and external communications.
The Board as a whole recognises that the views of our 
investors should be considered as an important part of 
the Board’s deliberations and decision-making processes. 
This helps the Board in its duty to safeguard the interests 
of all shareholders and, indeed, other stakeholders.
As well as the shareholder liaison contacts mentioned 
above, all Directors are also available to meet with 
investors when requested, and all shareholders also have 
the opportunity to attend and ask questions in relation to 
matters at the Company’s Annual General Meeting (AGM), 
either in person or by viewing the proceedings online.
The Board welcomes feedback from our shareholders 
and other stakeholders, as this plays an important part 
in ensuring our long-term success.
Details of our stakeholder engagement activities during 2024 are 
set out in the calendar on page 66 and in our s172 and stakeholder 
engagement statement on pages 27 to 29.
Annual General Meeting
As well as the opportunity to attend and ask questions 
in person at our AGM, we are pleased to utilise the 
technology available to us to offer investors who are 
unable to travel or attend in person the opportunity 
to view the proceedings of the meeting via video.
Shareholders and others are able to watch the 
proceedings via the online platform Investor Meet 
Company and, immediately following the AGM, a 
management presentation on the Group and its business 
is also broadcast. Questions submitted in relation to 
this presentation and the business generally are then 
answered following the presentation.
Recognising that the AGM is an important event for 
shareholders in the corporate calendar, we are committed 
to ensuring that all shareholders can exercise their right to 
vote and ask questions in connection with the business of 
the AGM in advance of the meeting itself, with responses 
provided by email as appropriate. A circular will be sent 
to shareholders and published on the Company’s website 
regarding the Company’s 2025 AGM, which we expect 
to follow a similar format as in 2024, as described above.
Where appropriate, we also engage with our key 
shareholders on specific governance matters. The Board 
appreciates the opportunity to develop an understanding 
of the needs and expectations of shareholders, as well as 
the reasons behind any particular voting decisions.
Material information in relation to the Company is made 
publicly available via the London Stock Exchange’s 
Regulatory News Service (RNS). Presentations on our full 
year and interim results are given to analysts and investors 
shortly after publication, and these are also published 
on our website.
BOARD REPORT continued
10
QCA 
Communicate how the company is governed and is performing by maintaining 
dialogue with shareholders and other relevant stakeholders.
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65

	
‣ 2023 Operations Update 
(11 January 2024)
	
‣ Preparations for 2023 Annual Report, 
presentation of annual results and 
2024 AGM
	
‣ Providing updates to local and 
international shareholders and investors 
attending Indaba (February 2024)
	
‣ BMO Global Metals and Mining 
Conference attended by CEO 
(25-29 February 2024)
	
‣ 2023 results announcement (25 March 
2024) and 2023 results roadshow 
attended by Executive Directors
	
‣ Analyst webinar with Executive team 
for 2023 results (25 March 2024)
	
‣ Investor Meet Company presentation 
for 2023 results (25 March 2024)
	
‣ Q1 2024 Operations Update 
(9 April 2024)
	
‣ Executive Directors’ presentation to 
private/retail shareholders on Investor 
Meet Company platform
	
‣ Annual Report publication 
(18 April 2024)
	
‣ Sustainability Report publication 
(18 April 2024)
	
‣ Climate Change Report publication 
(18 April 2024)
	
‣ Engagement with proxy advisers 
in connection with publication of 2023 
Annual Report and Notice of 2024 AGM
	
‣ Technical Committee site visit to Sasa 
(April 2024)
	
‣ Annual General Meeting, immediately 
followed by presentation by Executive 
Directors to private/retail shareholders 
on Investor Meet Company platform 
(17 May 2024)
	
‣ H1 2024 Operations Update 
(11 July 2024)
	
‣ 2024 interim results announcement 
(10 September 2024) and presentation 
given by Executive Directors
	
‣ CEO interview on BlytheRay News 
discussing the H1 2024 results 
(10 September 2024)
	
‣ Executive Directors’ presentation 
to private/retail shareholders on 
Investor Meet Company platform 
(10 September 2024)
	
‣ Executive Directors’ meetings with 
institutional investors to discuss 2024 
interim results (11-16 September 2024)
	
‣ Board visit to Sasa, including 
meetings with local stakeholders 
(24-27 September 2024)
	
‣ Q3 2024 Operations Update 
(9 October 2024)
	
‣ Technical Committee site visit 
to Sasa (19-22 November 2024)
	
‣ CEO presentation to Proactive 
Investors (14 November 2024)
	
‣ Executive Directors’ participation 
in Resourcing Tomorrow 
conference (3–5 December 2024)
Shareholder engagement in 2024
BOARD REPORT continued
Q1
Q2
Q3
Q4
3
QCA 
Seek to understand and meet 
shareholder needs and expectations.
66
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CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

SUSTAINABILITY COMMITTEE REPORT
4
QCA 
Take into account wider stakeholder interests, 
including social and environmental responsibilities, 
and their implications for long-term success.
Achievements in 2024
	
‣ Worked towards integrating climate change into our 
decision-making and application of best practice 
in reporting and disclosures, building further on the 
enhancements made in 2023.
	
‣ Worked with the Remuneration and Technical 
Committees in setting appropriate annual bonus and 
Long-Term Incentive Plan (LTIP) performance measures.
	
‣ Finalised and rolled out the biodiversity strategy 
across the Group.
	
‣ Implemented actions related to the diversity 
and inclusion (D&I) strategy and initiatives.
	
‣ Conducted an internal assessment of the Group’s health 
and safety culture.
	
‣ Conducted a double materiality assessment to identify 
the sustainability aspects most material to the Group. 
	
‣ Undertook a Global Industry Standard on Tailings 
Management (GISTM) conformance audit as part 
of the GISTM action plan.
	
‣ Conducted a human rights impact assessment. 
	
‣ Carried out an internal assessment of the supplier 
screening results.
	
‣ Conducted a company culture survey.
	
‣ Achieved a 44%1 reduction in the Group’s Scope 1 and 2 
greenhouse gas (GHG) emissions in 2024 versus our 
base year (2020).
Objectives for 2025
	
‣ Develop site-specific safety culture operational plans 
in alignment with CAML’s safety culture strategy.
	
‣ Conduct occupational health risk assessments and 
implement mitigation measures to ensure workplace 
safety and well-being.
	
‣ Conduct a comprehensive review and update of our 
climate change strategy while continuing to embed 
climate into our decision-making and applying best 
practice in reporting and disclosures.
	
‣ Progress D&I initiatives across the Group.
	
‣ Continue to work with the Remuneration and Technical 
Committees to continue to incorporate Key Performance 
Indicators and targets, focused on key areas and 
quantifiable sustainability objectives, into our short‑ 
and long-term incentive plans.
	
‣ Ongoing preparations for International Sustainability 
Standards Board (ISSB).
	
‣ Continue to develop the required systems, processes 
and documents for the DST landform to conform 
with GISTM.
	
‣ Following the review of Group corporate culture 
conducted in 2024, work with the Head of People 
to implement enhancements identified by this 
assessment process.
As a Group we continue to develop and enhance our sustainability strategy, 
practices and reporting, which are intrinsically linked to CAML’s strategy 
and business model.
Sustainability Committee members 
	
‣ Dr Gillian Davidson (Chair)
	
‣ Dr Mike Armitage
	
‣ Roger Davey
	
‣ Nigel Robinson
2
QCA 
Promote a corporate culture that is based 
on ethical values and behaviours.
Ensuring 
ethical 
practices
Maintaining 
health & 
safety
Valuing  
our  
people
Caring 
for our 
environment
Creating value 
for our 
communities
1.	 Excludes CAML Exploration.
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Dear shareholder
As a Company, one of our core values is our responsibility 
for sustainable development, and this is of great 
importance in the decision-making process at every 
level of the business. With this clear purpose, our 
aim is to affect positively our employees and local 
communities, while minimising any adverse impacts 
on the natural environment.
Our sustainability strategy is built on the five pillars within 
which are the material topics we have identified as highest 
and high priority. These five pillars are: ensuring ethical 
practices; maintaining health and safety; valuing our 
people; caring for the environment; and creating value 
for our communities. We endeavour to ensure these areas 
are fully integrated into our operations.
Over the past year we have made excellent progress in 
our work on sustainability matters throughout the Group, 
and I am pleased to report that we have continued to 
enhance our reporting and disclosures, implemented and 
established new initiatives, maintained our shareholder 
engagement and continued our work in community 
development and support. The ongoing focus on the 
development of these critical areas will ensure the 
long‑term success of the business, building and retaining 
value for all our stakeholders.
Although sustainability activity within CAML is first and 
foremost focused on the Group’s operational sites at Sasa 
and Kounrad, the management team, with the guidance of 
the Committee, aims to ensure that the high sustainability 
standards which we set for ourselves are observed and 
prioritised throughout the Group.
Role of the Sustainability Committee
The Sustainability Committee, tasked with overseeing 
sustainability matters across the Group, has been in place 
since 2012. The Committee (which was formerly known as 
the CSR Committee) was established in recognition of the 
significance of activities in this area and which form a core 
part of the Company’s strategy and values. The Committee 
also plays an important role in ensuring our business and 
sustainability priorities are integrated and aligned. CAML’s 
long-standing commitment to this area supports our 
view that, as an international and expanding Group, we 
consider these areas to be fundamental to the operation 
of an ethical and sustainable business.
Committee function
The Committee’s membership comprises both Executive 
and Non-Executive Directors. This ensures a full breadth 
of perspectives are brought to the Committee’s important 
and varied activities. 
The Committee met four times during 2024. In addition, 
regular update meetings to address specific matters were 
held between the formal meetings, to monitor progress.
The Committee also works closely with the other standing 
Committees of the Board on specific matters. This 
interaction ensures the Committee benefits from technical, 
auditing and financial perspectives in its decision-making 
processes and reporting. The Committee is equally 
available to reciprocate when its guidance is sought.
The Sustainability Committee provides guidance on 
integrating both business and sustainability priorities 
so that the Company can thrive. Our environmental, health 
and safety, community, people and governance strategies 
are integral components of our sustainability strategy. 
Our Committee focuses on, and oversees, the work 
to support and develop these strategies. 
The Committee also oversees the work of our social 
foundations for both Sasa and Kounrad, and reviews 
and makes recommendations in relation to the Group’s 
local community projects. We place a strong focus on 
community, health, education and training, and long‑term 
socio-economic development in such projects, in 
partnership with local organisations. 
The Committee receives presentations from members of 
operational management as appropriate. We liaise closely 
with Megan Farrell, our Group Head of Sustainability, 
and Nick Shirley, our Senior Sustainability Adviser, who 
co‑ordinate all site-based health and safety, environment 
and social activities. We ensure that the Board is updated 
on key matters from our meetings. 
During the year, we have continued to develop our 
strategy focused on D&I, and the importance of having 
an equitable workplace. We will use this to help guide our 
work when establishing new Group policies. As part of the 
integration throughout the organisation of our work in this 
key area, site-based committees have been established 
to identify areas for improvement, and we have introduced 
gender diversity targets for the Group.
SUSTAINABILITY COMMITTEE REPORT continued
At every main meeting, the Committee:
	
‣ reviews minutes of previous meetings and matters 
arising from these;
	
‣ reviews and considers regular reports on the 
following key areas of importance, in line with 
our sustainability strategy: health and safety, 
environmental matters, local community projects/
social matters, people and governance; and
	
‣ within governance matters, considers the following 
specific areas:
	
⁃ reviews compliance with legal and regulatory 
requirements, and applicable industry standards;
	
⁃ reviews and approves implementation of, and 
updates to, relevant Group sustainability policies 
and initiatives; and
	
⁃ considers specific sustainability aspects of the 
Group’s operations as they arise, determining 
appropriate action.
A summary of each meeting and the Committee’s 
recent activities is reported to the Board at its 
next main meeting.
CAML’s SDGs
United Nations Sustainable Development Goals 
(UN SDGs)
CAML’s sustainability strategy and practices recognise and 
contribute to the UN SDGs. The primary and supporting 
SDGs that are priorities for the Group are shown below.
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Annual effectiveness review
The effectiveness of the Sustainability Committee, 
as is the case with all of the Board’s Committees, was 
also considered in the Board’s performance review, 
which is detailed on pages 77 to 78.
Scope and terms of reference
We have adopted formal terms of reference defining the 
scope and responsibilities of the Sustainability Committee. 
These have been closely aligned with that of the Audit 
Committee to ensure both Committees are able to operate 
together as efficiently as possible, each covering their 
relevant areas of responsibility to minimise overlap in their 
duties. This enables the Sustainability Committee to focus 
on the health and safety, environmental, employee, 
diversity, social, and corresponding governance and 
compliance aspects of its remit. The Committee’s terms 
of reference can be found on the Group’s website together 
with the Group’s sustainability policies.
Climate-related disclosures
The necessity to move towards a decarbonised global 
economy has become increasingly evident in the emerging 
scientific data. As an organisation, we remain committed to 
exploring and understanding the impacts of climate change 
on the environment in which we operate and its potential 
effects on our business.
We also recognise our role as a mining company with 
regard to producing base metals, which are essential for 
the future decarbonised economy. We strive to ensure our 
business is run in an environmentally responsible manner 
which is safe and suitable for all of our stakeholders. 
As mentioned in last year’s report, one of the most 
important advances for CAML in recent years has been 
the development of our Group climate change strategy. 
This sets targets to reduce our Scope 1 and 2 emissions at 
Sasa and Kounrad by 50% by 2030 and to reach net zero 
by 2050. The strategy is based on five pillars, comprising: 
producing metals that contribute positively to the energy 
transition; working towards decarbonisation; ensuring we 
are operationally resilient; focusing on our strategic and 
business resilience; and delivering clear and transparent 
climate-related reporting and disclosures.
We have also established a stand-alone Group Climate 
Change Policy and strategy for decarbonisation and 
energy efficiency for our operations. This policy outlines 
the Company’s commitment to addressing the effects 
of climate change, setting out the principles that inform 
CAML’s approach to managing climate-related risks and 
opportunities, and supports the implementation of CAML’s 
climate change strategy.
In Q2 2024, we published our Climate Change Report, 
which is available on our website www.centralasiametals.
com. Our climate change activities in 2024 will be covered 
in our Climate Change Factsheet and 2024 Sustainability 
Report, available on the CAML website. The Sustainability 
Committee is responsible for overseeing progress 
in relation to climate change initiatives and compliance 
with the policy, and reports regularly to the Board.
Following the climate scenario analysis undertaken 
in 2022 to deepen our understanding of climate-related 
risks and opportunities for the Group, we have continued 
to implement actions identified by the key findings, 
which have further informed our climate change strategy. 
We also carried out work on estimating our Scope 3 
emissions in 2024.
CAML is committed to transparent disclosure of its climate 
impacts, and associated risks and opportunities, and 
reports in line with the framework established by the Task 
Force on Climate-Related Financial Disclosures (TCFD) to 
improve and increase reporting of climate-related financial 
information. In following the TCFD’s disclosure framework 
and recommendations, which cover governance, 
strategy, risk management, and metrics and targets, 
we ensure investors are well informed about the Group’s 
considerations in relation to how climate change may 
affect the business and actions being taken to mitigate 
the potential risks. Further details are set out in our TCFD 
summary table on page 26.
SUSTAINABILITY COMMITTEE REPORT continued
G
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Metrics & 
targets
Governance
The organisation’s 
governance around 
climate-related risks 
and opportunities.
Strategy
The actual and potential 
impacts of climate-related 
risks and opportunities 
on the organisation’s 
businesses, strategy 
and financial planning.
Core elements of recommended climate-related 
financial disclosures
Risk management
The processes used by the 
organisation to identify, 
assess and manage 
climate-related risks.
Metrics and targets
The metrics and targets 
used to assess and manage 
relevant climate-related 
risks and opportunities.
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Sustainability reporting and developments
During 2024, we worked towards readiness for the 
Taskforce on Nature-Related Financial Disclosures (TNFD), 
in line with their recommendations and guidance which 
encourage and enable businesses to assess, report and 
act on their nature-related dependencies, impacts, risks 
and opportunities. A specific Board education session 
was held to review both the TNFD and CAML’s progress 
towards the recommendations, and which covered plans 
for the coming year for the Group to prepare to align with 
these recommendations. 
We have also continued in our preparations for the ISSB 
Sustainability Disclosure Standards (specifically IFRS S1 
General Requirements for Disclosure of Sustainability-
Related Financial Information and IFRS S2 Climate-Related 
Disclosures) which broadly align with the recommendations 
of the TCFD, with a view to adopting these in future.
Having submitted to the Carbon Disclosure Project (CDP) 
for the first time in 2023, we attained a B- CDP climate 
change score. This achievement not only surpassed the 
global average but also aligns with the performances 
of other companies within our industry. We repeated the 
process in 2024, achieving an improved score of B for 
climate change and C for water.
In Q2 2024, we published our sixth annual stand-alone 
2023 Sustainability Report. Our 2024 Sustainability Report 
will be published in Q2 2025 and will report in accordance 
with Global Reporting Initiative (GRI) Universal Standards 
and the GRI Mining Sector Standards, and we have mapped 
our reporting to the Sustainability Accounting Standards 
Board (SASB) for the metals and mining industry.
Our Sustainability Report provides a comprehensive 
overview of our ongoing sustainability approach and 
considers the findings of the materiality assessment of 
sustainability topics for both of the Group’s operations 
conducted in H2 2024, through an independent stakeholder 
engagement process. This double materiality assessment 
enables us to understand which environmental and social 
factors pose opportunities and risks to the business 
model, both today and in the future. Further details are 
included on page 21.
As a Group, our achievements, in terms of corporate 
social responsibility, particularly in relation to our ongoing 
partnership with the communities in which we work, is 
something of which we are proud. We strongly believe that 
the health and safety of our employees and contractors, 
preserving the environment, and supporting vibrant and 
sustainable communities are extremely important.
A more detailed summary of sustainability matters in 
the Group is given on pages 20 to 26 and, as mentioned 
above, in our separate Sustainability Report. 
Stakeholder engagement
The Sustainability Committee supports the Board as 
it seeks to build good relationships through dialogue with 
stakeholders, including workforce, local communities, 
investors, suppliers and customers, and non-governmental 
organisations and governments, and continuously aims 
to understand their needs, interests and expectations. 
Where appropriate, we implement the findings of 
this invaluable engagement and take feedback into 
consideration in our decision-making process.
The Directors meet with shareholders and stakeholders, 
including workforce representatives, community leaders 
and government officials where appropriate. Details of 
stakeholder engagement activities during the year are set 
out in the calendar on page 66 and in the s172 statement 
on pages 27 to 29.
Sustainability targets
Throughout the year, the Sustainability Committee 
continued to work closely with the Remuneration 
Committee to consider, set and monitor sustainability 
performance targets in the Group’s long- and short-
term incentive plans. It also liaised with the Technical 
Committee where appropriate to ensure the latter’s 
technical guidance was taken into account in the 
decision‑making process.
The ongoing inclusion of these key sustainability 
metrics in our incentive plans aligns Executive 
Director and senior management remuneration with 
CAML’s purpose and culture, and is supportive of the 
long-term strategy of the business. In doing so, the 
Remuneration Committee aims to ensure that CAML’s 
remuneration structure is intrinsically linked to the Group’s 
sustainability performance and aligned with the interests 
of shareholders and other stakeholders.
SUSTAINABILITY COMMITTEE REPORT continued
The LTIP awards granted in 2021, and including 
sustainability performance targets, vested in Q1 2024 
and the Committee assisted the Remuneration Committee 
in determining the out-turn of performance against these 
objectives. This process has again been followed for the 
2022 LTIP awards due to vest in Q1 2025 with a review 
of performance against targets conducted shortly after 
year end, the end of the performance period for these 
measures. Further details are included in the report 
of the Remuneration Committee on pages 79 to 90.
Coming year
I look forward to reporting to you next year on our 
activities during 2025.
Dr Gillian Davidson
Chair of the Sustainability Committee
19 March 2025
Environmental impact
As part of CAML’s commitment to reducing 
the impact of its activities on the environment, 
shareholders can help us by choosing to receive 
future communications in electronic format by 
visiting our Registrar Computershare’s website 
at www.investorcentre.co.uk/ecomms and 
providing an email address.
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AUDIT COMMITTEE REPORT
Achievements in 2024
	
‣ Conducted an internal evaluation of the Company’s 
risk appetite across key areas.
	
‣ Incorporated the results of risk appetite discussions 
into the Group’s risk assessment criteria, which were 
rolled out to all sites as part of the revised CAML 
risk management procedure.
	
‣ Continued to monitor principal risks, including emerging 
risks, to ensure they are appropriately identified, with 
mitigation measures either implemented or supported 
by a clear action plan.
	
‣ Worked with the Sustainability Committee to emphasise 
risk management culture in the Group to ensure shared 
understanding.
	
‣ Worked closely with the new CFO Louise Wrathall, 
supporting her transition to this role following the 
Executive team changes during the year.
	
‣ Monitored and reviewed progress against the 
three‑year risk and internal control review plan 
established in 2023.
	
‣ Met with the Group’s Auditors, including the new Audit 
Partner, and with management to agree items for the 
audit of the financial statements, including: preliminary 
planning report, final audit plan, review of audit scope 
and materiality.
	
‣ Reviewed, and agreed with, management’s periodic 
assessment of impairment, going concern and asset 
retirement obligations.
Objectives for 2025
	
‣ Review and recommend to the Board for approval 
the Group’s half year and annual results, including 
the report from the Chief Financial Officer and from 
the Auditors.
	
‣ Build on the progress made so far to document 
and further enhance internal controls, focusing 
on consistency across divisions and effectiveness. 
	
‣ Continue to monitor and review the three-year risk and 
internal control plan, including assurance measures.
	
‣ Continue the monitoring of principal and emerging risks, 
to ensure they are appropriately identified, assessed 
and effectively mitigated.
	
‣ Enhance risk reporting processes to show a clear 
link between reported principal risks and the Board’s 
risk appetite.
	
‣ Ongoing work on financial judgements relating to the 
Group’s operations and asset retirement obligations, 
with input from the Technical Committee.
	
‣ Ensure the work of the Audit Committee and relevant 
financial and non-financial disclosures continue to 
be aligned with the requirements of the QCA’s audit 
committee guide and recent changes to the QCA Code, 
applicable to CAML in 2025.
	
‣ Continue to stay abreast of changes and updates 
to reporting standards. 
Our Committee supports the Board by overseeing the effectiveness of risk 
management, internal controls, regulatory compliance and ensuring the 
integrity of the Group’s financial reporting.
Audit Committee members
	
‣ David Swan (Chairman)
	
‣ Dr Mike Armitage
	
‣ Dr Gillian Davidson
	
‣ Mike Prentis
5
QCA 
Embed effective risk management, internal 
controls and assurance activities, considering both 
opportunities and threats, throughout the organisation.
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Dear shareholder
The Audit Committee’s main function is to assist 
the Board in the fulfilment of its responsibilities by 
overseeing key areas such as financial reporting and 
regulatory compliance, risk management and the internal 
control environment. The Audit Committee’s essential 
work reviews the effectiveness of the Group’s internal 
controls and the integrity of its financial statements. 
The Audit Committee has the responsibility of overseeing 
management’s Group Risk Committee (GRC), which reports 
to the former on principal and emerging risks, including 
financial, operational and sustainability risks.
Through its review and monitoring of principal risks, the 
Audit Committee has remained closely informed of the 
ongoing Ukraine conflict, the evolving sanctions regime, 
and other geopolitical developments that could potentially 
impact operations. These matters, which are particularly 
relevant to the regions in which the Group operates, 
continue to be assessed to identify and mitigate any 
potential impacts on the Group’s business.
Committee membership
All Audit Committee members are independent 
Non‑Executive Directors who between them have the 
appropriate experience and skills to support the Company’s 
governance systems, oversee internal controls and 
review the presentation of the financial statements. 
The Committee’s membership was set as part of an overall 
governance review to ensure the expertise and experience 
of each of the Directors is utilised in the most effective 
way. The independence of the Committee’s members 
provides an understanding of the Group’s risks, and 
ensures suitable challenge and evaluation of its financial 
position and performance. The full profiles of each of the 
Committee’s members can be found on pages 56 to 58.
In addition to the members of the Committee, additional 
attendees are invited to its meetings where appropriate. 
This includes our CFO and Head of Risk and Internal 
Controls, with each of whom the Audit Committee 
works closely.
Terms of reference
We have adopted formal terms of reference defining the 
scope and responsibilities of the Audit Committee. These 
have been closely aligned with that of the Sustainability 
Committee to ensure both Committees are able to operate 
together as efficiently as possible, each covering their 
relevant areas of responsibility to avoid undue overlap 
in their duties. This enables the Audit Committee to focus 
on the relevant aspects of its remit. The Committee’s terms 
of reference can be found on the Group’s website.
Annual effectiveness review
The effectiveness of the Audit Committee, as for all the 
Board’s Committees, was considered in the Board’s annual 
performance review, which is detailed on pages 77 to 78.
Financial reporting
The Audit Committee monitors the accuracy and 
completeness of the financial statements by reviewing 
them for consistency and appropriate disclosures, 
and so that they are understandable to shareholders 
as well as compliant with regulatory requirements. 
In doing so, it maintains a high level of engagement with 
management to ensure a comprehensive assessment 
is performed. During the year, and alongside ordinary 
business, the Audit Committee considered issues relating 
to the appropriateness of key accounting policies and 
key judgements and estimates.
External Auditors
During the year our external Auditors, BDO LLP (BDO), 
assigned CAML a new Audit Partner to satisfy the 
professional rotation requirements under the Auditing 
Practices Board Ethical Standards. 
The Audit Committee conducted its annual review of the 
independence, objectivity and effectiveness of BDO, who 
will be recommended for reappointment by shareholders 
at the forthcoming 2025 Annual General Meeting.
To safeguard the independence and objectivity of the 
external Auditors on an ongoing basis, we have in place 
a policy for non-audit services to mitigate any risks 
threatening, or appearing to threaten, the external audit 
firm’s independence and objectivity arising through 
the provision of non-audit services.
AUDIT COMMITTEE REPORT continued
Significant issues considered by 
the Committee in relation to the 2024 
financial statements 
	
‣ The Committee assessed management’s 
determination of cash-generating units, and 
review of impairment at Kounrad and indicators 
of impairment or reversal of impairment at Sasa 
at 31 December 2024. The Committee considered 
the key judgements made by management in 
relation to discount rates, commodity price 
forecasts, operating and capital expenditures, 
and the Mineral Resource and Ore Reserve 
estimates. The Committee reviewed the relevant 
disclosures and the appropriateness of sensitivity 
rates in Note 19 of the financial statements.
	
‣ The Committee considered the key judgements 
made in relation to the asset retirement obligations 
at Kounrad and Sasa in relation to the estimate 
of future expected costs, discount rates and 
life‑of-mine operation, and reviewed disclosures 
in Note 33 of the financial statements.
	
‣ The Committee reviewed management’s ‘going 
concern’ assessment by reviewing the cash 
flow forecasts to the end of December 2026, 
considering the potential risks to the Group, and 
being aware of the stress tests and underlying 
assumptions which have been approved by the 
Board. The Committee also reviewed disclosures 
related to the going concern basis of preparation 
of the financial statements in Note 2.
	
‣ As part of the Audit Committee’s review of the 
Annual Report, matters raised by the Financial 
Reporting Council (FRC) following its review 
of CAML’s 2023 Annual Report and Accounts 
were given consideration. Changes agreed and 
therefore reflected in the 2024 Annual Report 
and Accounts were reviewed, including the prior 
period restatements as detailed further in Note 
40 to the financial statements. The Committee 
welcomed the review by the FRC in achieving the 
common goal of continuous improvement in our 
corporate reporting.
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AUDIT COMMITTEE REPORT continued
The Audit Committee also reviewed the 2024 Annual 
Review of Audit Quality conducted by the FRC as it related 
to BDO. The Committee has been assured by BDO that 
it is investing significant resources and taking action 
to improve its audit quality related to the key findings 
of the FRC’s review.
Internal control environment
The Group does not have a dedicated internal audit 
function and this is reviewed each year. The Group has 
appointed a Head of Risk and Internal Controls, who 
is progressing the formalisation and documentation 
of the existing internal control procedures. 
The Audit Committee has concluded that the existing level 
of internal controls is appropriate, effective and adequate 
for the size and operations of the Group. 
The Group has strong budgeting and monthly management 
reporting processes in place. In addition, the effectiveness 
of internal controls is periodically reviewed by, or is under 
the supervision of, the Head of Risk and Internal Controls. 
Where appropriate, the Group engages third‑party 
assurance work in specialist areas such as information 
technology reviews.
Risk and internal control three-year plan
A three-year risk and internal control review plan is 
in place, through to the end of 2025, to best utilise 
the work and oversight of the Board, Committees and 
external consultants for various tasks and assurance. 
The plan encompasses reviews across various processes, 
including operational and supporting processes, 
governance and compliance, capital projects and 
business development activities.
This plan enables us to incorporate effective risk 
management and internal controls into all aspects of the 
business and operations, ensuring we are able to execute 
and deliver on CAML’s purpose and strategy. The Audit 
Committee monitors progress against the plan.
Risk management
Our risk governance processes are structured to support 
the Board in this critical area. The Audit Committee 
has responsibility for monitoring the Group’s risk 
management on behalf of the Board, including the GRC.
Of the four Audit Committee meetings held in 2024, one 
meeting was dedicated solely to an in-depth review of the 
Group’s principal risks, including new and emerging risks, 
and the risk management process.
The Audit Committee is supported in its work by the 
GRC, which comprises senior management across the 
Group. The GRC is responsible for managing risk for the 
Audit Committee, and meets regularly, at least four times 
a year. From time to time Audit Committee members 
attend these meetings. 
Group management is responsible for reporting significant 
risks to the Board, which are then considered under 
a standing agenda item at each main Board meeting.
How the Group identifies, assesses and manages risks 
is set out on pages 44 to 51.
Risk appetite
During the year, risk appetite was an area of 
increased focus, with discussions both at Board and 
Committee meetings.
CAML’s risk governance and processes support the 
Board’s assessment of business development opportunities 
and prospects, with consideration of future viability and 
resilience. The appropriate level of risk appetite would 
be applied to various matters, including financial, social, 
environmental and operational aspects such as production. 
Consideration would be given to whether those levels 
of risk could be appropriately mitigated and managed. 
Where such opportunities present unacceptable risks, 
these would not be pursued further, unless their risk 
profile might change.
As part of our ongoing commitment to enhancing our 
risk governance, during the year we conducted an 
internal review and assessment of our risk appetite, 
and reconfirmed that the Company’s risk appetite remains 
consistent with the previously defined parameters, and 
prioritising minimal risk appetite for health and safety, 
environment and community. Further details of the work 
conducted in relation to CAML’s risk appetite are set 
out on page 46 of our Risk Management report.
Whistle-blowing
In addition to internal grievance mechanisms, the Group 
continues to maintain an independently managed external 
whistle-blowing hotline, which extends to all employees 
across each site, providing them with the facility to 
confidentially express any concerns. The hotline is also 
open to suppliers and contractors. 
We believe that such efforts to ensure open channels 
of communication cultivate a truly sustainable business 
with sound principles and robust corporate governance 
practices. CAML’s Whistle-blowing Policy can be found on: 
https://www.centralasiametals.com/corporate-governance/
company-policies.
Conclusion
The Audit Committee will pursue its 2025 objectives and 
continue to give its support to the Board through its terms 
of reference.
David Swan
Chairman of the Audit Committee
19 March 2025
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NOMINATION COMMITTEE REPORT
Achievements in 2024
	
‣ Implemented succession plans for the Executive Director 
roles on the Board.
	
