Operator

Good afternoon, ladies and gentlemen, and welcome to the Central Asia Metals plc Full Year Results Investor Presentation. [Operator Instructions]

The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and we publish those responses where it’s appropriate to do so on the Investor Meet Company platform.

Before we begin, as usual, we would just like to submit the following poll. And if you could give that your kind attention, I’m sure the company would be most grateful. And I would now like to hand you over to the executive management team from Central Asia Metals plc. Gavin, good afternoon, sir.

Gavin Ferrar
CEO & Director

Good afternoon, everyone, and thank you for joining us in this presentation of Central Asia Metals annual results for 2025. I’ll start by giving you a snapshot of the results for the end of the year.

We have had a solid business with strong underlying operational performance during the year, and these have driven a really solid set of financial numbers. What you can see on your screen there is the production achieved at Kounrad in Kazakhstan and Sasa, North Macedonia. We produced 13,311 tonnes of copper during the year, 17,881 tonnes in zinc and 25,156 tonnes of lead.

The revenue generated from the sales of those metals amounted to $230 million for EBITDA of $102 million and an EBITDA margin of 44%. Cash in the bank at the end of the year was $80 million, and that was generated by free cash flow of $56 million, which

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