FOR IMMEDIATE RELEASE

06 MARCH 2023

MSALABS Limited & Capital Limited

("MSALABS" & "Capital")

MSALABS Trading Update

MSALABS, a global provider of geochemical laboratory services for the exploration and mining sectors and a majority-owned subsidiary of Capital, is pleased to announce positive operational developments. The MSALABS team are this week at the PDAC convention in Toronto, Canada, promoting their services.

The first few months of 2023 have seen MSALABS maintain its significant growth momentum from 2022, with the delivery of a strong operational performance from existing contracts, as well as the successful commissioning of a number of new laboratories.

·      Prince George Chrysos Corporation ("Chrysos") PhotonAssay™ unit:  At Prince George we are deploying Western Canada's first PhotonAssay™ unit in a commercial laboratory. This unit is now commissioned and will begin processing samples from a broad range of customers in the region;

·      Kibali Chrysos PhotonAssay™ unit commissioned: In January MSALABS successfully commissioned the PhotonAssay™ unit at Barrick's Kibali mine, DRC, the largest gold mine on the Africa continent.

Traditional business also continued to grow its footprint with the commissioning of mine site and regional laboratories:

·      Singida mine site laboratory commissioned: MSALABS has now commissioned a mine site laboratory at Shanta Gold's Singida mine in Tanzania having been awarded a 3-year contract late last year;

·      Bougouni laboratory commissioned: MSALABS has commissioned the laboratory in Bougouni, Mali which will support gold and lithium operations in southern Mali. First samples from Leo Lithium's Goulamina operation are expected within days;

·      Kazakhstan franchise partnership with Aurora Minerals Group (Aurora): At PDAC MSALABS and Aurora will sign an agreement to provide geochemistry services to the burgeoning Kazakhstan mining industry.

Capital will be announcing its FY22 results on 16 March along with MSALABS revenue updates and guidance for 2023, which will include a conference call and question and answer session.

Commenting on the trading update, Stuart Thomson, MSALABS CEO said

'MSALABS has got off to a very strong start in 2023, testament to the strong demand we are seeing for our services but also the continued hard work of our employees to deliver such impressive growth. Announcing, new labs across all three of our major regions, further diversification of commodity mix and entry into a new country is indicative of the increasing strength and robustness of MSALABS.

In particular, the demand for Chrysos PhotonAssay™ is undeniable with a multitude of major mining companies continuing to run trials and converting to the revolutionary technology. In partnership with Chrysos, we are proud to be bringing this technology to Western Canada with our new commercial laboratory at Prince George where we can service the significant mining region.

We look forward to many strong years ahead of us as we further grow and develop our global footprint, including the deployment of 21 Chrysos PhotonAssay™ units by 2025."

- ENDS -

For further information, please visit Capital Limited's website www.capdrill.com or contact:

Capital Limited                                                                     +230 464 3250

Jamie Boyton, Executive Chairman                                   investor@capdrill.com

Peter Stokes, Chief Executive Officer                             

Rick Robson, Chief Financial Officer

Conor Rowley, Investor Relations & Corporate Development Manager

Tamesis Partners LLP                                                          +44 20 3882 2868

Charlie Bendon

Richard Greenfield

Stifel Nicolaus Europe Limited                                          +44 20 7710 7600

Ashton Clanfield

Callum Stewart

Rory Blundell

Buchanan                                                                               +44 20 7466 5000

Bobby Morse                                                                        capital@buchanan.uk.com

George Cleary

About Capital Limited

Capital Limited is a leading mining services company providing a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry, focusing on the African markets. The Company's services include: exploration, delineation and production drilling; load and haul services; maintenance; and geochemical analysis. The Group's corporate headquarters are in Mauritius and it has established operations in Canada, Côte d'Ivoire, Egypt, Guinea, Kenya, Mali, Mauritania, Nigeria, Saudi Arabia, Sudan and Tanzania.