REG - Capital Limited - Full Year Results
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RNS Number : 2960X Capital Limited 19 March 2026
Capital Limited
("Capital", the "Group" or the "Company")
Full Year Financial Results for the Year Ended 31 December 2025
Capital (LSE: CAPD), a leading mining services company, today provides its
full year financial results for the year ended 31 December 2025.
FY 2025 FY 2024(9) FY 2025 vs FY 2024(9)
Revenue 345.8 348.0 (0.6%)
Adjusted EBITDA(1,2,3) 79.5 78.6 1.1%
Operating Profit 46.6 37.9 23.0%
Investment Gain / (Loss) 66.0 12.1 445.5%
Net Profit After Tax (NPAT) 71.0 17.0 317.6%
Operational NPAT(1,4) 12.4 12.9 (3.9%)
Earnings per share
Basic EPS (cents) 34.9 8.2 325.6%
Operational EPS (cents)(1,4) 5.4 6.1 (11.6%)
Final Dividend per Share (cents) 1.3 1.3 -
Adjusted Cash from Operations(1,2) 92.9 77.1 20.5%
Capex(5) 47.1 67.2 (29.9%)
Net Debt(1,6) 31.8 75.7 (58.0%)
Investment portfolio(7) 97.5 30.3 221.8%
Margins
Adjusted EBITDA Margin(1,2,3) 23.0% 22.6%
Operating Profit Margin 13.5% 10.9%
Operational NPAT Margin(1,4) 3.6% 3.7%
All amounts are in US dollar millions unless otherwise stated
((1) ) Non-IFRS financial measures and should not be used in
isolation or as a substitute for Capital Limited financial results presented
in accordance with IFRS. Alternative performance measures are detailed on
pages 22 - 23 of this results announcement
((2) ) Adjustment for the cash cost of the IFRS 16 leases, which
amounts to $15.1 million (2024: $13.1 million)
((3) ) Exceptional items in 2025 include ERP implementation costs of
$3.9 million and exceptional items in 2024 include ERP implementation costs of
$2.7 million and provisions against VAT receivables of $2.5 million
((4) ) Operational NPAT in 2025 excludes investment gains on
portfolio of $66.0 million, dividend income of $2.2 million and exceptional
items relating to ERP implementation costs of $3.9 million and impairments
relating to investment in associate of $5.7 million
((5) ) Operational NPAT in 2024 excludes investment gains on
portfolio of $12.1 million and exceptional items relating to ERP
implementation costs of $2.7 million, provisions against VAT receivables of
$2.5 million and, impairments relating to MSALABS of $2.8 million
((6) ) Capital expenditure (Capex) consists of cash capex,
prepayments and financed capex
((7) ) Net Debt / (Cash) excludes ROU liabilities
((8) ) Investment portfolio excludes Capital Innovation investments
of $2.3 million
((9) ) Restated figures
FY 2025 Financial Overview
· FY 2025 revenue of $345.8 million, down 0.6% on FY 2024 ($348.0
million);
· FY 2025 Adjusted EBITDA of $79.5 million, up 1.1% on FY 2024
($78.6 million);
· FY 2025 Adjusted EBITDA margin increased to 23.0% (FY 2024:
22.6%);
· Value of the Group's investment portfolio as at 31 December 2025
increased to $97.5 million (FY 2024: $30.3 million), achieving investment
gains of $66.0 million (FY 2024: $12.1 million);
· Operating Profit of $46.6 million for FY 2025, up 23.0% on FY
2024 ($37.9 million).
· Net Profit After Tax (NPAT) of $71.0 million for FY 2025, up
317.6% on FY 2024 ($17.0 million), whilst Operational NPAT is $12.4 million
for FY 2025, down 3.9% on FY 2024 ($12.9 million);
· Basic Earnings Per Share (EPS) of 34.9 cents for FY 2025, up
325.6% on FY 2024 (8.2 cents), whilst Operational EPS is 5.4 cents, down 11.6%
on FY 2024 (6.1 cents);
· Adjusted Cash from Operations of $92.9 million for FY 2025, an
increase of 20.5% on FY 2024 ($77.1 million);
· Total Capex of $47.1 million for FY 2025, a decrease of 29.9% on
FY 2024 ($67.2 million). Total capex consisted of cash capex of $17.8 million
(2024: $34.5 million), prepayments of $16.0 million (2024: $4.0 million) and
financed capex of $13.3 million (2024: $28.7 million);
· Net Debt as at 31 December 2025 of $31.8 million, a decrease of
58.0% on FY 2024 ($75.7 million);
- Net debt excludes the investment portfolio of $97.5 million; and
· Declared a final dividend of 1.3 cents per share, to be paid on
12 May 2026 which, together with the interim dividend of 1.3 cents per share
brings the total dividends declared for 2025 to 2.6 cents per share (2024: 2.6
cents per share).
Operational and Strategic Highlights
· Safety performance remains exemplary with 12-month trailing Total
Recordable Injury Frequency Rate ("TRIFR") of 1.20 per 1,000,000 hours worked,
in line with our 5-year average of 1.20.
· Capital Drilling - Sustained performance from our core business
· Recent contract awards (previously announced):
- A 5-year grade control drilling contract with Montage Gold at
its Koné Gold Project in Côte d'Ivoire;
- Grade control drilling work added to our broader drilling
services contract at Nevada Gold Mine in USA;
- A diamond drilling contract with Alpha Centauri Mining at the
Minkebe project in Gabon; and
- An exploration diamond and reverse circulation drilling contract
with Santa Fe Minerals at its Satama project in Côte d'Ivoire;
· Rig count increased from 130 to 137 through FY 2025, net of
depletion;
· Fleet utilisation for FY 2025 was 74%, compared to 73% in FY
2024; and
· Average monthly revenue per operating rig ("ARPOR") was $191,000
in FY 2025, down 6.4% on FY 2024 ($204,000).