‣ Continued succession planning for key senior 
management roles below Board level.
	
‣ Implemented actions arising from the Board’s first 
externally facilitated Board evaluation process.
	
‣ Conducted an internal Board performance review with 
the Executives in their new roles.
	
‣ Working with the Head of People, continued to focus 
on development of talent in the Group.
	
‣ Continued to focus on diversity and inclusion in the Group.
The Committee believes that appointing the appropriate Directors and having 
comprehensive succession plans in place for the Board and senior management is 
critical in ensuring that the success of the Company can be sustained in the long term.
Nomination Committee members
	
‣ Nick Clarke (Chairman)
	
‣ Dr Mike Armitage
	
‣ Roger Davey
	
‣ Dr Gillian Davidson
	
‣ Mike Prentis
	
‣ David Swan
QCA 
8
Evaluate Board performance based on clear and 
relevant objectives, seeking continuous improvement.
Objectives for 2025
	
‣ Continue succession planning for progressive refreshing 
of the Board, including implementation for the Audit 
Committee Chair role.
	
‣ Support ongoing development of management.
	
‣ Continue monitoring of Group culture and messaging 
across the business.
	
‣ Implementation of actions arising from the internal Board 
evaluation conducted earlier in the year.
	
‣ Recommend reappointment of all Directors at the 
forthcoming Annual General Meeting (AGM), in line 
with the requirements of the QCA Code applicable 
to CAML in 2025.
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NOMINATION COMMITTEE REPORT continued
Dear shareholder
The Nomination Committee is responsible for the review 
of the composition and balance of the Board and its 
Committees, and for succession planning within the Board.
In carrying out these duties, the Committee makes 
recommendations to the Board in relation to the 
appointment of Directors when appropriate and the 
proactive succession planning for the Board.
Board balance
The Nomination Committee keeps the balance of skills, 
strengths, diversity, experience, independence and 
tenure of the Board under review. Maintaining this 
balance and ensuring we consistently have a range of 
high-calibre individuals on the Board are key objectives 
of the Committee. This is an area of continued focus 
in the context of succession plans for the coming years 
and into the longer term. This is to ensure the continued 
effectiveness of the Board, and to avoid substantial 
changes to its composition taking place over a short 
period of time.
Biographies of our current Board members can be found 
on pages 56 to 58, and the composition and key strengths 
of its members are set out on pages 61 to 62. In addition, 
Committee memberships are also detailed in our Director 
biographies referenced above. The Committee, as 
part of its periodic review, has determined that these 
memberships are appropriate to utilise the experience 
and skills of each of our Directors, maximising their 
contributions to the operation of the Board and 
its Committees.
Board diversity
In making recommendations for appointments to the Board, 
the Nomination Committee considers suitably qualified, 
high-calibre candidates of any nationality, and cultural, 
professional or educational background, or gender. It aims 
to have a diversity of personal attributes as well as skills 
on the Board, and this is another important factor when 
selecting potential candidates. Roles are awarded on merit 
using objective criteria. On the Board, we have Directors 
from three continents, with a gender mix of both Executive 
and Non-Executive Directors (NEDs).
This inclusive approach, not just at Board level but at 
all levels of the organisation, enables us to retain the 
appropriate balance of skills. In particular, with regard 
to emerging trends and key areas of focus in the sector 
and geographies in which we operate, this is reflected 
in both the recruitment processes for new employees 
and developmental opportunities for existing employees. 
As our Board membership continues to change over 
time, diversity will remain a priority for the Nomination 
Committee, including in future appointments to the Board, 
further building on its existing diversity.
Succession planning
The Nomination Committee assesses the developing 
needs of the Company, both in relation to the continuous 
proactive refreshing of the Board for the medium term, 
and also to ensure contingency plans are in place for 
unexpected changes in the short term. This is in addition 
to succession planning for the longer term, both at, and 
below, Board level. 
During the year, the Nomination Committee continued 
its in-depth planning and developmental discussions 
in relation to the Board and its long-term succession 
planning. Other key areas of focus for the Committee 
were the ongoing succession planning for existing staff, 
internal talent development and capability. This increased 
emphasis on our employees recognises that the Group’s 
people are crucial to the continued long-term success 
of the business.
This year we are recruiting a new independent NED to chair 
our Audit Committee, and also planning for the succession 
of our next-longest-serving independent Director.
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NOMINATION COMMITTEE REPORT continued
Succession planning for the long term 
As noted in the Chairman’s introduction to the Corporate Governance section, business cycles in the natural resources sector are amongst the longest 
in industry, and CAML’s projects are sought, developed and implemented over particularly long timescales. This has always informed CAML’s long‑term 
approach to succession planning, as has been the case in relation to the Board changes in the past year. Key points of this approach are set out 
in the diagram below:
This is the process that was followed with respect to the Chief Executive Officer (CEO) 
and Chief Financial Officer (CFO) in relation to both their current and former roles:
	
‣ It is by design that the Group was in a position in which existing members of management 
were succession candidates for these roles. 
	
‣ Gavin Ferrar and Louise Wrathall had been developing in their previous roles over 
a period of years and therefore assessed well against the external benchmarks 
considered with the assistance of the global executive search firm appointed 
by the Nomination Committee. 
	
‣ They also engaged with an executive progression process facilitated by that search firm.
	
‣ Nigel Robinson agreed to the request of the Nomination Committee to remain 
in an executive capacity during a transition period and then continue on the Board 
as a Non‑Executive Director (NED). 
	
‣ This retains Nigel’s knowledge and experience, and maintains continuity on the Board 
and on its Technical and Sustainability Committees, of which he remains a member. 
This is a demonstration of succession planning in CAML, conducted over the long term, 
and aligned with its projects and future plans over the long term, in the best interests 
of shareholders and other stakeholders.
Development
Development of the people within the Group so they 
can progress in line with their individual potential and 
personal goals as opportunities arise. 
People are a key resource in any organisation and are 
particularly valued within CAML. They are therefore given 
development opportunities as and when these arise, and 
encouraged to maximise their potential and contribution 
to the Group. 
Appointment 
Appointment of the right person for any particular role is 
clearly key, and CAML takes account of both suitability 
and development potential. 
This applies at Board and management levels in the 
Group. Internal candidates, if available, will always be 
considered though only appointed on merit. As well as their 
familiarity with the Group, its culture and its operations, 
the assessment of internal candidates also takes account 
of the benefits of appointing external candidates 
where appropriate.
Succession planning 
Maintaining succession planning for key roles, with 
internal candidates identified wherever possible.
This is important both for those who may be promoted and 
for those who may be appointed to fill their roles. CAML is 
not a particularly large organisation and therefore cannot 
always have candidates ready for every role. However, 
it does have visibility of those with promotion potential 
for the future and the roles they could fill. The Group aims 
to encourage the development of staff in such situations. 
External process 
Ensuring the right candidate for the role.
If the role being filled is particularly key, such as an 
executive position on the Board, then, irrespective of 
the availability of an internal candidate, an external 
process will normally be run. Where an internal candidate 
is available and considered suitable, this process will 
assess, benchmark and identify progression plans for that 
internal candidate as well as consider external candidates 
where appropriate. 
Readiness
Monitoring the opening of roles and readiness for these.
Where a role may be opening, development and succession 
plans for the internal candidates are reviewed and, where 
beneficial, enhanced to maximise actual potential for the 
role. In a company of CAML’s size, there otherwise would 
rarely be a ‘sitting ready’ candidate for any particular 
role, so when a position may be opening this preparation 
is important.
Retention 
People are valuable to the Group, as are their knowledge 
and experience.
The Group has a strong interest in retaining valuable 
people. For example, when someone is retiring from a key 
role, consideration will be given to whether or not it would 
be appropriate to retain the knowledge and experience of 
that individual. This may involve a reduced commitment or 
working in a different capacity. This maintains the value of 
that individual to the Group for as long as appropriate and 
in the Company’s interest. 
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NOMINATION COMMITTEE REPORT continued
Re-appointment of Directors 
During the year, at the AGM, Director reappointments 
were proposed in accordance with the Company’s Articles 
of Association. These require that, at every AGM, any 
Director who has been a Director at each of the past two 
AGMs and was not appointed or reappointed at either 
of those meetings, is required to retire and is eligible for 
reappointment. Accordingly, at the 2024 AGM, Mike Prentis 
and David Swan offered themselves for reappointment in 
this manner and were duly reappointed by shareholders.
The changes to the Quoted Companies Alliance Code 
applicable to CAML in 2025 recommend that shareholders 
should be given the opportunity to vote annually on the 
reappointment of all individual Directors to the Board. 
Accordingly, at the forthcoming 2025 AGM, all Directors 
are being proposed for reappointment.
The Committee and Board recommend each Director 
for reappointment by shareholders at the 2025 AGM. 
In making this recommendation, each Director being 
proposed for reappointment abstains in relation to the 
resolution for his or her own reappointment.
Induction, support and development
After a new Director is recruited, they receive an induction 
to familiarise themselves with the Company and its business. 
In addition, all Directors have unrestricted access to, and 
receive regular updates from, management to keep them 
abreast of the latest developments. Each of the Directors 
also has access to the Company Secretary to provide such 
support as appropriate. In addition, Directors have access 
to resources as appropriate for the update of their skills 
and knowledge.
Conflicts of interest
It is a principle of law (enshrined in the Companies Act 
2006) that a Director should avoid a situation in which his 
or her duty to the Company conflicts with his or her other 
duties or interests. Such conflicts may arise as a result of 
other involvements with significant shareholders, suppliers 
or customers of the Group or otherwise. This is distinct 
from transactions or arrangements between the Company 
and the Director.
The Company’s Articles of Association permit the 
Directors to give authorisations in respect of any matter 
or circumstance that gives rise to, or may give rise to, 
a conflict. Any such conflicts or changes would be notified 
by the relevant Director before they arise in order that 
they can be considered and, if appropriate, approved 
by the Board.
Annual effectiveness review
We carry out an annual effectiveness review of the 
Board led by myself as Chairman with the support of our 
company secretariat. This considers the effectiveness of 
the Board as a unit, its Committees and of the individual 
Directors. In doing so, we also ensure that we have taken 
into account the outcomes and actions from previous 
years’ reviews.
We believe the evaluation process should continue to 
evolve and, as implementation of actions resulting from 
this process can often span more than one year, this 
cycle varies as appropriate to accommodate this aspect. 
Following this pattern also ensures that the process 
remains fresh and effective. The diagram below shows 
the cycle of our internal effectiveness review.
As I reported in last year’s Annual Report, the annual Board 
effectiveness review in 2023 was externally facilitated 
by Better Boards. The analytical review process was 
structured to include a combination of bespoke digital 
questionnaires completed by the Directors and the 
Company Secretary via the evaluation platform, and 
in‑depth one-on-one interviews with each Director.
Conduct review
Usually by interview with the 
Chairman and/or completion 
of questionnaire (in 2023 this 
was externally facilitated)
Review actions
Set objectives for the 
following year’s review, 
taking into consideration 
any ongoing actions
Discuss outcomes
Board reviews report on 
the outcomes of the review 
process, agrees actions and 
assigns responsibility for 
implementation 
Review progress
Review at Board meetings 
progress on agreed actions
Disclosure
Prepare disclosure 
for the Annual 
Report
Review process
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77

NOMINATION COMMITTEE REPORT continued
The outcomes from this review enabled us to set objectives and identify areas for 
continued focus in the coming year, and these conclusions, together with actions taken 
in response to these, are shown in the table below.
Areas of focus arising from 
outcome of 2023 externally 
facilitated evaluation
Actions in 2024 in response to outcome of 2023 
externally facilitated evaluation
Continued focus on development 
of long‑term strategy.
Business development given ample time as 
priority agenda item along with strategy-focused 
Board sessions.
Continued development of 
Group culture with increased 
messaging across the business.
Continuing work, including increased messaging 
across the business, communication and publicising 
of initiatives and actions, and giving voice to 
stakeholders, including shareholders, in the boardroom. 
See page 63 for further details.
Ongoing focus on diversity 
and inclusion initiatives.
Continued to develop CAML’s diversity and 
inclusion strategy which will be used as a guide 
when establishing new Group policies. Site-based 
committees have been established to identify areas for 
improvement, and gender diversity targets have been 
set across the Group.
Continued focus on risk 
assessment, mitigation 
and management.
Further details are included in our Audit Committee 
Report on pages 71 to 73, and under Principal Risks 
and Uncertainties on pages 47 to 51.
Increased focus on people 
in the Group in addition 
to the current work of the 
Sustainability Committee.
Increased reporting of people matters, including 
succession planning and people development within 
the Group, to the Remuneration Committee.
2024 Board effectiveness review
Following the externally conducted review in 2023, the 2024 Board evaluation process 
returned to the internally facilitated format, and was again led by the Chairman. This was 
completed early in 2025 to capture the full-year meeting cycle, including the December 
meetings with Gavin Ferrar and Louise Wrathall in their new positions as CEO and 
CFO respectively.
Feedback was given through completion of a questionnaire by the Directors. 
The questionnaire was structured to encourage thorough feedback, with questions 
tailored to the current context and including specific follow-on questions from last year’s 
conclusions and actions.
Results of the evaluation were reported to the Board on an unattributed basis, and 
feedback received in relation to the Chairman was provided to Mike Prentis, as Senior 
Independent Director, to discuss with the other NEDs.
Questions covered key areas of focus, including:
	
‣ Board function, operation and effectiveness
	
‣ Shareholders and other stakeholders
	
‣ Succession planning
	
‣ Site visits
	
‣ Group culture
	
‣ Board matters more generally
	
‣ Individual Directors 
	
‣ Committee function/operation/effectiveness
	
‣ The Chairman
	
‣ Any other matters Directors wished to raise
The outcome of this review has been positive, with the Board, Committees and Directors 
confirmed to be performing well and identifying opportunities for further enhancement. 
The conclusions reached and actions taken following this review will be included in next 
year’s report.
In line with the QCA Code, the Board’s review of performance was based on clear and 
relevant objectives, seeking continuous improvement. 
Coming year
I look forward to reporting to you again next year on the activities undertaken during 2025.
Nick Clarke
Chairman of the Nomination Committee
19 March 2025
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REMUNERATION COMMITTEE REPORT
Achievements in 2024
	
‣ Maintained the levels and structure of remuneration at 
appropriate levels, including working with the Nomination 
Committee on remuneration aspects of the succession 
planning for the Executive Directors.
	
‣ Reviewed market and peer trends and considered 
whether any changes were appropriate in relation 
to future Long-Term Incentive Plan (LTIP) grants and 
performance measures. 
	
‣ Monitored progress against targets for the 2022 LTIP 
awards, with respect to both the total shareholder 
return (TSR) and the sustainability targets, due to vest 
in March 2025.
	
‣ Continued to work with the Technical and Sustainability 
Committees on setting appropriate annual bonus and 
LTIP targets.
	
‣ Aimed for the ongoing balance between short- and 
long-term incentives to encourage and drive long-
term shareholder value and alignment with the Group’s 
overall strategy.
Objectives for 2025
	
‣ Ensure levels and structure of remuneration at Board 
level continue to be appropriate for the roles and 
responsibilities, including with regard to any succession 
planning activities.
	
‣ With particular focus on appropriate peer groups for 
the TSR target, continue to take account of market and 
peer trends and incentive-plan structures to ensure the 
continued appropriateness of our LTIP awards and their 
performance conditions.
	
‣ Continue investor engagement, taking into account 
feedback received on remuneration matters.
	
‣ Continue to ensure ongoing communication of 
remuneration matters in the Group with reporting 
to the Committee as appropriate.
	
‣ Introduce shareholder votes on the remuneration policy 
and its implementation, in line with the provisions 
of the QCA Code applicable to CAML in 2025.
Remuneration Committee members
	
‣ Mike Prentis (Chairman)
	
‣ Roger Davey
	
‣ David Swan
QCA 
9
Establish a remuneration policy that is supportive 
of long-term value creation and the Company’s 
purpose, strategy and culture.
The Committee ensures CAML’s remuneration policy, practice and incentive plans 
support its strategic and sustainability priorities, and its culture and purpose and 
seeks to align the interests of Executive Directors with those of shareholders.
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Proportion 
of award
Performance measure
80%
(75% 
pre 2025)
The TSR Performance Target
Relative TSR measured over a period of three calendar years relative 
to the constituents of the AIM Basic Resources Index (or, for the 
awards to be granted in 2025, a selected group of specific peers). 
Vesting is on the following basis:
	
‣ for below median performance, no part of this portion of the award 
will vest;
	
‣ for median performance, 25% of this portion of the award will vest;
	
‣ for between median and upper quartile performance, between 25% and 
100% of this portion of the award will vest (on a straight-line scale); and
	
‣ on achievement of upper quartile performance or above, 100% of this 
portion of the award will vest.
20%
(25%  
pre 2025)
The Sustainability Performance Targets
The sustainability targets are based on the Remuneration Committee’s 
assessment, taking account of the views of the Sustainability Committee, 
of the Group’s overall performance against targets in the following 
specific areas in past years as noted below:
	
‣ Health and safety:
	
⁃ Nil fatalities and improvement on the LTIFR target.
	
‣ Environment:
	
⁃ Nil severe or major environmental incidents at either site.
	
⁃ 70% of tailings to be stored on dry stack tailings or underground 
through paste backfill by the end of the Sustainability Performance 
period (2024 awards).
	
⁃ 75% reduction in surface water abstraction at Sasa by the end 
of the Sustainability Performance period (2024 awards).
	
⁃ At the end of the Sustainability Performance period, achievement 
of planned progress towards our long-term objective of reduction of 
Scope 1 and 2 greenhouse gas emissions, achieving a 50% reduction 
in these emissions by 2030 from a 2020 base (2024 awards).
	
‣ Community:
	
⁃ Nil severe or major community incidents at either site.
	
⁃ Maintain community support at levels set by the Board (2022 and 
2023 awards).
	
‣ Governance
	
⁃ Report to the GISTM by 2024 (2022 and 2023 awards).
	
⁃ Nil severe or major human rights and anti-bribery or 
corruption instances.
Dear shareholder
The Remuneration Committee has been particularly active over the past year, and I would 
like to thank Roger Davey and David Swan for their support as my fellow members of the 
Committee. In this report, we summarise for shareholders and other stakeholders our work 
and explain the reasons for key decisions we have taken during the year. 
The principal role of the Committee is to decide the remuneration of the Executive 
Directors and Chairman, and to oversee wider remuneration in the Group. This includes 
reviewing the development and operation of the Group’s LTIP, and determining 
participation and award levels under the plan. Our aim is to set fair and appropriate 
remuneration for management to incentivise and reward their work for the Group in the 
interests of our shareholders and other stakeholders.
In this letter, I first of all cover three key areas of our work during the year:
	
‣ The ongoing operation of our LTIP.
	
‣ The annual bonus out-turn for 2024 and plans for 2025.
	
‣ The remuneration aspects of the Board changes during 2024.
After these areas, others which are ongoing from year to year are then addressed.
Long-Term Incentive Plan
Background
The Committee has been operating the LTIP since 2011. The LTIP has helped incentivise 
the Executive Directors and senior managers through the incorporation of performance 
measures. Under these performance measures, for the 2025 awards, the vesting of up 
to 80% (75% for prior year awards) of each LTIP award will be determined by relative 
TSR, which measures share price changes and dividends relative to a group of other 
companies. For the awards to be granted in 2025, the group of companies selected will be 
specific UK and overseas quoted mining companies identified with the assistance of the 
Company’s brokers. This is a change from the previous group comprising members of the 
AIM Basic Resources Index of which CAML is a member though we believe is becoming 
less relevant to the Group. 
The remainder of each LTIP award can vest based on sustainability targets. In consultation 
with the CAML Sustainability Committee, we have continued to develop these targets 
for the 2025 awards, and I would like to thank Gillian Davidson in particular for her 
contribution to these.
Key terms for LTIP awards in 2020 onwards
The overall structure of LTIP awards for Executive Directors are substantially unchanged 
since 2020:
	
‣ The awards are granted over shares with the face value of 150% of salary.
	
‣ The awards do not vest until the third year after the date of grant (on 31 March to 
ensure consistent vesting dates for each award).
	
‣ Awards vest only to the extent that performance targets measured over three years 
are achieved.
	
‣ Targets are in relation to the following performance conditions:
REMUNERATION COMMITTEE REPORT continued
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The most recently adopted 2022 LTIP Rules include malus and clawback provisions in line 
with current good practice on AIM. These provisions apply to LTIP awards granted from 
2022 onwards.
Following the Board changes in 2024, the Committee has reviewed the operation of the 
LTIP. The 2025 LTIP targets are intended to follow a similar structure to that set out in 
the table on the previous page with the new specific peer group for the measurement 
of relative TSR. We believe this is the appropriate approach and level of challenge to 
incentivise and reward the new Executive team in the generation of shareholder value 
and returns, taking account of the interests of all stakeholders.
In connection with our LTIP, following grants of awards, recipients who may be unfamiliar 
with such awards are provided with a detailed Q&A document designed to address 
any potential queries they may have. This is particularly relevant for our overseas staff 
who may be less familiar with UK incentive plans. We feel this approach ensures that 
employees are appropriately incentivised by clearly communicating and explaining this 
critical link between performance and rewards linked to total shareholder value.
Annual bonus
Our Executive Directors’ annual bonuses for 2024 were linked to production, cost and 
sustainability targets and personal objectives in a similar structure to those in the prior 
year and those for the coming year. The maximum bonus potential for Executive Directors 
is 100% of salary. As detailed in the table on page 84, the out-turn for Executive Directors 
for 2024 was a payment of 77%.
The maximum possible 2025 bonus for Executive Directors remains at the same level 
as 2024, at 100% of salary.
The annual bonuses of other corporate team members are linked to the same or similar 
targets with levels of potential adjusted as appropriate to the role within the organisation. 
Annual bonuses for senior management in the Group’s operations are similar though linked 
to performance of the relevant site at which they are employed.
Remuneration aspects of Board changes in 2024
In advance of the changes to the Board on 1 October, as set out on pages 54 and 63 
and in the report of the Nomination Committee commencing on page 74, we reviewed the 
remuneration and contractual arrangements for Gavin Ferrar and Louise Wrathall in relation 
to the roles of CEO and CFO respectively. This included determining the appropriate 
levels of their remuneration informed by market benchmarks. Their salaries were each 
adjusted to levels commensurate with their new roles and responsibilities, recognising 
that in both cases this was the first time Gavin and Louise had held these particular roles. 
Their salaries are accordingly both less than for their predecessors who had held those 
roles for some years. 
Gavin Ferrar’s salary as CEO was set at, and continues to remain, £413,000 and Louise 
Wrathall’s as CFO at £320,000. The other aspects of their remuneration including benefits, 
annual bonus and LTIP award levels were found to be in line with comparative companies 
and have accordingly been retained. The opportunity was also taken to update Gavin and 
Louise’s employment agreements, which dated back some years. 
The Committee determined the remuneration arrangements for Nigel Robinson as 
outgoing CEO in the context of his 18 years of valuable and loyal service to the Group, 
including nine years as CFO and six years as CEO. These arrangements recognised that 
Nigel agreed at the request of the Nomination Committee to remain in an Executive 
capacity for a six-month period of transition to new management following the changes. 
This also corresponded to the minimum notice period under his employment agreement. 
The arrangements also recognised that, again, at the request of the Nomination 
Committee, Nigel agreed then to continue on the Board as a Non-Executive Director. 
Under the arrangements with Nigel, he has continued to receive his salary during the 
transition period at the rate of £424,462 set for 2024. He was though eligible for an 
annual bonus only for 2024 and will receive no bonus in relation to any part of 2025. 
Similarly, Nigel will receive no LTIP awards in 2025 and will not be eligible to receive any 
in the future. With effect from 1 April 2025, Nigel will receive fees in relation to his role 
as a Non-Executive Director at the same rate as the other Non-Executive Directors with 
no other benefits as well as no further bonus or LTIP awards. 
Having given full and careful consideration to the arrangements of each of Gavin, Louise 
and Nigel, we believe that we reached the appropriate balance between the interests 
of shareholders and other stakeholders and the compensation and incentivisation of the 
ongoing Directors, all of whose continued service is important to the Board and the Group 
in the interests of shareholders. 
Non-Executive Director remuneration
The remuneration of the Non-Executive Directors is determined by the Chairman of the 
Board and the Executive Directors. The Remuneration Committee plays no part in this. 
The fees of Non-Executive Directors were last reviewed as at 1 January 2023. The Board 
intends next to review these fees as at 1 January 2026 in the context of the then ongoing 
responsibilities of the Non-Executive Directors.
Remuneration in the Group more widely
Our overall Director remuneration structure as set out in the policy table on pages 86 to 
90 applies to Executive Directors and to senior management where appropriate. The levels 
of remuneration stated in the policy table relate only to Directors. Remuneration in the 
Group generally is considered as part of the Remuneration Committee’s work in deciding 
on Executive remuneration. The Committee periodically conducts benchmarking reviews 
for our Executive Directors and other corporate team members to ensure salaries and 
incentives are set at appropriate levels.
Pensions
The Committee continued with its in-depth review of pension arrangements in the Group 
with particular focus on the corporate contribution levels and local contexts in each of 
the Group’s jurisdictions. Local requirements are quite specific in Kazakhstan and North 
Macedonia. The pension contributions of our Executive Directors remain consistent with 
the rest of the UK team.
REMUNERATION COMMITTEE REPORT continued
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REMUNERATION COMMITTEE REPORT continued
Investor feedback
We are always grateful for the feedback received from shareholders. Feedback is shared 
both with the Remuneration Committee and, where appropriate, the Board. It has helped 
inform our work in the past and we continue to welcome this so we can take it into 
account in our deliberations. Investors with any questions regarding our remuneration 
are encouraged to contact me as Chairman of the Committee. I can be reached through 
contact with our Company Secretary or our Head of Investor Relations.
Annual effectiveness review
The effectiveness of the Committee was considered in the Board’s performance review, 
which is summarised on pages 77 to 78.
Transparency in reporting
This letter and the following sections of the report aim to give shareholders insight into our 
considerations and reasoning in arriving at the current remuneration structure. We believe 
this to be appropriate, both in terms of transparency and to enable shareholders to form 
their own views on the actions we take.
Following this letter is a report summarising implementation of our remuneration policy 
in both 2024 and 2025. After that implementation report follows a table summarising 
the remuneration policy itself. Whilst variations can be made to allow for flexibility where 
considered appropriate, there have been no significant changes to our implementation 
of the policy since 2019. No changes are proposed to the policy itself other than for clarity 
or compliance with the QCA Code. We intend to continue with this policy going forward, 
unless the Remuneration Committee considers variations are justified, in which case we 
will explain the variations and reasons for these.
2025 Annual General Meeting
At the upcoming AGM, shareholders will be invited, in accordance with the QCA Code, 
to vote on both our remuneration policy and its implementation. The long-standing terms 
of this policy and its consistent implementation over the years it has been in place have 
always taken due account of all shareholder input received, as well as the QCA Code itself. 
I therefore trust shareholders will feel able to support these resolutions. 
Conclusion
I believe our work in the past year stands us in good stead for this year and beyond 
and look forward to reporting to you next year on our ongoing activities.
Mike Prentis
Chairman of the Remuneration Committee
19 March 2025
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Implementation report
As an AIM-quoted company following the QCA Code, CAML is not required to have 
a binding remuneration policy for its Directors. Nonetheless, both the Board and the 
Remuneration Committee believe that transparency of the policy under which Directors’ 
remuneration is structured is beneficial to shareholders. The report below summarises 
implementation of our remuneration policy in 2024 and 2025 and will be proposed 
for approval on an advisory basis at the forthcoming AGM. This is followed by a table 
summarising the remuneration policy itself which this year will also be proposed for 
approval on an advisory basis at this AGM.
Directors’ remuneration
The table below sets out the total remuneration in respect of qualifying services for both 
Executive and Non-Executive Directors for the financial year 2024:
2024 
Basic 
salary/
fees 
$’000
2024 
Annual 
bonus  
$’000
2024 
Pension 
$’000
2024 
Benefits 
in kind 
$’000
2024 
Total 
$’000
2023 
Total 
$’000
Executive Directors: 
Gavin Ferrar
485
357
13
9
864
808
Louise Wrathall
389
291
23
5
708
690
Nigel Robinson
575
419
–
12
1,006
992
Non-Executive Directors:
Nick Clarke
223
–
–
–
223
217
Dr Mike Armitage
96
–
–
–
96
93
Roger Davey
108
–
–
–
108
106
Dr Gillian Davidson
108
–
–
–
108
106
Mike Prentis
115
–
–
–
115
107
David Swan
108
–
–
–
108
106
Nurlan Zhakupov1
–
–
–
–
–
23
Directors’ aggregate emoluments
2,207
1,067
36
26
3,336
3,248
1.	 Stepped down from the Board on 3 April 2023.
The benefits receivable by Executive Directors include private medical cover and 
insurance benefits. 
The aggregate emoluments of the highest paid Director totalled $1,006,000 (2023: 
$992,000). No Director has a service agreement with the Company that is terminable 
on more than six months’ notice. Details of Executive Director service agreements are 
set out on page 89.
During the year, Nick Clark exercised 588,209 shares for a total share option gain 
of $1,650,000, Louise Wrathall exercised 137,891 shares for a total share option gain 
of $383,000 and Nigel Robinson exercised 657,749 shares for a total share option gain 
of $1,827,000.
See the Directors’ option awards table on page 85.
Salaries for Executive Directors for 2025
The Executive Directors have each signed a service agreement with the Company. Under 
the terms of these service agreements, the Executive Directors are entitled to a salary 
(which is denominated in pounds sterling) as set out below.
20253 
Salary 
£’000
20243 
Salary 
£’000
Gavin Ferrar (Chief Executive Officer)1
413
413
Louise Wrathall (Chief Financial Officer)2
320
320
1.	 Prior to his appointment as CEO on 1 October 2024, Gavin Ferrar’s salary as CFO was £347,000.
2.	Prior to her appointment as CFO on 1 October 2024, Louise Wrathall’s salary as Director of Corporate 
Development was £289,000.
3.	Nigel Robinson’s salary of £424,000 as an Executive Director ceases at 31 March 2025 after which 
his fees as a Non-Executive Director will be £75,000.
Executive Directors can earn up to a maximum bonus potential of 100% of salary based 
on the measures set out above.
Annual bonuses 
The table below sets out the performance measures and weightings between these:
Metric
2025 
Weighting 
2024 
Weighting
Production across all operations
40%
40%
Financial/operational C1 cash cost and unit cost of mined ore
20%
20%
Sustainability Health and safety; environment; community; 
people; and governance
20%
20%
Personal performance Individual assessment
20%
20%
REMUNERATION COMMITTEE REPORT continued
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REMUNERATION COMMITTEE REPORT continued
Annual bonus out-turn
Details of the Executive Director bonus out-turn for 2024 are included in the table below:
Metric
% of total bonus  
potential 
Achievement
Target/range
% of total bonus 
potential achieved
Copper production
20%
13,439 tonnes
 12,150–13,500 tonnes1
19.5%
Lead production
10%
26,617 tonnes
 26,021–28,912 tonnes1
2.1%
Zinc production
10%
18,572 tonnes
 17,893–19,881 tonnes1
3.4%
Kounrad C1 cost base
10%
$23.74m
 $24.60m–$27.06m1
10.0%
Sasa ROM cost base
10%
$49.25m
$50.36m–$55.39m1
10.0%
Subtotal of financial/operational targets
60%
45.0%
Sustainability
20%
Health and safety, environment, community, people and governance targets
17.0%
Personal objectives for the Executive Directors 
are summarised below:
Gavin Ferrar, Chief Executive Officer2 
20%
•	 Commercial: Management and leadership of business development activities on 
significant opportunities, and automation and innovation of finance functions.
•	 Technical: Move towards integration of production and financial planning.
•	 Sustainability and ESG: Human Rights impact assessments at both Sasa and Kounrad. 
•	 People: Three-year head count profile across the Group.
15%
Total overall bonus out-turn for Gavin Ferrar
100%
77%
Louise Wrathall, Chief Financial Officer3
20%
•	 Commercial: Management and leadership of business development activities including 
significant opportunities, early-stage investments, exploration and Aberdeen Minerals 
investment.
•	 Sustainability and ESG: Communication and implementation of biodiversity strategy.
•	 Community: Communication strategy of the GISTM at Sasa.
•	 People: Analysis and plans to attract and retain females.
15%
Total overall bonus out-turn for Louise Wrathall
100%
77%
Nigel Robinson, Executive Director4 
20%
•	 Commercial: Management and leadership of business development activities including 
both significant opportunities and early-stage investments.
•	 Technical: Sasa transition and other capital projects. 
•	 Sustainability and ESG: Water management at both Sasa and Kounrad and GISTM 
conformance at Sasa.
•	 Community: Local economic plans at Sasa and science, technology, engineering and 
mathematics (STEM) project at Kounrad. 
•	 People: Succession planning and talent development for senior and other critical roles.
15%
Total bonus out-turn for Nigel Robinson
100%
77%
1.	 Due to the nature of their calculation and the number of factors that can affect the out-turns, these targets were subject to an overriding discretion of the Remuneration Committee to adjust the formulaic 
out‑turn, for example where there had been an anomalous result due to factors not considered in the calculation of the original target. No such discretion has been exercised in respect of the 2024 outcomes.
2.	Gavin Ferrar was CFO until 1 October 2024 when he became CEO.
3.	Louise Wrathall was Director of Corporate Development until 1 October 2024 when she became CFO.
4.	Nigel Robinson was CEO until 1 October 2024 after which he remained an Executive Director and will become a Non-Executive Director with effect from 1 April 2025.
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Directors’ long-term incentive awards
The awards in the table below have been granted to the Directors under the Central Asia Metals Employee Share Plan 2011 and the Central Asia Metals Long-Term Incentive Plan 2022:
As at 
1 Jan 2024 
Number1
Granted/ 
awarded 
Number2
Dividends 
Number
Lapsed 
Number1
Exercised 
Number1
As at 
31 Dec 2024 
Number1
Exercisable 
at 
31 Dec 2024 
Number1
Nick Clarke
2,184,681
–
166,419
–
588,209
1,762,891
1,762,891
Gavin Ferrar
694,684
254,734
89,435
–
–
1,038,853
254,920
Louise Wrathall
489,219
211,797
59,605
–
137,891
622,730
–
Nigel Robinson
1,951,624
311,342
182,505
–
657,749
1,787,722
829,581
Total
5,320,208
777,873
497,964
–
1,383,849
5,212,196
2,847,392
1.	 This includes the number of shares covered by such awards increased in terms of the relevant plan rules by the value of dividends as if these were reinvested in Company shares at the dates of payment.
2.	Before any adjustments for accrued dividends.
REMUNERATION COMMITTEE REPORT continued
	
