Capital Limited

("Capital", the "Group" or the "Company")

H1 2025 Results (Unaudited)

Capital Limited (LSE: CAPD), a leading mining services company, today provides its results (unaudited) for the half-year period 1 January to 30 June 2025 (the "Period").

Commenting on the interim results, Jamie Boyton, Executive Chair, said:

"Through H1 2025 the Group has seen improved momentum across all business divisions and looking forward we see a clear pathway that will continue to build on this - both in revenue growth and a recovery in margins, returns and cash flows.

As previously announced, we increased our full-year 2025 revenue guidance, with Group revenue now expected in the range of $320-$340 million (previously $300-$320 million) and MSALABS revenue guidance at $55-$65 million (previously $50-$60 million). We had also highlighted at the FY 2024 results that margins would bottom in H1 2025 and the performance in Q2 supports this.

This improving performance reflects the operational discipline across the group, particularly in our key growth areas. We have had a strong start to our new mining contract at Reko Diq, improving ARPORs and utilisation in our drilling business and MSALABS delivered a record quarter in Q2 2025, driven by improving utilisation across a number of laboratories and the continued ramp up at Nevada Gold Mines. We are also thrilled to have again maintained a world-class safety performance despite the operational changes across the business.

We are excited by the outlook for the Group and the opportunities ahead of us, but nevertheless, while we finalise the delivery of our new contracts, we have kept tight control on our capital spend, with capex now trending to the lower end of our $45-55 million guidance for the year. We are pleased to declare an interim dividend of 1.3 cents per share, reflecting our focus on delivering value to shareholders through both dividends and the future growth of the business."

Financial Overview

·      H1 2025 revenue of $159.2 million, down 6.0% on H1 2024 ($169.4 million);

·     H1 2025 EBITDA (adjusted for IFRS 16 leases and exceptional items) of $32.1 million, a decrease of 25.2% on H1 2024 ($42.9 million) with H1 2025 EBITDA Margin (adjusted for IFRS 16 leases and exceptional items) of 20.2% (H1 2024: 25.3%):

·     H1 2025 Net Profit After Tax (NPAT) (excluding effects from investment portfolio and exceptional items) of $2.1 million, a decrease of 82.2% on H1 2024 ($11.8 million);

·    Exceptional items include a $5.6 million impairment of our investment in Eco Detection reflective of slower progress towards commercialisation. We remain supportive of the technology and have now taken a more active role within the business;

·    H1 2025 Cash from Operations (adjusted for IFRS 16 leases) of $54.7 million, a 6.8% increase on H1 2024 ($51.2 million) in part driven by a favourable working capital position at the end of the period, some of which will normalise in H2 2025;

·      H1 2025 Capex of $20.4 million (H1 2024: $44.3 million) including prepayments and assets financed by OEM;

·     Net debt at H1 2025 of $55.4 million decreased 35.9% on H1 2024 ($86.4 million) predominantly as a result of lower capex spend in the half and the favourable working capital position; and

·     Declared an interim dividend of 1.3 cents per share, to be paid on 6 October 2025 to shareholders registered on 29 August 2025.

Operational Review 

·    Safety performance remains world-class with a Total Recordable Injury Frequency Rate ("TRIFR") of 0.8 per 1,000,000 hours worked in H1 2025 (H1 2024: 1.1).

Capital Drilling

·   Total rig count increased to 133 by the end of H1 2025 (FY 2024: 130), as new rigs purchased in FY 2024 were commissioned;

·    H1 2025 average rig utilisation was 74%, an increase of 7.2% on H1 2024 (69%). The increase was primarily driven an increase in exploration contracts during the half. The Group's target average utilisation is ~75%;

·   Average monthly revenue per operating rig ("ARPOR") was $190,000 in H1 2025, down 6.9% on H1 2024 ($204,000). We saw improved productivity in the Q2 2025 with ARPOR of $198,000;

·      Recent contract wins and extensions (previously announced):

-      Grade control drilling contract with Allied Gold at their Sadiola mine through to December 2027;

-      Grade control drilling contract with Barrick at their Lumwana copper mine through to June 2028;

-      3-year borehole drilling services contract with Reko Diq Mining Company Limited; and

-     Exploration contracts with Allied Gold and Koulou Gold in Côte d'Ivoire, Sanu Gold and Asara Resources in Guinea, Toubani Resources in Mali and ICDP in Gabon.

*Unaudited numbers

¹ Average revenue per month per operating rig

²Associated revenue refers to revenue generated from complementary services tied to our drilling operations

Capital Mining

·     Our mining contract at Reko Diq has had a strong start to the ramp up since we commenced operations with the civils fleet in April 2025. The TSF fleet has partially arrived on-site, with the remaining equipment being prepared for export from Egypt, which is targeted to commence work in Q4 2025.

