Central Asia Metals plc 2026年第二季度财报电话会议纪要

发布时间：2026-08-26 一、AI总结内容 一、核心要点 1. 2026年上半年营收145.5百万美元，EBITDA达75.5百万美元，自由现金流46.8百万美元，期末现金97.2百万美元2. Conrad铜矿上半年阴极铜产量增1%，符合全年1.2-1.3万吨指引，Sasa铅锌矿锌增5%、铅增6%，维持全年锌1.8-2万吨、铅2.6-2.8万吨指引3. 推进收购Cygnus的全股交易，估值2.32亿澳元，预计2026年10月完成，9月4日本公司股东投票、9月18日Cygnus股东投票4. 勘探方面，哈萨克斯坦项目完成15个钻孔，在Uznoya发现铜钼矿化，计划下半年钻探4600米；Aberdeen Minerals完成第3期勘探，将通过权证融资第4期，本公司持股将达38.9% 二、运营进展 1. Conrad铜矿上半年成本增12%，主要受外汇影响，加工费增2.7百万美元，毛利率84%，事故为1例轻伤2. Sasa矿上半年运营成本增2%，尾矿处置成本上升，采矿成本降0.7百万美元，C1成本从62.1百万美元降至30.8百万美元，EBITDA margin达30%三、资本与分红 1. 上半年资本支出9.5百万美元，全年指引14.5-17.5百万美元；集团资本支出主要用于矿山开发与设备更新 2. 分红政策为自由现金流的40%，本次中期分红处于政策区间中点，收购Cygnus后或有摊薄，将根据项目进展灵活调整 四、风险与关注 1. 美元走弱推高运营成本，哈萨克斯坦通胀11%、北马其顿通胀4%，面临成本上行压力2. 收购Cygnus事项依赖股东投票与监管批准，存在不确定性；海外项目面临政策与运营风险3. 矿产勘探存在结果不及预期风险，长期矿山寿命维持需进一步投资评估 二、音频原文（转写） As a minimum out to twenty thirty four with potential to extend beyond that if we can get the license renewed. That solar plant, as Louise was saying, with an increase in electricity tariffs is becoming ever more valuable and has supplied eighteen percent of our electricity for the firsthalf of the year. Moving on to Sasa, as I saidbefore, we started to see the benefits of the full review that we conducted in twenty twenty five. Now that review spanned resources, reserves, operating procedures. Financial metrics, and weare seeing some of the production metrics comingthrough that are reflecting an improved performance at Sasa. Not only are the ores mine ore mine tonnage is higher, but also the metal that iscontained within that ore, as I said, is five percent higher in zinc and six percent higher in lead. Again, timely given the enhanced in price as we're benefiting from right now as well. So aguidance of eighteen to twenty thousand tons ofzinc and twenty six to twenty eight thousand tons. of lead is still in range. We're looking to achieve that this year and again with those ink prices remaining robust we're looking for a solidfinancial. performance coming out of it. slatter over the rest of the year. and similar to To Conrad, we've published JOK and 4311 compliance.or reserve statements and in resource estimatesin support of the sickness transaction And justgetting back to that improvement program I was talking about, we're still continue to do that with the emphasis on mining performance and cost control. And you can see from the chart on the right-hand side, we have -- you see improvements in tonnage improvements in grades, which means less dilution and natural effective on the highernibble terms that we've produced. Next slide, please. 嗯。 围绕 Consider in our world that. 嗯 So we continueto strive for more improvements there And so far, we're looking at these improvements in productivity, staffing levels and cost control And as Louise was saying really good results on the inventory management there as well. So for H12026, Ithink we've done some really good things in terms of drill meters that we're getting in lateraldevelopment, enhancing our grade control modeland reducing the inventory numbers there. and those will continue and into h two We're going tocontinue to focus on executing on our life of mi ne plan and our 2026 budget. We're trying to improve maintenance planning through data collection and analysis there. And also strengthening theteam further, we are the new geologist join, new chief geologist join in H1. We've got a few key hires coming in. it's actually joined alreadya few of them already to strengthen the team mainly around planning and execution of undergroundmining, which is where we see the major opportunity for improvement there. So moving on to thebusiness in more general, and the next slide please. So sustainability remains a core part, a core So to end this about business success, and Iwon't go through the slide in a lot of detail, just provide you with a few of the highlights. that we achieved during the period. So terms of health and safety. In 2025, we actually instituteda full review of the health and safety -- I don't put on both sites. We workshopped this all with the site guys. as well and came up with a newsort of structure for group safety culture, which we started implementing into twenty twenty six. So that's been really well received on site and at head office. And as I said, unfortunately,we did suffer those 2 LTIs 所以呢个。 during the half with the really stringent focuson health and safety. always and moving forward.In terms of community investment, we continue to invest in education infrastructure. And importantly, and more fun is some business acceleration program that we've got in Sata, where we've actually now financed. 4 businesses and 4 startupsthere. met in in conjunction with the other things that we're doing in terms of scheme, children's children centers and just generally lookingafter our communities and maintaining that license to operate. And part of that is obviously environmental management, and that's been a continued focus. three key elements there that we've kicked off this year is we've actually com