‣ LTIP awards granted from 2020 onwards are subject to two performance targets. 
Of each award, 75% was to be subject to a performance target relating to the 
performance of the Company’s total shareholder return relative to the constituents 
of the AIM Basic Resources Index over a period of three years (the TSR Performance 
Target). The other 25% of each award was to be subject to a sustainability target, 
(the Sustainability Performance Target). Awards do not vest until 31 March in the third 
year from the year of grant. Further details of the TSR and Sustainability Performance 
Targets are set out on page 80.
	
‣ The performance targets for the awards granted in 2022 were met to the extent 
of 100% for the TSR target (which represents 75% of the overall award) and 100% 
of the sustainability target (which represents 25% of the overall award) and therefore 
vest at an overall level of 100% on 31 March 2025.
Directors’ interests
The Directors of the Company who were in office during the year and up to the date 
of signing the financial statements and their interests in the issued share capital of the 
Company during the year were as follows:
Shares held 
as at 31 Dec 
2024
Shares held 
as at 31 Dec 
2023
Nick Clarke (Chairman)1
1,379,644
1,379,644
Gavin Ferrar (Chief Executive Officer)
9,928
9,928
Louise Wrathall (Chief Financial Officer)
9,280
9,280
Nigel Robinson1
646,715
646,715
Dr Mike Armitage
24,490
24,490
Roger Davey
–
–
Dr Gillian Davidson
10,119
10,119
Mike Prentis
18,080
18,080
David Swan
8,000
8,000
Total Directors’ interests
2,106,256
2,106,256
1.	 Of these shares, the numbers set out below are held jointly in the Central Asia Metals Limited Share 
Trust under a joint share ownership plan. All share awards were made prior to the 2010 IPO and 
vested upon its successful completion:
	
‣ Nick Clarke: 1,342,887
	
‣ Nigel Robinson: 646,715
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2025 LTIP KPIs
The performance measures for the LTIP awards planned to be granted in 2025 will 
follow a similar structure to the 2024 awards, as set out in the table on page 80, subject 
to a specific peer group for the measurement of KPIs referred to in the Chairman’s letter 
on page 80.
Non-Executive Director remuneration
The Non-Executive Directors, including the Chairman, have each signed a letter of 
appointment. Under the terms of these letters, the Non-Executive Directors are entitled 
to an annual fee as set out below (which is denominated in pounds sterling) and paid 
on a quarterly basis. Non-Executive Director base and Committee Chair fee levels remain 
unchanged since January 2023.
2025 fee 
£’000*1
Nick Clarke (Non-Executive Chairman)
175
Dr Mike Armitage 
75
Roger Davey2
85
Dr Gillian Davidson3
85
Mike Prentis4
90
Nigel Robinson5
75
David Swan6
85
	
* The amounts as set out in the table above are paid in £ and reported in $ on page 83.
1.	 All Non-Executive Directors (with the exception of the Chairman) receive a base fee of £75,000 
per annum.
2.	This also includes a Committee Chair fee for the role of Chairman of the Technical Committee 
of £10,000.
3.	This also includes a Committee Chair fee for the role of Chair of the Sustainability Committee 
of £10,000.
4.	This also includes a £5,000 fee for the role of Senior Independent Director and a Committee Chair 
fee for the role of Chairman of the Remuneration Committee of £10,000.
5.	Nigel Robinson will transition to the role of Non-Executive Director effective 1 April 2025.
6.	This also includes a Committee Chair fee for the role of Chairman of the Audit Committee of £10,000.
Further details on the Non-Executive Director and Non-Executive Chairman letters 
of appointment are set out under ‘Service contracts’ on page 89.
REMUNERATION COMMITTEE REPORT continued
Directors’ remuneration policy
The remuneration policy is set out in the table below. It is subject to variation where the 
Remuneration Committee considers appropriate. No variations were made in 2024 and 
none in 2025 other than for clarity or compliance with the QCA Code.
Remuneration policy table
Element and purpose
Base salary
This is the core element of pay and reflects the individual’s role and responsibilities within 
the Group with some adjustment to reflect their capability and contribution.
Policy and 
operation
Base salaries are determined each year by the Committee.
Salary levels can be reviewed by reference to public companies in the 
sector of a similar size and complexity. The Committee also has regard 
to other relevant factors including corporate and individual performance 
and any changes in an individual’s role and responsibilities.
Base salary is paid monthly in cash.
Changes to base salaries normally take effect from 1 January.
Level
The Remuneration Committee will apply the factors set out in the section 
above in considering any salary adjustments during the duration of this 
policy. Increases in base salaries for Executive Directors will be generally 
guided by any increases for the broader employee population, but on 
occasion may need to recognise, for example, an increase in the scale, 
scope or responsibility of the role. No increase will be made if it would take 
an Executive Director’s salary above the level the Committee considers 
is justified by these factors.
Performance 
measures
N/A
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Element and purpose
Benefits
To provide benefits valued by recipients.
Policy and 
operation
The Group provides benefits to all employees, including the Executive 
Directors. The Executive Directors receive private medical cover and 
insurance benefits. The Remuneration Committee reserves discretion 
to introduce new benefits where it concludes that it is in the interests 
of CAML to do so, having regard to the particular circumstances and 
market practice.
Where appropriate, the Company may meet certain costs relating to 
Executive Director relocations and (if appropriate) expatriate benefits.
Level
The Remuneration Committee sets such benefits within overall market 
practice and ensures that the overall costs do not increase by more 
than the Remuneration Committee considers to be appropriate in all 
the circumstances.
Performance 
measures
N/A
Element and purpose
Pension
To provide retirement benefits.
Policy and 
operation
Executive Directors receive pension contributions to Company or personal 
pension arrangements, or an amount can be paid as a cash supplement 
in lieu of pension contributions.
Level
The amount of employer’s contribution is approximately 6% of base 
salary per annum, which is aligned with other UK-based employees. 
This level may be adjusted in line with adjustments for other UK employees 
or in exceptional circumstances, for example, recruitment.
Performance 
measures
N/A
Element and purpose
Annual Bonus Plan
To motivate employees and incentivise delivery of performance over a one-year operating 
cycle, focusing on the short/medium-term elements of strategic, operational and financial 
aims and personal objectives.
Policy and 
operation
Annual Bonus Plan levels and the appropriateness of measures are 
reviewed annually to ensure they continue to support the Group’s strategy.
Annual Bonus Plan outcomes are calculated following the determination 
of achievement against performance measures and targets.
Level
The normal maximum of Annual Bonus Plan outcome for an Executive 
Director is 100% of base salary per annum although this may be increased 
up to 150% of salary where the Committee determines this to be 
appropriate.
Performance 
measures
The performance measures applied may be financial or non-financial, 
corporate, divisional or individual and in such proportions as the 
Remuneration Committee considers appropriate. They are typically a blend 
of corporate targets such as production, cost control and sustainability 
achievements as well as individual KPIs.
Once set, performance measures and targets will generally remain 
unchanged for the year, except to reflect events (such as major 
transactions and changes in roles) where the Committee considers it 
appropriate to make adjustments to the targets applying before such event.
The Annual Bonus Plan remains a discretionary arrangement, and the 
Remuneration Committee retains a standard power to apply its judgement 
to adjust the outcome of the Annual Bonus Plan for any performance 
measure (from zero to any cap) should it consider that to be appropriate.
REMUNERATION COMMITTEE REPORT continued
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REMUNERATION COMMITTEE REPORT continued
Element and purpose
Long-term incentives
To motivate and incentivise delivery of sustained performance over the long term, 
and to promote alignment with shareholders’ interests, the Group operates an LTIP.
Policy and 
operation
Awards under the LTIP are typically granted as options that vest to the 
extent that performance conditions are satisfied over a period of at least 
three years.
Awards are normally granted at nominal cost ($0.01) per share although 
can be granted at nil-cost or greater under the rules.
Under the LTIP rules, vested awards may also be settled in cash (if decided 
appropriate by the Committee or Board in particular circumstances).
If appropriate, dividend entitlements will accrue from the date of grant until 
the end of the holding period in respect of performance-vested shares 
and be delivered as additional vesting shares at the time of exercise.
Level
The normal level under the LTIP for an Executive Director is for awards 
over shares worth 150% of base salary in a financial year. This excludes any 
dividend equivalent accruals and may be increased up to 200% of salary 
in exceptional circumstances.
Performance 
measures
The Remuneration Committee may set such performance measures on 
LTIP awards as it considers appropriate (whether financial or non-financial, 
and whether corporate, divisional or individual).
Once set, performance measures and targets will generally remain 
unaltered unless events occur which, in the Remuneration Committee’s 
opinion, make it appropriate to alter the performance conditions in such 
manner as the Committee thinks fit. Performance conditions would normally 
only be altered this way for factors that could not be foreseen at the 
time of grant of the awards and significantly distort the operation of the 
intended performance conditions (positively or negatively).
Performance may be measured over such periods as the Remuneration 
Committee selects at grant, which will not normally be less than, but may 
be more than, three financial years. The structure of the performance 
measures for the LTIP awards intended to be granted in 2025 are 
summarised in the table on page 80.
Element and purpose
Chairman and other Non-Executive Director fees
To enable the Company to recruit and retain a Chairman and Non-Executive Directors 
of the highest calibre, at the appropriate remuneration cost.
Policy and 
operation
The fees paid to the Chairman and the fees of the other Non-Executive 
Directors aim to be competitive with other listed companies of equivalent 
size and complexity, and to take account of the time commitment 
of the Directors.
The fees payable to the Non-Executive Directors are determined 
by the Board. The fees payable to the Chairman are determined 
by the Remuneration Committee.
All fees will be subject to periodic review. For Non-Executive Directors, 
the fee structures may involve separate fees for chairing, for membership 
of Board Committees, for acting as Deputy Chairman or Senior Independent 
Director and for performing specific services.
No benefits are normally envisaged for the Non-Executive Directors though 
the Company may pay out of pocket expenses including of any travel and 
reserves the right to provide benefits such as office support if appropriate.
Level
The Chairman and Non-Executive Directors are paid fees comparable 
in relation to other companies taking account of their respective roles, 
responsibilities and time commitment. Any increases made will be 
appropriately disclosed. 
Share 
awards
Share awards will not normally be granted to Non-Executive Directors. 
If exceptionally share awards were granted to Non-Executive Directors, 
those Non-Executive Directors would not normally be counted amongst 
the independent Directors under the QCA Code.
Performance 
measures
N/A
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REMUNERATION COMMITTEE REPORT continued
Service contracts
Executive Directors
The Committee’s policy is that each Executive Director’s service agreement should 
normally be of indefinite duration, subject to termination by the Company or the individual 
on six months’ notice, although this may be increased up to 12 months’ notice if the 
Committee determines appropriate. The service agreements of the Executive Directors 
comply with that policy. In addition, the Company has the discretion to pay them in lieu 
of their notice period or to place them on gardening leave. Service agreements provide 
for an additional payment in certain cases of changes of control. Service agreements 
may provide that in the event of service of notice of their termination within six months 
after a change of control of the Company as defined in the service agreements, 
the Executive Directors be entitled to receive an additional compensation payment 
of 12 months’ basic salary.
Other fixed elements of the Executive Directors’ remuneration include benefits such as 
private medical insurance and Company pension contributions. The service agreements 
also contain customary post-termination restrictions.
The date of each Executive Director’s service agreement is:
Name
Date of service contract1
Gavin Ferrar
3 July 2024
Louise Wrathall
3 July 2024
1.	 Nigel Robinson’s service contract dated 3 July 2024 terminates on 31 March 2025 (after which his 
Non-Executive Director appointment letter takes effect).
The service agreements of the Executive Directors are available for inspection at the 
Company’s registered office by prior appointment during normal business hours and 
at the Company’s AGM, including the 15 minutes preceding the meeting.
Chairman and Non-Executive Directors
Each Non-Executive Director appointment is subject to periodic renewal, in terms of 
the Company’s Articles of Association, at the AGM. For Non-Executive Directors, other 
than the Chairman, current engagements can be terminated by either party on one 
month’s notice, although this may be increased up to three months’ notice if considered 
appropriate. For the Chairman, the appointment is subject to termination by the Company 
or the individual on six months’ notice.
The Chairman and Non-Executive Directors are not entitled to any pension benefits and 
are not entitled to any payment in compensation for early termination of their appointment 
beyond the notice periods referred to above.
The letters of appointment of the Non-Executive Directors are available for inspection at 
the Company’s registered office during normal business hours and at the Company’s AGM, 
including the 15 minutes preceding the meeting.
Termination policy summary
It is appropriate for the Committee to consider treatment on a termination having regard 
for all of the relevant facts and circumstances available at that time. This policy applies 
both to any negotiations linked to notice periods on a termination (see ‘Service contracts’ 
above) and any treatments that the Committee may choose to apply under the discretions 
available to it under the terms of the Annual Bonus Plan and the LTIP.
If a Director is terminated from or leaves the Group, the potential treatments on termination 
under the following plans are summarised in the table below.
Incentives
If a leaver is deemed to be a 
‘good leaver’, including at the 
discretion of the Committee
If a leaver is 
leaving for 
other reasons
Other exceptional 
cases, eg change 
in control
Annual 
Bonus Plan
As the Committee may 
determine appropriate during 
the period of service or notice 
though not beyond.
No awards 
normally made.
The Committee has the 
discretion to determine 
the annual bonus up to 
the maximum potential 
for the year in which 
the event takes place.
LTIP
As the Committee may 
determine though normally 
subject to the application of the 
performance conditions at the 
end of the normal vesting period 
and prorated for any period 
in which the Director did not 
serve in the Group during this 
vesting period.
The Committee retains 
discretions to vary time 
prorating, release any holding 
period, or accelerate vesting to 
the date of cessation where it 
considers this appropriate.
All awards will 
normally lapse.
The Committee has the 
discretion to determine 
vesting which may 
or may not include 
application of the 
performance conditions 
and time prorating at 
the date of the event.
A change in role in the Group will not trigger leaver provisions though may affect the level 
of subsequent awards as well as other aspects of remuneration.
The Company has the power to enter into settlement agreements with Directors and to 
pay compensation to settle potential legal claims. In addition, and consistent with market 
practice, in the event of the termination of an Executive Director, or of a change in roles, 
the Company may pay a contribution towards that individual’s legal fees and fees for 
outplacement services as part of a negotiated settlement. Any such fees will be disclosed 
as part of the detail of termination arrangements. For the avoidance of doubt, the policy 
does not include an explicit cap on the cost of termination payments.
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REMUNERATION COMMITTEE REPORT continued
External appointments
The Company’s policy is to permit an Executive Director to serve as a non-executive 
director elsewhere when this does not conflict with the individual’s duties to the Company 
and is agreed by the Board. Where an Executive Director takes such a role, they will 
normally be entitled to retain any fees which they earn from that appointment at the 
Committee’s discretion.
Pre-existing agreements and awards
Historic agreements, awards, terms and conditions, together with discretions in relation 
to these, can be honoured even if these are beyond the terms of the current Directors’ 
remuneration policy, provided these were in compliance with any policy in existence 
at the time they were entered into.
Statement of consideration of employment conditions elsewhere 
in the Group
Pay and employment conditions generally in the Group are taken into account when 
setting Executive Directors’ remuneration.
The Committee receives regular updates on overall pay and conditions in the Group.
The same reward principles guide reward decisions for all Group employees, including 
Executive Directors, although remuneration packages differ to take into account 
appropriate factors in different areas of the business:
	
‣ Annual bonus – the majority of Group employees participate in an Annual Bonus Plan, 
although the quantum and balance of corporate to individual objectives varies by level.
	
‣ LTIP – key Group employees participate in the LTIP currently based on the same 
performance conditions as those for Executive Directors, although the Committee 
reserves the discretion to vary the performance conditions for awards made to 
employees below Board level.
Consideration of shareholders’ views
The Remuneration Committee takes into account the approval levels of remuneration- 
related matters at our AGM in determining that the current Directors’ remuneration policy 
remains appropriate for the Company, and considers any specific representations made 
by our shareholders on pay matters.
The Remuneration Committee also seeks to build an active and productive dialogue 
with investors on developments on the remuneration aspects of corporate governance 
generally and any changes to the Company’s Executive pay arrangements in particular.
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90

DIRECTORS’ REPORT
Principal activities
CAML is the holding Company for a group of companies. 
CAML owns 100% of the Sasa zinc-lead mine in North 
Macedonia and 100% of the Kounrad SX-EW copper 
project in central Kazakhstan. The Company also owns 
an 80% interest in CAML Exploration, a subsidiary formed 
to progress early-stage exploration opportunities in 
Kazakhstan, and a 28.4% interest in Aberdeen Minerals 
Ltd, a privately-owned UK company focused on the 
exploration and development of base metals opportunities 
in northeast Scotland.
CAML is domiciled and incorporated in the UK with 
the registration number 5559627 and the registered 
office is: Masters House, 107 Hammersmith Road, 
London, W14 0QH.
Review of business
A review of the current and future development of the 
Group’s business is given in the Strategic Report on 
pages 3 to 51 which forms part of, and by reference 
is incorporated in, this Directors’ Report.
Financial risk management has been assessed within 
Note 4 to the financial statements.
Dividends
The Company’s dividend policy is to return to shareholders 
a range of between 30% and 50% of free cash flow, 
defined as net cash generated from operating activities 
less sustaining capital expenditure.
The final 2023 dividend of 9 pence per Ordinary Share 
of $0.01 each was paid on 22 May 2024 and a 2024 
interim dividend of 9 pence per share was paid on 
22 October 2024.
The Directors recommend a final dividend for the year 
ended 31 December 2024 of 9 pence per share payable, 
subject to the approval of shareholders, on 20 May 2025, 
to those shareholders on the Company’s register on 
25 April 2025. This will take the total dividend for 2024 
to 18 pence per share.
Events after the reporting period
In February 2025, CAML entered into a definitive 
agreement for the sale of its 76% interest in Copper Bay 
Limited and its subsidiaries. The transaction is expected 
to complete in March 2025.
Directors and Directors’ interests
The Directors of the Company who were in office during 
the year and up to the date of signing the financial 
statements were as follows:
	
‣ Nick Clarke (Non-Executive Chairman)
	
‣ Gavin Ferrar (Chief Executive Officer1)
	
‣ Louise Wrathall (Chief Financial Officer2)
	
‣ Nigel Robinson (Executive Director3)
	
‣ Dr Mike Armitage
	
‣ Roger Davey
	
‣ Dr Gillian Davidson
	
‣ Mike Prentis
	
‣ David Swan
Biographical details of the current Directors are set out 
on pages 56 to 58. 
The Directors’ interests in the share capital of the 
Company and any interests known to the Company of 
their connected persons are set out in the report of the 
Remuneration Committee which commences on page 79.
In accordance with the changes to the Quoted Companies 
Alliance Code, applicable to CAML in 2025, that recommend 
shareholders should be given the opportunity to vote 
annually on the reappointment of all individual Directors 
to the Board, accordingly, all Directors are being proposed 
for reappointment at the Company’s forthcoming Annual 
General Meeting. Their proposed reappointments are 
commented on in the report of the Nomination Committee 
on page 77.
Directors’ indemnity insurance
During the year, Directors’ and Officers’ liability 
insurance was maintained for Directors and other Officers 
of the Group.
As permitted by the Company’s Articles of Association and 
in accordance with the Companies Act 2006, the Company 
has entered into deeds of indemnity with its Directors. 
These deeds indemnify each Director to the extent 
permitted by law in respect of certain liabilities that may 
arise as a result of their office, subject to the limitations 
set out in the Companies Act 2006. The indemnities do 
not provide protection in the event of a Director’s fraud, 
dishonesty, or wilful misconduct.
Changes in share capital
There were no transactions during the year ended 
31 December 2024 that increased the shares capital of 
the Company and there were no movements of shares into 
or out of treasury. As at 31 December 2024, 182,098,266 
shares were in issue including the 193,325 shares held 
in treasury pending their cancellation or possible use 
in the Company’s share option schemes.
The Directors present their report and the audited consolidated financial 
statements for the year ended 31 December 2024.
1.	 Effective from 1 October 2024, prior to which Gavin Ferrar was Chief Financial Officer.
2.	Effective from 1 October 2024, prior to which Louise Wrathall was Director of Corporate Development.
3.	Nigel Robinson who is currently an Executive Director will become a Non‑Executive Director on 1 April 2025.
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DIRECTORS’ REPORT continued
In addition, of the shares in issue, 5,064,613 shares were held in the Central Asia Metals 
Limited Share Trust (EBT) intended for satisfaction of awards under the Company’s 
Employee Share Plan 2011 and Long-Term Incentive Plan 2022, in relation to which 
dividends and voting rights have been waived. This proportion of the EBT has been 
consolidated into the financial statements, and these shares are deducted when 
calculating the earnings per share (EPS). Furthermore, 2,239,602 shares are held 
jointly between the Company’s EBT and certain employees under joint share ownership 
agreements. This proportion of the EBT is not consolidated and these shares are included 
when calculating the EPS.
Substantial shareholdings 
At the date of this report, the Company has been notified or is aware of the following 
interests in the shares of the Company of 3% or more of the Company’s total issued share 
capital (excluding treasury shares).
No. of
shares
% of
voting
rights1
FIL Investment International
21,928,332
12.05
JO Hambro Capital Management Limited
17,714,709
9.74
BlackRock Investment Management (UK) Limited
11,737,494
6.45
GLG Partners LP
7,986,260
4.39
Allan Gray Proprietary Limited
6,918,567
3.80
1.	 At 19 March 2025, the total voting rights attached to the issued share capital of the Company 
comprised 181,904,941 Ordinary Shares each of $0.01 nominal value, being the 182,098,266 
shares in issue, less 193,325 shares currently held in treasury.
2.	At 31 December 2024, GLG Partners LP held 6,603,748 shares representing 3.63% of the voting 
rights in the Company at that time.
The Company received no notifications of interests indicating a different whole percentage 
holding at 31 December 2024 other than as shown in the footnotes to the substantial 
shareholder table above.
AGM notice
A separate communication will be sent to shareholders and published on the Company’s 
website regarding the Company’s 2025 AGM.
Streamlined Energy and Carbon Reporting (SECR) for businesses
SECR regulations came into effect on 1 April 2019. CAML is classified as a large, unquoted 
company given it has more than 250 employees, annual turnover greater than £36 million 
and a balance sheet larger than £18 million. This classification means that a company must 
report its UK energy consumption and resultant carbon emissions as well as a suitable 
intensity ratio if it has UK energy usage above 40 megawatt hours (MWh).
CAML’s UK operations comprise solely a London-based head office and electricity 
usage is significantly below 20MWh. Therefore, CAML is classified as a ‘low energy user’ 
and as such, SECR disclosures have not been included in these financial statements.
However, the Group does disclose in its annual Sustainability Reports the energy 
consumption, as well as Scope 1, Scope 2 and Scope 3 emissions and an intensity 
calculated on a per tonne of copper equivalent basis, for its operations in Kazakhstan 
and North Macedonia. The 2024 Sustainability Report containing the most up-to-date 
information will be published in Q2 2025.
Section 172 statement
A statement of how the Board has performed its duties under section 172 of the 
Companies Act 2006 (the ‘Act’) can be found on pages 27 to 29 of the Strategic Report.
Auditors and disclosure of information to Auditors
Each Director in office at the date of approval of this report has confirmed that:
	
‣ so far as he or she is aware, there is no relevant audit information of which the 
Company’s Auditors are unaware; and
	
‣ he or she has taken all reasonable steps that he or she ought to have taken as a Director 
in order to make himself or herself aware of any relevant audit information and to 
establish that the Company’s Auditors are aware of that information.
The Group’s Auditors, BDO LLP, have indicated their willingness to continue in office 
and, on the recommendation of the Audit Committee and in accordance with section 489 
of the Act, a resolution for their reappointment will be put to the 2025 AGM.
Political donations
During the year the Group did not make any political donations.
Corporate governance
The Governance Report can be found on pages 52 to 93.
The Governance Report forms part of this Directors’ Report and is incorporated by cross 
reference.
Approved by the Board of Directors and signed on its behalf
Gavin Ferrar
Chief Executive Officer
19 March 2025
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STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT 
OF THE FINANCIAL STATEMENTS
The Directors are responsible for 
preparing the Annual Report and the 
financial statements in accordance with 
applicable law and regulation.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the 
Directors have prepared the Group financial statements 
in accordance with UK adopted International Financial 
Reporting Standards (IFRS) and Company financial 
statements in accordance with United Kingdom Generally 
Accepted Accounting Practice (United Kingdom Accounting 
Standards, comprising FRS 101 ‘Reduced Disclosure 
Framework’, and applicable law). Under company law the 
Directors must not approve the financial statements unless 
they are satisfied that they give a true and fair view of 
the state of affairs of the Group and Company and of the 
profit or loss of the Group for that period. The Directors 
are also required to prepare financial statements in 
accordance with the rules of the London Stock Exchange 
for companies trading securities on AIM. In preparing the 
financial statements, the Directors are required to:
	