MSALABS

·   MSALABS achieved another record quarter of revenue as new laboratories are ramped up and existing laboratories realise higher utilisations;

·    Two new laboratories were commissioned during H1 2025, marking important milestones in MSALABS growth path. Our commercial laboratory in Elko, USA, equipped with a Chrysos PhotonAssay™ unit, strengthens our service offering in North America, while our first laboratory in Saudi Arabia, established in partnership with Barrick and Maaden, enhances our presence in the Middle East. In parallel, the Nevada Gold Mines contract continues to build momentum as ramp-up activities progress, and procurement for Phase 2 construction is now underway.

·   Previously announced H1 2025 wins include a feasibility consulting study with Rio Tinto at the Oyu Tolgoi mine in Mongolia, a contract extension at Tasiast Gold Mine, Mauritania and a new contract with WIA Gold's Kokoseb Gold Project, Namibia

·    MSALABS possesses the largest international network of Chrysos PhotonAssay^TM technology and our relationship with Chrysos remains strong with the total planned deployment of 21 units.

Capital Investments

·     The total value of investments (listed and unlisted) was $49.5 million as at 30 June 2025 up from $30.3 million as at 31 December 2024 and $47.8 million as at 30 June 2024, with the portfolio recording investment gains (realised and unrealised) of $19.3 million in H1 2025; and

·     The portfolio continues to be focused on a select few key holdings namely WIA Gold, Sanu Gold and Asara Resources.

Outlook

·   Group revenue guidance is raised to $320 - 340 million and MSALABS revenue guidance is raised to $55 - 65 million for 2025 (up from $300 - 320 million and $50 - 60 million, respectively, as originally guided at our FY 2024 results);

·      We anticipate a stronger second half of the year, underpinned by sustained demand across all divisions:

-     The drilling business will benefit from several recent contract awards and extensions, whilst in the US our drilling operations remain a key area of focus, and we are confident that the operational and structural improvements made to date will support a continued uplift in returns through H2;

-     Our mining contract at Reko Diq will continue to ramp through the second half as equipment from Egypt begins operating in Q4 2025, with the project expected to reach full capacity by the end of H1 2026;

-     MSALABS is expected to continue its positive trajectory, with further growth in laboratory volumes and ramping up of new laboratories supporting improved financial performance; and

-      Tendering activity remains robust across the Group with several opportunities progressing.

2025 Interim Dividend Timetable

-      Ex-Dividend Date: 28 August 2025

-      Record Date: 29 August 2025

-      Last Date for Currency Elections: 2 September 2025

-      Payment Date: 6 October 2025

Dividend Currency Elections

The interim dividend will be paid on 6 October 2025, in US Dollars ("USD") with an option for shareholders to elect to receive the interim dividend in Pounds Sterling ("GBP"). Currency elections should be made no later than 2 September 2025 as per the instructions detailed on the Company website (www.capdrill.com). Payments in GBP will be based on the USD/GBP exchange rate on 29 August 2025 and the rate applied will be published on the website thereafter.

Capital Limited will provide a live presentation relating to our Half Year 2025 Results via the London Stock Exchange platform on 14^th August 2025 at 9:00am BST.

The presentation is open to all existing and potential shareholders, as well as analysts. Questions can be submitted via the SparkLive page webcasting page using the 'Ask a Question' button pre-event or at any time during the live presentation.

To access the webcast, please register in advance using the link below:

Capital Limited H1 2025 Results | SparkLive | LSEG

If you are unable to access the page by clicking the link above, copy and paste the link below into your browser:

https://sparklive.lseg.com/CAPITALLIMITED/events/261cea9d-f0cd-4770-ae0c-9ffaa04ce941/capital-limited-h1-2025-results

A copy of the Company's presentation will be available on www.capdrill.com

- ENDS -

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

Capital Limited                                                                     investor@capdrill.com                      

Jamie Boyton, Executive Chair          

Rick Robson, Chief Financial Officer

Conor Rowley, Commercial & Corporate Development

Ryan Tennis, Corporate Development & Investor Relations

Tamesis Partners LLP                                                          +44 20 3882 2868

Charlie Bendon

Richard Greenfield

Stifel Nicolaus Europe Limited                                          +44 20 7710 7600

Ashton Clanfield

Varun Talwar

Rory Blundell

FTI Consulting                                                                       +44 20 3727 1000

Ben Brewerton                                                                     capitallimited@fticonsulting.com

Nick Hennis

About Capital Limited

Capital Limited is a leading mining services company that provides a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry. 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 the United Kingdom and it has established operations in Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Ghana, Guinea, Kenya, Mali, Mauritania, Pakistan, Saudi Arabia, Tanzania, United States of America and Zambia.

INDEPENDENT REVIEW REPORT TO CAPITAL LIMITED

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

We have been engaged by Capital Limited ("the Group") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises the condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows, and notes to the condensed consolidated interim financial statements.

Basis for conclusion

We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 1, the annual financial statements of the group prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the

Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Group in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants

London, UK

13 August 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).