Company Announcements

4 July 2024

CENTRAL ASIA METALS PLC

('CAML' or the 'Company')

Succession Planning

Central Asia Metals plc (AIM: CAML) is pleased to announce its succession plans for the CAML executive director team to ensure both continuity and effective leadership for the future. The Company is sharing these details now in order to communicate and commence the transition planning.  

With effect from 1 October 2024, Nigel Robinson will step down as CAML's Chief Executive Officer ('CEO'), having successfully led the business for over six years. Also effective from 1 October 2024, CAML's current Chief Financial Officer ('CFO'), Gavin Ferrar, will succeed Nigel as the Company's CEO.

Gavin has been with CAML for 10 years and has developed a deep understanding of the business. The Board is confident he will lead the Company successfully through its next phase of development and growth.

CAML's Executive Director of Corporate Development, Louise Wrathall, will be appointed to the role of CFO on 1 October 2024, leading the strong existing finance team.

In her current role, Louise's focus has been on business development and investor relations. She will retain responsibility for these key aspects as she moves into the CFO position, with those teams continuing to support her.  

Nigel will remain on the Board after stepping down as CEO, initially as an Executive Director, to provide support to Gavin and Louise as they transition into their new roles through to 1 April 2025, at which time he will continue on the Board as a non-executive director of the Company.

Gavin and Louise's future appointments have been carefully considered as part of the Board's succession planning process. External expertise from a leading independent executive and board search firm has also been used to consider the appropriateness and readiness of both Gavin and Louise for their new roles.

Nick Clarke, Non-Executive Chairman, commented:

"I want to express my gratitude to Nigel for his hard work and dedication in his CEO role. Nigel has led CAML through some challenging but ultimately very successful years, during which time he has overseen the integration of the Sasa mine, which we acquired immediately prior to his appointment, and its subsequent capital investments, which will be concluded before the end of his tenure as CEO. I am pleased that Nigel has agreed to remain on the Board and take up the role of Non-Executive Director so that we can continue to benefit from his experience and advice.

"I would like to congratulate Gavin on his promotion to lead CAML as our next CEO. Gavin has worked with the team for 10 years, initially focused on business development and then as our CFO for the last six years. Gavin has overseen the strong financial performance of both Kounrad and Sasa during a period where we have continued to create value for all stakeholders and have repaid ahead of schedule the debt which we borrowed to acquire Sasa. Gavin's appointment represents continuity for the Company in what is, and will remain, a strong, close and capable team.

"I would also like to congratulate Louise on her new role. Louise is a long-standing member of the CAML team having joined as Investor Relations Director in 2015. Louise's background as a mining equity analyst and her astute commercial acumen make her a great candidate for CFO and she will lead a strong and experienced finance team. Responsibility for business development and investor relations will remain with Louise, ensuring that our focus on growth is not diminished by these changes."  

Nigel Robinson, CEO, commented:

"It has been a privilege to have been an Executive Director of CAML for over 15 years, nine years as CFO and over six years as CEO. During that time, we have achieved a lot and I have been proud to be part of a successful team that has taken a small, private mining company in early 2009 through a public listing in 2010, the successful construction of the Kounrad project and the subsequent purchase and further development of the Sasa mine in North Macedonia. Together, we have grown the business to one that generates strong financial returns and is underpinned by a robust balance sheet and safe operations.

"Whilst it has been a challenging journey at times, it has also been thoroughly enjoyable and I am grateful to the CAML Directors for their overwhelming support.  Over the past 15 years we have built a great team, both in the UK and overseas, and now employ in excess of 1,000 people, and I would like to take this opportunity to thank each and every one of them for their hard work, dedication and loyalty.

"I am excited about the future prospects for CAML and feel that I am leaving it in safe hands under the leadership of Gavin and Louise. I wish them every success in their future roles and am delighted that the Board has asked me to continue with CAML as a Non-Executive Director in order to support them and the wider team."

Gavin Ferrar, CFO, commented:

"I am delighted and grateful to be entrusted with the role of CEO for CAML, and to be given the opportunity to guide a first-rate team through the next stage of the Company's development. We start this next phase with the Company in excellent shape, with two low-cost operations, a growing portfolio of exploration assets and a clean balance sheet. It is also a comfort that we will continue to benefit from Nigel's skills and experience and the Board's continued support."

For further information contact:

Note to editors:

Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia. The Company also owns an 80% interest in CAML Exploration, a subsidiary that was formed to progress early exploration opportunities in Kazakhstan, and a 28.7% interest in Aberdeen Minerals Ltd, a privately owned UK company focused on the exploration and development of base metals opportunities in Northeast Scotland. 

For further information, please visit www.centralasiametals.com and follow CAML on Twitter at @CamlMetals and on LinkedIn at Central Asia Metals Plc