‣ select suitable accounting policies and then apply 
them consistently;
	
‣ state whether applicable UK adopted IFRS have been 
followed for the Group financial statements and United 
Kingdom Accounting Standards, comprising FRS 
101, have been followed for the Company financial 
statements, subject to any material departures disclosed 
and explained in the financial statements;
	
‣ make judgements and accounting estimates that are 
reasonable and prudent; and
	
‣ prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
Group and Company will continue in business.
The Directors are also responsible for safeguarding the 
assets of the Group and Company and hence for taking 
reasonable steps for the prevention and detection of fraud 
and other irregularities.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group and Company’s transactions and disclose 
with reasonable accuracy at any time the financial 
position of the Group and Company and enable them 
to ensure that the financial statements comply with the 
Companies Act 2006.
The Directors are responsible for ensuring the annual 
report and the financial statements are made available 
on a website. Financial statements are published on 
the Company’s website in accordance with legislation 
in the United Kingdom governing the preparation and 
dissemination of financial statements, which may vary 
from legislation in other jurisdictions. The maintenance 
and integrity of the Company’s website is the responsibility 
of the Directors. The Directors’ responsibility also extends 
to the ongoing integrity of the financial statements 
contained therein.
On behalf of the Board
Louise Wrathall
Chief Financial Officer
19 March 2025
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93

Independent Auditors’ Report
95
Consolidated Income Statement
102
Consolidated Statement of Comprehensive Income
103
Statements of Financial Position
104
Consolidated Statement of Changes in Equity
105
Company Statement of Changes in Equity
106
Consolidated Statement of Cash Flows
107
Notes to the Financial Statements
108
Glossary of Technical Terms
137
Directors, Secretary and Advisers
138
Financial 
Statements
94
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CENTRAL ASIA METALS PLC Annual Report & Accounts 2024

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS 
OF CENTRAL ASIA METALS PLC
Opinion on the financial statements
In our opinion:
	
‣ the financial statements give a true and fair view of the state of the Group’s and 
of the parent company’s affairs as at 31 December 2024 and of the Group’s profit 
for the year then ended;
	
‣ the Group financial statements have been properly prepared in accordance with 
UK adopted international accounting standards; 
	
‣ the parent company financial statements have been properly prepared in accordance 
with United Kingdom Generally Accepted Accounting Practice; and
	
‣ the financial statements have been prepared in accordance with the requirements 
of the Companies Act 2006.
We have audited the financial statements of Central Asia Metals Plc (the ‘parent company’) 
and its subsidiaries (the ‘Group’) for the year ended 31 December 2024, which comprise 
the consolidated income statement, the consolidated statement of comprehensive 
income, the consolidated and company statements of financial position, the consolidated 
statement of changes in equity, the company statement of changes in equity, the 
consolidated statement of cash flows and notes to the financial statements, including 
a summary of material accounting policy information. 
The financial reporting framework that has been applied in the preparation of the Group 
financial statements is applicable law and UK adopted international accounting standards. 
The financial reporting framework that has been applied in the preparation of the 
parent company financial statements is applicable law and United Kingdom Accounting 
Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework 
(United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs 
(UK)) and applicable law. Our responsibilities under those standards are further described 
in the Auditor’s responsibilities for the audit of the financial statements section of our 
report. We believe that the audit evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion.
Independence
We remain independent of the Group and the parent company in accordance with the 
ethical requirements that are relevant to our audit of the financial statements in the UK, 
including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled 
our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of 
the going concern basis of accounting in the preparation of the financial statements 
is appropriate. Our evaluation of the Directors’ assessment of the Group and the parent 
company’s ability to continue to adopt the going concern basis of accounting to the 
period 31 December 2026 included:
	
‣ evaluating Management’s base case cashflow, assessing the integrity and accuracy 
of the cashflow forecast and critically assessing the key assumptions including 
production, commodity pricing, treatment charges, operating costs and capital 
expenditure. In doing so, we evaluated actual performance against budget in FY2024, 
assessing future plans, considering forecasts against the LoM plan and comparing 
assumptions to market data where possible;
	
‣ comparing forecast commodity prices to spot prices together with consideration 
of broker consensus short to medium term pricing ranges;
	
‣ obtaining Management’s stress testing analysis and considering whether such scenarios, 
including significant reductions in commodity prices and production were reasonably 
possible. This included consideration of the Group’s trading to date;
	
‣ assessing the Group’s cash resources post year end against the approved budget; and
	
‣ reviewing the adequacy and consistency of going concern related disclosures in the 
financial statements with reference to Management’s going concern assessment.
Based on the work we have performed, we have not identified any material uncertainties 
relating to events or conditions that, individually or collectively, may cast significant 
doubt on the Group and the parent company’s ability to continue as a going concern 
for a period of at least twelve months from when the financial statements are 
authorised for issue. 
Our responsibilities and the responsibilities of the Directors with respect to going 
concern are described in the relevant sections of this report.
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Overview
2024
2023
Key audit matter
Carrying value of Sasa 
mining assets 


Materiality
Group financial statements as a whole
$3.7m (2023: $3.3m) based on 5% of profit before tax 
(2023: 5% of profit before tax).
Parent company standalone financial statements
$1.7m (2023: $2.1m) based on 5% of parent company 
Profit before tax (2023: 3.4% of parent company Profit before tax).
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its 
environment, the applicable financial reporting framework and the Group’s system of 
internal control. On the basis of this, we identified and assessed the risks of material 
misstatement of the Group financial statements including with respect to the consolidation 
process.
We then applied professional judgement to focus our audit procedures on the areas that 
posed the greatest risks to the Group financial statements. We continually assessed risks 
throughout our audit, revising the risks where necessary, with the aim of reducing the 
Group risk of material misstatement to an acceptable level, in order to provide a basis 
for our opinion.
Components in scope
From the above risk assessment and planning procedures, we determined which 
of the Group’s components were likely to include risks of material misstatement relevant 
to the Group’s financial statements. We then determined the type of procedures to be 
performed at these components, and the extent to which component auditors were 
required to be involved.
The total number of components within the scope of our work was as follows: 
Number of components
FY2024
FY2023
Full scope audit 1
3
4
Full scope audit of one or more balance 2
–
–
Specified audit procedures 3
3
2
6
6
As part of performing our Group audit, we have determined the components in scope 
as follows:
Scope 1: Comprises Central Asia Metals Plc (parent company), Sasa, Kounrad 
Copper Company LLP (comprising of KCCL and Sary Kazna LLP) (2023: Central Asia 
Metals Plc (parent company), Sasa, Sary Kazna LLP and Kounrad Copper Company LLP 
(KCCL))
Scope 2: none (2023: none)
Scope 3: CAML MK, CBL Group and CAML Exploration (2023: CAML MK and Copper  
Bay Limited)
In determining components, we have considered how components are organised within 
the Group, and the commonality of control environments, legal and regulatory framework, 
and level of aggregation associated with individual entities. Whilst there is relative 
commonality of controls across the Group, differences in jurisdictional risk, and the 
legal and regulatory frameworks under which the entities operate, prevent the further 
amalgamation of components.
For components in scope, we used a combination of risk assessment procedures and 
further audit procedures to obtain sufficient appropriate evidence. These further audit 
procedures included:
	
‣ Procedures on the entire financial information of the components where we identified 
aggregation risk, including performing substantive procedures; 
	
‣ Procedures on one or more classes of transactions, account balances or disclosures 
for components where we identified low or no aggregation of risks; and
	
‣ Specified audit procedures. 
Procedures performed at the component level
The audits of the North Macedonian and Kazakhstan significant components were 
performed in North Macedonia and Kazakhstan respectively, by local BDO network 
member firms. The audits of the parent company and the Group consolidation were 
performed in the United Kingdom by the Group audit team.
Procedures performed centrally 
We considered there to be a high degree of centralisation of financial reporting 
and commonality of controls and similarity of the Group’s activities and business 
lines in relation to consolidation, going concern and areas of significant estimate and 
judgement. We therefore designed and performed procedures centrally by the Group audit 
team in these areas. In addition, the Group audit team performed additional procedures 
in respect of certain significant risk areas including that which represented a Key Audit 
Matter in addition to procedures performed by the component auditor.
Disaggregation
The financial information relating to management override of controls and revenue 
recognition are disaggregated across the Group. We took a decentralised approach 
to responding to these risks. We performed procedures at the component level in 
relation to these risks in order to obtain assurance over the population of Group balances.
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CENTRAL ASIA METALS PLC continued
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Locations
Central Asia Metals Plc’s operations are spread over a number of different geographical 
locations. We visited the operations in North Macedonia and Kazakhstan including 
the corporate offices in country and in the UK. 
Working with other auditors
As Group auditor, we determined the components at which audit work was performed, 
together with the resources needed to perform this work. These resources included 
component auditors, who formed part of the Group engagement team as reported 
above. As Group auditor we are solely responsible for expressing an opinion on the 
financial statements.
In working with these component auditors, we held discussions with component audit 
teams on the significant areas of the Group audit relevant to the components based 
on our assessment of the Group risks of material misstatement. We issued our Group 
audit instructions to component auditors on the nature and extent of their participation 
and role in the Group audit, and on the Group risks of material misstatement. 
We directed, supervised and reviewed the component auditors’ work. This included 
holding meetings and calls during various phases of the audit, and reviewing component 
auditor documentation in person and remotely and evaluating the appropriateness 
of the audit procedures performed and the results thereof. 
Climate change
Our work on the assessment of potential impacts of climate-related risks on the Group’s 
operations and financial statements included:
	
‣ Enquiries and challenge of management to understand the actions they have taken 
to identify climate-related risks and their potential impacts on the financial statements 
and adequately disclose climate-related risks within the annual report and financial 
statements;
	
‣ Our own qualitative risk assessment taking into consideration the sector in which 
the Group operates and how climate change affects this particular sector; and
	
‣ Review of the minutes of Board, Audit and Sustainability Committee meetings and other 
papers related to climate change and performed a risk assessment as to how the impact 
of the Group’s commitment as set out in the parent company’s website may affect the 
financial statements and our audit.
We challenged the extent to which climate-related considerations, including the expected 
cash flows from the initiatives and commitments have been reflected, where appropriate, 
in the Directors’ going concern assessment and in management’s judgements and 
estimates in relation to cashflow forecasts.
We also assessed the consistency of management’s disclosures included as Other 
Information in the annual report and notes to the financial statements within the financial 
statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit 
Matters materially impacted by climate-related risks and related commitments.
INDEPENDENT AUDITORS’ REPORT continued
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Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the 
most significant assessed risks of material misstatement (whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, 
the allocation of resources in the audit, and directing the efforts of the engagement team. This matter was addressed in the context of our audit of the financial statements as a whole, 
and in forming our opinion thereon, and we do not provide a separate opinion on this matter.
Key audit matter
How the scope of our audit addressed the key audit matter
Carrying value of 
Sasa mining assets
(Note 18)
The Group holds $315m of property, plant 
and equipment related to the Sasa mine 
cash generating unit (“CGU”). The Group has 
previously recognised an impairment against 
the mining rights. Management are required 
to evaluate potential impairment indicators or 
indicators of reversal exist and where indicators 
are identified perform an impairment test.
After assessing the impairment indicators, 
Management concluded that there were no 
indicators of impairment. Following this, in line 
with IAS 36 guidance, Management are required 
to evaluate whether any indicators of reversal 
exist. It was determined that no indicators 
of impairment reversal existed.
The judgements applied in determining 
impairment indicators and impairment reversal 
indicators included forecast commodity prices, 
changes in mineral reserves and resources within 
the approved LoM plan, production capacity 
and the progress of the capital expansion 
plans. Additionally, consideration was given 
to the legal, regulatory, environmental 
and technological changes.
Given the judgement required to be applied by 
Management this represented a key audit matter.
We reviewed and challenged Management’s impairment indicator assessment by checking whether 
it was performed in accordance with relevant accounting standards, and whether there were any 
indicators of impairment. 
Our specific audit procedures performed in this regard included the following:
	
‣ We assessed the external and internal factors defined in IAS 36 against Management’s evaluation. 
For this, we considered among other things, the Sasa mine’s trading results, progress on the 
capital expansion plans, long-term lead and zinc pricing, and the impacts of changes in technology, 
environmental or legal frameworks affecting the mining industry and the Sasa mine.
	
‣ We reviewed the LoM plan against our understanding of the operation, and critically challenged 
the key estimates and assumptions used by Management by comparison to current year actuals 
and through meetings with operational Management.
	
‣ We held meetings with Management (mine managers, geologists, mining engineers) to understand 
and challenge the production, operating cost and capex forecasts.
	
‣ We compared the trading performance against budget/plan for 2024 in order to evaluate the quality 
of Management’s forecasting and, where under performance against budget/plan was highlighted, 
evaluated the impact.
	
‣ We reviewed the effects of changes in interest and other market rates. 
	
‣ We evaluated the impact of changes in lead and zinc pricing.
After assessing the impairment indicators, due to a previously recorded impairment, in addition 
to the above testing, we also assessed the indicators for reversal of impairment.
	
‣ We examined events or factors that could lead to a permanent improvement in the asset’s value 
or lifespan. We compared these with the factors that led to the previous impairment to determine 
whether there was any indicators of reversal.
	
‣ We inquired with geologists and Competent Persons to gain a clear understanding of the reserves 
and resources included in the LoM model for Sasa Mine. Our inquiries confirmed that the LoM for 
Sasa Mine is not being extended.
	
‣ We assessed the production capacity and noted no changes in the production capacity 
of the Sasa Mine.
	
‣ We evaluated the adequacy of the disclosures given in Note 18 regarding judgements and estimates.
Key observations:
We found Management’s conclusion that there were no indicators of impairment nor any indicators 
of reversal to be appropriate, and the Board’s assessment effectively considered the judgements 
regarding impairment and reversal of impairment indicators. Additionally, we found the disclosures 
in the consolidated financial statements to be appropriate.
INDEPENDENT AUDITORS’ REPORT continued
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Our application of materiality
We apply the concept of materiality both in planning and performing our audit, 
and in evaluating the effect of misstatements. We consider materiality to be the 
magnitude by which misstatements, including omissions, could influence the economic 
decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements 
exceed materiality, we use a lower materiality level, performance materiality, to determine 
the extent of testing needed. Importantly, misstatements below these levels will not 
necessarily be evaluated as immaterial as we also take account of the nature of identified 
misstatements, and the particular circumstances of their occurrence, when evaluating 
their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial 
statements as a whole and performance materiality as follows:
Group financial statements
Parent company financial 
statements
2024 
$m
2023 
$m
2024 
$m
2023 
$m
Materiality
3.7
3.3
1.7
2.1
Basis for 
determining 
materiality
5% of profit 
before tax
5% of profit 
before tax
Materiality has 
been set at 5% of 
parent company 
profit before tax.
Materiality has 
been set at 
3.4% of parent 
company profit 
before tax.
Rationale for 
the benchmark 
applied
Profit before tax was determined 
an appropriate basis as the 
Group is profit oriented and as 
such this is the financial metric 
of most interest to the users of 
the financial statements.
Profit before tax was determined 
an appropriate basis as the parent 
company is dividend paying and 
as such this is the financial metric 
of most interest to the users 
of the financial statements.
Performance 
materiality
2.7
2.3
1.3
1.5
Basis for 
determining 
performance 
materiality
Performance materiality was set 
at 75% (2023: 70%) of the above 
materiality level.
Performance materiality was set 
at 75% (2023: 70%) in line with 
Group considerations.
Rationale for 
the percentage 
applied for 
performance 
materiality
Performance materiality was calculated at 75% (2023: 70%), 
higher range of the overall materiality value considering the 
nature of activities including historical audit adjustments.
Component performance materiality
For the purposes of our Group audit opinion, we set performance materiality for 
each component of the Group, apart from the parent company whose materiality 
and performance materiality are set out above based on a percentage of between 
21% and 40% (2023: 21% and 48%) of Group materiality dependent on a number of 
factors including potential significant risks of material misstatements at the component, 
relative size of components, extent of disaggregation of the financial information across 
components, control environment and our assessment of the risk of material misstatement 
of those components. Component performance materiality ranged from $0.8m to $1.5m 
(2023: $0.7m to $1.7m).
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit 
differences in excess of $185,000 (2023: $66,000). We also agreed to report differences 
below this threshold that, in our view, warranted reporting on qualitative grounds.
Other information
The Directors are responsible for the other information. The other information comprises 
the information included in the document entitled annual report other than the financial 
statements and our auditor’s report thereon. Our opinion on the financial statements does 
not cover the other information and, except to the extent otherwise explicitly stated in our 
report, we do not express any form of assurance conclusion thereon. Our responsibility 
is to read the other information and, in doing so, consider whether the other information 
is materially inconsistent with the financial statements or our knowledge obtained in 
the course of the audit, or otherwise appears to be materially misstated. If we identify 
such material inconsistencies or apparent material misstatements, we are required to 
determine whether this gives rise to a material misstatement in the financial statements 
themselves. If, based on the work we have performed, we conclude that there is a 
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
INDEPENDENT AUDITORS’ REPORT continued
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Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during 
the course of the audit, we are required by the Companies Act 2006 and ISAs (UK) 
to report on certain opinions and matters as described below.
Strategic 
report and 
Directors’ 
report 
In our opinion, based on the work undertaken in the course of the audit:
	
‣ the information given in the Strategic report and the Directors’ report 
for the financial year for which the financial statements are prepared 
is consistent with the financial statements; and
	
‣ the Strategic report and the Directors’ report have been prepared 
in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and 
parent company and its environment obtained in the course of the audit, 
we have not identified material misstatements in the strategic report 
or the Directors’ report.
Matters on 
which we 
are required 
to report by 
exception
We have nothing to report in respect of the following matters in relation 
to which the Companies Act 2006 requires us to report to you if, 
in our opinion:
	
‣ adequate accounting records have not been kept by the parent 
company, or returns adequate for our audit have not been received 
from branches not visited by us; or
	
‣ the parent company financial statements are not in agreement 
with the accounting records and returns; or
	
‣ certain disclosures of Directors’ remuneration specified by law 
are not made; or
	
‣ we have not received all the information and explanations 
we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are 
responsible for the preparation of the financial statements and for being satisfied that 
they give a true and fair view, and for such internal control as the Directors determine 
is necessary to enable the preparation of financial statements that are free from material 
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the 
Group’s and the parent company’s ability to continue as a going concern, disclosing, 
as applicable, matters related to going concern and using the going concern basis 
of accounting unless the Directors either intend to liquidate the Group or the parent 
company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements 
as a whole are free from material misstatement, whether due to fraud or error, and to 
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level 
of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 
will always detect a material misstatement when it exists. Misstatements can arise from 
fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis 
of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 
We design procedures in line with our responsibilities, outlined above, to detect material 
misstatements in respect of irregularities, including fraud. The extent to which our 
procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
	
‣ Our understanding of the Group and the industry in which it operates;
	
‣ Discussion with Management and those charged with governance; and 
	
‣ Obtaining an understanding of the Group’s policies and procedures regarding 
compliance with laws and regulations 
we considered the significant laws and regulations to be the IFRS (UK), UK tax legislation, 
North Macedonia tax legislation, Kazakhstan tax legislation and AIM Listing Rules.
The Group is also subject to laws and regulations where the consequence 
of non‑compliance could have a material effect on the amount or disclosures in 
the financial statements, for example through the imposition of fines or litigations. 
Our procedures in respect of the above included:
	
‣ review of minutes of meetings of those charged with governance for any instances 
of non-compliance with laws and regulations;
	
‣ reviewing correspondence with regulatory and tax authorities for any instances 
of non‑compliance with laws and regulations;
	
‣ reviewing financial statement disclosures and agreeing to supporting documentation;
	
‣ involvement of tax specialists in the audit; and
	
‣ reviewing legal expenditure accounts to understand the nature of expenditure incurred; 
Fraud
We assessed the susceptibility of the financial statements to material misstatement, 
including fraud. Our risk assessment procedures included:
	
‣ enquiry with management and those charged with governance, Audit Committee 
and internal audit regarding any known or suspected instances of fraud;
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‣ obtaining an understanding of the Group’s policies and procedures relating to:
	
⁃ Detecting and responding to the risks of fraud; and
	
⁃ Internal controls established to mitigate risks related to fraud.
	
‣ review of minutes of meetings of those charged with governance for any known 
or suspected instances of fraud;
	
‣ discussion amongst the engagement team as to how and where fraud might occur 
in the financial statements; 
	
‣ performing analytical procedures to identify any unusual or unexpected relationships 
that may indicate risks of material misstatement due to fraud;
	
‣ engaging internal BDO specialists to support the fraud risk assessment process;
	
‣ obtaining an understanding of the Group’s procurement procedures and testing a sample 
of expenditure to evaluate compliance with the tender policies;
	
‣ issuing fraud questionnaires to a sample of employees to understand the overall fraud 
risk environment as well as any incidents that had occurred during the year;
	
‣ critically assessing key estimates and judgements;
	
‣ reviewing the Group’s whistleblowing hotline register; and
	
‣ performing enquiries of non-finance personnel regarding their knowledge of any alleged 
or actual fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud 
to be management override of controls and revenue recognition.
Our procedures in respect of the above included:
	
‣ We addressed the fraud risk in relation to revenue recognition, by testing revenue 
transactions to supporting documentation, including testing a sample of revenue 
transactions in the period preceding and subsequent to year end to check that revenue 
was recognised in the correct period. In addition we obtained direct confirmations from 
the key customers for the sales made during the year.
	
‣ We addressed the risk of management override of controls by testing a risk 
based selection of journals and evaluating whether there was evidence of bias 
in management’s estimates that represented a material misstatement due to fraud. 
Our procedures in respect of the above included:
	
⁃ Testing a sample of journal entries throughout the year, which met defined risk 
criteria, by agreeing the sample to supporting documentation;
	
⁃ Introducing an element of unpredictability into our audit work such that management 
do not become over familiar with our audit approach. In addition, we selected all 
samples on a random basis;
	
⁃ Performing a detailed review of the Group’s year end adjusting entries and 
investigated any that appeared unusual as to nature or amount and agreed these 
entries to supporting documentation;
	
⁃ For significant and unusual transactions, particularly those occurring at or near year 
end, we obtained evidence for the rationale of these transactions and evidence 
supporting the transactions;
	
⁃ Assessing whether the judgements made in accounting estimates were indicative 
of a potential bias (Refer to’ key audit matters’ section above which covers some 
of these judgements);
	
⁃ Extending inquiries to individuals outside of management and the accounting department 
to corroborate management’s ability and intent to carry out plans that are relevant 
to developing the estimates set out in the key audit matters section above; and
	
⁃ Reviewing minutes from Board meetings of those charged with governance to identify 
any instances of non-compliance with laws and regulations.
We also communicated relevant identified laws and regulations and potential fraud risks 
to all engagement team members including component engagement teams who were 
all deemed to have appropriate competence and capabilities and remained alert to any 
indications of fraud or non-compliance with laws and regulations throughout the audit. 
For component engagement teams, we also reviewed the result of their work performed 
in this regard.
Our audit procedures were designed to respond to risks of material misstatement in the 
financial statements, recognising that the risk of not detecting a material misstatement 
due to fraud is higher than the risk of not detecting one resulting from error, as fraud may 
involve deliberate concealment by, for example, forgery, misrepresentations or through 
collusion. There are inherent limitations in the audit procedures performed and the further 
removed non-compliance with laws and regulations is from the events and transactions 
reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s 
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 
auditor’s report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 
so that we might state to the parent company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone other than 
the parent company and the parent company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
/s/ Jill MacRae (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
19 March 2025
BDO LLP is a limited liability partnership registered in England and Wales 
(with registered number OC305127).
INDEPENDENT AUDITORS’ REPORT continued
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CONSOLIDATED INCOME STATEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
 
Group 
 
Note
 
2024
$’000
2023 
$’000 
(restated)*
 Continuing operations 
 
 Revenue 
6
214,441
203,461 
 Cost of sales 
7
(108,801)
(101,075) 
 Distribution and selling costs 
8
(2,142)
(2,844) 
 Gross profit 
103,498
99,542 
 Administrative expenses 
9
(28,767)
(26,691) 
 Other income and losses, net 
10
211
75 
 Foreign exchange gain/(loss) 
5,638
(3,378) 
 Operating profit 
80,580
69,548 
 Finance income 
14
2,364
1,992 
 Finance costs 
15
(2,192)
(1,852) 
 Fair value movement of share-based payment liability 
29
(3,966)
(4,803) 
 Share of post-tax loss of investment in equity accounted associate 
21
(76)
– 
 Profit before income tax 
76,710
64,885 
 Income tax  
16
(25,896)
(27,703) 
 Profit for the year from continuing operations 
50,814
37,182 
 Discontinued operations 
 
 Loss for the year from discontinued operations, net of tax  
 22
(183)
(63) 
 Profit for the year 
50,631
37,119 
 Profit attributable to: 
 
 Non-controlling interests 
20
(231)
68 
 Owners of the parent  
50,862
37,051 
  Profit for the year 
50,631
37,119 
 
Earnings/(loss) per share from continuing and discontinued operations attributable  
to owners of the parent during the year (expressed in cents per share) 
$ cents
$ cents 
 Basic earnings/(loss) per share 
 
 From continuing operations 
17
28.90
20.40 
 From discontinued operations 
(0.10)
(0.03) 
 From profit for the year 
28.80
20.37 
 Diluted earnings/(loss) per share 
 
 From continuing operations 
17
26.94
19.64 
 From discontinued operations 
(0.10)
(0.03) 
 From profit for the year 
26.84
19.61 
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
Group 
Note
2024
$’000
2023 
$’000 
(restated)*
Profit for the year 
50,631
37,119 
Other comprehensive (expense)/income: 
Items that may be subsequently reclassified to profit or loss: 
 
Currency translation differences  
28
(27,261)
12,925 
Other comprehensive (expense)/ income for the year, net of tax 
(27,261)
12,925 
Total comprehensive income for the year 
23,370
50,044 
Attributable to: 
 
Non-controlling interests 
(231)
68 
Owners of the parent 
23,601
49,976 
Total comprehensive income for the year 
23,370
50,044 
Total comprehensive income/(expense) attributable to equity shareholders arises from:  
Continuing operations 
23,553
50,107 
Discontinued operations 
(183)
(63) 
Total comprehensive income for the year 
23,370
50,044 
*  See Note 40 for details regarding the prior year restatement.  
The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent company income statement or statement of comprehensive income. 
The profit for the parent company for the year was $36,632,000 (2023 restated: $61,824,000). 
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STATEMENTS OF FINANCIAL POSITION 
AS AT 31 DECEMBER 2024 
Registered no. 5559627 
 
 
 
Group 
Company 
 
Note 
2024
$’000
2023
$’000 
(restated)*
2024
$’000
2023
$’000 
(restated)*
Assets 
Non-current assets 
 
Property, plant and equipment 
18 
318,744
338,121
1,450
1,851
Intangible assets 
19 
21,371
25,425
–
–
Deferred income tax asset 
38 
561
512
–
–
Investments 
20 
–
–
5,107
5,107
Investment in equity accounted associate 
21 
3,775
–
3,775
–
Financial assets at FVTPL 
21 
336
–
336
–
Other non-current receivables 
23 
6,616
13,801
–
–
Loans due from subsidiary 
24 
–
–
263,210
282,244
  
 351,403
377,859
273,878
289,202
Current assets 
 
Inventories 
25 
12,517
14,879
–
–
Trade and other receivables 
23 
7,730
5,474
1,435
1,415
Loans due from subsidiary 
24 
–
–
22,094
10,100
Income tax receivable  
 
936
6,750
–
–
Restricted cash 
26 
327
318
–
–
Cash and cash equivalents 
26 
67,318
56,832
57,400
45,326
  
 
88,828
84,253
80,929
56,841
Held for sale assets 
22 
61
76
–
–
 
 
88,889
84,329
80,929
56,841
Total assets 
 440,292
462,188
354,807
346,043
Equity attributable to owners of the parent 
Ordinary Shares 
27 
1,821
1,821
1,821
1,821
Share premium 
27 205,825
205,725
205,825
205,725
Treasury shares 
27 
(13,885)
(15,413)
(13,885)
(15,413)
Currency translation reserve  
28 (148,428)
(121,167)
–
–
Retained earnings 
 307,864
297,871
100,654
104,891
  
 
353,197
368,837
294,415
297,024
Non-controlling interests 
20 
(1,485)
(1,254)
–
–
Total equity 
 
351,712
367,583
294,415
297,024
 
 
 
 
Group 
Company 
 
Note
2024
$’000
2023
$’000 
(restated)*
2024 
$’000 
2023 
$’000 
(restated)*
Liabilities 
Non-current liabilities 
 
 
Silver stream commitment 
31
14,978
16,042
– 
– 
Lease liability 
1,056
1,325
875 
1,197 
Share-based payment liability 
29
2,291
2,268
2,291 
2,268 
Provisions for other liabilities and charges 
33
26,000
26,801
99 
94 
Deferred income tax liability 
38
16,613
18,983
– 
– 
  
60,938
65,419
3,265 
3,559 
Current liabilities 
 
 
Borrowings and loans due to subsidiary  
32
252
326
42,220 
28,146 
Silver stream commitment 
31
1,082
1,002
– 
– 
Trade and other payables 
30
17,173
17,265
5,959 
6,970 
Lease liability 
413
176
313 
138 
Share-based payment liability 
29
8,635
10,206
8,635 
10,206 
Provisions for other liabilities and charges 
33
63
55
– 
– 
Income tax payable  
–
62
– 
– 
  
