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 and financial developments.

·      MSALABS now has the largest international network of Chrysos PhotonAssay™ technology:

·      MSALABS' mixture of mine site and commercial laboratories currently supports some of the largest mines in Africa as well as a wide range of customers in key gold producing regions;

·      MSALABS' Chrysos PhotonAssay™ laboratory network is growing an international footprint:

o  Central/East Africa (3 units): Our first unit was deployed at the Bulyanhulu Gold Mine (Tanzania) with Barrick Gold Corporation ("Barrick") which marked the first Chrysos PhotonAssay™ unit outside of Australia. We have subsequently deployed a unit at Barrick's Kibali Gold Mine (DRC), the largest gold mine in Africa;

§ A Chrysos PhotonAssay™ laboratory is now under construction in the Geita township (Tanzania). This commercial laboratory will be able to support numerous gold mines within the Lake Victoria Goldfields.

o  West Africa (4 units): MSALABS currently has a unit deployed in Yamoussoukro (Ivory Coast);

§ We are continuing to increase our presence in West Africa with the roll out of four additional units. We have a unit now operational in our commercial laboratory in Obuasi (Ghana) with further units to be deployed to new commercial laboratories in Kankan (Guinea) and in Bamako (Mali) currently under construction.

o  Canada (3 units): We first deployed a unit in Val d'Or (Quebec) in early 2022 with the unit now close to full utilisation. Subsequently we have deployed units in Timmins (Ontario) and Prince George (British Columbia). All three units are now operational, extending our footprint right across Canada.

·      MSALABS's is currently on track to roll out 21 Chrysos PhotonAssay™ units by 2025.

·      Traditional geochemistry business concurrently growing its international footprint:

·      While the rollout of Chrysos PhotonAssay™ technology will account for the majority of the growth in revenues, we continue to expand our traditional geochemical business in tandem;

·      This year MSALABS has commissioned a mine site laboratory at Shanta Gold's Singida mine, Tanzania, a laboratory in Bougouni, Mali and currently has a laboratory in Marsa Alam, Egypt under construction.

·      MSALABS completes $10million equity raise to fund future growth:

·      In order to fund the expansion of the business, MSALABS has completed a $10 million equity raise with funds coming from both Capital and the minority shareholders. These funds will be used to finance the construction of new laboratories to support the continued rollout of both Chrysos PhotonAssay™ laboratories and our traditional geochemistry business; and

·      Capital agreed to fund any shareholder not willing to participate and as a result Capital's shareholding in MSALABS has increased from 77.76% to 81.79%.

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

"We are proud to now have the largest international network of PhotonAssay™ units, bringing this revolutionary technology to both Africa and Canada in partnership with Chrysos. 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.

The completion of our equity raise sets the business on strong footing for the next wave of growth, alongside the continued dedication of our employees."

- ENDS -

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

Capital Limited                                                                     +230 464 3250

Peter Stokes, Chief Executive Officer                              investor@capdrill.com                                      

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 Pope

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.