REG - Capital Limited - H1 2025 Results (Unaudited)
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RNS Number : 2521V Capital Limited 14 August 2025
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").
H1 2025 H1 2024 vs
H1 2024
Revenue 159.2 169.4 (6.0%)
EBITDA (adjusted for IFRS 16 leases and exceptional items)(1,2,3) 32.1 42.9 (25.2%)
Operating Profit 16.2 25.0 (35.2%)
Operating Profit (excluding exceptional items)(3) 17.9 26.6 (32.7%)
Investment Gain / (Loss) 19.3 (0.5) N/A
Net Profit After Tax (NPAT) 14.8 9.6 54.2%
NPAT (excluding effects from investment portfolio and exceptional items)(4) 2.1 11.8 (82.2%)
Earnings per share
Basic EPS (cents) 7.6 4.7 60.7%
Basic EPS (excluding effects from investment portfolio and exceptional 1.1 5.8 (81.2%)
items)(4,5) (cents)
Interim Dividend per Share (cents) 1.3 1.3 -
Cash from Operations (adjusted for IFRS 16 leases)(2) 54.7 51.2 6.8%
Capex(6) 20.4 44.3 (54.0%)
Net Debt(1) 55.4 86.4 (35.9%)
Investments held at fair value 49.5 47.8 3.6%
Margins
EBITDA Margin (adjusted for IFRS 16 leases and exceptional items)(1,2,3) 20.2% 25.3%
Operating Profit Margin 10.2% 14.8%
Operating Profit Margin (excluding exceptional items)(4) 11.2% 15.7%
NPAT Margin (excluding investment gain/(loss) and exceptional items) 1.3% 7.0%
All amounts are in US dollars unless otherwise stated
((1)) EBITDA and Net Debt are 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 33-35 of this results announcement.
((2)) Adjustment for cash cost of IFRS 16 leases which amounts to $7.3 million
in H1 2025 (H1 2024: $6.0 million) (see page 15).
((3)) Exceptional items charged to EBITDA and Operating Profit include ERP
implementation costs of $1.7 million in H1 2025 (H1 2024: 1.7 million).
((4) ) Exceptional items charged to Net Profit After Tax in H1 2025 include
ERP implementation costs of $1.7 million (H1 2024: 1.7 million), share in loss
of associate of $0.1 million (H1 2024: nil) and impairment of investment in
associate of $5.6 million (H1 2024: nil).
((5)) Effects from investment portfolio charged to Net Profit After Tax in H1
2025 include both realised and unrealised gains on investments of $19.3
million (H1 2024: $0.5 million loss) and dividend income of $0.9 million (H1
2024: nil).
((6)) Capital expenditure (Capex) consists of purchases of PPE for cash,
prepayments for PPE and assets purchased during the year and financed by OEM.
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 $198,000;
· Recent contract wins and extensions (previously announced):
- Grade control drilling contract with Allied Gold at their Sadiola
mine through to December 2027;
- Grade control drilling contract with Barrick at their Lumwana
copper mine through to June 2028;
- 3-year borehole drilling services contract with Reko Diq Mining
Company Limited; and
- Exploration contracts with Allied Gold and Koulou Gold in Côte
d'Ivoire, Sanu Gold and Asara Resources in Guinea, Toubani Resources in Mali
and ICDP in Gabon.
Q2 2025* Q1 2025 vs H1 2025* H1 2024 H1 2025* vs H1 2024
Q1 2025
Closing fleet size 133 135 (1.5%) 133 127 4.7%
Fleet utilisation (%) 74% 73% 1.9% 74% 69% 7.2%
Average utilised rigs 99 98 1.0% 98 88 11.7%
ARPOR(1,2)($) 198,000 182,000 8.8% 190,000 204,000 (6.9%)
*Unaudited numbers
(1) Average revenue per month per operating rig
(2)Associated 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
(https://sparklive.lseg.com/CAPITALLIMITED/events/261cea9d-f0cd-4770-ae0c-9ffaa04ce941/capital-limited-h1-2025-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/261cea9d-f0cd-4770-ae0c-9ffaa04ce941/capital-limited-h1-2025-results
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, 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).