FY 2025 FY 2024 vs
FY 2024
Closing fleet size (#) 137 130 5.4%
Fleet utilisation (%) 74% 73% 1.4%
Average utilised rigs (#) 100 92 8.7%
ARPOR(1) ($) 191,000 204,000 (6.4%)
((1) ) Average revenue per month per operating rig
· Capital Mining - Two contracts underway
· Waste Stripping Contract at Sukari Gold Mine:
- As previously announced, the Company has been awarded a waste
stripping cutback services contract at Sukari Gold Mine, operated by AngloGold
Ashanti;
- This contract will utilise our existing equipment still on site
supported by a number of newly purchased trucks and additional ancillary
equipment; and
- The contract has commenced and will run for 18 months.
· Major contract at Reko Diq:
- Early-stage civils work commenced in April 2025 and is running
at double shift. Currently mobilising additional development equipment; and
- Tailings storage facility ("TSF") services fleet mobilised
on-site with commissioning underway. Full run-rate expected from H2 2026.
· MSALABS - Record annual performance
· Achieved best annual performance to date with FY 2025 revenues of
$73.5 million (2024: $43.7 million) and contributing positively to the Group's
profitability
· Multiple new laboratories commissioned and announced:
- Commissioned new laboratories at Fairbanks in Alaska, Elko in
Nevada, Jabal Sayid in Saudi Arabia and Omaruru in Namibia;
- Announced a mine-site lab at Montage Gold's Kone Gold Project in
Côte d'Ivoire, a commercial lab in Newfoundland, Canada underpinned by 5-year
contract with Equinox Gold and a second commercial laboratory in Côte
d'Ivoire; and
- The first stage of our state-of-the-art laboratory at Nevada
Gold Mines, equipped with Chrysos PhotonAssay(TM) technology is operating at
its planned capacity.
· Capital Investments - Standout portfolio performance
· The total value of investments (listed and unlisted) was $97.5
million as at 31 December 2025 ($30.3 million as at 31 December 2024);
· The portfolio recorded investment gains (realised and unrealised)
of $66.0 million for FY 2025 (2024: $12.1 million); and
· The portfolio remains focused on select key holdings namely WIA
Gold, Asara Resources and Apollo Gold.
Outlook
· Revenue guidance for FY 2026 of $410 - 440 million, representing
a 23% increase on FY 2025 at the midpoint;
· Our drilling business will focus on expanding across key growth
areas whilst consolidating into preferred markets;
· Our mining business will look to achieve full run-rate operations
in H2 2026 at Reko Diq and continue the ramp up at Sukari Gold Mine;
· MSALABS will build on its expanding global footprint through new
laboratory ramp ups. MSALABS is expected to deliver another year of strong
growth with guidance of $85 - 95 million and continued contributions to Group
earnings; and
· Capital expenditure is expected to be $55 - 65 million in FY
2026. This will fund additional equipment related to Sukari mining contract,
construction of new labs for MSALABS, new growth rig and typical sustaining
and replacement capex across the Group.
2025 Final Dividend Timetable
· Ex-Dividend
Date: 16 April
2026
· Record
Date:
17 April 2026
· Last Date for Currency Elections: 20 April 2026
· Payment Date:
12
May 2026
Dividend Currency Elections
The dividend will be paid on 12 May 2026, in US Dollars ("USD") with an option
for shareholders to elect to receive the dividend in Pounds Sterling ("GBP").
Currency elections should be made no later than 20 April 2026 as per the
instructions detailed on the Company website (www.capdrill.com
(http://www.capdrill.com) ). Payments in GBP will be based on the USD/GBP
exchange rate on 20 April 2026 and the rate applied will be published on the
website thereafter.
Commenting on the results, Jamie Boyton, Executive Chair, said:
"I am very pleased to report a strong set of results for 2025, marking a clear
transition from the challenges of the past year. The Group has emerged
stronger, more diversified and with significantly enhanced flexibility.
This year we advanced the projects that will drive our next phase of growth.
Our Reko Diq mining contract is ramping up well alongside our restarted mining
contract at Sukari, both expecting full run operations during 2026. MSALABS
achieved its highest annual revenue and started contributing to the Group's
profitability. Our drilling business secured several long-term contract wins
and is well placed to take advantage of the current demand cycle. Our
investment portfolio achieved exceptional performance with a $66 million gain
during the year.
The sector is entering a major growth phase, driven by high commodity prices
and strong capital inflows. The Group is well positioned to benefit from this
favourable backdrop as miners and explorers deploy record levels of cash flow
from operations and capital markets funding.
Looking ahead, 2026 will be another important year for Capital. With
ramp‑ups at Reko Diq and Sukari, continued MSALABS expansion and a healthy
pipeline of drilling opportunities, we are well positioned to deliver further
growth. Our revenue guidance of $410 - 440 million, a 23% increase on 2025 at
the midpoint, reflects the increasing scale and diversification of the
business.
I would like to thank our teams across all regions for their hard work and
commitment. We are confident in the outlook for the Group and excited about
the opportunities ahead."
Capital Limited will host a live webcast presentation at 9:00am GMT on
Thursday 19(th) March 2026, where questions can be submitted through the
platform.
The webcast presentation link:
Capital Limited FY 2025 Results | SparkLive | LSEG
(https://sparklive.lseg.com/CAPITALLIMITED/events/04e29831-46a3-4f36-afcf-9754680d457a/capital-limited-fy-2025-results)
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/04e29831-46a3-4f36-afcf-9754680d457a/capital-limited-fy-2025-results
Participants may join the webcast approximately five minutes before the
commencement time.