27,618
29,092
57,127 
45,460 
Held for sale liabilities 
22
24
94
– 
– 
 
27,642
29,186
57,127 
45,460 
Total liabilities 
88,580
94,605
60,392 
49,019 
Total equity and liabilities 
440,292
462,188
354,807 
346,043 
*  See Note 40 for details regarding the prior year restatement. 
The financial statements on pages 102 to 136 were authorised for issue by the Board of Directors 
on 19 March 2025 and were signed on its behalf by Louise Wrathall. 
Chief Financial Officer 
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 DECEMBER 2024 
Attributable to owners of the parent 
Note
Ordinary 
Shares
$’000
Share  
premium 
$’000 
Treasury 
shares
$’000
Currency 
translation 
reserve
$’000
Retained
earnings
$’000 
(restated)*
Total
$’000 
(restated)*
Non-controlling 
interests
$’000
Total  
equity 
$’000 
(restated)*
Balance as at 1 January 2023 
 
1,821
205,437 
(15,831)
(134,092)
312,107
369,442
(1,322)
368,120 
Profit for the year (restated)* 
–
– 
–
–
37,051
37,051
68
37,119 
Other comprehensive income – currency translation differences  
 28
–
– 
–
12,925
–
12,925
–
12,925 
Total comprehensive income (restated)* 
–
– 
–
12,925
37,051
49,976
68
50,044 
Transactions with owners  
 
 
Modification of share-based payments to cash-settled (restated)* 
29
–
– 
–
–
(9,762)
(9,762)
–
(9,762) 
Modification of cash-settled share-based payment to equity-settled 
(restated)* 
29
–
– 
–
–
706
706
–
706 
Exercise of share options (restated)* 
29
–
288 
418
–
(706)
–
–
– 
Dividends 
36
–
– 
–
–
(41,525)
(41,525)
–
(41,525) 
Total transactions with owners (restated)* 
–
288 
418
–
(51,287)
(50,581)
–
(50,581) 
Balance as at 31 December 2023 (restated)* 
1,821
205,725 
(15,413)
(121,167)
297,871
368,837
(1,254)
367,583 
Profit/(loss) for the year  
–
– 
–
–
50,862
50,862
(231)
50,631 
Other comprehensive expense – currency translation differences 
28
–
– 
–
(27,261)
–
(27,261)
–
(27,261) 
Total comprehensive income/(expense)  
–
– 
–
(27,261)
50,862
23,601
(231)
23,370 
Transactions with owners  
 
 
Modification of cash-settled share-based payment to equity-settled 
29
–
– 
–
–
1,628
1,628
–
1,628 
Exercise of share options  
29
–
100 
1,528
–
(1,628)
–
–
– 
Dividends 
36
–
– 
–
–
(40,869)
(40,869)
–
(40,869) 
Total transactions with owners 
–
100 
1,528
–
(40,869)
(39,241)
–
(39,241) 
Balance as at 31 December 2024 
 
1,821
205,825 
(13,885)
(148,428)
307,864
353,197
(1,485)
351,712 
*  See Note 40 for details regarding the prior year restatement.  
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COMPANY STATEMENT OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 DECEMBER 2024 
Company 
Note
Ordinary
 Shares 
$’000
Share
 premium 
$’000
Treasury
 shares 
$’000
Retained
earnings 
$’000 
(restated)*
Total 
 equity  
$’000 
(restated)*
Balance as at 1 January 2023 
 
1,821
205,437
(15,831)
94,354
285,781 
Profit for the year (restated)* 
–
–
–
61,824
61,824 
Total comprehensive income (restated)* 
 
–
–
–
61,824
61,824 
Transactions with owners  
 
Modification of share-based payments to cash-settled (restated)* 
29
–
–
–
(9,762)
(9,762) 
Modification of share-based payment to equity-settled (restated)* 
29
–
–
–
706
706 
Exercise of share options (restated*) 
29
–
288
418
(706)
– 
Dividends 
36 
–
–
–
(41,525)
(41,525) 
Total transactions with owners (restated)* 
–
288
418
(51,287)
(50,581) 
Balance as at 31 December 2023 (restated)* 
1,821
205,725
(15,413)
104,891
297,024 
Profit for the year 
–
–
–
36,632
36,632 
Total comprehensive income 
 
–
–
–
36,632
36,632 
Transactions with owners  
 
Modification of share-based payment to equity-settled 
29
–
–
–
1,628
1,628 
Exercise of share options  
29
–
100
1,528
(1,628)
– 
Dividends 
36 
–
–
–
(40,869)
(40,869) 
Total transactions with owners 
–
100
1,528
(40,869)
(39,241) 
Balance as at 31 December 2024 
1,821
205,825
(13,885)
100,654
294,415 
*  See Note 40 for details regarding the prior year restatement.  
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CONSOLIDATED STATEMENT OF CASH FLOWS 
FOR THE YEAR ENDED 31 DECEMBER 2024 
Note
2024
$’000
2023 
$’000 
(restated)*
Cash flows from operating activities 
 
Cash generated from operations 
34
93,897
92,598 
Interest paid 
(66)
(94) 
Corporate income tax paid  
(19,567)
(27,481) 
Net cash flow generated from operating activities 
 
74,264
65,023 
Cash flows from investing activities  
 
Purchases of property, plant and equipment 
(20,786)
(27,807) 
Proceeds from sale of property, plant and equipment 
66
27 
Purchase of intangible assets 
(459)
(54) 
Purchase of investment in equity accounted associate 
21
(3,851)
– 
Interest received 
2,374
1,916 
Increase in restricted cash 
(57)
(50) 
Net cash used in investing activities 
 
(22,713)
(25,968) 
Cash flows from financing activities  
 
Repayment of overdraft 
32
(58)
(1,090) 
Payment of lease liabilities 
(36)
– 
Dividends paid to owners of the parent 
36
(40,869)
(41,525) 
Net cash used in financing activities 
 
(40,963)
(42,615) 
Effect of foreign exchange (loss)/gain on cash and cash equivalents 
(116)
105 
Net increase/(decrease) in cash and cash equivalents 
10,472
(3,455) 
Cash and cash equivalents at the beginning of the year 
26
56,906
60,361 
Cash and cash equivalents at the end of the year 
26
67,378
56,906 
*  See Note 40 for details regarding the prior year restatement.  
Cash and cash equivalents at 31 December 2024 includes cash at bank and on hand included in held for sale assets of $60,000 (31 December 2023: $74,000) (Note 22). The consolidated statement 
of cash flows does not include the restricted cash balance of $327,000 (2023: $318,000) (Note 26). The restricted cash amount is held at bank to cover Kounrad subsoil user licence requirements. 
Corporate income tax paid includes $5,145,000 (2023: $7,547,000) of Kazakhstan withholding tax paid on intercompany dividend distributions. 
The notes below are an integral part of the consolidated financial statements.
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NOTES TO THE FINANCIAL STATEMENTS  
FOR THE YEAR ENDED 31 DECEMBER 2024 
1. General information 
Central Asia Metals plc (‘CAML’ or the ‘Company’) and its subsidiaries (the ‘Group’) are a mining 
organisation with operations in Kazakhstan and North Macedonia and a parent holding company 
based in England in the United Kingdom (UK). 
The Group’s principal business activities are the production of copper cathode at its 100% owned 
Kounrad SX-EW copper project in central Kazakhstan and the production of lead, zinc and silver 
at its 100% owned Sasa zinc-lead mine in North Macedonia. The Company also owns an 80% 
interest in CAML Exploration (CAML X), a subsidiary that was formed to progress early exploration 
opportunities in Kazakhstan and a 28.4% interest in Aberdeen Minerals Ltd, a privately owned UK 
company focused on the exploration and development of base metals opportunities in northeast 
Scotland.  The Company owns a 76% equity interest in Copper Bay Limited and its subsidiaries, 
which the Company has agreed to sell post the year end and is therefore classified as held for 
sale, see Note 39 for more details. 
CAML is a public limited company, which is listed on the AIM market of the London Stock Exchange 
and incorporated and domiciled in England, UK. The address of its registered office is Masters 
House, 107 Hammersmith Road, London, W14 0QH. The Company’s registered number is 5559627. 
2. Material accounting policy information 
The material accounting policies applied in the preparation of the consolidated financial 
statements are set out below. These policies, aside from the new investment in equity accounted 
associate policy as included below, have been consistently applied to all the years presented. 
Certain amounts reported for the previous year have been restated. Details of the restatements 
can be found in Note 40.    
Basis of preparation of the financial statements 
The Group’s consolidated financial statements have been prepared in accordance with international 
accounting standards as adopted in the United Kingdom and the Companies Act 2006. The 
consolidated financial statements have been prepared under the historical cost convention with the 
exception of financial instruments held at fair value through profit or loss (FVTPL) and held for sale 
assets that have been held at fair value. The accounting policies that follow set out those policies 
that apply in preparing the financial statements for the year ended 31 December 2024. The Group 
financial statements are presented in US dollars ($) and rounded to the nearest thousand. 
The parent company meets the definition of a qualifying entity under FRS 100 (Financial Reporting 
Standard 100) issued by the Financial Reporting Council. The parent company financial 
statements have therefore been prepared in accordance with FRS 101 (Financial Reporting 
Standard 101) ‘Reduced Disclosure Framework’ as issued by the Financial Reporting Council. As 
permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available 
under that standard in relation to share-based payments, financial instruments, fair value 
measurements, capital management, presentation of a cash flow statement, new standards not 
yet effective, impairment of assets and related party transactions. Where relevant, equivalent 
disclosures have been given in the Group financial statements of CAML. 
The preparation of the Group financial statements in conformity with IFRS requires the use of 
certain critical accounting estimates. It also requires management to exercise its judgement in 
the process of applying the Group’s accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions and estimates are significant to the 
consolidated financial statements, are explained in Note 3. 
Going concern 
The Group sells and distributes its Kounrad copper cathode product primarily through an annual 
rolling offtake arrangement with Traxys Europe S.A. (Traxys) with a minimum of 95% of the SX-EW 
plant’s annual forecasted output committed as sales. The Group sells Sasa’s zinc and lead 
concentrate product through an annual rolling offtake arrangement with Traxys. The commitment 
is for 100% of the Sasa concentrate annual production. 
The Group meets its day-to-day working capital requirements through its profitable and cash-
generative operations at Kounrad and Sasa. The Group manages liquidity risk by maintaining 
adequate committed borrowing facilities, and the Group has substantial cash balances and no 
significant borrowings as at 31 December 2024.  
The Board has reviewed forecasts for the period to December 2026 to assess the Group’s 
liquidity, which demonstrates substantial headroom. The Board has considered additional 
sensitivity scenarios in terms of the Group’s commodity price forecasts, expected production 
volumes, operating cost profile and capital expenditure. The Board has assessed the key risks 
that could impact the prospects of the Group over the going concern period including commodity 
price outlook and cost inflation with stress testing of the forecasts in line with best practice. 
Liquidity headroom was demonstrated in each reasonably possible scenario. Accordingly, the 
Directors continue to adopt the going concern basis in preparing the consolidated financial 
statements. 
Please refer to Notes 6, 26 and 30 for information on the Group’s revenues, cash balances and 
trade and other payables.  
Climate change considerations 
The Group’s TCFD-aligned Climate Change Report outlines the Board-approved climate change 
strategy, which integrates the management of physical and transition risks as well as 
opportunities into the Company’s strategic and operational planning processes. The report also 
provides a summary of potential impacts of the physical climate risk assessments conducted at 
each of the assets. In accordance with the  Companies (Strategic Report) (Climate-related 
Financial Disclosure) Regulations 2022 we provide transparent climate-related financial 
disclosures in our annual financial statements. These disclosures comply with the UK’s climate-
related reporting regulations, covering governance, strategy, risk management, and metrics. The 
potential effect of global decarbonisation scenarios and other transition risks, including the local 
operations’ country climate policies, the energy costs, and key mining inputs influenced by carbon 
pricing, is an area that continues to be monitored and assessed.  
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
2. Material accounting policy information continued 
The Group generates GHG emissions directly through the combustion of fuels and energy at its 
operations, and indirectly through the consumption of electricity purchased from national grids 
that include fossil-based energy in their electricity production.  
The Company continues to implement its climate change strategy, with a primary focus on 
developing and executing energy decarbonisation projects in support of its objective of reducing 
50% (Scope 1 and 2) GHG emissions by 2030 from a 2020 base year. As of 31 December 2024, 
the Company has achieved a 44% reduction. This mid-term target is a key milestone en-route to 
the Company’s overall objective of net zero Scope 1 and 2 GHG emissions by 2050.  
In 2022, the Group conducted a scenario analysis to quantify certain climate-related risks to its 
business, considering three scenarios: an orderly transition risk scenario aligned with 1.5° of 
warming supported by SSP1-1.9 ‘Net zero 2050’, a disorderly transition risk scenario aligned with 
approximately 2.0°C of warming supported by SSP4-2.6 ‘Net zero 2090’ and a high physical risk 
scenario supported by SSP5-8.5, ‘high physical risk’. The potential impact of these on scenarios 
on asset valuation for financial reporting purposes has been assessed. Management has 
incorporated climate change considerations into the preparation of the consolidated financial 
statements. These considerations, essential to the Group’s strategy and operations, were 
factored in where appropriate across various areas, including: 
‣ impairment analysis and future cash flow projections in LoM models;  
‣ asset retirement obligations, including conceptual closure plans that account for physical risks, 
such as potential impact from increased forest fires and water stress, that have been factored 
into the water management strategies as well as the tailings storage facilities, long-term 
monitoring and climate change contingency provisions; and 
‣ the inclusion of climate change targets and performance measures within the Group's LTIP.  
The impact of climate-related strategic decisions is integrated into management’s assessments 
and estimates, particularly regarding future cash flow projections supporting the recoverable 
amounts of mining assets, once the strategic decisions have been approved by the Board. While 
climate change considerations did not significantly impact key accounting judgements and 
estimates in the current year, the focus on climate-related strategic decisions may have a 
substantial impact in future periods. 
New and amended standards and interpretations adopted by the Group  
The Group has adopted the following standards and amendments for the first time for the annual 
reporting period commencing 1 January 2024. The following have no impact on the current 
reporting period as they are either not relevant to the Group’s activities or require accounting that 
is consistent with the Group’s current accounting policies: 
‣ Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);  
‣ Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of 
Financial Statements);  
‣ Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial 
Statements); and  
‣ Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 
Financial Instruments: Disclosures).  
New standards, interpretations and amendments not yet effective 
There are a number of standards, amendments to standards, and interpretations which have been 
issued by the IASB that are effective in future accounting periods that the Group has decided not 
to adopt early.  
The following amendment is effective for the annual reporting period beginning 1 January 2025:  
‣ Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).    
The following amendments are effective for the annual reporting period beginning 1 January 2026:  
‣ Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). 
‣ Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).  
These standards are not expected to have a material impact on the entity in the current or future 
reporting periods and on foreseeable future transactions. 
The following standards and amendments are effective for the annual reporting period beginning 
1 January 2027: 
‣ IFRS 18 Presentation and Disclosure in Financial Statements. 
‣ IFRS 19 Subsidiaries without Public Accountability: Disclosures. 
The Group is currently assessing the effect of these new accounting standards and amendments. 
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in 
April 2024, supersedes IAS 1 and will result in major consequential amendments to IFRS 
Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from 
Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not 
have any effect on the recognition and measurement of items in the consolidated financial 
statements, it is expected to have a significant effect on the presentation and disclosure of 
certain items. These changes include categorisation and sub-totals in the statement of profit or 
loss, aggregation/disaggregation and labelling of information, and disclosure of management-
defined performance measures.  
The Group does not expect to be eligible to apply IFRS 19. 
Basis of consolidation 
The Group financial statements consolidate the financial statements of CAML and the entities it 
controls drawn up to 31 December 2024. 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
2. Material accounting policy information continued 
Goodwill 
For the purpose of impairment testing, goodwill is allocated to the cash-generating unit (CGU) 
expected to benefit from the business combination in which the goodwill arose. See Note 19 for 
management’s determination of CGUs.  
The carrying value of the goodwill generated by accounting for the business combination of the 
Group acquiring an additional 40% in the Kounrad project in May 2014 (the Kounrad Transaction) 
requires an annual impairment review. The key assumptions used in the Group’s impairment 
assessments and sensitivity analysis are disclosed in Note 19.  
Investment in equity accounted associate 
During the year, CAML invested $3.8 million (£3.0 million) in Aberdeen Minerals Ltd (‘Aberdeen’), 
acquiring a 28.7% (now 28.4%) shareholding. The investment has been accounted for by both the 
parent company and the group as an associate using the equity method, as CAML is deemed to 
have ‘significant influence’ (see Note 21).  
Financial assets at FVTPL  
As part of the investment in Aberdeen, CAML was issued warrants to subscribe for an additional 
18,181,818 ordinary shares in Aberdeen at an exercise price of 11 pence per share. These warrants 
are classified as financial assets measured at FVTPL in accordance with IFRS 9. The fair value of 
these instruments has been determined using the Black-Scholes valuation model, incorporating 
the probability of various outcome scenarios and is categorised as a level 3 measurement (IFRS 
13).  
Subsequent to initial recognition, the warrant is remeasured at fair value at each reporting date. 
The fair value valuation has resulted in the recognition of a financial asset of $336,000 at year 
end and a corresponding gain in other income and losses of $336,000 in the income statement 
(Note 10).  
Segment reporting 
Operating segments are reported in a manner consistent with the internal reporting provided to 
the chief operating decision maker, which is considered to be the Board. The Group’s segment 
reporting reflects the operational focus of the Group. The Group has been organised into 
geographical and business units based on its principal business activities of mining production, 
having three reportable segments as follows:  
‣ Kounrad (production of copper cathode) in Kazakhstan 
‣ Sasa (production of lead, zinc and silver) in North Macedonia 
‣ CAML X (exploration activities) in Kazakhstan 
CAML X was incorporated on 18 August 2023 and has been reported as a new segment following 
the commencement of expenditure on early exploration opportunities in Kazakhstan during the 
year ended 31 December 2024 (Note 5).  
Included within the unallocated segment are corporate costs for Central Asia Metals plc and other 
companies within the Group that are not separately reported to the Board. 
Foreign currency translation 
The functional currency for each entity in the Group is determined as the currency of the primary 
economic environment in which it operates. The consolidated financial statements are presented 
in US dollars, which is the Group and Company presentation currency. The functional currency 
of the Company is US dollars. 
Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated 
impairment losses. Cost comprises the aggregate amount paid and the fair value of any other 
consideration given to acquire the asset and includes costs directly attributable to making the 
asset capable of operating as intended. 
The cost of the item also includes the cost of decommissioning any buildings or plant and 
equipment and making good the site, where a present obligation exists to undertake the 
rehabilitation work. 
Development costs relating to specific mining properties are capitalised once management 
determines a property will be developed. A development decision is made based upon 
consideration of project economics, including future metal prices, reserves and resources, 
and estimated operating and capital costs. Capitalisation of costs incurred during the 
development phase ceases when the property is capable of operating at levels intended by 
management and is considered commercially viable.  
Costs incurred during the production phase to increase future output by providing access to 
additional reserves are deferred and depreciated on a units-of-production basis over the 
component of the reserves to which they relate. Ore Reserves may be declared for an 
undeveloped mining project before its commercial viability has been fully determined.  
Development costs incurred after the commencement of production are capitalised to the extent 
they are expected to give rise to a future economic benefit. Development costs are not 
depreciated until such time as the areas under development enter production.  
Depreciation is provided on all property, plant and equipment on a straight-line basis over its total 
expected useful life. As at 31 December 2024, the remaining useful lives were as follows: 
‣ Construction in progress  
– not depreciated 
‣ Land 
– not depreciated 
‣ Plant and equipment  
– over 5 to 14 years 
‣ Mining assets 
– over 2 to 14 years 
‣ Motor vehicles  
– over 2 to 10 years 
‣ Office equipment  
– over 2 to 10 years 
‣ Right-of-use assets  
– term of lease agreement 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
2. Material accounting policy information continued 
Mineral rights are depreciated on a Unit of Production basis (UoP), in proportion to the volume of 
ore mined in the year compared with total proven and probable reserves as well as measured, 
indicated and certain inferred resources that are considered to have a sufficiently high certainty 
of commercial extraction at the beginning of the year. Assets within operations for which 
production is not expected to fluctuate significantly from one year to another or which have a 
physical life shorter than the related mine are depreciated on a straight-line basis.  
Construction in progress is not depreciated until transferred to other classes of property, plant 
and equipment. 
Intangible assets 
a) Exploration and evaluation expenditure 
During the year, the Group incurred exploration and evaluation costs at Sasa and CAML X totalling 
$432,000 (2023: nil). Capitalised costs include expenditures directly related to any Group 
exploration and evaluation activities in areas of interest where the Group has obtained the legal 
rights to explore. These costs are capitalised pending the determination of the technical feasibility 
and commercial viability of the project. Capitalised costs are classified as either tangible or 
intangible exploration and evaluation assets, depending on the nature of the assets acquired. 
Exploration and evaluation expenditure capitalised includes acquisition of rights to explore, 
topographical, geological, geochemical and geophysical studies, exploration drilling, trenching, 
sampling and activities in relation to the evaluation of the technical feasibility and commercial 
viability of extracting a Mineral Resource. Administration costs not directly attributable to a 
specific exploration area are charged to the income statement.  
Exploration and evaluation assets are measured at cost less amortisation and provision for 
impairment, where required. Amortisation is generally not charged during the exploration and 
evaluation phase, except for licence costs paid in connection with the right to explore, which are 
capitalised and amortised over the term of the permit. Pre-licence costs are recognised in the 
income statement as incurred.   
b) Mining licences, permits and computer software 
The historical cost model is applied, with intangible assets being carried at cost less accumulated 
amortisation and accumulated impairment losses. Intangible assets with a finite life have no 
residual value and are amortised on a straight-line basis over their expected useful lives with 
charges included in either cost of sales or administrative expenses: 
Computer software  
 – over 2 to 5 years 
Mining licences and permits  
 – over the duration of the legal agreement 
Impairment of non-financial assets 
The Group carries out impairment testing on all assets when there exists an indication of an 
impairment. If any such indication exists, the Group makes an estimate of the asset’s recoverable 
amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to 
sell or its value in use. 
In assessing value in use, the estimated future cash flows are discounted to their present value 
using a pre-tax discount rate that reflects current market assessments of the time value of money 
and risks specific to the asset. 
Revenue  
Revenue is measured at the fair value of consideration received or receivable from sales of metal 
to an end user, net of any buyers’ discount, treatment charges and value added tax. Revenue is 
net of treatment charges, as the cost of smelting and refining is borne by the customer and the 
transaction price is agreed to be net of these charges. The Group recognises revenue when the 
control of the promised goods or services has been transferred to the customer. 
The value of consideration is fair value, which equates to the contractually agreed price. 
The offtake agreements provide for provisional pricing, ie the selling price is subject to final 
adjustment at the end of the quotation period based on the average price for the month following 
delivery to the buyer. Such a provisional sale contains an embedded derivative, which is not 
required to be separated from the underlying host contract, being the sale of the commodity. 
At each reporting date, if any sales are provisionally priced, the provisionally priced copper 
cathode, zinc and lead concentrate sales are marked to market using forward prices. Any 
significant adjustments (both gains and losses) are recorded in revenue in the income statement 
and as accrued income within trade and other receivables in the statement of financial position. In 
addition to the provisional pricing adjustments, accrued income also includes revenue that has 
been earned but not yet invoiced or received as of the reporting date, based on the terms of the 
relevant agreements. 
The revenue arising from silver relates to a silver stream arrangement with Osisko Gold Royalties 
(Osisko) where the Group has agreed to sell all of its refined silver at approximately $6 per ounce 
for the life of the mine, significantly below market value and arising from the silver stream 
commitment inherited on the acquisition of the Sasa mine (Notes 6 and 31). The silver is produced 
by the Sasa mine as a by-product of the lead concentrate and, because Sasa does not operate a 
refining process, the silver is sold to smelters for further refining as part of the lead concentrate 
under a separate lead concentrate sales agreement which is reported within revenue. 
Consequently, all of the refined silver required to be delivered under the silver stream 
arrangement must therefore be sourced through purchases of silver on the open market which is 
reported within cost of sales.    
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
2. Material accounting policy information continued 
Silver stream commitment 
The silver stream arrangement has been accounted for as a commitment as the Group has 
obligations to deliver silver to a third party at a price below market value. On acquisition, following 
completion of the business combination, the silver stream commitment was identified as an 
unfavourable contract and recorded at fair value. Payments received under the arrangement 
prior to the acquisition by the Group were not considered to be a transaction with a customer. 
Management has determined that the agreement is not a derivative as set out in IFRS 9 as it will 
be satisfied through the delivery of non-financial items (ie. external purchases of silver), rather 
than cash or financial assets. In addition, the contract meets the exceptions for contracts entered 
into that continue to be held in accordance with the entity’s expected sale requirements (see 
Note 3). Subsequent to initial recognition, the silver stream commitment is not revalued and is 
amortised on a UoP basis to cost of sales.  
Inventory 
Inventories are initially recognised at cost, and subsequently at the lower of cost and net 
realisable value. The cost of finished goods and work in progress comprises raw materials, direct 
labour and all other direct costs associated with mining the ore and processing it to a saleable 
product. 
Non-current assets (or disposal groups) held for sale and discontinued operations  
The Company owns a 76% equity interest in Copper Bay Limited, which is currently classified as 
held for sale in the statement of financial position. Post year end the sale of the share capital of 
Copper Bay Limited was agreed (Note 39). The exploration assets and property, plant and 
equipment held in Copper Bay were fully written off in prior years. The results of the Copper Bay 
entities for the year ended 31 December 2024 and the comparative year ended 31 December 
2023 are shown within discontinued operations in the consolidated income statement.  
Restricted cash 
Restricted cash is cash with banks that is not available for immediate use by the Group. Restricted 
cash is shown separately from cash and cash equivalents on the statement of financial position. 
The restricted cash amount is held at a bank to cover Kounrad subsoil user licence requirements.  
Treasury shares 
Where any Group company purchases the Company’s equity share capital (treasury shares), the 
consideration paid, including any directly attributable incremental costs (net of income taxes), is 
deducted from equity attributable to the Company’s equity holders until the shares are cancelled 
or reissued. Where such Ordinary Shares are subsequently reissued, any consideration received, 
net of any directly attributable incremental transaction costs and the related income tax effects, 
is included in equity attributable to the Company’s equity holders. 
The Company set up an Employee Benefit Trust (EBT) during 2009 for the purpose of satisfying 
awards granted under the Company’s Employee Share Plans. The EBT is accounted for under 
IFRS 10 and consolidated on the basis that the parent has control, thus the assets and liabilities of 
the EBT are included on the parent company statement of financial position. Ordinary Shares 
allotted to the EBT are treated as treasury shares as a deduction from equity in the consolidated 
statement of financial position.  
Share-based payments  
The Group operates a share option scheme that historically has been primarily equity-settled. 
However, due to recent cash settlements, the Company has revised the treatment of its share 
options in accordance with IFRS 2 Share-based Payment, recognising that cash-settled share-
based payments now reflect a past practice. As of 1 January 2023, the Company identified a 
modification date and reclassified previously equity-settled options to cash-settled. This has led 
to a restatement of the comparatives (see Note 40). The liability is measured at fair value at each 
reporting date using the Monte-Carlo and Black-Scholes models which incorporate the terms of 
the share options and the services rendered by employees. Any changes in the liability, other than 
cash payments, are recognised in the consolidated income statement. The fair value of the 
options includes the dividends employees are entitled to during the vesting period, which are 
factored into the option pricing model. 
Since the settlement of share options remains at the Company’s discretion, future modifications 
may occur if the Company opts to settle the liability in equity rather than cash. In such cases, the 
liability will be reclassified to equity, with a corresponding adjustment made at the modification 
date.  
Provisions 
The Group has recognised provisions for liabilities of uncertain timing or amount including those 
for leasehold dilapidations, legal disputes and the following: 
a) Asset retirement obligation  
Provisions for environmental restoration of mining operations are recognised when the Group has 
a present legal or constructive obligation as a result of past events, it is probable that an outflow 
of resources will be required to settle the obligation, and the amount can be reliably estimated. 
Provisions are not recognised for future operating losses. 
Provisions are measured at the present value of the expenditures expected to be required to 
settle the obligation using a pre-tax rate that reflects current market assessments of the time 
value of money and the cash flows incorporate assessments of risk. The increase in the provision 
due to passage of time is recognised as an interest expense. 
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FOR THE YEAR ENDED 31 DECEMBER 2024 
 