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2025
Unaudited
Six months ended
Notes 30 June 2025 30 June 2024
US$'000 US$'000
Revenue 3 159,200 169,434
Cost of sales (94,473) (94,948)
Gross profit 64,727 74,486
Administration expenses (27,014) (27,252)
Depreciation, amortisation, and impairments (21,542) (22,255)
Operating profit 16,171 24,979
Interest income 37 46
Dividend income 865 -
Finance costs (8,113) (8,202)
Share of loss / impairment of investment in associate 19 (5,693) -
Fair value gain/loss) on financial assets 18 19,252 (493)
Profit before taxation 22,519 16,330
Taxation 4 (7,692) (6,695)
Profit and total comprehensive income for the period 14,827 9,635
Profit attributable to:
Owners of the parent 14,843 9,206
Non-controlling interest 12 (16) 429
14,827 9,635
Earnings per share:
Basic (cents per share) 5 7.6 4.7
Diluted (cents per share) 5 7.6 4.7
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
Unaudited Audited
Notes 30 June 2025 31 December 2024
ASSETS US$'000 US$'000
Non-current assets
Property, plant and equipment 7 240,651 240,969
Right-of-use assets 8 36,841 32,062
Goodwill 1,296 1,296
Intangible assets 872 794
Other receivables 9 11,649 10,790
Investment in associate 19 659 6,300
Total non-current assets 291,968 292,211
Current assets
Inventories 59,712 61,912
Trade receivables 52,565 60,226
Other receivables 9 34,366 26,044
Investments at fair value 18 49,531 30,304
Current tax receivable 658 505
Cash and cash equivalents 58,585 40,526
Total current assets 255,417 219,517
Total assets 547,385 511,728
EQUITY AND LIABILITIES
Equity
Share capital 11 20 20
Share premium 11 65,252 64,719
Equity-settled employee benefits reserve 3,607 3,972
Other reserve 190 190
Retained income 216,512 202,674
Equity attributable to owners of the parent 285,581 271,575
Non-controlling interest 12 11,439 11,813
Total equity 297,020 283,388
Non-current liabilities
Loans and borrowings 13 92,998 86,925
Lease liabilities 25,276 22,226
Trade and other payables 15,662 7,511
Deferred tax 2,395 3,195
Total non-current liabilities 136,331 119,857
Current liabilities
Trade and other payables 70,443 57,821
Provisions 203 203
Current tax payable 11,679 10,640
Loans and borrowings 13 20,193 28,259
Lease liabilities 11,516 11,560
Total current liabilities 114,034 108,483
Total equity and liabilities 547,385 511,728
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 June 2025
Equity-settled employee benefits reserve
Total attributable to equity holders of the Group
Non-controlling interest
Share Share premium Total share capital Other reserve Total reserves Retained income Total
capital equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31 December 2023 - Audited 19 62,390 62,409 5,763 190 5,953 195,515 263,877 9,270 273,147
Profit for the period - - - - - - 9,206 9,206 429 9,635
Contributions by and distributions to owners
Issue of shares - 2,329 2,329 (2,329) - (2,329) - - - -
Recognition of share-based payments - - - 765 - 765 - 765 - 765
Adjustment arising from change in non-controlling interest - - - - - - (880) (880) 792 (88)
Dividends - - - - - - (5,102) (5,102) (32) (5,134)
Total transactions with owners - 2,329 2,329 (1,564) - (1,564) (5,982) (5,217) 760 (4,457)
Balance at 30 June 2024 (Unaudited) 19 64,719 64,738 4,199 190 4,389 198,739 267,866 10,459 278,325
Balance at 31 December 2024 - Audited 20 64,719 - 64,739 3,972 190 4,162 202,674 271,575 11,813 283,388
Profit for the period - - - - - - - 14,843 14,843 (16) 14,827
Contributions by and distributions to owners
Issue of shares - 533 - 533 (533) - (533) - - - -
Recognition of share-based payments - - - - 1,418 - 1,418 - 1,418 - 1,418
Transfer of share-based payment reserve on lapse of options - - - - (1,250) - (1,250) 1,250 - - -
Adjustment arising from change in non-controlling interest - - - - - - - 303 303 (358) (55)
Dividends - - - - - - - (2,558) (2,558) - (2,558)
Total transactions with owners - 533 - 533 (365) - (365) (1,005) (837) (358) (1,195)
Balance at 30 June 2025 (Unaudited) 20 65,252 - 65,272 3,607 190 3,797 216,512 285,581 11,439 297,020
CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2025
Six months ended
Unaudited Unaudited
Notes 30 June 2025 30 June 2024
US$'000 US$'000
Cash flow from operating activities
Cash generated from operations 14 62,023 57,178
Interest income received 37 46
Finance costs paid (6,488) (6,071)
Interest paid on lease liabilities 8 (1,691) (1,456)
Tax paid (7,605) (4,960)
Net cash from operating activities 46,276 44,737
Cash flow from investing activities
Purchase of property, plant and equipment 7 (7,898) (15,963)
Proceeds from sale of property, plant and equipment 977 -
Proceeds from dividends received 865 -
Purchase of intangible assets (95) (127)
Purchase of investments at fair value 18 (2,082) (5,404)
Purchase of investment in associate 19 (52) (6,633)
Proceeds on sale of investments at fair value 18 2,106 4,285
Cash paid in advance for property, plant and equipment (7,122) (11,038)
Advance payments on leases (1,921) (970)
Net cash from investing activities (15,222) (35,850)
Cash flow from financing activities
Repayment of loans and borrowings 13 (30,878) (12,463)
Proceeds from new loans and borrowings 13 25,000 20,000
Arrangement fees paid - new financing (159) (342)
Dividends paid 6 (2,558) (5,134)
Repayment of principal on leases liabilities 8 (5,652) (4,560)
Purchase of shares from non-controlling interests (55) (88)
Net cash from financing activities (14,302) (2,587)
Net increase in cash and cash equivalents 16,752 6,300
Cash and cash equivalents at the beginning of the period 40,526 34,365
Effect of exchange rate movement on cash balances 1,307 (750)
Cash and cash equivalents at the end of the period 58,585 39,915
Payments made for cloud computing costs have been reclassified from investing
activities to operating activities in the prior period. The impact of this
change was not material to the interim financial information.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2025
1. Basis of presentation and accounting policies
Preparation of the condensed consolidated interim financial statements
The condensed consolidated interim financial statements of Capital Limited and
Subsidiaries ("Capital" or, together, the "Group") as at and for the six
months ended 30 June 2025 (the "Interim Financial Statements"), which are
unaudited, have been prepared in accordance with International Accounting
Standard ("IAS") No. 34, "Interim Financial Reporting". This condensed interim
report does not include all the notes of the type normally included in an
Annual Report. They should be read in conjunction with the annual consolidated
financial statements and the notes thereto in the Group's Annual Report for
the year ended 31 December 2024 which have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB"). The Interim Financial
Statements have been reviewed in terms of International Standard on Review
Engagements (ISRE) 2410.
The Group Annual Financial Statements are presented in United States Dollars,
which is also the Group's functional currency. Amounts are rounded to the
nearest thousand, unless otherwise stated.
Accounting policies
The condensed consolidated interim financial statements have been prepared
under the going concern basis under the historical cost convention, except for
certain financial instruments which are measured at fair value.
All accounting policies, presentation and methods of computation which have
been followed in these condensed consolidated financial statements were
applied in the preparation of the Group's financial statements for the year
ended 31 December 2024.
No new standards or amendments have been issued that are relevant to the
Group.
The preparation of financial statements in conformity with IFRS recognition
and measurement principles requires the use of estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses.
Management reviews its estimates on an on-going basis using currently
available information. Changes in facts and circumstances may result in
revised estimates and actual results could differ from those estimates.
