MARKET CONDITIONS
H1 2023
– Commodity prices adversely affected by:
– Poor economic performance, consumer confidence
and demand from China
– Increased availability of refined metal
– Growing recessionary risks, especially in the West
– Treatment charges decreased 6% HoH
– Operating currencies strengthened against the US dollar

– Kazakhstan WHT on intercompany dividend
distributions increased from 0% to 10% and MET
increased from 5.7% to 8.55% from 1 January 2023
– Inflation rates were 14.6% in Kazakhstan and 13.6%
in North Macedonia
– Support provided to site staff via pay rises
– Volatile energy prices, Sasa exposed to spot prices in H1 2023

Cu $/t Zn $/t Pb $/t
H1 2023 average
price received ($/t) 8,668 2,662 2,051
H1 2022 average
price received ($/t) 9,557 3,679 2,174
Change % -9% -28% -6%

see & read more on
https://wp-caml-2023.s3.eu-west-2.amazonaws.com/media/2023/09/CAML-Corporate-Presentation-H1-2023-September-FINAL-FINAL-print.pdf