2. Material accounting policy information continued 
b) Employee benefits – pension 
The Group, in the normal course of business, makes payments on behalf of its employees for 
pensions, healthcare, employment and personnel tax, which are calculated based on gross 
salaries and wages according to legislation. The cost of these payments is charged to the 
consolidated income statement in the same period as the related salary cost.  
c) Employee benefits – retirement benefits and jubilee awards 
Pursuant to the labour law prevailing in the North Macedonian subsidiaries, the Group is 
obliged to pay retirement benefits to employees for an amount equal to two average monthly 
salaries, at their retirement date. The Group is also obliged to pay jubilee anniversary awards for 
each ten years of continuous service of the employee. Due to the long-term nature of these 
plans, such estimates are subject to uncertainty.  
Retirement benefit obligations arising on severance pay are stated at the present value of 
expected future cash payments towards the qualifying employees. These benefits have been 
calculated by an independent actuary in accordance with the prevailing rules of actuarial 
mathematics and recognised as a liability with no pension plan assets (Note 33). Actuarial gains 
and losses arising from experience adjustments and changes in actuarial assumptions are 
charged or credited to profit and loss over the employees’ expected average remaining 
working lives. 
3. Critical accounting estimates and judgements  
The preparation of the consolidated financial statements requires management to make 
judgements, estimates and assumptions that affect the application of accounting policies and the 
reported amounts of assets and liabilities, income and expenses. Actual results may differ from 
these judgements and estimates. The Group makes certain estimates and assumptions regarding 
the future. Estimates and judgements are continually evaluated based on historical experience 
and other factors, including expectations of future events that are believed to be reasonable 
under the circumstances. In the future, actual experience may differ from these estimates 
and assumptions.  
Significant accounting estimates and judgements  
The following are significant accounting estimates and judgements that have a significant risk 
of a material change to the carrying value of assets and liabilities within the next financial year:  
Impairment and impairment reversals of non-current assets  
The carrying value of the goodwill generated by accounting for the business combination of the 
Group acquiring an additional 40% in the Kounrad project in May 2014 (the Kounrad Transaction) 
requires an annual impairment review. The carrying values of property, plant and equipment are 
reviewed for impairment or impairment reversal if updated events or changes in circumstances 
indicate the carrying value has significantly changed. This review determines whether the value of 
the goodwill and property, plant and equipment can be justified by reference to the carrying value 
of the business assets and the future discounted cash flows of the respective CGUs. The key 
assumptions used in the Group’s impairment assessments and sensitivity analysis are disclosed in 
Note 19.  
Assets (other than goodwill) must be assessed for indicators of both impairment and impairment 
reversal. Such assets are generally carried on the balance sheet at a value close to their 
recoverable amount at the last assessment. Therefore, in principle any change to operational 
plans or assumptions or economic parameters could result in further impairment or impairment 
reversal if an indicator is identified. 
Estimates are required periodically to assess assets for impairment. The critical accounting 
estimates are future commodity prices, treatment charges, future ore production, discount rates 
and projected future costs of development and production. Ore Reserves and resources included 
in the forecasts include certain resources considered to be sufficiently certain and economically 
viable. The Group’s Mineral Resources Estimates include additional resources that are not 
included in the life of mine plan or impairment test. 
Decommissioning and site rehabilitation estimates 
Provision is made for the costs of decommissioning and site rehabilitation costs (asset retirement 
obligation) when the related environmental disturbance takes place. The Group appointed 
external expert consultants who conducted an independent assessment, and their judgement is 
used in determining the expected timing, closure and decommissioning methods, which can vary 
in response to changes in the relevant legal requirements or decommissioning technologies. 
Judgement is applied in determining appropriate contingency rates to cost estimates. Asset 
retirement obligations have been updated using latest assumptions on inflation rates and discount 
rates and to update the estimated costs at Sasa for the capping of the tailings facilities following 
discussions with the regulators. 
The discounted provision recognised represents management’s best estimate of the costs 
that will be incurred, and many of these costs will not crystallise until the end of the life of the 
mine/operation. Estimates are reviewed annually and are based on current contractual and 
regulatory requirements and the estimated useful life of mine/operation. Engineering and 
feasibility studies are undertaken periodically and, in the interim, management make assessments 
for appropriate changes based on the environmental management strategy; however, significant 
changes in the estimates of contamination, restoration standards, timing of expenditure and 
techniques will result in changes to provisions from period to period. 
The Group has performed a sensitivity analysis of reasonable possible changes in the significant 
assumptions taking into account historical experience; however, the estimates may vary by 
greater amounts. A 2% change in the discount rate would result in an impact of $5,070,000 on 
the provision for asset retirement obligation. A 2% change in the inflation rate would result in an 
impact of $6,160,000 on the provision for asset retirement obligation. A 20% change in cost would 
result in an impact of $3,751,000 on the provision for asset retirement obligation.  
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
3. Critical accounting estimates and judgements continued 
Mineral reserves and resources 
The major value associated with the Group is the value of its mineral reserves and resources. 
The value of the reserves and resources has an impact on the Group’s accounting estimates 
in relation to depreciation and amortisation, impairment of assets and the assessment of going 
concern. These resources are the Group’s best estimate of product that can be economically 
and legally extracted from the relevant mining property.  
The Group’s estimates are supported by geological studies and drilling samples to determine 
the quantity and grade of each deposit. The Group estimates its mineral reserves and resources 
based on information compiled by Competent Persons as defined in accordance with the 
Joint Ore Reserves Committee (JORC) Code. The Kounrad resources were classified as JORC 
Compliant in 2013 and Mineral Resources were estimated in June 2017, and the Sasa JORC Ore 
Reserves and Mineral Resources were estimated on 31 December 2024. 
The estimation of mineral reserves and resources requires judgement to interpret available 
geological data to select an appropriate mining method. Estimation requires assumptions about 
future commodity prices, exchange rates, production costs, closure costs and discount rates. 
Mineral Resource Estimates may vary from period to period. This judgement has a significant 
impact on impairment consideration and the period over which capitalised assets are depreciated 
within the financial statements. 
Silver stream commitment 
The Group acquired a Silver Purchase Agreement as part of the acquisition of the CMK Group and 
inherited a silver stream commitment (Note 31) related to the production of silver during the life of 
the mine. The Group has agreed to sell to Osisko all its refined silver at approximately $6 per 
ounce for the life of the mine, significantly below market value. 
The silver is produced by the Sasa mine as a by-product of the lead concentrate and, because 
Sasa does not operate a refining process, the silver is sold to smelters for further refining as part 
of the lead concentrate under a separate lead concentrate sales agreement. Consequently, all of 
the refined silver required to be delivered under the silver stream arrangement must therefore be 
sourced through purchases of silver on the open market.    
Management has concluded that the Silver Purchase Agreement and the related open market 
silver purchases to fulfil the silver stream commitment entered into and continue to be held for 
the purpose of the delivery of a non-financial item in accordance with the entity’s expected sale 
requirements in accordance with IFRS 9, commonly referred to as the ‘own use exemption’.  The 
silver has effectively been presold to Osisko and consequently the contract is directly and solely 
linked to the mine’s production which aligns with the own use exemption. Whilst the Group 
currently fulfils the contractual obligations through open market purchases of silver, this approach 
is purely logistical in nature as described above and does not alter the contractual terms of the 
contract. CAML’s silver purchases are made back-to-back with the silver (refined from the lead 
concentrate) that is sold to the offtaker and therefore no material profit or loss is made and the 
Group is not exposed to fluctuations in the silver price and not exposed to risk. Therefore, the 
arrangement does not meet the definition of a derivative and is outside the scope of IFRS 9.  
Climate change 
The Group’s climate change strategy commits to GHG emission reduction targets for Kounrad and 
Sasa, aimed at reducing the carbon footprint and contributing to global climate change mitigation 
efforts. Beyond these near-term targets, the Group is committed to achieving emissions by 2050. 
This commitment is integrated into the Group’s long-term business development decisions and 
supported by the ongoing development of scenario analysis using three scenarios; see Note 2. 
The preparation of the Group’s financial statements requires making judgements and estimates 
that may be influenced by climate change. The Group has identified three key areas where such 
impacts may arise: 
Physical risks: The potential for extreme weather events and long-term shifts in climate patterns, 
which could affect the Group’s operations and sustainability of the Group’s assets. 
Transition risks: The shift in demand between commodities and the influence of the Group’s 
climate-related objectives, which may affect financial performance through changes in cost 
structures and operational decisions. 
Climate targets: The financial implications of meeting climate-related goals and how these may 
influence estimates related to asset valuations and cost projections. 
The Group calculates its provision for mine closure and rehabilitation by considering the current 
restoration requirements, practices, technologies and anticipated climate conditions. These 
closure cost estimates are based on studies conducted by external experts. Closure plans and 
associated costs are reviewed and updated on a regular basis, with an increasing focus on 
integrating projections of future climate conditions. Management actively monitors the potential 
risks and uncertainties associated with climate change and continually refines its approach to 
assessing its financial implications. As a result, the carrying values of assets and liabilities may be 
subject to change as management’s assessments and forecasts evolve in response to emerging 
climate-related factors and the Group's long-term sustainability objectives. 
Currently, the estimation of recoverable amounts for non-current assets represents the most 
significant judgement impacted by climate change. Further details on this estimate, along with 
additional considerations for other areas that may be affected in the medium to long term, are 
provided below: 
Physical risk 
The cash flow forecasts used to determine the recoverable amount of the Group’s assets 
incorporate the Group’s best estimate of the impact of material physical risks. The most significant 
physical risks relate to the management of water resources, with responsible extraction practices 
and efficient use of water resources and the potential challenges that could affect production levels.  
Additionally, changing precipitation patterns, increased risk of wildfires and water stress may 
influence the cost of rehabilitating our sites, and are factored into the water management 
strategies as well as the tailings storage facilities. These factors have been considered in the 
Group’s cash flow forecasts, reflecting the current best estimate of their potential impact. Based 
on the Group’s risk assessments to date and the risk mitigation strategies in place, physical risks 
are not expected to materially affect the useful economic lives of the Group’s assets. 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
3. Critical accounting estimates and judgements continued 
Transition risk 
Transition risks may affect the useful economic lives of the Group’s mining properties, as 
changing commodity prices could extend or shorten the period during which resources can be 
economically extracted, thereby influencing depreciation charges. Additionally, a decline in 
commodity prices could lead to an impairment if the net realisable value of inventory falls below 
the cost of production. Transition risks could also impact the useful economic lives of the Group’s 
operations, affecting the present value of rehabilitation and decommissioning provisions by 
altering the period over which future costs are discounted. Additional transitional risks include the 
global effort to transition to a low-carbon and sustainable society and economy, arising through 
policy and regulation, market shifts, technology and reputational impacts. However, after 
reviewing the sensitivity of these provisions to changing asset lives, the Group has concluded 
that this does not present a material estimation uncertainty. Technological advancements and 
innovations offer a pathway to reduce energy needs alongside CAML’s exposure to emissions-
related policy and regulation, potentially leading to reputational benefits. 
Climate targets 
The Group’s climate-related target of achieving a 50% reduction in Scope 1 and Scope 2 
emissions has been integrated into the impairment assessment process, alongside considerations 
for the potential cost of future carbon taxes. This approach ensures that the financial impact of 
the Group’s climate initiatives is reflected in asset valuations, aligning the Group’s long-term 
climate objectives with the financial reporting of asset recoverability. By factoring in these 
climate-related considerations, the Group provide a comprehensive view of the potential risks and 
costs associated with meeting sustainability goals.  
Tax  
Management makes judgements in relation to the recognition of various taxes payable and 
receivable by the Group and VAT recoverability for which the recoverability and timing of 
recovery is assessed. The Group operates in jurisdictions which necessarily require judgements to 
be applied when assessing the applicable tax treatment for transactions, and the Group obtains 
professional advice where appropriate to ensure compliance with applicable legislation. To the 
extent that a final tax outcome is different from the amounts recorded, such differences will 
impact income tax in the period in which such determination is made.  
4. Financial instruments – risk management 
The Group’s activities expose it to a variety of financial risks: market price risk (including foreign 
currency exchange risk, commodity price risk and interest rate risk), liquidity risk, capital risk and 
credit risk. These risks are mitigated wherever possible by the Group’s financial management 
policies and practices described below. The Group’s risk management is carried out by a central 
treasury department (Group Treasury) under policies approved by the Board. Group Treasury 
identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating 
units.  
Foreign currency exchange risk 
The Group operates internationally and is exposed to foreign exchange risk arising from various 
currency exposures. The primary Group currency requirements are US dollar, British pound, 
Kazakhstan tenge and North Macedonian denar.  
The following table highlights the major currencies the Group operates in and the movements 
against the US dollar during the course of the year:  
Average rate 
Reporting date spot rate 
2024
2023
Movement
2024
2023 
Movement 
Kazakhstan tenge 
468.96
456.18
+3%
523.54
454.56 
+15% 
Macedonian denar 
56.70
56.85
+1%
58.88
55.65 
+6% 
British pound  
0.78
0.81
+4%
0.80
0.79 
+1% 
Foreign exchange risk does not arise from financial instruments that are non-monetary items 
or financial instruments denominated in the functional currency. Kazakhstan tenge and North 
Macedonian denar denominated monetary items are therefore not reported in the tables below, 
as the functional currency of the Group’s Kazakhstan-based and North Macedonian-based 
subsidiaries is the tenge and denar respectively.  
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
4. Financial instruments – risk management continued 
The Group’s exposure to foreign currency risk based on US dollar equivalent carrying amounts at 
the reported date: 
Group 
2024 
In $’000 equivalent 
USD
EUR
GBP
Cash and cash equivalents 
9,095
205
1,217
Trade and other receivables 
–
–
14
Trade and other payables 
(184)
(580)
(3,283)
Net exposure 
8,911
(375)
(2,052)
 
Group 
2023 
In $’000 equivalent 
USD
EUR
GBP
Cash and cash equivalents 
3,942
226
505
Trade and other receivables 
109
–
10
Trade and other payables 
–
(268)
(3,516)
Net exposure 
4,051
(42)
(3,001)
Trade and other receivables exclude prepayments and tax receivable, and trade and other 
payables exclude corporation tax, social security and other taxes as they are not considered 
financial instruments.  
At 31 December 2024, if the foreign currencies had weakened/strengthened by 10% against 
the US dollar, post-tax Group profit for the year would have been $648,000 lower/higher 
(2023: $101,000 lower/higher).  
Commodity price risk 
The Group has a hedging policy in place to manage commodity price risk; however, the Directors 
elected not to hedge during the year and the prior year.  
The offtake agreement at Kounrad and Sasa provides for the option of provisional pricing, ie the 
selling price is subject to final adjustment at the end of the quotation period based on the average 
price for the month following delivery to the buyer. This could result in fluctuations of revenue 
recognised ultimately. The Group may mitigate commodity price risk by fixing the price in advance 
for its copper cathode sales with the offtake partner; however, this option was not utilised during 
the year and the prior year. 
The following table details the Group’s sensitivity to a 10% increase and decrease in the copper, 
zinc and lead price against the invoiced price. 10% is the sensitivity used when reporting 
commodity price internally to management and represents management’s assessment of the 
possible change in price. A positive number below indicates an increase in profit for the year 
and other equity where the price increases.  
 
Group 
Estimated effect on earnings  
and equity 
2024
$’000
2023 
$’000 
10% increase in copper, zinc and lead price
22,033
21,437 
10% decrease in copper, zinc and lead price
(22,033)
(21,437) 
Liquidity risk 
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities as 
and when they fall due. The Group currently has sufficient cash resources and a material income 
stream from the Kounrad and Sasa projects.  
The following table sets out the contractual maturities (representing undiscounted contractual 
cash flows) of financial liabilities.  
Group 
Future expected payments: 
31 Dec 24 
$’000 
31 Dec 23  
$’000 
(restated)*
Trade and other payables within one year  
13,191 
13,101 
Share-based payment liability within one year 
8,635 
10,206 
Borrowings payable within one year (Note 32) 
252 
326 
Lease liability payable within one year 
496 
248 
Lease liability payable later than one year but not later than five years 
1,138 
1,487 
Share-based payment liability later than one year but not later than 
five years 
2,291 
2,268 
 
26,003 
27,636 
*  See Note 40 for details regarding the prior year restatement.  
Capital risk 
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as 
a going concern in order to provide returns for shareholders and benefits for other stakeholders 
and to maintain an optimal structure to reduce the cost of capital. 
The Group manages its capital in order to provide sufficient funds for the Group’s activities. Future 
capital requirements are regularly assessed and Board decisions taken as to the most appropriate 
source for obtaining the required funds, be it through internal revenue streams, external fund 
raising, issuing new shares or selling assets. In order to maintain or adjust the capital structure, 
the Group may adjust the amount of dividends paid to shareholders, return capital to 
shareholders, issue new shares or sell assets to reduce debt. 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
4. Financial instruments – risk management continued 
Consistent with others in the industry, the Group monitors capital on the basis of the following 
gearing ratio: 
Net cash 
Note
2024
$’000
2023
$’000 
(restated)*
Cash and cash equivalents excluding restricted cash 
26
67,318
56,832
Bank overdraft 
32
(252)
(326)
Net cash 
 
67,066
56,506
Total equity  
351,712
367,583
Net cash to equity ratio  
19%
15%
*  See Note 40 for details regarding the prior year restatement.  
Changes in liabilities arising from financing activities  
The total borrowings as at 1 January 2024 were $326,000 (1 January 2023: $1,390,000). 
During the year, there were repayments on unsecured overdrafts of $58,000 (2023: $1,090,000). 
Other changes amounted to a reduction of $16,000 (2023: increase of $26,000) leading to 
a closing debt balance of $252,000 (2023: $326,000). See Note 32 for more details. 
The cash and cash equivalents including cash at bank and on hand in held for assets sale brought 
forward were $56,906,000 (2023: $60,361,000) with a net $10,472,000 inflow (2023: $3,455,000 
outflow) during the year and, therefore, a closing balance of $67,378,000 (2023: $56,906,000).  
Credit risk 
Credit risk refers to the risk that the Group’s financial assets will be impaired by the default of a 
third party. The Group is exposed to credit risk primarily on its cash and cash equivalents as set 
out in Note 26 and on its trade and other receivables as set out in Note 23. The Group sells a 
minimum of 95% of Kounrad’s copper cathode production to the offtake partner, which pays on 
the day of dispatch and, during the year, 100% of Sasa’s zinc and lead concentrate was sold to 
Traxys which assumes the credit risk.  
For banks and financial institutions, only parties with a minimum rating of BBB- are accepted. 85% 
of the Group’s cash and cash equivalents including restricted cash at the year end were held by 
banks with a minimum credit rating of A- (2023: 92%). The rest of the Group’s cash was held 
with a mix of institutions with credit ratings between A and BBB- (2023: A and BBB+). The 
Directors have considered the credit exposures and do not consider that they pose a material risk 
at the present time. The credit risk for cash and cash equivalents is managed by ensuring that all 
surplus funds are deposited only with financial institutions with high-quality credit ratings. 
The expected credit loss for intercompany loans receivable is considered immaterial (Note 24).  
Interest rate risk 
The Group’s North Macedonian bank overdrafts denominated in Euros are payable at fixed 
interest rates ranging from 3.24% to 5.30%. Interest paid during the year amounted to $20,000 
(2023: $46,000). There is some interest rate risk exposure linked to US dollar interest-earning 
bank balances with variable rates. At 31 December 2024, if interest rates on variable interest 
earning US dollar bank balances had been 150 basis points higher/lower, profit after tax for the 
year would have been $677,000 higher/lower (2023: $577,000 higher/lower). The Directors 
consider that 150 basis points is the maximum likely change in interest rates over the next year, 
being the period up to the next point at which the Group expects to make these disclosures.  
Categories of financial instruments 
Financial assets  
 
Group 
Cash and receivables 
31 Dec 24  
$’000
31 Dec 23  
$’000 
Cash and cash equivalents including restricted cash (Note 26) 
67,645
57,150 
Trade and other receivables 
2,329
1,899 
 
69,974
59,049 
Trade and other receivables excludes prepayments and tax receivable as they are not considered 
financial instruments. All trade and other receivables are receivable within one year for both 
reporting years.  
Financial liabilities 
Group 
 
Measured at amortised cost 
31 Dec 24  
$’000
31 Dec 23  
$’000 
(restated)*
Trade and other payables within one year 
13,191
13,101 
Borrowings payable within one year (Note 32) 
252
326 
Share-based payment liability within one year 
8,635
10,206 
Lease liability within one year 
414
176 
Lease liability payable later than one year but not later than five years
1,056
1,325 
Share-based payment liability later than one year but not later than 
five years 
2,291
2,268 
 
25,839
27,402 
*  See Note 40 for details regarding the prior year restatement. 
Trade and other payables exclude the silver stream commitment, corporation tax, social security 
and other taxes as they are not considered financial instruments.  
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
5. Segment information 
The segment results for the year ended 31 December 2024 are as follows: 
 
Kounrad  
$’000 
Sasa
 $’000 
CAML X
 $’000
Unallocated
 $’000 
Total
$’000 
Revenue  
121,783 
92,658
–
–
214,441
Cost of sales  
(33,957) 
(74,844)
–
– (108,801)
EBITDA 
88,812 
32,248
(983)
(18,258)
101,819
Depreciation and amortisation 
(4,493) 
(22,140)
(35)
(420)
(27,088)
Foreign exchange gain/(loss) 
5,634 
157
(137)
(16)
5,638
Other income and losses, net  
395 
(515)
(1)
332
211
Fair value movement of share-based 
payment liability  
– 
–
–
(3,966)
(3,966)
Finance income  
14 
–
–
2,350
2,364
Finance costs  
(468) 
(1,626)
–
(98)
(2,192)
Share of post-tax loss of investment 
in equity accounted associate 
 
– 
–
–
(76)
(76)
Profit/(loss) before income tax 
89,894 
8,124
(1,156)
(20,152)
76,710
Income tax 
(23,934) 
(1,962)
–
–
(25,896)
Profit/(loss) for the year after tax 
from continuing operations 
65,960 
6,162
(1,156)
(20,152)
50,814
Loss from discontinued operations 
 
(183)
Profit for the year 
 
50,631
Depreciation and amortisation include $12,398,000 on the fair value uplift on the acquisition of 
Sasa and Kounrad. 
 
The segment results for the year ended 31 December 2023 are as follows: 
Kounrad
 $’000 
(restated)*
Sasa
 $’000 
(restated)*
Unallocated
 $’000 
(restated)* 
Total 
$’000 
(restated)* 
Revenue  
113,318
90,143
–
203,461 
Cost of sales  
(31,155)
(69,920)
–
(101,075) 
EBITDA  
82,308
35,663
(16,928) 
101,043 
Depreciation and amortisation
(4,168)
(23,672)
(352) 
(28,192) 
Foreign exchange loss
(2,819)
(453)
(106) 
(3,378) 
Other income and losses, net 
75
–
–
75 
Fair value movement of share-based 
payment liability 
–
–
 
(4,803) 
(4,803) 
Finance income  
14
–
1,978
1,992 
Finance costs  
(430)
(1,372)
(50) 
(1,852) 
Profit/(loss) before income tax  
74,980
10,166
(20,261) 
64,885 
Income tax  
(24,866)
(2,837)
–
(27,703) 
Profit for the year after tax from continuing 
operations  
50,114
7,329
(20,261) 
37,182 
Loss from discontinued operations 
(63) 
Profit for the year  
37,119 
Depreciation and amortisation include $15,057,000 on the fair value uplift on the acquisition 
of Sasa and Kounrad. A reconciliation between profit for the year and EBITDA is presented in the 
Financial Review section. Group segment assets and liabilities for the year ended 31 December 
2024 are as follows: 
Segment assets 
Additions to  
non-current assets 
Segment liabilities 
31 Dec 24
 $’000 
31 Dec 23
 $’000 
31 Dec 24
 $’000 
31 Dec 23
 $’000 
31 Dec 24 
 $’000  
31 Dec 23 
 $’000 
(restated)*
Kounrad  
61,149
72,097
2,952
4,389
(15,919) 
(17,570) 
Sasa 
315,012
342,197
24,444
22,066
(54,342) (56,054) 
CAML X 
581
–
240
–
(114) 
– 
Investment in equity 
accounted associate 
(Aberdeen minerals) 
3,775
–
–
–
– 
– 
Held for sale assets (Note 22)
61
76
–
–
(24) 
(94) 
Unallocated including 
corporate  
59,714
47,818
28
2,092
(18,181) (20,887) 
 
440,292
462,188
27,664
28,547
(88,580) (94,605) 
*  See Note 40 for details regarding the prior year restatement. 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
6. Revenue  
Group 
 
2024
$’000
2023
$’000 
(restated)*
International customers (Europe) – copper cathode 
124,757
116,086
International customers (Europe) – zinc and lead concentrate (including 
silver by-product) 
91,328
88,844
Domestic customers (Kazakhstan) – copper cathode
–
237
International customers (Europe) – silver stream arrangement 
2,285
2,249
Less: Offtake buyers’ fees 
(3,929)
(3,955)
Revenue 
214,441
203,461
*  See Note 40 for details regarding the prior year restatement.  
Kounrad 
The Group sells and distributes its copper cathode product primarily through an offtake 
arrangement with Traxys. The offtake arrangements are for a minimum of 95% of the SX-EW 
plant’s output. Revenue is recognised at the Kounrad site gate when the goods have been 
delivered in accordance with the contractual delivery terms.  
The offtake agreement provides for the option of provisional pricing, ie the selling price is subject 
to final adjustment at the end of the quotation period based on the average price for the month 
following delivery to the buyer. The Group may mitigate commodity price risk by fixing the price in 
advance for its copper cathode sales with the offtake partner. 
The costs of delivery to the end customers have been effectively borne by the Group through 
means of an annually agreed buyer’s fee, which is deducted from the selling price. 
During 2024, the Group sold 13,521 tonnes (2023: 13,658 tonnes) of copper through the offtake 
arrangements. Some of the copper cathodes are also sold locally, and during 2024, nil tonnes 
(2023: 29 tonnes) were sold to local customers.  
Sasa  
The Group sells Sasa’s zinc and lead concentrate product to smelters through an offtake arrangement 
with Traxys. The commitment is for 100% of the Sasa concentrate production. The agreements with 
the smelters provide for provisional pricing, ie the selling price is subject to final adjustment at the end 
of the quotation period based on the average price for the month, two months or three months 
following delivery to the buyer and subject to final adjustment for assaying results.  
The Group sold 15,839 tonnes (2023: 17,113 tonnes) of payable zinc in concentrate and 25,560 
tonnes (2023: 26,298 tonnes) of payable lead in concentrate.  
The revenue arising from the silver stream arrangement with Osisko is where the Group has 
agreed to sell all of its refined silver at approximately $6 per ounce for the life of the mine, 
significantly below market value and arising from the silver stream commitment inherited on 
acquisition (Note 31). 
7. Cost of sales  
Group 
2024 
$’000 
2023 
$’000 
(restated)*
Reagents, electricity and materials
30,079 
26,622 
Depreciation and amortisation 
26,269 
27,443 
Silver stream commitment (Note 31) 
(984) 
(1,136) 
Royalties  
12,722 
12,692 
Employee benefit expense
23,102 
20,674 
Open market silver purchases to fulfil silver stream commitment   
10,055 
8,181 
Consulting and other services
6,976 
6,085 
Taxes and duties 
582 
514 
108,801 
101,075 
*  See Note 40 for details regarding the prior year restatement.  
8. Distribution and selling costs  
Group 
2024 
$’000 
2023 
$’000 
Freight costs 
1,856 
2,169 
Transportation costs 
26 
28 
Depreciation and amortisation 
1 
5 
Materials and other forwarding expenses 
259 
642 
2,142 
2,844 
The above distribution and selling costs are those incurred at Kounrad and Sasa in addition to the 
costs associated with the offtake arrangements.  
9. Administrative expenses  
Group 
2024 
$’000 
2023 
$’000 
(restated)*
Employee benefit expense 
13,569 
12,139 
Consulting and other services 
11,514 
10,730 
Auditors’ remuneration (Note 11) 
707 
574 
Office-related and travel costs 
1,815 
2,089 
Taxes and duties 
344 
415 
Depreciation and amortisation 
818 
744 
Total from continuing operations 
28,767 
26,691 
Total from discontinued operations (Note 22)  
162 
382 
 
28,929 
27,073 
*  See Note 40 for details regarding the prior year restatement.  
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
10. Other income and losses, net 
Group 
2024
$’000
2023
$’000
Other (losses)/income, net 
(125)
75
Changes in the fair value of the warrants at FVTPL (Note 21) 
336
–
 
211
75
11. Auditors’ remuneration 
During the year, the Group obtained the following services from the Company’s Auditor and their 
associates: 
Group 
2024
$’000
2023
$’000
Fees payable to BDO LLP the Company’s Auditors for the audit of the 
parent company and consolidated financial statements 
373
297
Fees payable to BDO LLP the Company’s Auditor and their associates 
for the audit of the Company’s subsidiaries:  
‣ The audit of Company’s subsidiaries 
240
208
Fees payable to BDO LLP the Company’s Auditor and their associates 
for other services:  
‣ Audit-related services: Interim review 
74
69
‣ Non-audit services  
20
–
 
707
574
12. Employee benefit expense  
The aggregate remuneration of staff, including Directors, was as follows: 
Group 
2024
$’000
2023
$’000
Wages and salaries 
27,110
24,689
Social security costs and similar taxes 
3,624
2,846
Staff healthcare and other benefits  
3,890
3,668
Other pension costs 
4,545
4,158
Fair value movement of share-based payment liability
3,966
4,803
Total for continuing operations 
43,135
40,164
Total for discontinuing operations (Note 22) 
75
75
 
43,210
40,239
The total employee benefit expense includes an amount of $2,497,000 (2023: $2,548,000), 
which has been capitalised within property, plant and equipment. 
Company 
2024 
$’000 
2023 
$’000 
(restated)*
Wages and salaries
7,396 
6,961 
Social security costs
1,532 
1,016 
Staff healthcare and other benefits 
201 
584 
Other pension costs
165 
145 
Fair value movement of share-based payment liability
3,966 
4,803 
 
13,260 
13,509 
*  See Note 40 for details regarding the prior year restatement.  
Key management remuneration is disclosed in the Remuneration Committee Report.  
13. Monthly average number of people employed 
Group 
2024 
Number 
2023 
Number 
Operational  
969 
962 
Management and administrative  
190 
180 
 
1,159 
1,142 
The monthly average number of staff employed by the Company during the year was 21 
(2023: 20). 
14. Finance income  
Group 
2024 
$’000 
2023 
$’000 
Bank interest received  
2,364 
1,992 
 
2,364 
1,992 
15. Finance costs 
Group 
2024 
$’000 
2023 
$’000 
Provisions: unwinding of discount (Note 33)
2,020 
1,707 
Interest on borrowings (Note 32)
20 
46 
Lease interest expense and bank charges  
152 
99 
2,192 
1,852 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
16. Income tax 
Group 
2024
$’000
2023
$’000
Current tax on profits for the year  
22,014
19,150
Withholding tax on intercompany dividend distributions  
5,145
7,547
Deferred tax (credit)/debit (Note 38) 
(1,263)
1,006
Income tax expense 
25,896
27,703
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using 
the weighted average tax rate applicable to profits of the consolidated entities is as follows: 
 
Group 
2024
$’000
2023
$’000 
(restated)*
Profit before income tax  
76,710
64,885
Tax calculated at domestic tax rates applicable to profits in the 
respective countries  
14,887
12,202
Tax effects of:  
Expenses not deductible for tax purposes 
5,417
5,112
Withholding tax on intercompany dividend distributions  
5,145
7,547
Deferred income tax (credit)/debit (Note 38) 
(1,263)
1,006
Movement on unrecognised deferred tax – tax losses 
1,710
1,836
Income tax expense  
25,896
27,703
*  See Note 40 for details regarding the prior year restatement.  
Taxation for each jurisdiction is calculated at the rates prevailing in the respective jurisdictions. 
Corporate income tax is calculated at 25% (2023: 23.5%) of the assessable profit for the year for 
the UK parent company, 20% for the operating subsidiaries in Kazakhstan (2023: 20%) and 10% 
(2023: 10%) for the operating subsidiaries in North Macedonia. The payment of 10% withholding 
tax on intercompany dividends from Kazakhstan was introduced from 1 January 2023.   
Expenses not deductible for tax purposes includes share-based payment charges, transfer pricing 
adjustments in accordance with local tax legislation, impairment and depreciation and 
amortisation charges.  
Deferred tax assets have not been recognised on tax losses primarily at the parent company as it 
remains uncertain whether this entity will have sufficient taxable profits in the future to utilise 
these losses.  
17. Earnings/(loss) per share 
(a) Basic 
Basic earnings/(loss) per share (EPS) is calculated by dividing the profit/(loss) attributable to 
owners of the Company by the weighted average number of Ordinary Shares in issue during 
the year. The calculation excludes Ordinary Shares purchased by the Company and held as 
treasury shares and the Ordinary Shares held by the EBT, except for jointly owned EBT shares 
which are included (Note 27).   
Group 
2024
$’000
2023 
$’000 
(restated)*
Profit from continuing operations attributable to owners 
of the parent  
51,045
37,114 
Loss from discontinued operations attributable to owners 
of the parent 
(183)
(63) 
Profit attributable to owners of the parent  
50,862
37,051 
 
 
2024
No.
2023 
No. 
(restated)*
Weighted average number of Ordinary Shares in issue 
176,645,177
181,904,941 
 
 
2024
$ cents
2023 
$ cents 
(restated)*
Earnings/(loss) per share from continuing and discontinued 
operations attributable to owners of the parent during the 
year (expressed in $ cents per share) 
 
From continuing operations 
28.90
20.40 
From discontinued operations
(0.10)
(0.03) 
From profit for the year 
28.80
20.37 
*  See Note 40 for details regarding the prior year restatement.  
 