A copy of the Company's presentation will be available on www.capdrill.com
(http://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, GM 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
Panmure Liberum Limited
+44 20 3100 2000
Scott Mathieson
John More
FTI Consulting
+44 20 3727 1000
Ben Brewerton
capitallimited@fticonsulting.com
(mailto: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, Guinea, Kenya, Mali,
Mauritania, Pakistan, Saudi Arabia, Tanzania, United States of America and
Zambia.
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
Audited Audited
As restated
Notes 2025 2024
US$'000 US$'000
Revenue 3 345,775 348,000
Cost of sales 4 (196,451) (204,554)
Gross profit 149,324 143,446
Administration expenses 5 (58,726) (56,945)
Depreciation, amortisation, and impairments (44,031) (48,562)
Operating profit 6 46,567 37,939
Interest income 47 38
Dividend income 2,217 -
Finance costs (15,432) (16,741)
Fair value gain on financial assets 65,993 12,097
Share of loss of associate (5,849) (387)
Profit before taxation 93,543 32,946
Taxation 7 (22,556) (15,949)
Profit and total comprehensive income for the period 70,987 16,997
Profit attributable to:
Owners of the parent 69,354 15,994
Non-controlling interest 1,633 1,003
70,987 16,997
Earnings per share:
Basic (cents per share) 8 34.86 8.20
Diluted (cents per share) 8 33.98 8.18
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
Audited Audited
As restated
Notes 2025 2024
ASSETS US$'000 US$'000
Non-current assets
Property, plant and equipment 10 241,978 240,969
Right-of-use assets 11 36,271 32,062
Goodwill 1,296 1,296
Intangible assets 884 794
Other receivables 13 13,244 10,790
Investment in associate 503 6,300
Total non-current assets 294,176 292,211
Current assets
Inventories 64,777 61,912
Trade receivables 12 52,288 60,226
Other receivables 13 53,955 27,116
Investments at fair value 99,801 30,304
Current tax receivable 1,789 505
Cash and cash equivalents 63,376 40,526
Deferred tax 714 -
Total current assets 336,700 220,589
Total assets 630,876 512,800
EQUITY AND LIABILITIES
Equity
Share capital 23 20
Share premium 103,499 64,719
Equity-settled employee benefits reserve 5,279 3,972
Other reserve 190 190
Retained income 266,742 200,959
Equity attributable to owners of the parent 375,733 269,860
Non-controlling interest 11 12,957 11,813
Total equity 388,690 281,673
Non-current liabilities
Loans and borrowings 14 76,275 86,925
Lease liabilities 24,678 22,226
Trade and other payables 5,004 7,511
Deferred tax - 3,195
Total non-current liabilities 105,957 119,857
Current liabilities
Trade and other payables 92,886 60,608
Provisions 203 203
Current tax payable 13,188 10,640
Loans and borrowings 14 18,541 28,259
Lease liabilities 11,411 11,560
Total current liabilities 136,229 111,270
Total equity and liabilities 630,910 512,800
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
Notes 2025 2024
US$'000 US$'000
Cash flow from operating activities
Cash generated from operations 15 107,943 90,133
Interest income received 47 38
Finance costs paid (11,617) (12,097)
Interest paid on lease liabilities (3,272) (3,067)
Tax paid (19,514) (11,282)
Net cash from operating activities 73,586 63,725
Cash flow from investing activities
Purchase of property, plant and equipment (17,820) (34,469)
Proceeds from sale of property, plant and equipment 867 300
Purchase of intangible assets and cloud computing arrangements (1,660) (2,352)
Purchase of investments at fair value (8,198) (8,480)
Purchase of investment in associate (52) (6,688)
Proceeds on sale of investments at fair value 4,694 37,278
Cash paid in advance for property, plant and equipment (16,036) (3,970)
Advance payments on leases (2,305) (1,825)
Proceeds from dividends received 2,217 -
Loan advanced to associate (1,268) -
Net cash from investing activities (39,561) (20,206)
Cash flow from financing activities
Proceeds from loans and borrowings 30,000 30,000
Repayment of loans and borrowings (64,011) (47,262)
Repayment of principle on leases liabilities (11,786) (10,008)
Arrangement fees paid for new financing (159) (392)
Dividends paid (5,120) (7,686)
Proceeds from issuance of equity to non-controlling interests - 719
Purchase of shares from non-controlling interest (189) (1,603)
Proceeds from issue of shares 38,249 -
Net cash from financing activities (13,016) (36,232)
Net increase in cash and cash equivalents 21,009 7,287
Cash and cash equivalents at the beginning of the period 40,526 34,366
Effect of exchange rate movement on cash balances 1,841 (1,127)
Cash and cash equivalents at the end of the period 63,376 40,526
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2025
1. General information
Preparation of the condensed consolidated financial statements
Capital Limited (the "Company") is incorporated in Bermuda. The Company and
its subsidiaries (the "Group") provide drilling, mining (load and haul),
crushing, mineral assaying and surveying services. The Group also has a
portfolio of investments in listed and unlisted exploration and mining
companies.
2. Basis of presentation
The condensed consolidated financial statements are prepared on the going
concern basis under the historical cost convention, except for certain
financial instruments which are measured at fair value. The directors are
responsible for the preparation of the results announcement.
The condensed consolidated financial statements included in this results
announcement has been prepared in accordance with the measurement and
recognition criteria of International Financial Reporting Standards ("IFRS")
as issued by the International Accounting Standards Board ("IASB"). Whilst the
financial information included in this results announcement has been prepared
in accordance with IFRS, this announcement does not itself contain sufficient
information to comply with the disclosure requirements of IFRS. The Group's
2025 Annual Consolidated Financial Statements have been prepared in accordance
with IFRS. The results announcement does not constitute a dissemination of the
annual financial reports. A separate dissemination announcement in accordance
with Disclosure and Transparency Rules (DTR) 6.3 will be made when the Annual
Report and audited consolidated Financial Statements are available on the
Company's website. The accounting policies are in terms of IFRS and consistent
with those of the prior year.
