Central Asia Metals

Website: Central Asia Metals
Index: AIM
EPIC: CAML
Supersector: Basic Resources
Sector: Mining
Subsector: General Mining
Market Cap: £226.3M
Payout Frequency: Semi-Annual

Central Asia Metals Dividend Analysis and Summary

Key dividend details

Proposed final dividend: 7.5 pence per share (FY25 total dividend: 12.0 pence per share).
Ex-dividend date: 04/06/2026 (derived from record date).
Record date: 05/06/2026.
Payment date: 29/06/2026.
Dividend policy: 30%–50% of free cash flow (FCF); FY25 payout at the upper end (50%).
Conditions: Payment is conditional on completion of a court-approved capital reduction (share premium cancellation) and the Company having sufficient distributable reserves at payment.

Financial context and coverage

FY25 results: Revenue $229.9m; EBITDA $101.8m; adjusted FCF $56.0m (FY25 dividends equate to c. 50% of this).
Balance sheet: Year-end cash $80.1m; net cash $78.7m; effectively debt-free (minor overdraft).
Capex: 2026 guidance $14.5m–$17.5m (down from $19.0m in 2025).
Operations: Kounrad remains low-cost (C1 $0.82/lb Cu). Sasa EBITDA margin compressed (26%); LoM shortened to 2034.
Hedging for 2026: ~50% of Sasa’s payable zinc at $3,011.5/t; ~50% of EUR costs at $1.185/€ to stabilise cash flows.

Structural and policy developments affecting dividends

Capital reduction/share premium cancellation proposed (EGM and court approval targeted; effective around late April 2026) to create distributable reserves and support future dividends and potential buybacks.
Intercompany dividend of $33m from Kazakhstan to the parent (March 2026) to bolster UK distributable reserves.
Share buyback: $10m programme completed in Q1 2026; 2.51m shares cancelled in 2025 and a further 1.68m in Q1 2026, modestly lowering the dividend outflow per pence declared.
Tax/regulatory shifts: From 1 Jan 2026, Kazakhstan MET cut on man-made mineral formations (incl. Kounrad) to 0.855% (from 8.55%)—a cash flow positive for dividends; however, withholding tax on dividends from Kazakhstan to the UK rises to 15%, modestly increasing cash leakage on future upstreaming.

Dividend sustainability and growth outlook

Coverage: FY25 full-year dividend (12p) equals ~50% of adjusted FCF; year-end net cash and robust Kounrad margins underpin near-term sustainability.
Cash flow visibility: 2026 capex normalises; hedges on zinc price and EUR costs reduce volatility; MET cut at Kounrad should support stronger post-tax cash generation.
Constraints: The final dividend is contingent on court-sanctioned capital reduction and sufficient reserves; management has proactively arranged the share premium cancellation and upstreamed cash to address this.
Growth trajectory: The Board reset payout to stated policy (30%–50% FCF) and completed a buyback; future dividend growth likely to track copper/zinc prices, Sasa improvements, and capital allocation to growth/M&A.

Risks and flags to dividend stability

Sasa impairment $117.5m and LoM cut to 2034; orebody variability and lower grades pressured margins—execution risk around productivity improvements remains.
Higher cash leakage on upstreamed dividends due to the 15% Kazakhstan WHT from 2026 (partly offset by MET reduction at Kounrad).
Cost inflation and FX (denar pegged to euro; tenge volatility) could pressure unit costs.
Dividend conditionality (court/EGM approvals, sufficient reserves) introduces procedural risk, though steps are in train to mitigate.
Ongoing silver stream obligation (operationally cash-neutral but structurally inflexible) and potential capital needs for M&A/exploration could compete with distributions.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
24/04/2025	20/05/2025	Final	9.00p	GBX
25/09/2025	22/10/2025	Interim	4.50p	GBX

Total (Annual Dividends Per Share): 13.50p

Dividend Yield = Annual Dividends Per Share (13.50p) ÷ Share Price (132.8p) = 10.17%

Ex Dividend Date	Payment Date	Type	Amount	Currency
04/06/2026	29/06/2026	Final	7.5000p	GBX
25/09/2025	22/10/2025	Interim	4.50p	GBX
24/04/2025	20/05/2025	Final	9.00p	GBX
26/09/2024	22/10/2024	Interim	9.00p	GBX
25/04/2024	22/05/2024	Final	9.00p	GBX
28/09/2023	20/10/2023	Interim	9.00p	GBX
27/04/2023	23/05/2023	Final	10.0p	GBX
29/09/2022	21/10/2022	Interim	10.0p	GBX
05/05/2022	30/05/2022	Final	12.00p	GBX
30/09/2021	22/10/2021	Interim	8.00p	GBX
29/04/2021	25/05/2021	Final	8.00p	GBX
19/11/2020	11/12/2020	Interim	6.00p	GBX
03/10/2019	25/10/2019	Interim	6.50p	GBX
25/04/2019	20/05/2019	Final	8.00p	GBX
04/10/2018	26/10/2018	Interim	6.50p	GBX
26/04/2018	25/05/2018	Final	10.0p	GBX
05/10/2017	27/10/2017	Interim	6.50p	GBX
11/05/2017	07/06/2017	Final	10.0p	GBX
06/10/2016	28/10/2016	Interim	5.50p	GBX
19/05/2016	15/06/2016	Final	8.00p	GBX
08/10/2015	30/10/2015	Interim	4.50p	GBX
28/05/2015	24/06/2015	Final	7.50p	GBX
09/10/2014	31/10/2014	Interim	5.00p	GBX
28/05/2014	20/06/2014	Final	5.00p	GBX
23/10/2013	15/11/2013	Interim	4.00p	GBX

Year	Interim	Final	Currency	Total	Change
2024	9.000	9.000	GBX	18.000	-5.260
2023	9.000	10.000	GBX	19.000	-13.630
2022	10.000	12.000	GBX	22.000	37.500
2021	8.000	8.000	GBX	16.000	166.660
2020	6.000		GBX	6.000	-58.620
2019	6.500	8.000	GBX	14.500	-12.120
2018	6.500	10.000	GBX	16.500	0.000
2017	6.500	10.000	GBX	16.500	22.220
2016	5.500	8.000	GBX	13.500	12.500
2015	4.500	7.500	GBX	12.000	20.000
2014	5.000	5.000	GBX	10.000	150.000
2013	4.000		GBX	4.000

Number of Shares:

Payment	Paid	Amount
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