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(Sharecast News) - Central Asia Metals revised its production guidance after a mixed first-half operational performance on Thursday, with copper production from its Kounrad plant in Kazakhstan reaching 6,218 tonnes and lead and zinc output from the Sasa mine in North Macedonia totalling 12,613 tonnes and 8,692 tonnes, respectively.
The AIM-traded group said it also maintained its safety record, with no lost time injuries at either site during the period.
At Kounrad, copper production was in line with internal forecasts, despite a slight year-on-year decline from 6,608 tonnes in the first half of 2024.
CEO Gavin Ferrar said the operation delivered "another quarter of safe and reliable copper production," with key infrastructure maintenance works and material relocations progressing to plan.
Sasa's production was impacted by variability in orebody geometry as the mine transitioned to paste-fill methods, prompting CAML to revise its full-year guidance.
Zinc output was now expected between 17,000 and 19,000 tonnes, and lead between 25,000 and 27,000 tonnes, down from previous expectations.
However, the company noted ore tonnage mined rose about 8% year-on-year, with dry stack tailings (DST) and backfill methods now storing over 60% of tailings - a step towards CAML's 70% target by 2026.
Ferrar acknowledged the challenges.
"Maintaining head grades has proved challenging ... this was anticipated and indeed was a key reason behind the change to more flexible mining methods.
"We expect head grades to improve as the proportion of mining by the new methods continues to increase during H2 2025."
Group net cash at 30 June stood at $42.9m, with cash balances affected by the timing of copper sales, tax prepayments in Kazakhstan, and the recent investment in Australia-listed New World Resources (NWR), where CAML was pursuing a takeover.
A bidder's statement was due mid-July for a board-backed AUD 230m (111m) offer, alongside a proposed $6.5m unsecured loan to NWR.
CAML also advanced its exploration portfolio, with drilling underway at the Arthrath project in Scotland, where it holds a 28.4% stake in Aberdeen Minerals.
Phase 2B drilling comprises five holes totalling 2,400 metres and was expected to conclude in the third quarter.
In Kazakhstan, CAML X completed survey work on two of its exploration licences, with geophysics scheduled to begin shortly on the remaining sites.
Group copper production guidance of 13,000 to 14,000 tonnes for the full year remained unchanged.
Results from the company's geochemical and magnetic survey campaigns were expected later in the third quarter.
At 1223 BST, shares in Central Asia Metals were down 7.95% at 148.2p.
Reporting by Josh White for Sharecast.com.