The financial information for the years ended 31 December 2025 and 2024 does
not constitute the annual financial statements. The annual consolidated
financial statements for the year ended 31 December 2025 and 2024 were
completed and received an unmodified audit report from the Company's Auditors.
Going concern
As at 31 December 2025, the Group had a robust balance sheet with a low debt
gearing with equity of $388.7 million and loans and borrowings of $94.8
million. Cash as at 31 December 2025 was $63.4 million, with net debt of $31.8
million. As at 31 December 2025, investments at fair value amounted to $97.51
million which provides additional flexibility as these investments could be
converted into cash.
The amount outstanding on the revolving credit facility as at 31 December 2025
was $59.2 million and at the year end this loan was due for repayment in April
2027, which falls within the going concern period to 30 June 2027. The
revolving credit facility has since been refinanced in March 2026 with a term
loan of $37.5 million, maturing in March 2029, and a revolving credit facility
of $37.5 million, maturing in March 2030.
This balance sheet robustness is underpinned by stable cash flows generated by
a diversified service offering and diversified contract portfolio. Whilst 2025
revenues were down 0.6% from the prior year, Net Profit After Tax and Adjusted
Cash from Operations were up 288.0% and 20.5%, respectively.
Commercially, the Group commenced a major new mining contract at Reko Diq and
MSALABS achieved record results, both with revenue and divisional net profit.
Furthermore, the Group continues to leverage its strong relationships across
the mining sector with contract awards for grade control drilling services at
Montage Gold's Kone Gold Project in Cote d'Ivoire, a restart of a waste mining
contract at Sukari Gold Mine in Egypt, a waterbore drilling services contract
at Reko Diq in Pakistan as well as several short-term exploration drilling
contracts.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
2. Basis of presentation
For the going concern period to 30 June 2027, the Group has prepared cash flow
forecasts for a base case operating scenario, which shows that the Group has
sufficient cash and liquidity, and does not breach covenants, at any point
during the going concern period. The Group has then performed reverse stress
testing on the cash flow forecasts by modelling reductions in Adjusted EBITDA
to identify the point at which the Group's financial covenants would be
breached. This analysis indicates that the first covenant breach would occur
if Adjusted EBITDA immediately declined by approximately 48% and remained at
that level thereafter.
Given the strong market demand from existing high-quality clients and across a
large tendering pipeline and the Group's increased service diversification,
exposure to high-quality mine site operations and strong relationships with
blue-chip customers, the Board considers the probability of such a scenario to
be low and notes that the analysis excludes any operational responses,
including the redeployment of equipment across the Group's operations.
Furthermore, the reverse stress testing is undertaken prior to the application
of any mitigating actions. The Group has a range of measures available that
would provide additional headroom in a downside scenario. These include, among
others, the liquidation of the investment portfolio, reductions in inventory
levels and capital expenditure, the renegotiation of creditor payment terms
and adjustments to the dividend pay-out policy.
Based on its assessment of the forecasts, principal risks and uncertainties
and mitigating actions considered available to the Group in the event of
downside scenarios, the Board confirms that it is satisfied the Group will be
able to continue to operate and meet its liabilities as they fall due over the
going concern period to June 2027. Accordingly, the Board has concluded that
the going concern basis in the preparation of the Financial Statements is
appropriate and that there are no material uncertainties that would cast doubt
on that basis of preparation.
3. Revenue 2025 2024
US$'000 US$'000
Revenue from the rendering of services comprises:
Drilling and associated revenue 238,744 233,678
Revenue from Mining 26,357 65,242
Laboratory services revenue 73,495 43,647
Revenue from Surveying 7,179 5,433
345,775 348,000
As restated
4. Cost of Sales 2025 2024
US$'000 US$'000
Employee costs 92,689 90,395
Consumables 27,099 25,145
Repairs and maintenance 19,554 28,819
Fuel 3,989 3,647
Camp operational cost 5,761 6,054
Other cost of sales 5,620 7,877
Landed cost - Inventory 11,631 11,622
Equipment hire 3,667 4,235
Travel and accommodation 4,600 5,707
Safety gear and equipment 3,917 3,883
Mobilisation and amortisation 5,545 7,783
Chrysos variable costs 4,485 2,154
Insurance - Equipment 2,006 2,048
Others 5,888 5,185
196,451 204,554
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
5. Administration Expenses 2025 2024
US$'000 US$'000
Employee costs 24,913 22,381
Professional fees 4,733 5,594
Insurance 2,584 2,216
Rental cost 1,764 1,921
Share based payment expenses 3,089 539
Bad debts written off 79 258
Expected credit loss provision 99 (160)
Travel and accommodation 2,928 3,788
Bank charges 1,351 1,606
Foreign exchange loss / (gain) (1,515) 2,107
Software costs 2,688 2,039
ERP implementation costs 3,913 2,661
Other tax 384 1,439
Provision for VAT recoverable 1,430 2,545
Other expenses 10,286 8,012
58,726 56,945
As restated
6. Profit from Operations 2025 2024
US$'000 US$'000
The following items have been recognised as expenses in determining profit
from operations:
Depreciation, amortisation and impairments
Depreciation and amortisation:
Land and buildings 306 231
Right of use assets 12,185 12,025
Computer software 105 9
Drilling rigs 11,837 10,573
Associated drilling equipment 6,599 6,082
Vehicles and trucks 5,805 4,716
Camp and associated equipment 5,487 3,925
Mining equipment 1,232 7,041
Total depreciation 43,556 44,602
Impairment:
Right-of-use assets - 1,766
Drilling rigs - 226
Heavy Mining equipment 475 907
Vehicles and trucks - -
Camp and associated equipment - 1,061
Total impairment 475 3,960
Total depreciation, amortisation and impairments 44,031 48,562
Operating lease expense
Short term equipment rental 2,956 6,046
Employee costs
Salaries, wages, bonuses and other benefits 117,602 112,776
Share based compensation expense 3,089 539
Total employee costs 120,691 113,315
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
6. Profit from Operations (Cont'd) 2025 2024
US$'000 US$'000
Other
Loss on disposal of property, plant and equipment 917 594
Legal and professional fees 4,733 5,594
Stock write-off 726 686
Provision for inventory obsolescence 1,135 385
Allowance for credit losses 99 (160)
Bad debts written off 79 258
Other taxes 384 1,439
Provision for VAT recoverable 1,430 2,545
Increase in provisions for other taxes 522 44
7. Taxation
Capital Limited is incorporated in Bermuda and tax resident in the United
Kingdom and the Group operates in multiple countries jurisdictions with
complex legal and tax regulatory environments. Taxation is calculated in
accordance with local legislation and the prevailing tax rates.