 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
17. Earnings/(loss) per share continued 
b) Diluted 
The diluted earnings/(loss) per share is calculated by adjusting the weighted average number 
of Ordinary Shares outstanding after assuming the conversion of all outstanding granted 
share options including the amount of additional share options for dividends declared on those 
outstanding (Note 29). Additionally, for the share-based payments treated as cash-settled under 
IFRS 2, the numerator has been adjusted for the amount in the income statement that would not 
have been recognised in the income statement had the arrangement been classified wholly as an 
equity instrument (as if the arrangement was treated as equity-settled). 
Group 
2024
$’000
2023
$’000 
(restated)*
Profit from continuing operations attributable to owners 
of the parent  
51,045
37,114
Loss from discontinued operations attributable to owners 
of the parent 
(183)
(63)
Profit attributable to owners of the parent  
50,862
37,051
Adjusted for: 
‣ Adjustment to profit if share options were equity settled  
(1,019)
263
Profit attributable to owners of the parent for diluted EPS 
49,843
37,314
*  See Note 40 for details regarding the prior year restatement. 
 
2024
No.
2023
No
Weighted average number of Ordinary Shares in issue 
176,645,177
181,904,941
Adjusted for: 
‣ Share options  
9,013,024
8,399,686
Weighted average number of Ordinary Shares for diluted 
EPS 
185,658,201
190,304,627
 
Diluted earnings/(loss) per share 
2024 
$ cents
2023 
$ cents
From continuing operations 
26.94
19.64
From discontinued operations 
(0.10)
(0.03)
From profit for the year 
26.84
19.61
 
18. Property, plant and equipment 
Group 
Construction 
in progress 
$’000
Plant and 
equipment 
$’000
Mining 
assets
$’000
Motor 
vehicles, 
office 
equipment 
and right-
of-use 
assets 
$’000
Land
$’000
Mineral  
rights 
$’000 
Total  
$’000 
Cost  
 
 
 
 
 
 
 
At 1 January 2023 
16,005
164,593
1,175
2,944
590
329,961 
515,268 
Additions 
26,235
82
–
2,176
–
– 
28,493 
Disposals 
–
(412)
–
(1,398)
–
– 
(1,810) 
Change in estimate – 
asset retirement 
obligation (Note 33) 
–
3,687
–
–
–
– 
3,687 
Transfers 
(29,713)
29,080
–
633
–
– 
– 
Exchange differences 
511
3,040
22
38
22
7,329 
10,962 
At 31 December 2023 
13,038 200,070
1,197
4,393
612 337,290 556,600 
Additions 
26,786
80
–
340
–
– 
27,206 
Disposals 
–
(163)
(1)
(88)
–
– 
(252) 
Change in estimate – 
asset retirement 
obligation (Note 33) 
–
(576)
–
–
–
 
– 
(576) 
Transfers 
(12,866)
12,629
–
237
–
– 
– 
Exchange differences 
(1,239)
(11,168)
(158)
(270)
(34)
(10,920) (23,789) 
At 31 December 2024 
25,719 200,872
1,038
4,612
578 326,370 559,189 
 
 
 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
18. Property, plant and equipment continued 
Group 
Construction 
in progress  
$’000 
Plant and  
equipment  
$’000 
Mining 
assets
$’000
Motor 
vehicles 
and right-
of-use 
assets 
$’000
Land
$’000
Mineral 
rights
$’000
Total 
$’000
Accumulated depreciation  
and impairment 
At 1 January 2023 
– 
72,016 
580
2,161
–
118,314
193,071
Provided during the 
year 
– 
12,576 
90
641
–
13,298
26,605
Transfers 
– 
(277) 
–
277
–
–
–
Disposals 
– 
(204) 
–
(1,375)
–
–
(1,579)
Exchange differences 
– 
354 
11
17
–
–
382
At 31 December 2023 
– 
84,465 
681
1,721
–
131,612 218,479
Provided during the 
year 
– 
14,109 
39
728
–
10,685
25,561
Disposals 
– 
(98) 
–
(79)
–
–
(177)
Exchange differences 
– 
(3,160) 
(94)
(164)
–
–
(3,418)
At 31 December 2024 
– 
95,316 
626
2,206
–
142,297 240,445
Net book value at 
31 December 2023 
13,038 
115,605 
516
2,672
612
205,678
338,121
Net book value at 
31 December 2024 
25,719 105,556 
412
2,406
578 184,073 318,744
 
 
Motor vehicles and right-of-use assets 
Company 
Leasehold 
improvements 
$’000
Right-of-use 
assets 
$’000
Office 
equipment 
$’000
Total 
$’000
Cost  
 
 
 
 
At 1 January 2023 
232
814
372
1,418
Additions 
347
1,516
159
2,022
Disposals 
(232)
(814)
(293)
(1,339)
At 31 December 2023 
347
1,516
238
2,101
Additions 
–
–
28
28
Disposals 
–
(4)
(34)
(38)
At 31 December 2024 
347
1,512
232
2,091
 
 
Company 
Leasehold 
improvements 
$’000
Right-of-use 
assets 
$’000
Office 
equipment  
$’000 
Total  
$’000 
Accumulated depreciation  
and impairment 
 
 
At 1 January 2023 
206
685
343 
1,234 
Provided during the year 
45
273
35 
353 
Disposals 
(234)
(814)
(289) 
(1,337) 
At 31 December 2023 
17
144
89 
250 
Provided during the year 
69
306
46 
421 
Disposals 
–
–
(30) 
(30) 
At 31 December 2024 
86
450
105 
641 
Net book value at 31 December 2023 
330
1,372
149 
1,851 
Net book value at 31 December 2024 
261
1,062
127 
1,450 
 
The decrease in estimate in the asset retirement obligation of $576,000, in relation to both 
Kounrad and Sasa, is due to a combination of adjusting the provision recognised at the net 
present value of future expected costs using latest assumptions on inflation rates and discount 
rates as well as updating the provision for management’s best estimate of the timing of costs that 
will be incurred based on current contractual and regulatory requirements (Note 33).  
During the year, there were total disposals of property, plant and equipment at a cost of $252,000 
(2023: $1,810,000) with accumulated depreciation of $177,000 (2023: $1,579,000). The Group 
received $66,000 (2023: $27,000) consideration for these assets and, therefore, a loss of $9,000 
was recognised (2023: loss of $204,000).  
Amounts recognised in the income statement 
The income statement shows the following amounts relating to leases – depreciation charge 
right-of-use assets:  
Group Depreciation charge of right-of-use assets 
2024 
 $’000 
2023 
 $’000 
Office
342 
366 
Other 
55 
30 
Total depreciation 
397 
396 
Interest expense included in finance costs 
106 
50 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
19. Intangible assets 
Group 
Goodwill 
$’000 
Mining 
licences and 
permits
$’000
Computer
software and 
website
$’000
 
Exploration 
and 
evaluation 
$’000
Total
$’000
Cost  
 
At 1 January 2023 
28,336 
33,370
389
–
62,095
Additions  
– 
–
54
–
54
Exchange differences 
132 
571
3
–
706
At 31 December 2023 
28,468 
33,941
446
–
62,855
Additions  
– 
–
26
432
458
Disposals 
– 
–
(1)
–
(1)
Exchange differences 
(994) 
(2,262)
(13)
(17)
(3,286)
At 31 December 2024 
27,474 
31,679
458
415
60,026
Accumulated amortisation and 
impairment 
 
At 1 January 2023 
20,921 
14,320
302
–
35,543
Provided during the year 
– 
1,778
47
–
1,825
Exchange differences 
– 
62
–
–
62
At 31 December 2023 
20,921 
16,160
349
–
37,430
Provided during the year 
– 
1,739
59
–
1,798
Disposals 
– 
–
(1)
–
(1)
Exchange differences 
– 
(564)
(8)
–
(572)
At 31 December 2024 
20,921 
17,335
399
–
38,655
 
 
Net book value at 31 December 2023 
7,547 
17,781
97
–
25,425
Net book value at 31 December 
2024 
6,553 
14,344
59
415
21,371
The Company has nil intangible assets at net book value as at 31 December 2024 (2023: nil). 
Impairment assessment  
In accordance with IAS 36 ‘Impairment of Assets’ and IAS 38 ‘Intangible Assets’, a review 
for impairment of goodwill and long-lived assets is undertaken at each year end or at any time an 
indicator of impairment is considered to exist. When undertaken, an impairment review is 
completed for each CGU. A CGU is the smallest identifiable group of assets that generates cash 
inflows that are largely independent of the cash inflows from other assets or groups of assets. 
The recoverable amount of the CGU is assessed by reference to the higher of value in use (VIU), 
being the net present value (NPV) of future cash flows expected to be generated by the asset, 
and fair value less costs to dispose (FVLCD). The FVLCD is considered to be higher than VIU and 
has been derived using discounted cash flow techniques (NPV of expected future cash flows of a 
CGU), which incorporate market participant assumptions. Cost to dispose is based on 
management’s best estimates of future selling costs at the time of calculating FVLCD. Costs 
attributable to the disposal of the CGU’s are not considered significant. The methodology used for 
the fair value is a level 3 valuation. 
The discount rate applied to calculate the present value is based upon the nominal weighted 
average cost of capital applicable to the CGU. The discount rate reflects equity risk premiums 
over the risk-free rate, the impact of the remaining economic life of the CGU and the risks 
associated with the relevant cash flows based on the country in which the CGU is located. These 
risk adjustments are based on observed equity risk premiums, country risk premiums and average 
credit default swap spreads for the period.  
The valuation models use a combination of internal sources and those inputs available to a 
market participant, which comprise the most recent reserve and resource estimates, relevant 
cost assumptions and, where possible, market forecasts of commodity price and foreign 
exchange rate assumptions and discount rates.  
The valuations generally remain most sensitive to price and a deterioration/improvement in the 
pricing outlook may result in additional impairments/reversals.  
Kounrad project  
The Kounrad project, located in Kazakhstan, has an associated goodwill balance of $6,553,000 
(2023: $7,547,000), the movement being solely due to foreign exchange differences.  
The Kounrad cash flows have been projected until 2034, the remaining life of operation, and the 
key economic assumptions used in the review were a five-year forecast average nominal copper 
price of $9,877 per tonne (2023: $8,696 per tonne) and a long-term price of $9,364 per tonne 
(2023: $8,444 per tonne) based on market consensus prices and a discount rate of 8.07% 
(2023: 8.07%) as well as market inflation rates. Assumptions in relation to operational and capital 
expenditure are based on the latest budget approved by the Board. The climate change impacts 
are also considered including potential impact of regulatory changes and physical risks to assets 
such as consideration of the impact on the Group asset retirement obligations. 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
19. Intangible assets continued 
The carrying value of the assets is not currently sensitive to any reasonable changes in key 
assumptions to the fair value of the project. It would require a reduction of 69% in the copper 
price or an increase of 336% in operating costs for the financial model to trigger any potential 
impairment. Management concluded that the net present value of the asset is significantly 
in excess of the net book value of assets, and, therefore, no impairment has been identified. 
The Group has measured the FVLCD using various fair value measurements obtaining inputs 
from market data. It has used quoted prices (level 1) inputs for its commodity price assumptions, 
inflation rates, exchange rates and discount rate. The treatment charges have been forecast over 
life of mine using assumptions based on market data (level 2). 
At the balance sheet date, the Board considers the base case forecasts to be appropriate and 
balanced best estimates. 
Sasa project 
The Sasa project CGU comprises of the goodwill and property, plant and equipment. During 2022, 
the goodwill balance of the Sasa project was impaired to nil and the mineral rights were impaired 
by $34,195,000. The business combination in 2017 was accounted for at fair value under IFRS 3, 
and recoverable value is sensitive to changes in commodity prices, operational performance, 
treatment charges, future cash costs of production and capital expenditure. 
The expected future cash flows utilised in the FVLCD model used for the 2022 impairment test 
were derived from estimates of projected future revenues based on broker consensus commodity 
prices, treatment charges, future cash costs of production and capital expenditures contained in 
the life of mine (LoM) plan. The Group’s discounted cash flow analysis reflected Probable 
Reserves as well as Indicated Resources and certain inferred resources, which were considered 
sufficiently certain and economically viable, and was based on detailed research, analysis and 
modelling. The forecast operational and capital expenditure reflected the transition of mining 
method from sub-level caving to cut-and-fill and long-hole stoping. The climate change impacts 
were also considered including potential impact of regulatory changes and physical risks to 
assets such as consideration of the impact on the Group asset retirement obligations. 
In line with IAS 36, as at 31 December 2024, the Group has reviewed the indicators for 
impairment/reversal of impairment, including forecasted commodity prices, treatment charges, 
discount rates, operating and capital expenditure, foreign exchange rates and the mineral 
reserves and resources’ estimates.  
At the balance sheet date, there are no indicators of impairment or a reversal of impairment. 
20. Investments 
Shares in Group undertakings: 
Company 
31 Dec 24  
$’000 
31 Dec 23 
 $’000 
At 1 January / 31 December  
5,107 
5,107 
Investments in Group undertakings are recorded at cost, which is the fair value of the 
consideration paid, less impairment. 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
20. Investments continued 
Details of the Company holdings consolidated in the financial statements are included in the table 
below: 
Subsidiary 
Registered office address 
Activity 
CAML %
 2024
Non-controlling 
interest % 
2024
CAML %
 2023
Date of incorporation 
CAML Exploration Limited 
16, Turkistan Street, Office 56 
Astana, District Esmil, Z05X0B4, Kazakhstan 
Exploration  
80
20
100
18 August 2023 
CAML KZ Limited 
Masters House, 107 Hammersmith Road,  
London, W14 0QH, United Kingdom 
Holding company 
100
–
100
28 June 2021 
CAML MK Limited  
Masters House, 107 Hammersmith Road,  
London, W14 0QH, United Kingdom 
Seller of zinc and lead 
concentrate 
100
–
100
5 September 2017 
CAML Limited 
Masters House, 107 Hammersmith Road,  
London, W14 0QH, United Kingdom 
Dormant company 
100
–
100
25 April 2023 
CMK Mining B.V.  
Prins Bernhardplein 200 1097 JB Amsterdam,  
The Netherlands 
Holding company 
100
–
100
30 June 2015 
CMK Europe SPLLC Skopje  
Ivo Lola Ribar no. 57-1/6, 1000 Skopje,  
North Macedonia  
Holding company 
100
–
100
10 July 2015 
Copper Bay Limited 
Masters House, 107 Hammersmith Road,  
London, W14 0QH, United Kingdom 
Holding company 
76
24
76
29 October 2010 
Copper Bay (UK) Ltd 
Masters House, 107 Hammersmith Road,  
London, W14 0QH, United Kingdom 
Dormant company 
76
24
76
9 November 2011 
Copper Bay Chile Limitada 
Ebro 2740, Oficina 603, Las Condes,  
Santiago, Chile 
Holding company 
76
24
76
12 October 2011 
Minera Playa Verde Limitada 
Ebro 2740, Oficina 603, Las Condes,  
Santiago, Chile 
Exploration – Copper 
76
24
76
20 October 2011 
Kounrad Copper Company LLP 
Business Centre No. 2, 4 Mira Street,  
Balkhash, Kazakhstan 
Kounrad project  
(SX-EW plant) 
100
–
100
29 April 2008 
Rudnik SASA DOOEL Makedonska Kamenica 
28 Rudarska Str, Makedonska Kamenica, 2304,  
North Macedonia 
Sasa project 
100
–
100
22 June 2005 
Sary Kazna LLP 
Business Centre No. 2, 4 Mira Street,  
Balkhash, Kazakhstan 
Kounrad project (SUC 
operations) 
100
–
100
6 February 2006 
Details of the Company holdings that are not consolidated in the financial statements are: 
Ken Shuak LLP 
Business Centre No. 2, 4 Mira Street,  
Balkhash, Kazakhstan 
Shuak project (exploration) 
10
90
10
5 October 2016 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
20. Investments continued 
CAML MK Limited  
For the year ended 31 December 2024, CAML MK Limited (registered number: 10946728) 
has opted to take advantage of a statutory exemption from audit under section 479A of the 
Companies Act 2006 relating to subsidiary companies. The members of CAML MK Limited have 
not required it to obtain an audit of their financial statements for the year ended 31 December 
2024. In order to facilitate the adoption of this exemption, Central Asia Metals plc, the parent 
company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C 
of the Companies Act 2006 in respect of CAML MK Limited. 
CAML KZ Limited  
For the year ended 31 December 2024, CAML KZ Limited (registered number: 13479896) has 
opted to take advantage of a statutory exemption from audit under section 479A of the 
Companies Act 2006 relating to subsidiary companies. The members of CAML KZ Limited have 
not required it to obtain an audit of their financial statements for the year ended 31 December 
2024. In order to facilitate the adoption of this exemption, Central Asia Metals plc, the parent 
company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C 
of the Companies Act 2006 in respect of CAML KZ Limited. 
Copper Bay Limited 
In February 2025, the Company agreed the sale of its 76% equity interest in Copper Bay Limited 
and its subsidiaries. The whole consideration is contingent on the potential future production of 
copper.  Completion of the sale is expected in March 2025.  
Non-controlling interest 
Group 
31 Dec 24
$’000
31 Dec 23
$’000
Balance at 1 January  
1,254
1,322
Loss/(profit) attributable to non-controlling interests 
231
(68)
Balance at 31 December 
1,485
1,254
Non-controlling interests were held at year end by third parties in relation to CAML Exploration 
Limited, Copper Bay Limited, Copper Bay (UK) Limited, Copper Bay Chile Limitada and Minera 
Playa Verde Limitada.  
21. Investment in equity accounted associate 
On 31 May 2024, CAML invested $3,851,000 (£3.0 million) in Aberdeen Minerals Ltd (Aberdeen), 
acquiring a 28.7% shareholding, which has since been reduced to 28.4% by the exercise of 
warrants held by other Aberdeen shareholders. The carrying amount includes professional fees of 
$95,000 directly attributable to the acquisition capitalised as part of the investment cost. 
This investment has been accounted for using the equity method as set out in the Group’s 
accounting policies in Note 2.  
 
% of ownership interest 
Carrying amount 
Name of entity 
Country of incorporation/principal 
place of business 
31 Dec 24
% 
31 Dec 23
% 
31 Dec 24 
 $’000  
31 Dec 23 
 $’000  
Aberdeen Minerals Ltd 
United Kingdom 
28.4
–
3,775 
– 
The primary business of Aberdeen is the carrying out mineral exploration for battery metals in 
north east Scotland, with a particular focus on nickel, copper and cobalt. 
Group and Company 
31 Dec 24 
$’000 
Investment recognised at cost 
3,851 
Share of post-tax loss of investment in equity accounted associate 
(76) 
Carrying amount of the Group’s investment in equity accounted associate 
3,775 
The summarised financial information, prepared in accordance with IFRS, in respect of Aberdeen 
is as follows: 
Assets and liabilities 
31 Dec 24 
$’000 
Non-current assets 
1,371 
Current assets 
3,220 
Current liabilities 
(189) 
Non-current liabilities 
(140) 
Net assets 
4,262 
Company’s share of net assets 
1,211 
 
Income statement 
9 months to  
31 Dec 24 
$’000 
Losses 
(264) 
Company’s share of losses 
(76) 
Aberdeen has a year end of 31 March and this reporting date was established when the company 
was incorporated. The financial information for 31 December has been reviewed and appropriate 
adjustments have been made to capatilise exploration costs in accordance with the Group’s 
accounting policies. 
Financial assets at FVTPL  
As part of the investment in Aberdeen, CAML was issued warrants to subscribe for an additional 
18,181,818 ordinary shares in Aberdeen at an exercise price of 11 pence per share. These warrants 
are classified as financial assets measured at FVTPL. The fair value of these instruments has been 
determined at date of issue using the Black-Scholes valuation model, incorporating the probability 
of various outcome scenarios and is categorised as a level 3 measurement and subsequently 
revalued at year end.  
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
21. Investment in equity accounted associate continued 
Subsequent to initial recognition, the warrant is remeasured at fair value at each reporting date. 
The fair value valuation has resulted in the recognition of a financial asset of $336,000 at year 
end and a corresponding gain in other income and losses of $336,000 in the income statement 
(Note 10).  
22. Held for sale assets 
Post year end, the Company agreed the sale of the share capital of Copper Bay Limited. 
Accordingly, the assets and liabilities of the Copper Bay entities are presented as held for sale in 
the statement of financial position. The exploration assets and property, plant and equipment held 
in Copper Bay were fully written off in prior years. The results of the Copper Bay entities for the 
year ended 31 December 2024 and the comparative year ended 31 December 2023 are shown 
within discontinued operations in the consolidated income statement.  
Assets of disposal group classified as held for sale: 
Group 
31 Dec 24 
$’000
31 Dec 23 
$’000
Cash and cash equivalents 
60
74
Trade and other receivables 
1
2
 
61
76
Liabilities of disposal group classified as held for sale: 
 
 
 
 
Group 
 31 Dec 24 
 $’000
 31 Dec 23 
$’000
Trade and other payables 
24
94
24
94
During the year the following have been recognised in discontinued operations: 
Loss from discontinued operations: 
Group 
2024
$’000
2023
$’000
General and administrative expenses 
(162)
(382)
Foreign exchange (loss)/gain 
(21)
319
Loss from discontinued operations 
(183)
(63)
Cash flows of disposal group classified as held for sale: 
Group 
2024
$’000
2023
$’000
Operating cash flows  
(14)
11
Total cash flows 
(14)
11
23. Trade and other receivables 
Group 
Company 
31 Dec 24 
$’000
31 Dec 23 
$’000 
(restated)*
31 Dec 24  
$’000 
31 Dec 23  
$’000 
(restated)** 
Current receivables 
 
 
Receivable due from subsidiary  
–
–
651 
681 
Trade receivables  
1,873
1,449
– 
– 
Prepayments 
2,379
1,677
354 
342 
Accrued income 
832
651
– 
– 
VAT receivable  
2,190
1,247
238 
184 
Other receivables  
456
450
192 
208 
 
7,730
5,474
1,435 
1,415 
Non-current receivables  
 
 
Prepayments 
2,947
9,326
– 
– 
VAT receivable  
3,669
4,475
– 
– 
 
6,616
13,801
– 
– 
*  In accordance with IAS 1 paragraph 54, the Group has reclassified the 31 December 2023 income tax receivable 
balance of $6,750,000 from trade and other receivables and it is now presented separately on the statement of 
financial position.  
** The Company has reclassified the 31 December 2023 loans due from subsidiary from trade and other 
receivables and it is now presented separately as loans due from subsidiary on the statement of financial 
position. 
The carrying value of all the above receivables is a reasonable approximation of fair value. There 
are no amounts past due at the end of the reporting period that have not been impaired apart 
from the VAT receivable balance as explained below. Trade and other receivables are accounted 
for under IFRS 9 using the expected credit loss model and are initially recognised at fair value and 
subsequently measured at amortised cost less any allowance for expected credit losses. No 
expected credit losses have been recognised. 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
23. Trade and other receivables continued 
As at 31 December 2024, the total Group VAT receivable was $5,859,000 (2023: $5,722,000), 
which included a non-current amount of $3,669,000 (2023: $4,475,000) of VAT owed to the 
Group by the Kazakhstan authorities. The Group considers that the amount is fully recoverable 
under the Kazakhstan tax legislation and the Group is working closely with its advisers to recover 
the remaining portion. The planned means of recovery will be through a combination of the local 
sales of cathode copper to offset VAT recoverable and by a continued dialogue with the 
authorities for cash recovery and further offsets.  
Non-current prepayments primarily consist of prepaid capital expenditure on the Sasa Dry Stack 
Tailings Project.  
24. Loans due from subsidiary 
 
Company 
31 Dec 24 
$’000
31 Dec 23 
$’000 
(restated)*
Current receivables 
Loans due from subsidiary 
22,094
10,100
 
22,094
10,100
Non-current receivables  
Loans due from subsidiary 
263,210
282,244
 
263,210
282,244
*  The Company has reclassified the 31 December 2023 loans due from subsidiary from trade and other 
receivables and it is now presented separately in loans due from subsidiary. 
Loans due from subsidiary are accounted for under IFRS 9 using the expected credit loss model 
and are initially recognised at fair value and subsequently measured at amortised cost less any 
allowance for expected credit losses. 
There are two loans due from subsidiaries. One loan is due from CAML MK Limited, a directly 
owned subsidiary for $283,743,000 (2023: $292,142,000), which accrues interest at a rate of 
2.25% per annum (2023: 2.25%). There is another loan due from CAML Exploration Limited, a 
directly owned subsidiary, for $1,561,000 (2023: $202,000), which accrues interest at a rate of 
6.90% per annum (2023: 6.90%) and is repayable on demand. The loans have been assessed for 
expected credit loss under IFRS 9; however, as the Group’s strategies are aligned, there is no 
realistic expectation that repayment would be demanded early ahead of the current repayment 
plans. The expected future cash flows arising from the asset exceed the intercompany loan value 
under various scenarios considered, which are outlined in the intangible assets impairment 
assessment. The Company considers these loans to be recoverable and any expected credit loss 
to be immaterial. 
25. Inventories 
 
Group
31 Dec 24  
$’000 
31 Dec 23 
$’000 
Raw materials and consumables 
11,471 
12,955 
Finished goods 
1,046 
1,924 
 
12,517 
14,879 
The Group recognises all inventory at the lower of cost and net realisable value. There were 
write-offs to the income statement during the year totalling $224,000 (2023: nil) for defective 
consumables inventory. The total inventory recognised through the income statement was 
$6,285,000 (2023: $7,697,000). 
26. Cash and cash equivalents and restricted cash  
Group 
Company 
31 Dec 24
 $’000 
31 Dec 23
 $’000 
31 Dec 24 
 $’000  
31 Dec 23 
 $’000  
Cash at bank and on hand
67,318
56,832
57,400 
45,326 
Cash and cash equivalents 
67,318
56,832
57,400 
45,326 
Restricted cash 
327
318
– 
– 
Total cash and cash equivalent including 
restricted cash 
67,645
57,150
57,400 
45,326 
The restricted cash amount of $327,000 (2023: $318,000) is held at bank to cover Kounrad 
subsoil user licence requirements.  
The Group holds an overdraft facility in North Macedonia, and these amounts are disclosed in 
Note 32. 
Reconciliation to cash flow statements 
The above figures reconcile to the amount of cash shown in the statement of cash flows at the 
end of the financial year as follows:  
Group 
31 Dec 24  
$’000 
 31 Dec 23 
 $’000 
Cash and cash equivalents as above (excluding restricted cash) 
67,318 
56,832 
Cash at bank and on hand in held for sale assets (Note 22) 
60 
74 
Balance per statement of cash flows 
67,378 
56,906 
 