Going concern
As at 30 June 2025, the Group had a robust balance sheet with a modest debt
gearing with equity of US$296.6 million and loans and borrowings of US$114.0
million. Cash as at 30 June 2025 was US$58.6 million, with net debt of US$55.4
million. Investments in listed entities at the end of June 2025 amounted to
US$49.5 million which provided additional flexibility as these investments
could be converted into cash.
This robustness is underpinned by stable revenues generated on long term
contracts. Revenues generated on mine sites and longer-term contracts make up
the majority of Group revenues. Stronger-than-expected revenue in H1 2025
led management to upgrade forecasts for the full year. While margins have
declined YoY, much of this is driven by the investment made across key growth
areas (Nevada, Pakistan & MSALABS), which is setting the foundation for
the business to continue to grow in the years ahead.
Commercially, the Group continues to secure and extend long term mining
contracts with high quality customers, including the latest significant win
for mining services in Pakistan with Reko Diq Mining. This contract with Reko
Diq Mining has only made a minor contribution to Group revenue as at 30 June
2025.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
1. Basis of presentation and accounting policies
Going concern (cont'd)
In determining the going concern status of the business, the Board has
reviewed the Group's forecasts for the 18 months to December 2026, including
both forecast liquidity and covenant measurements. In the assessment,
management took into consideration the principal risks of the business that
are most relevant to the going concern assessment and reverse stressed the
forecast model to identify the magnitude of sensitivity required to cause a
breach in covenants or risk the going concern of the business, alongside the
Group's capacity to mitigate. The most relevant sensitivity was considered to
be a decrease in EBITDA through loss of contracts, with no redeployment of
equipment. EBITDA would need to fall over 30% during the period of assessment
for going concern to breach the covenant test. Given the strong market demand
from existing high-quality clients and across a large tendering pipeline, the
Group's increased service diversification and the limited contract expiries
due during the year, management considers the risk of a deep demand reduction
to be low.
Given the Group's exposure to high-quality mine site operations, we consider a
decrease of such magnitude to be remote. Based on its assessment of the
forecasts, principal risks and uncertainties and mitigating actions considered
available to the Group (holding back dividends, sale of investments, capex
deferment) 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 December 2026.
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.
2. Operations in the interim period
Capital Ltd is incorporated in Bermuda. The Group provides drilling services,
mining (load and haul), mineral assaying and surveying services. The Group
also has a portfolio of investments in listed and unlisted exploration and
mining companies.
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.
2.1 Use of estimates and judgements
The preparation of both annual and interim financial statements usually
requires the use of estimates and judgements. The write-down of the value of
the investment in Eco Detection Pty Ltd ("Eco"), is the only material change
in judgement and estimate in the period.
Six months ended
3. Revenue 30 June 2025 30 June 2024
US$'000 US$'000
Revenue from the rendering of services comprises:
Drilling and associated revenue 117,133 110,142
Mining and associated revenue 7,620 36,342
Laboratory services revenue 30,959 20,772
Revenue from surveying 3,488 2,178
159,200 169,434
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
4. Taxation
Capital Limited is incorporated in Bermuda and tax resident in the United
Kingdom and the Group operates in multiple countries jurisdictions with
complex legal and tax regulatory environments. Taxation is calculated in
accordance with local legislation and the prevailing tax rates.
The Group has taken income tax positions that management believes are
supportable and are intended to withstand challenge by tax authorities. Some
of these positions are inherently uncertain and include those relating to
transfer pricing matters and the interpretation of income tax laws. The Group
periodically reassesses its tax positions. Changes to the financial statement
recognition, measurement, and disclosure of tax positions is based on
management's best judgement given any changes in the facts, circumstances,
information available and applicable tax laws. Considering all available
information and the history of resolving income tax uncertainties, the Group
believes that the ultimate resolution of such matters will not likely have a
material effect on the Group's financial position, statements of operations or
cash flows.