The Group has taken income tax positions that management believes are
supportable and are intended to withstand challenge by tax authorities. Some
of these positions are inherently uncertain and include those relating to
transfer pricing matters and the interpretation of income tax laws. The Group
periodically reassesses its tax positions. Changes to the financial statement
recognition, measurement, and disclosure of tax positions is based on
management's best judgement given any changes in the facts, circumstances,
information available and applicable tax laws. Considering all available
information and the history of resolving income tax uncertainties, the Group
believes that the ultimate resolution of such matters will not likely have a
material effect on the Group's financial position, statements of operations or
cash flows.
8. Earnings per share
As restated
2025 2024
Basic Earnings per share:
The profit and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Profit for the year used in the calculation of basic earnings per share 69,354 15,994
(US$'000)
Weighted average number of ordinary shares for the purposes of basic earnings 198,925,655 195,112,329
per share
Basic earnings per share (cents) 34.86 8.20
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
8. Earnings per share (Cont'd)
As restated
Diluted earnings per share: 2025 2024
The profit used in the calculations of all diluted earnings per share measures 69,354 15,994
are the same as those used in the equivalent basic earnings per share
measures, as outlined above. ($)
Weighted average number of ordinary shares used in the calculation of basic 198,925,655 195,112,329
earnings per share
- Dilutive share options 5,192,484 465,154
Weighted average number of ordinary shares used in the calculation of diluted 204,118,139 195,577,483
earnings per share
Diluted earnings per share (cents) 33.98 8.18
( )
( )
9. Dividends
During the 12 months ended 31 December 2025, a dividend of 1.3 cents (2024:
2.6 cents) per ordinary share, totalling to $2.6 million (2024: $5.1 million)
was declared as the final dividend for 2024. This dividend was paid to the
shareholders on 15 May 2025 (2024: 15 May 2024), followed by a further
dividend of 1.3 cents (2024: 1.3 cents) per share which was declared as
interim dividend for 2025 totalling $2.5 million (2024: $2.6 million) and paid
on 6 October 2025 (2024: 3 October 2024). The total dividend paid is $5.1
million (2024: $7.7 million).
In respect of the year ended 31 December 2025, the Directors propose that a
final dividend of 1.3 cents (2024: 1.3 cents) per share be paid to
shareholders on 12 May 2026 (2024: 15 May 2025). This final dividend has not
been included as a liability in these Consolidated Financial Statements. The
proposed final dividend is payable to all shareholders on the Register of
Members on 17 April 2026 (2024: 22 April 2025). The total estimated final
dividend to be paid is $2.9 million (2024: $2.6 million). The payment of this
final dividend will not have any tax consequences for the Group.
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CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
10. Property, plant and equipment
Cost Associated Drilling & mining equipment
Camp and associated equipment
Heavy mining equipment Vehicles and trucks Land & Buildings Computer software Leasehold improvements
Drilling rigs Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
At 1 January 2024 148,242 81,860 41,377 47,018 27,043 - 52 1,654 347,246
Additions 35,785 4,350 1,672 9,895 9,906 6,348 20 - 67,976
Disposal (4,034) - (4,328) (2,029) (1,865) - - - (12,256)
At 31 December 2024 179,993 86,210 38,721 54,884 35,084 6,348 72 1,654 402,966
Additions 12,279 3,446 5,458 7,405 5,142 847 - - 34,577
Disposal (18,623) (4,310) (5,626) (1,048) (1,603) - - - (31,210)
Transfer to Intangible assets - - - - - - (72) - (72)
At 31 December 2025 173,649 85,346 38,553 61,241 38,623 7,195 - 1,654 406,261
Accumulated Depreciation
At 1 January 2024 72,897 26,078 9,860 19,421 10,215 - 20 97 138,588
Depreciation 10,573 7,041 6,082 4,716 3,925 231 9 - 32,577
Disposal (3,754) - (4,100) (1,653) (1,855) - - - (11,362)
Impairment 226 907 - - 1,061 - - - 2,194
At 31 December 2024 79,942 34,026 11,842 22,484 13,346 231 29 97 161,997
Depreciation 11,837 1,232 6,599 5,805 5,487 306 - - 31,266
Disposal (17,974) (3,299) (5,426) (1,696) (1,031) - - - (29,426)
Impairment - 475 - - - - - - 475
Transfer to Intangible assets - - - - - - (29) - (29)
At 31 December 2025 73,805 32,434 13,015 26,593 17,802 537 - 97 164,283
Carrying amount at:
31 December 2024 100,051 52,184 26,879 32,400 21,738 6,117 43 1,557 240,969
31 December 2025 99,844 52,912 25,538 34,648 20,821 6,658 - 1,557 241,978
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
10. Property, plant and equipment (continued)
The Group's property plant and equipment includes assets not yet commissioned
totalling US$36.3 million (2024: US$45.0 million). The assets will be
depreciated once commissioned and available for use.
