Central Asia Metals plc

Notable vs. Peers

• Financials score of 10/10 is stronger than the peer average of 5.3/10.
• All-in sustaining cost of $0.82/lb is 68% lower than the peer producer average of $2.56/lb.
• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.6/10.

Lifecycle Milestones

1. Permit granted

   Aug 2007 · CAML's own AIM Admission Document (Nov 2022 edition), "Summary of key agreements - Kounrad" section, verbatim: "The Kounrad Contract[,] The Contract for Exploration and Development of Copper out of the Technical Mineral Generations (Heaps) of the Kounrad Mine[,] was entered into by and between the Ministry of Energy and Mineral Resources of Kazakhstan ('MEMR') and the National Company Social and Entrepreneurial Corporation 'Saryarka' Joint Stock Company ('Saryarka') dated 20 August 2007... duly approved by the necessary competent authorities and registered with MEMR under registration number 2447." This is the founding subsoil-use contract underlying every later transfer/amendment, including the 60% transfer of subsoil use rights to CAML's own subsidiary Sary Kazna LLP (Amendment No. 1, dated 15 Nov 2007) -- the real permit-grant event, not a corporate-transaction proxy. Extracted via direct PDF text extraction (pdftotext) from the primary regulatory filing, not a search-engine summary. · Source
2. Construction decision (FID)

   Reached — date not disclosed · CAML's September 2010 IPO raised $60M specifically earmarked to build the Kounrad SX-EW recovery plant. No separately labelled FID release found distinct from the IPO/use-of-proceeds announcement; per the established site convention (financing committed for construction = practical decision-equivalent), this is used as CONSTRUCTION_DECISION. Exact day within September 2010 not confirmed; recorded reached-but-undated. · Source
3. Construction start

   Reached — date not disclosed · Initial construction groundworks for the Kounrad SX-EW plant were underway by late 2010/early 2011, with the plant completed ~15% under budget in early 2012. Exact construction-start day not confirmed; recorded reached-but-undated. · Source
4. First pour / production

   Reached — date not disclosed · First copper cathode production from the Kounrad Eastern Dumps SX-EW plant in April 2012 (construction completed early 2012, $9M under budget). Exact day within April 2012 not confirmed; recorded reached-but-undated. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across two mines with very different histories: Kounrad (Kazakhstan, copper; CAML's own greenfield-style development, plant completed early 2012, production commencing April 2012) and Sasa (North Macedonia, zinc-lead; commercial production originally declared in 1966 under state ownership, decades before CAML's acquisition of Sasa in November 2017). Matches the Centerra Gold precedent (batch4): two separately-developed assets under entirely different ownership histories, no single company-wide date. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.