 
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NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
27. Share capital and premium 
Group and Company 
Number of 
shares
Ordinary 
Shares 
$’000
Share
premium
 $’000
Treasury 
shares 
$’000
At 1 January 2023 
182,098,266
1,821
205,437
(15,831)
Exercise of share options  
–
–
288
418
At 31 December 2023 
182,098,266
1,821
205,725
(15,413)
Exercise of share options  
–
–
100
1,528
At 31 December 2024 
182,098,266
1,821
205,825
(13,885)
The par value of Ordinary Shares is $0.01 per share and all shares are fully paid.  
The Company set up an Employee Benefit Trust (EBT) during 2009 for the purpose of satisfying 
awards granted under the Company’s Employee Share Plans (Note 29). In prior years, the 
Company issued and allotted Ordinary Shares to the trustee of the EBT.  The shares allotted to 
the EBT are treated as treasury shares and deducted from equity in the consolidated statement of 
financial position.  In addition, shares are held jointly with the Company’s EBT and certain 
employees under a joint share ownership plan.    
During the year, there was an exercise of share options by employees and Directors that was 
partly settled by selling treasury shares. The proceeds of disposal of treasury shares exceeded 
the purchase price by $100,000 (2023: $288,000) and has been recognised in share premium. 
The remaining share options exercises during the year were cash-settled amounting to 
$3,900,000 (2023: $1,394,000). 
Group and Company 
Treasury shares
No.
EBT shares
No.
EBT joint share 
ownership 
No.
At 1 January 2023 
471,647
5,691,150
2,239,602
Disposal of treasury shares 
(278,322)
–
–
At 31 December 2023 
193,325
5,691,150
2,239,602
Disposal of treasury shares 
–
(626,537)
–
At 31 December 2024 
193,325
5,064,613
2,239,602
28. Currency translation reserve  
Currency translation differences arose primarily on the translation on consolidation of the Group’s 
Kazakhstan-based and North Macedonian-based subsidiaries whose functional currency is the 
tenge and denar respectively. In addition, currency translation differences arose on the goodwill 
and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the 
Kounrad Transaction and CMK Resources acquisition, which are denominated in tenge and denar, 
respectively. During 2024, a non-cash currency translation loss of $27,261,000 (2023: gain of 
$12,925,000) was recognised within equity.  
29. Share-based payment liability 
The Company provides rewards to staff in addition to their salaries and annual discretionary 
bonuses, through the granting of share options in the Company. The Company share option 
scheme has an exercise price of effectively nil for the participants.  
The share options granted during 2012 until 2018 were based on the achievement by the Group 
and the participant, of the performance targets as determined by the CAML Remuneration-
Committee that are required to be met in year one, and, then options could be exercised one 
third annually from the end of year one. Options granted from 2012 to 2018 had straightforward 
conditions attached, have all vested and are valued at each reporting date using the Group share 
price at that date less the exercise price.  
Share options granted in 2019 vested after three years depending on the achievement by the 
Group of the performance target relating to the level of absolute total shareholder return 
compound annual growth rate of the value of the Company’s shares over the performance period 
of three financial years ending 31 December 2021.  
Share options granted in 2020 to 2024 vest after three years depending on a combination of the 
achievement by the Group of the performance target relating to the level of total shareholder 
return compound annual growth rate of the value of the Company’s shares over the performance 
period of three financial years relative to the constituents of a selected group mining index of 
companies as well as sustainability performance targets.  
The fair value at grant date of the 2019 to 2024 grants is independently determined using a 
Monte Carlo simulation model that takes into account the exercise price, the term of the option, 
the impact of dilution (where material), the share price at grant date and expected price volatility 
of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the 
option, and the correlations and volatilities of the share price.  
As at 31 December 2024, the share options granted in 2019, 2020 and 2021 (2023: 2019 and 
2020) have vested. These options are valued at year-end using the Group share price at that 
date, less the exercise price. As at 31 December 2024, the share options granted in 2022, 2023 
and 2024 (2023: 2022 and 2023) have not yet vested. These unvested options have been fair 
valued at the year-end using the Monte Carlo simulation model. 
Group and Company 
31 Dec 24 
$’000
31 Dec 23  
$’000 
Vesting period  
3 years 0 months 3 years 0 months 
Exercise price  
$0.01
$0.01 
Risk-free interest rate 
4.19%
3.36% 
Volatility 
3.81%
3.95% 
Share price at year end 
£1.57
£1.81 
The volatility was determined based on the length of the vesting period, which is three years, and 
the historical share price during this period at the date of valuation. Additionally, since the vesting 
conditions of the share options are based on CAML’s share price compared to the relative total 
shareholder return of constituents in a selected mining index, the model uses correlations of the 
share prices to assign a value to the share option. 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
130
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
29. Share-based payment liability continued 
As at 31 December 2024, 6,976,892 (2023: 6,425,720) options were outstanding. Share options 
are granted to Directors and selected employees.  
Movements in the number of share options outstanding and their related weighted average price 
are as follows: 
 
2024 
2023 
 
Average 
exercise 
 price in $ per 
share option
Options 
(number)
Average 
exercise 
price in $ per 
share option
Options 
(number)
At 1 January 
0.01
6,425,720
0.01
5,467,454
Granted 
0.01
2,012,034
0.01
1,748,642
Exercised 
0.01
(1,293,658)
0.01
(580,459)
Non-vesting 
0.01
(167,204)
0.01
(209,917)
At 31 December 
0.01
6,976,892
0.01
6,425,720
Non-vesting shares relate to options granted for which the performance targets were not met. 
Out of the outstanding options of 6,976,892 (2023: 6,425,720), 1,972,648 options (2023: 
2,285,498) were exercisable as at 31 December 2024 excluding the value of additional share 
options for dividends declared on those outstanding. The related weighted average share price at 
the time of exercise was $2.73 (2023: $2.63) per share. Share options exercised by the Directors 
during the year are disclosed in the Remuneration Committee Report.  
Share options outstanding at the end of the year have the following expiry date and 
exercise prices: 
Grant – vest 
Expiry date 
of option
Option
 exercise 
price $
2024
Options 
(number)
2023
Options 
(number)
24 Jul 13 
23 Jul 23
0.01
–
36,801
3 Jun 14 
2 Jun 24
0.01
–
93,064
8 Oct 14 
7 Oct 24
0.01
–
160,000
22 Apr 15 
21 Apr 25
0.01
212,121
212,121
18 Apr 16 
17 Apr 26
0.01
227,312
338,940
21 Apr 17 
20 Apr 27
0.01
168,279
279,763
2 May 18 
1 May 28
0.01
309,031
484,090
30 May 19 
29 May 29
0.01
273,340
349,269
16 Dec 20 
15 Dec 30
0.01
198,223
337,866
15 Jul 21 
14 Jul 31
0.01
584,341
974,392
22 Jun 22 
21 Jun 32
0.01
1,339,979
1,410,772
12 Apr 23 
11 Apr 33
0.01
1,652,232
1,748,642
9 Apr 24 
8 Apr 34
0.01
2,012,034
–
 
 
 
6,976,892
6,425,720
Effective 1 January 2023, the Group has modified its share-based payments from equity-settled 
to cash-settled. During 2023, the Company settled a number of awards in cash, which is deemed 
sufficient to have established a past practice of cash settlement under paragraph 41 of IFRS 2. 
The Group has made a restatement to the 2023 financial statements and a liability of $12,474,000 
has been recognised as at 31 December 2023,  reflecting the fair value of the cash-settled share-
based payments (See Note 40 for details). The changes in the fair value of the cash-settled 
share-based payments of $3,966,000 (2023: $4,803,000) has been reported within the 
consolidated income statement. 
Group and Company  
31 Dec 24 
$’000
31 Dec 23  
$’000 
Share-based payment liability 
10,926
12,474 
Classified as: 
 
Current 
8,635
10,206 
Non-current 
2,291
2,268 
The total intrinsic value at the end of 31 December 2024 for which the share options have vested 
is $6,165,088 (2023: $8,349,614) which includes the value of additional share options for 
dividends declared on those exercisable.  
During the year, the Group settled a number of share options as equity-settled. As a result, these 
share options were modified to equity-settled on the date of exercise, with a corresponding 
increase in share premium of $100,000 (2023: $288,000) and a reduction in treasury shares of 
$1,528,000 (2023: $418,000) following settlement. 
30. Trade and other payables 
Group 
Company 
31 Dec 24
$’000
31 Dec 23
$’000 
(restated)*
31 Dec 24
$’000
31 Dec 23 
$’000 
(restated)**
Trade and other payables 
7,403
5,473
280
462 
Accruals 
5,792
7,628
5,397
6,214 
Social security and other taxes  
3,978
4,164
282
294 
 
17,173
17,265
5,959
6,970 
*  In accordance with IAS 1 paragraph 54 the Group has reclassified the 31 December 2023 income tax payable 
balance of $62,000 from trade and other payables and it is now presented separately on the statement of 
financial position. 
** The Company has reclassified the 31 December 2023 loans due to subsidiary from trade and other payables and 
it is now presented in borrowings and loans due to subsidiary on the statement of financial position. 
The carrying value of all the above payables is equivalent to fair value. 
All Group and Company trade and other payables are payable within less than one year for both 
reporting periods. 
 
 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
131
Strategic report
Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
31. Silver stream commitment 
The carrying amounts of the silver stream commitment for silver delivery are as follows: 
 
Group 
Company 
 
31 Dec 24
$’000
31 Dec 23
$’000
31 Dec 24 
$’000
31 Dec 23 
$’000
Current  
1,082
1,002
–
–
Non-current  
14,978
16,042
–
–
 
16,060
17,044
–
–
On 1 September 2016, the CMK Group entered into a Silver Purchase Agreement. The CAML 
Group acquired this agreement as part of the acquisition of the CMK Group and inherited a silver 
stream commitment related to the production of silver during the life of the mine. The reduction in 
the silver stream commitment is recognised in the income statement within cost of sales as the 
silver is delivered based on the units of production and is updated to reflect the latest estimate of 
reserves.  
32. Borrowings and loans due to subsidiary 
 
Group 
Company 
 
31 Dec 24
$’000
31 Dec 23
$’000
31 Dec 24
$’000
31 Dec 23
 $‘000 
(restated)*
Current 
Bank overdrafts 
‣ Unsecured 
252
326
–
–
Loans due to subsidiary 
–
–
42,220
28,146
Total current 
252
326
42,220
28,146
*  The Company has reclassified the 31 December 2023 loans due to subsidiary from trade and other payables and 
it is now presented in borrowings and loans due to subsidiary on the statement of financial position. 
The movement on the overdrafts and loan due to subsidiary can be summarised as follows: 
Group 
Company 
31 Dec 24
$’000
31 Dec 23
$’000
31 Dec 24 
 $‘000 
31 Dec 23 
 $‘000 
(restated)*
Balance at 1 January  
326
1,390
28,146 
37,407 
Repayments of overdraft 
(58)
(1,090)
– 
– 
Advance of loan due to subsidiary 
–
–
71,500 
45,000 
Repayments of loan due to subsidiary 
–
–
(57,500) 
(54,000) 
Finance charge interest 
20
46
1,750 
1,052 
Interest paid 
(20)
(46)
(1,676) 
(1,313) 
Foreign exchange 
(16)
26
– 
– 
Balance at 31 December 
252
326
42,220 
28,146 
 
Group 
During the year, overdrafts of $58,000 were repaid (2023: $1,090,000) with total interest paid of 
$20,000 (2023: $46,000).  
The overdrafts are held with North Macedonian banks and are denominated in euro and payable 
at fixed interest rates ranging from 3.24% to 5.30%. 
Company 
The Company has an outstanding loan due to its subsidiary, Kounrad Copper Company LLP, an 
indirectly owned subsidiary. The initial loan relates to a loan agreement dated 21 September 
2023, which accrued interest at a rate of 6.90%. This loan, amounting to $57,500,000, was fully 
repaid in July 2024.  
Subsequently, a new loan was entered into in August 2024, with a year-end balance of 
$42,220,000. This new loan accrues interest at a rate of 6.67% per annum and is repayable on 
demand. 
The total interest paid on these loans amounted to $1,676,000 (2023: $1,313,000). 
The carrying value of loans due to subsidiary and overdrafts approximates fair value: 
 
Carrying amount 
Fair value 
Group 
31 Dec 24 
$’000
31 Dec 23 
$’000
31 Dec 24  
$’000 
31 Dec 23  
$’000 
Bank overdrafts 
252
326
252 
326 
 
252
326
252 
326 
 
 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
132
Strategic report
Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
32. Borrowings and loans due to subsidiary continued  
The carrying value of loans due to subsidiary and overdrafts approximates fair value: 
 
Carrying amount 
Fair value 
Company 
31 Dec 24 
$’000
31 Dec 23 
$’000
31 Dec 24 
$’000
31 Dec 23 
$’000
Loan due to subsidiary 
42,220
28,146
42,220
28,146
 
42,220
28,146
42,220
28,146
33. Provisions for other liabilities and charges 
 
Group 
Group 
Asset  
retirement 
obligation 
$’000 
Employee 
retirement 
benefits 
$’000 
Other 
employee 
benefits
$’000
 
Leasehold 
dilapidation 
$’000
Legal 
claims
$’000
Total
$’000
At 1 January 2023 
20,543 
244 
288
–
2
21,077
Change in estimate 
3,687 
62 
99
93
–
3,941
Settlements of provision 
– 
(34)
(21)
–
–
(55)
Unwinding of discount 
(Note 15) 
1,707 
– 
–
–
–
1,707
Exchange rate difference 
163 
10 
12
1
–
186
At 31 December 2023 
26,100 
282 
378
94
2
26,856
Change in estimate 
(576) 
85 
121
–
–
(370)
Settlements of provision 
– 
(14)
(19)
–
–
(33)
Unwinding of discount 
(Note 15) 
2,013 
– 
–
7
–
2,020
Exchange rate difference 
(2,366) 
(18)
(24)
(2)
–
(2,410)
At 31 December 2024 
25,171 
335 
456
99
2
26,063
Non-current 
25,171 
295 
433
99
2
26,000
Current  
– 
40 
23
–
–
63
At 31 December 2024 
25,171 
335 
456
99
2
26,063
a) Asset retirement obligation 
The Group provides for the asset retirement obligation associated with the mining activities at 
Kounrad, estimated to be required in 2034. During 2022, the Group engaged an external expert 
consultant to prepare a conceptual closure plan and asset retirement obligation for the leaching 
and Kounrad operation and associated infrastructure. The expected current cash flows, including 
a cost contingency of 10%, were projected over the useful life of the mining site and inflated using 
an inflation rate of 7.61% (2023: 6.30%) and discounted to 2024 terms using a nominal pre-tax 
risk-free discount rate of 6.71% (2023: 6.70%). The costs of the related assets are depreciated 
over the useful life of the assets and are included in property, plant and equipment.  
The Group also provides for the asset retirement obligation associated with the mining activities 
at Sasa, estimated to be primarily required in 2039. During 2021, Sasa engaged an external expert 
consultant to prepare an updated conceptual closure plan. The expected current cash flows, 
including a cost contingency of 10%, were projected over the useful life of the mining site and 
inflated using a compounded inflation rate of 4.79% (2023: 4.68%) and discounted to 2024 terms 
using a discount rate of 9.52% (2023: 9.14%). The costs of the related assets are depreciated 
over the useful life of the assets and are included in property, plant and equipment.  
The decrease in estimate in relation to the asset retirement obligation of $576,000 is due to an 
amendment to the timing at Sasa surrounding the capping of the tailings facilities following 
discussions with regulators and an update to the Kounrad and Sasa discount rates and inflation 
rates as explained above using latest assumptions.  
b) Employee retirement benefits  
All employers in North Macedonia are obliged to pay employees a minimum severance pay on 
retirement equal to two months of the average monthly salary applicable in the country at the 
time of retirement. The retirement benefit obligation is stated at the present value of expected 
future payments to employees with respect to employment retirement pay. The present value 
of expected future payments to employees is determined by an independent authorised actuary 
in accordance with the prevailing rules of actuarial mathematics. 
c) Other employee benefits  
The Group is also obliged to pay jubilee anniversary awards in North Macedonia for each ten 
years of continuous service of the employee. Provisions for termination and retirement obligations 
are recognised in accordance with actuary calculations. Basic 2024 actuary assumptions are used 
as follows: 
Discount rate:  
5.5% 
Expected rate of salary increase:  
5.0% 
d) Legal claims 
The Group is party to certain legal claims, and the recognised provision reflects management’s 
best estimate of the most likely outcome. The Group reviews outstanding legal cases following 
developments in the legal proceedings and at each reporting date, in order to assess the need 
for provisions and disclosures in its financial statements. Among the factors considered in making 
decisions on provisions are the nature of litigation, claim or assessment, the legal process and 
potential level of damages in the jurisdiction in which the litigation, claim or assessment has 
been brought, the progress of the case (including the progress after the date of the financial 
statements but before those statements are issued), the opinions or views of legal advisers, 
experience on similar cases and any decision of the Group's management as to how it will 
respond to the litigation, claim or assessment. 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
133
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
34. Cash generated from operations  
Group 
Note
2024
$’000
2023
$’000 
(restated)*
Profit before income tax including discontinued operations 
76,527
64,822
Adjustments for:  
Depreciation and amortisation  
27,088
28,192
Silver stream commitment 
7
(984)
(1,136)
Share of post-tax loss of investment in equity accounted associate
21
76
–
Cash-settled share-based payments 
29
(3,900)
(1,394)
Fair value movement of share-based payment liability 
29
3,966
4,803
Loss on disposal of property, plant and equipment  
18
9
204
Foreign exchange (gain)/loss 
(5,638)
3,378
Other income and losses, net 
546
–
Finance income 
14
(2,364)
(1,992)
Finance costs 
15
2,192
1,852
Changes in working capital: 
Decrease/(increase) in inventories  
3,250
(1,846)
Increase in trade and other receivables 
(1,561)
(5,784)
(Decrease)/increase in trade and other payables 
(5,276)
1,554 
Provisions for other liabilities and charges 
(34)
(55)
Cash generated from operations 
93,897
92,598
*  See Note 40 for details regarding the prior year restatement.  
The increase in trade and other receivables of $1,561,000 (2023: $5,784,000) includes a 
movement in the Group VAT receivable balance of $1,125,000 (2023: $5,530,000), which is offset 
against Group corporate income tax payable during the year. 
35. Commitments 
Significant expenditure contracted for at the end of the reporting period but not recognised as 
liabilities is as follows: 
Group 
31 Dec 24 
$’000
31 Dec 23 
$’000
Property, plant and equipment 
5,165
4,524
 
5,165
4,524
36. Dividend per share 
During the year, the Company paid $40,869,000 (2023: $41,525,000), which consisted of a 
2024 interim dividend of 9 pence per share and 2023 final dividend of 9 pence per share 
(2023: 2023 interim dividend of 9 pence per share and 2022 final dividend of 10 pence per share).  
37. Related party transactions 
Key management remuneration  
Key management remuneration comprises the Directors’ remuneration, including Non-Executive 
Directors, and is as follows: 
2024
Basic 
salary/fees
$’000
2024 
Annual 
bonus
$’000
2024
Pension
$’000
2024
Benefits in 
kind
 $’000
2024 
Employers’ 
NI
$’000
2024 
Total  
$’000 
2023 
Total 
$’000 
Executive Directors: 
 
 
Nigel Robinson 
575
419
–
12
388*
1,394 
1,129 
Gavin Ferrar 
485
357
13
9
113
977 
984 
Louise Wrathall 
389
291
23
5
145*
853 
782 
Non-Executive 
Directors: 
 
 
Nick Clarke 
223
–
–
–
257*
480 
246 
Mike Prentis 
115
–
–
–
14
129 
122 
Dr Gillian Davidson 
108
–
–
–
13
121 
120 
Roger Davey 
108
–
–
–
13
121 
119 
David Swan 
108
–
–
–
13
121 
119 
Dr Mike Armitage 
96
–
–
–
12
108 
104 
Nurlan Zhakupov** 
–
–
–
–
–
– 
23 
 
2,207
1,067
36
26
968
4,304 
3,748 
*  Employers’ NI includes amounts payable on the exercise of share options as disclosed below.  
** Resigned on 3 April 2023. 
During the year, the Non-Executive Chairman, Nick Clarke, and the Executive Directors, Nigel 
Robinson and Louise Wrathall, exercised 1,383,849 options for a total share option gain of 
$3,844,000, as set out in the table below: 
Name 
Position 
Number of 
options over 
shares exercised
Share option  
gain 
$’000 
Nick Clarke  
Non-Executive Chairman 
588,209
1,634 
Nigel Robinson  
Executive Officer 
657,749
1,827 
Louise Wrathall 
Chief Financial Officer 
137,891
383 
 
 
1,383,849
3,844 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
37. Related party transactions continued 
The directors who hold an interest in the issued share capital of the Company during the year 
received dividends amounting to: 
Name 
Position 
2024 
Dividends 
$’000
2023 
Dividends 
$’000
Nick Clarke  
Non-Executive Chairman 
321
323
Nigel Robinson  
Executive Officer 
151
151
Louise Wrathall 
Chief Financial Officer 
2
2
Gavin Ferrar 
Chief Executive Officer 
2
2
Dr Mike Armitage 
Non-Executive Director 
6
6
Dr Gillian Davidson 
Non-Executive Director 
2
2
Mike Prentis 
Non-Executive Director 
4
4
David Swan 
Non-Executive Director 
2
2
 
 
490
492
 
CAML Exploration Limited 
CAML X is owned 80% by CAML and 20% by Thaler Minerals LLP (Thaler). CAML X’s CEO is 
Vladimir Benes who is also a shareholder of Thaler. He is therefore an ultimate beneficial 
shareholder of CAML X.  
Kounrad Foundation 
The Kounrad Foundation, a charitable foundation through which Kounrad donates to the community, 
was advanced $569,000 (2023: $611,000). This is a related party by virtue of common Directors. 
Sasa Foundation 
The Sasa Foundation, a charitable foundation through which Sasa donates to the community, 
was advanced $408,000 (2023: $455,000). This is a related party by virtue of common Directors. 
38. Deferred income tax asset and liability  
Group 
The movements in the Group’s deferred tax asset and liability are as follows: 
Group 
At 
1 January 
2024
$’000
Currency 
translation 
differences 
$’000
Credit to 
income 
statement 
$’000
At 
31 December 
2024 
$’000
Other temporary differences 
(2,381)
(4)
379
(2,006)
Fair value adjustment on Kounrad Transaction 
(4,259)
533
269
(3,457)
Fair value adjustment on CMK (Sasa) acquisition  
(11,831)
627
615
(10,589)
Deferred tax liability, net 
(18,471)
1,156
1,263
(16,052)
 
Reflected in the statement of financial position as: 
31 Dec 24 
$’000 
31 Dec 23 
$’000 
Deferred tax asset 
561 
512 
Deferred tax liability 
(16,613) 
(18,983) 
 
Group 
At 
1 January 
2023
$’000
Currency 
translation 
differences 
$’000
(Debit)/credit 
to income  
statement  
$’000 
At  
31 December  
2023  
$’000 
Other temporary differences
(326)
(5)
(2,050) 
(2,381) 
Fair value adjustment on Kounrad Transaction 
(4,457)
(79)
277 
(4,259) 
Fair value adjustment on CMK acquisition  
(12,175)
(423)
767 
(11,831) 
Deferred tax liability, net 
(16,958)
(507)
(1,006) 
(18,471) 
A taxable temporary difference arose as a result of the Kounrad Transaction and CMK Resources 
Limited (Sasa) acquisition, where the carrying amounts of the assets acquired were increased to 
fair value at the date of acquisition but the tax base remained at cost. The Kounrad deferred tax 
relates to the asset in mining licences and permits within intangible assets and the CMK 
Resources Limited (Sasa) deferred tax relates to the asset in mineral rights in plant, property and 
equipment. 
The deferred tax liability arising from these taxable temporary differences has been reduced by 
$884,000 during the year (2023: $1,042,000) to reflect the tax consequences of depreciating the 
recognised fair values of the assets during the year.  
Group 
31 Dec 2024 
$’000
31 Dec 2023  
$’000 
Deferred tax liability due within 12 months 
(1,568)
(723) 
Deferred tax liability due after 12 months 
(15,045)
(18,260) 
Deferred tax liability 
(16,613)
(18,983) 
All deferred tax assets are due after 12 months. All amounts are shown as non-current on the face 
of the statement of financial position as required by IAS 12 Income Taxes. 
Where the realisation of deferred tax assets is dependent on future profits, the Group recognises 
losses carried forward and other deferred tax assets only to the extent that the realisation of the 
related tax benefit through future taxable profits is probable. 
The Group did not recognise other potential deferred tax assets arising from losses of 
$32,496,000 (2023: $30,705,000), arising from asset retirement obligations of $2,708,000 (2023: 
$2,815,000) and in respect of share-based payments nil (2023: $260,000) as there is insufficient 
evidence of future taxable profits within the entities concerned. Unrecognised losses can be 
carried forward indefinitely. 
 
 
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
135
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Governance
Financial statements
Overview

NOTES TO THE FINANCIAL STATEMENTS continued 
FOR THE YEAR ENDED 31 DECEMBER 2024 
 
 
38. Deferred income tax asset and liability continued  
Company 
At 31 December 2024 and 2023, the Company had no recognised deferred tax assets or 
liabilities. 
At 31 December 2024, the Company had not recognised potential deferred tax assets arising 
from losses of $19,841,000 (2023: $14,362,000) as there is insufficient evidence of future taxable 
profits. The losses can be carried forward indefinitely. 
At 31 December 2024, the Company had other deferred tax assets of nil (2023: $260,000) in respect 
of share-based payments and other temporary differences that had not been recognised 
because of insufficient evidence of future taxable profits. 
39. Events after the reporting period  
In February 2025, the Company agreed the sale of its 76% equity interest in Copper Bay Limited 
and its subsidiaries. The whole consideration is contingent on the potential future production of 
copper.  Completion of the sale is expected in March 2025. Copper Bay Limited was held for sale 
during the reporting period. 
40. Prior year restatement  
In October 2024, the Company received a letter from the Corporate Reporting Review team of the 
Financial Reporting Council (FRC) as part of its regular review and assessment of corporate 
reporting in the UK, requesting further information in relation to CAML’s 2023 Annual Report and 
Accounts. The FRC’s review is limited to the published 2023 Annual Report and Accounts; it does 
not benefit from a detailed understanding of underlying transactions and provides no assurance 
that the Annual Report and Accounts are correct in all material respects. As a result of the FRC’s 
review, the Group has made two restatements to the 2023 financial statements.  
1. 
Silver stream 
The Group has reclassified an amount of $8,181,000 relating to open market silver purchases 
made to fulfil the silver stream arrangement (see Notes 6 and 31).  This amount had previously 
been reported as a deduction within revenue, so as to effectively only report revenue from the 
Group’s operating mines, with the Group also disclosing a reconciliation to gross revenue, which 
was determined to be an alternative performance measure.  However, in line with IFRS 15, 
Revenue from Contracts with Customers, the silver purchases have been reclassified to cost of 
sales.  As this is a reclassification within the consolidated income statement, there is no change to 
gross profit for the year.  
2. 
Share-based payments 
Additionally, following the interactions with the FRC, effective 1 January 2023, the Group has 
modified its equity-settled share-based payments to cash-settled (Note 29). During 2023, the 
Company settled a number of awards in cash, which is deemed sufficient to have established a 
past practice of cash settlement under paragraph 41 of IFRS 2. As a result of this modification, a 
liability of $12,474,000 has been recognised as at 31 December 2023, reflecting the fair value of 
the cash-settled share-based payments. The changes in the fair value of the cash-settled share-
based payments has been reported within the consolidated income statement.  
The financial statement line items affected in the prior year are as follows: 
 
Group 
Company 
Statement of financial position 
(extract) 
31 Dec 23
 $’000 
Increase/ 
(decrease) 
31 Dec 23
 $’000
(restated)
31 Dec 23
 $’000 
Increase/ 
(decrease)  
31 Dec 23 
 $’000 
(restated) 
Share-based payment liability 
- current 
–
10,206
10,206
–
 
10,206 
10,206 
Share-based payment liability 
– non-current 
–
2,268
2,268
–
 
2,268 
2,268 
Retained earnings (excl. 
share-based payment 
reserve) 
298,134
(263) 297,871
105,154
 
 
(263) 104,891 
Share-based payment 
reserve 
12,211
(12,211)
–
12,211
 
(12,211) 
– 
Retained earnings  
310,345
(12,474) 297,871
117,365
(12,474) 104,891 
Total equity  
380,057
(12,474) 367,583
309,498
(12,474) 297,024 
 
 
Group 
Consolidated income statement (extract) 
2023
 $’000 
Increase/ 
(decrease)  
2023 
 $’000 
(restated) 
Revenue  
195,280
8,181 
203,461 
Cost of sales  
(92,894)
(8,181) (101,075) 
Administrative expenses 
(31,231)
4,540 
(26,691) 
Fair value movement of share-based payment liability 
–
(4,803) 
(4,805) 
Profit for the year 
37,382
(263) 
37,119 
The profit for the parent company for the prior year was restated by a decrease of $263,000 from 
$62,087,000 to $61,824,000. 
The prior year cash outflow for the cash-settled share-based payments of $1,394,000 has been 
reclassified from cash flows from financing activities to cash generated from operations (Note 34) 
in the consolidated statement of cash flows. 
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Ag
Chemical symbol for silver.
Assay
Laboratory test conducted to determine the proportion of a mineral within a rock or other material.
Cu
Chemical symbol for copper.
Grade
The proportion of a mineral within a rock or other material. For zinc and lead mineralisation this is usually reported as a percentage of zinc 
and lead per tonne of rock.
g/t
Grammes per tonne.
Indicated Mineral Resource
An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are 
estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the 
economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing, and is sufficient 
to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than 
that applying to a Measured Mineral Resource, and may only be converted to a Probable Ore Reserve.
Inferred Mineral Resource
An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological 
evidence and sampling. Geological evidence is sufficient to imply, but not verify, geological and grade or quality continuity. An Inferred Mineral Resource 
has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably 
expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
JORC
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee 
of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.
Mineral Resource
A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and 
quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological 
characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
NSR cut off
The lowest net smelter return (NSR) value of mineralised material that qualifies as potentially economically mineable.
Ore Reserve
An Ore Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances 
for losses, which may occur when the material is mined or extracted, and is defined by studies, at prefeasibility or feasibility level as appropriate, 
that include the application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. 
The reference point at which Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important 
that in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader 
is fully informed as to what is being reported.
Pb
Chemical symbol for lead.
Probable Ore Reserve
A Probable Ore Reserve is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource. 
The confidence in the modifying factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve.
Zn
Chemical symbol for zinc.
GLOSSARY OF TECHNICAL TERMS
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Board of Directors
Nick Clarke, Non-Executive Chairman
Gavin Ferrar, Chief Executive Officer
Louise Wrathall, Chief Financial Officer
Nigel Robinson, Executive Director
Dr Mike Armitage, Non-Executive Director
Roger Davey, Non-Executive Director
Dr Gillian Davidson, Non-Executive Director
Mike Prentis, Non-Executive Director
David Swan, Non-Executive Director
Principal places of business
United Kingdom 
36 Carnaby Street 
London W1F 7DR 
United Kingdom
Kazakhstan 
4 Zh.Abugaliev Street 
Balkhash 
Kazakhstan
North Macedonia 
Sasa Dooel 
28 Rudarska Street 
Makedonska Kamenica 
North Macedonia
DIRECTORS, SECRETARY AND ADVISERS
Company Secretary
Tony Hunter
Registered address
Masters House 
107 Hammersmith Road 
London W14 0QH 
United Kingdom
Registered number
5559627
Company website
www.centralasiametals.com
Nominated Adviser and joint broker
Peel Hunt LLP 
7th Floor 
100 Liverpool St 
London EC2M 2AT 
United Kingdom
Joint broker 
BMO Capital Markets 
6th Floor 
100 Liverpool St 
London EC2M 2AT 
United Kingdom
Independent Auditors
BDO London 
55 Baker Street 
London W1U 7EU 
United Kingdom
Public relations
BlytheRay 
4-5 Castle Court 
London EC3V 9DL 
United Kingdom
Registrars
Computershare Investor Services 
The Pavilions 
Bridgwater Road 
Bristol BS13 8AE 
United Kingdom
CENTRAL ASIA METALS PLC Annual Report & Accounts 2024
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36 Carnaby Street 
London W1F 7DR 
United Kingdom
www.centralasiametals.com