Not reflected in the Cash Flow are US$13.3 million (2024: US$ 28.7 million)
asset finance facilities obtained from Epiroc, Sandvik, Lockton and Northrim
Bank.
11. Leases (Group as lessee)
Details pertaining to leasing arrangements, where the
Group is lessee are presented below:
Land & Buildings Machinery Total
Right of use assets US$'000 US$'000 US$'000
At 1 January 2024 5,105 24,579 29,684
Additions 778 15,391 16,169
Depreciation (1,618) (10,407) (12,025)
Impairment - (1,766) (1,766)
At 31 December 2024 4,265 27,797 32,062
Additions 1,150 15,244 16,394
Depreciation (1,676) (10,509) (12,185)
At 31 December 2025 3,739 32,532 36,271
Lease liabilities
At 1 January 2024 5,184 24,266 29,450
Additions 777 13,567 14,344
Interest expense 422 2,645 3,067
Lease payments (1,822) (11,253) (13,075)
At 31 December 2024 4,561 29,225 33,786
Additions 1,322 12,767 14,089
Interest expense 272 3,000 3,272
Lease payments (2,047) (13,011) (15,058)
At 31 December 2025 4,108 31,981 36,089
The weighted average incremental borrowing rate applied to lease liabilities
during the period was 10% (2024: 10%).
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
2025 2024
US$'000 US$'000
12. Trade receivables
Trade receivables 52,387 64,762
Less: allowance for credit losses (99) (4,536)
Total trade receivables 52,288 60,226
Trade receivables have credit periods of between 30 to 45 days. The ageing of
trade receivables is detailed below:
Current 30,993 43,627
Past due 1 - 30 days 9,853 6,293
Past due 31 - 60 days 4,980 5,746
Past due 61 - 90 days 2,008 1,330
Past due over 90 days 4,553 7,766
52,387 64,762
The expected loss rates have been based on current and forward-looking
information on micro and macroeconomic factors affecting the Group's
customers. The Group has identified the metals and mining sector's credit loss
probability rates as the key macroeconomic factor in countries where the Group
operates.
The lifetime expected loss provision for trade receivables is as follows:
More than More than More than
30 days 60 days 90 days
31 December 2025 Current past due past due past due Total
US$'000 US$'000 US$'000 US$'000 US$'000
Expected loss rate 0.26% 0.11% 0.10% 0.03% 0.19%
Gross carrying amount 30,993 9,853 4,980 6,561 52,387
Loss provision 81 11 5 2 99
Movements in the impairment allowance for trade receivables are as follows:
2025 2024
US$'000 US$'000
Opening provision for impairment of trade receivables 4,536 4,697
Increase during the year 99 97
Receivables written off during the year as uncollectible (4,536) (258)
At 31 December 99 4,536
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
As restated
2025 2024
US$'000 US$'000
13. Other receivables
Prepayments 22,254 10,474
Capitalised contract costs 7,944 7,082
VAT recoverable 9,863 6,411
Amounts due from non-controlling interest 5,685 5,685
Accounts receivable - Sundry 3,840 4,020
Prepayment for fixed assets 16,036 3,970
Others 1,577 265
67,199 37,906
Current 53,955 26,116
Non-current 13,244 10,790
67,199 37,906
14. Loans and borrowings
Loans and borrowings consist of:
(a) US$75 million revolving credit facility ("RCF") provided by Standard Bank
(Mauritius) Limited and Nedbank Limited
The Company entered into a revolving credit facility agreement on 28 March
2023 as borrower together with Standard Bank (Mauritius) Limited and Nedbank
Limited (acting through its Nedbank Corporate and Investment banking division)
as lenders and arrangers, with Nedbank acting as agent and security agent to
borrow a revolving credit facility for an aggregate amount of $50 million with
the Company being able to exercise an accordion option to request an increase
of the facility under
the terms and conditions of the Facility Agreement. The full accordion of $25
million was exercised and completed April 2024 along with an extension of the
facility to April 2027. The revolving credit facility has been refinanced in
March 2026 with a term loan of $37.5 million, maturing in March 2029, and
revolving credit facility of $37.5 million, maturing in March 2030.
The total available amount of the facility is currently $75 million. The
interest rate on the RCF is the prevailing three-month Secured Overnight
Financing Rate (SOFR, payable in arrears) plus a margin of 5.5%, and an annual
commitment fee of 1.925% per annum is charged on any undrawn balances. The
amount utilised on the RCF was $57 million as at 31 December 2025 (2024: $60
million). Under the terms of the RCF, the group is required to comply with
certain financial covenants relating to:
· Interest coverage
· Gross debt to EBITDA ratio
· Debt to equity ratio
· Tangible net worth
In addition, CAPD (Mauritius) Limited is also required to comply with the
Total Tangible Net Worth covenant.
Security for the revolving credit facility comprise various pledges over the
shares and claims of the Group's entities in Tanzania together with a
debenture over the rigs in Tanzania and the assignment of material contracts
and their collection accounts in each of Egypt, Tanzania and Mali.
As at the reporting date and during the period under review, the Group has
complied with all covenants attached to the loan facilities.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
14. Loans and borrowings (continued)
(b) US$40.5 million term loan provided by Macquarie Bank Limited (London
Branch)
On 15 September 2022, the Group refinanced the senior secured, asset backed
term loan facility with Macquarie Bank Limited. The term of the loan is three
years repayable in quarterly instalments with an interest rate on the facility
of the prevailing three- month SOFR plus a margin of 6.5% per annum (payable
quarterly in arrears). The loan is secured over certain assets owned by the
Group and currently located in Egypt together with guarantees provided by
Capital Limited, Capital Drilling Egypt LLC. The Group drew an additional $8.0
million in 2023. As at 31 December 2025, the amount
outstanding on the term loan was $0.7 million (2024: $13.1 million).
During the year under review, the Group has complied with all covenants (same
as RCF) attached to the term loan.
(c) Epiroc Financial Solutions AB credit agreements
The Group has a number of credit agreements with Epiroc, drawn down against
the purchase of rigs. The term of the agreements is four years repayable in 46
monthly instalments. The rate of interest on most of the agreements is
three-month SOFR plus a margin of 4.8%, with a fixed rate of interest of the
remaining agreements of 8.5% and 9.50%. As at 31 December 2025, the total
drawn under these credit agreements was $20.9 million (2024: $24 million). No
covenants are attached to this facility
(d) US$8.5 million term loan facility with Sandvik Financial Services AB
(PUBL)
The Group has term loan facility agreement with Sandvik Financial Services AB
(PUBL). The facility is for the purchase of equipment from Sandvik AB,
available in not more than four tranches. Interest is payable quarterly in
arrears at 5.45% per annum on the drawn amount. As at 31 December 2025 the
balance outstanding was $0.9 million (2024: $2.5 million) and the facility is
no longer available to be drawn.
Additionally, the Group entered into a further $10 million facility agreement
on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%.
As at 31 December 2025, the balance outstanding was $7.4 million (2024: $6.3
million). The balance amortises over four-years from the date of drawdown of
each tranche.
No covenants are attached to these facilities.
(e) US$5.0 million facility with Caterpillar Financial Services
The Group entered into a $5 million facility agreement with Caterpillar
Financial Services Corporation on 25 July 2023. The rate of interest on this
agreement is three-month SOFR plus a margin of 5.25%. The term of the
agreement is 2 years repayable in 8 quarterly instalments. All repayments can
be subsequently redrawn. As at 31 December 2025, the balance outstanding was
$0.4 million (2024: $3.2 million).
During the year under review, the Group has complied with all covenants (same
as RCF) attached to the facility.
(f) US$3.7m Mortgage with Byington Family Trust
The Group entered into a$3.7m mortgage with Byington Family Trust on 8 January
2024. The property in Elko serves as collateral for the mortgage. The rate of
interest is fixed at 7.50% until maturity on 31 December 2034. As at 31
December 2025, the balance outstanding was $3.5 million.
No covenants are attached to this facility.
(g) $1.6m Business Loan Facility Agreement with Northrim Bank
The Group entered into a $1.6m Loan Facility Agreement with Northrim Bank on
27 August 2024. The property in Fairbanks, Alaska serves as collateral for
this loan. The rate of interest is three-month SOFR plus a margin of 3% until
maturity in January 2030. As at 31 December 2025, the balance outstanding was
$1.4 million.
During the period under review, the Group has complied with all covenants
(same as RCF) attached to the facility.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
14. Loans and borrowings (continued)
2025 2024
US$'000 US$'000
Bank loans 59,835 76,388
Supplier credit facilities 31,805 36,288
Vendor financed mortgage 3,511 3,599
95,151 116,275
Less: Unamortised debt arrangement costs (335) (1,091)
Total loans and borrowings 94,816 115,184
Current 18,541 28,259
Non-current 76,275 86,925
Total loans and borrowings 94,816 115,184
As restated
15. Cash generated from operations 2025 2024
US$'000 US$'000
Profit before taxation 93,543 32,946
Adjusted for:
- Depreciation, amortisation and impairments 31,846 34,771
- ERP costs expensed 183 676
- Share of loss in associate 5,849 387
- Loss on disposals 917 594
- Depreciation of right-of-use assets 12,185 13,791
- Share-based payment 3,089 539
- Fair value loss/(gain) on financial assets (65,993) (12,097)
- Interest income (47) (38)
- Dividend income (2,217) -
- Finance costs 15,432 16,741
- Other non-cash items 1,133 339
- Unrealised foreign exchange (gain) / loss on foreign cash held (1,831) 1,623
- (Decrease)/Increase in expected credit loss provision 99 (160)
- Bad debts written off 79 258
Operating profit before working capital changes 94,268 90,370
Adjustments for working capital changes:
- Increase in inventories (3,998) (375)
- Increase in trade and other receivables (7,045) (14,441)
- Increase in trade and other payables 24,718 14,862
- Decrease in provisions - (283)
107,943 90,133
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
16. PRIOR PERIOD RESTATEMENTS
During the year, the Group identified errors in the configuration of the
payroll system in one of our countries of operation, which resulted in the
miscalculation of certain employee payroll taxes and employer social
contributions during 2023 and 2024. The net impact on 2023 was $0.4 million,
comprising an understatement of employee taxes of $0.7 million and an
overstatement of employer social contributions of $0.3 million; this net
impact was assessed as immaterial to warrant the presentation of a third
balance sheet. The errors have been corrected through an adjustment to opening
retained earnings as at 1 January 2024. The net impact on 2024 was $1.3
million, consisting of an understatement of employee taxes of $2.1 million and
an overstatement of employer social contributions of $0.8 million. A
receivable has been recognised for the overpaid employer social contributions,
which will be offset against future statutory obligations in 2026. The under
declared employee taxes have been recognised as a current liability to be
settled in 2026. There is no income tax effect of these adjustments in
accordance with local tax rules.
As previously
reported Adjustment As restated
Statement of financial position US$'000 US$'000 US$'000
1 January 2024
Accounts receivable - sundry 4,025 303 4,328
Other receivables 24,055 303 24,358
Total current assets 217,750 303 218,053
Total assets 467,748 303 468,051
Profit for the year 38,530 (394) 38,136
Retained income 195,515 (394) 195,121
Equity attributable to owners of the parent 263,877 (394) 263,483
Total equity 273,147 (394) 272,753
Other payables - employee related liabilities 9,649 697 10,346
Trade and other payables 50,685 697 51,382
Total current liabilities 95,880 697 96,577
Total liabilities 194,601 697 195,298
Total equity and liabilities 467,748 303 468,051
31 December 2024
Accounts receivable - sundry 2,948 1,072 4,020
Other receivables 26,044 1,072 27,116
Total current assets 219,517 1,072 220,589
Total assets 511,728 1,072 512,800
Retained income 202,674 (1,715) 200,959
Equity attributable to owners of the parent 271,575 (1,715) 269,860
Total equity 283,388 (1,715) 281,672
Other payables - employee related liabilities 14,227 2,787 17,014
Trade and other payables 57,821 2,787 60,608
Total current liabilities 108,483 2,787 111,270
Total liabilities 228,340 2,787 231,127
Total equity and liabilities 511,728 1,072 512,800
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025
16. PRIOR PERIOD RESTATEMENTS (Cont'd)
As previously
reported Adjustment As restated
Income Statement US$'000 US$'000 US$'000
31 December 2024
Cost of sales (203,233) (1,322) (204,555)
Gross profit 144,767 (1,322) 143,445
Operating profit 39,260 (1,322) 37,938
Profit before taxation 34,267 (1,322) 32,945
Profit for the year and other comprehensive
income 18,318 (1,322) 16,996
Profit and other comprehensive income
attributable to:
Owners of the parent 17,315 (1,322) 15,993
Earnings per share
Basic earnings per share 8.87 (0.67) 8.20
Diluted earnings per share 8.85 (0.67) 8.18
CAPITAL LIMITED
APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
The Group presents various Alternative Performance Measures (APMs) as
management believes that these are useful for users of the financial
statements in helping to provide a balanced view of, and relevant information
on, the Group's financial performance in the year.
The following terms and alternative performance measures are used in the full
year results release for the year ended 31 December 2025.
ARPOR Average revenue per operating rig
Operating profit (pre-exceptional items) Earnings before interest, taxes, fair value gain/loss on financial assets and
exceptional items
EBITDA Earnings before interest, taxes, depreciation, amortization, fair value
gain/loss on financial assets and exceptional items.
EBITDA (adjusted for IFRS 16 leases) EBITDA net of cash cost of the IFRS 16 leases
NPAT Net Profit After Tax
Operational NPAT Net profit after tax before fair value gain/loss on investments and
exceptionals
Operational EPS Net profit after tax before fair value gain/loss and exceptionals over
weighted average number of ordinary shares
Net Cash (Debt) Cash and cash equivalents less loans and borrowings
Reconciliation of alternative performance measures to the financial
statements:
2025 2024
US$'000 US$'000
ARPOR can be reconciled from the financial statements as per the below:
Revenue per financial statements (US$) 345,775 348,000
Non-drilling revenue (US$) (118,135) (123,671)
Revenue used in the calculation of ARPOR (US$) 227,640 224,329
Monthly Average active operating Rigs 100 92
Monthly Average operating Rigs 134 126
ARPOR (rounded to nearest US$10,000) 191 204
EBITDA can be reconciled from the financial statements as per the below:
US$'000 US$'000
Profit for the year 70,987 16,997
Depreciation 44,031 48,562
Taxation 22,556 15,949
Interest income (47) (38)
Dividend income (2,217) -
Finance charges 15,432 16,741
Share of loss in associates 5,849 387
Fair value adjustments on financial assets (65,993) (12,097)
EBITDA 90,598 86,501
Operating profit (EBIT) 46,567 37,939
Depreciation, amortisation and impairments 44,031 48,562
EBITDA 90,598 86,501
CAPITAL LIMITED
APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
2025 2024
US$'000 US$'000
Adjusted EBITDA can be reconciled from the financial statements as per the
below:
Operating profit (EBIT) 46,567 37,939
Depreciation, amortisation and impairments 44,031 48,562
Cash cost of IFRS 16 leases (15,058) (13,075)
Exceptional items (ERP costs and provision for VAT receivables) 3,913 5,206
Adjusted EBITDA 79,453 78,632
Adjusted EBITDA Margin 23.0% 22.6%
Operational NPAT can be reconciled from the financial statements as per the
below:
Net Profit After Tax 70,987 16,997
Dividend income (2,217) -
Fair value gain on financial assets (65,993) (12,097)
Exceptional items 9,606 8,032
Operational NPAT 12,383 12,932
Basic and diluted Operational EPS can be reconciled from the financial
statements as per the below:
Operational NPAT 12,383 12,932
Non-controlling interest (1,633) (1,003)
10,750 11,928
Weighted average number of ordinary shares 198,925,655 195,112,329
Operational EPS 5.40 6.11
Diluted Operational EPS 5.27 6.10
Adjusted Cash from Operations can be reconciled from the financial statements
as per the below:
Cash generated from operations 107,943 90,133
Cash cost of IFRS 16 leases (15,058) (13,075)
Adjusted Cash from Operations 92,885 77,058
2025 2024
US$'000 US$'000
Capex can be reconciled from the financial statements as per the below:
Purchase of property, plant and equipment 17,820 34,469
Cash paid in advance for property, plant and equipment 16,036 3,970
Supplier credit facility received 13,259 25,008
Vendor financed mortgage - 3,680
Capex 47,115 67,127
Net (debt) /cash can be reconciled from the financial statements as per the
below:
Cash and cash equivalents 63,376 40,526
Loans and borrowings (95,151) (116,275)
Net (debt)/ cash (31,775) (75,749)
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