5. Earnings per share
30 June 2025 30 June 2024
Basic Earnings per share:
The profit and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Profit for the period used in the calculation of basic earnings per share 14,843 9,206
(US$'000)
Weighted average number of ordinary shares for the purposes of basic earnings 196,465,287 195,026,529
per share
Basic earnings per share (cents) 7.6 4.7
Diluted earnings per share: 30 June 2025 30 June 2024
The profit used in the calculations of all diluted earnings per share measures 14,843 9,206
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 196,465,287 195,026,529
earnings per share
- Dilutive share options (#) - 968,276
Weighted average number of ordinary shares used in the calculation of diluted 196,465,287 195,994,805
earnings per share
Diluted earnings per share (cents) 7.6 4.7
(#) For the purposes of calculating diluted earnings per share, no share
options were included as being dilutive as no vesting metrics were met at 30
June 2025. In the period ended 30 June 2024 968,276 share options were
included as being dilutive as the vesting metrics were met at the period end.
( )
6. Dividends
During the six months ended 30 June 2025, a dividend of 1.30 cents per
ordinary share was declared on 27 March 2025, totalling US$2,557,939 (six
months ended 30 June 2024: 2.6 cents per ordinary share, totalling
US$5,102,685) and paid on 15 May 2025.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
7. Property, plant and equipment
Cost Associated Drilling & mining equipment
Camp and associated equipment
Heavy mining equipment Vehicles and trucks Land & Buildings Leasehold improvements Computer Software
Drilling rigs Total
US$'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 47,019 27,043 - 1,654 52 347,247
Additions 35,785 4,350 1,672 9,894 9,906 6,348 - 20 67,975
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 1,654 72 402,966
Additions 5,958 1,574 3,887 3,548 756 847 - - 16,570
Disposal (14,794) (4,095) (3,425) (231) - - - - (22,545)
Transfer to Intangible asset - - - - - - - (72) (72)
At 30 June 2025 171,157 83,689 39,183 58,201 35,840 7,195 1,654 - 396,919
Accumulated Depreciation
At 1 January 2024 72,897 26,078 9,860 19,421 10,215 - 97 20 138,588
Depreciation 10,573 7,041 6,082 4,716 3,925 231 - 9 32,577
Impairment 226 907 - - 1,061 - - - 2,194
Disposal (3,754) - (4,100) (1,653) (1,855) - - - (11,362)
At 31 December 2024 79,942 34,026 11,842 22,484 13,346 231 97 29 161,997
Depreciation 6,019 214 3,414 2,768 2,665 126 - 15,206
Impairment - 475 - - - - - - 475
Disposal (14,433) (3,170) (3,425) (98) (255) - - - (21,381)
Transfer to Intangible asset - - - - - - - (29) (29)
At 30 June 2025 71,528 31,545 11,831 25,154 15,756 357 97 - 156,268
Carrying amount at:
31 December 2024 100,051 52,184 26,879 32,400 21,738 6,117 1,557 43 240,969
30 June 2025 99,629 52,144 27,352 33,047 20,084 6,838 1,557 - 240,651
CAPITAL LIMITED
Notes to the Condensed Consolidated Interim Financial Statements (cont'd)
For the six months ended 30 June 2025
7. Property, plant and equipment (continued)
Bank borrowings are secured on the Group's drilling and mining
fleet - see Note 12.
The Group's property plant and equipment includes assets not yet commissioned
totalling US$30.5 million (2024: US$41.9 million). The assets will be
depreciated once commissioned and available for use.
During the six months ended 30 June 2025, the Group acquired US$16.6 million
worth of property, plant and equipment (HY 2024: US$37.4 million). Out of the
US$16.6 million additions, US$4.1 million (2024: US$10.7 million) was acquired
through supplier credit agreements and US$1.3 million is unpaid in trade
payables. Additions in the cash flow statements, US$ 7.9 million, consist of
cash paid for property, plant and equipment during the period. Prepayments for
fixed assets in the cash flow statements, US$ 7.1m, consist of cash paid in
advance for property, plant and equipment during the period
The Group disposed of property, plant and equipment with a net carrying amount
of US$1.2 million (2024: US$0.1 million) during the period. A loss of US$0.2
million (2024: US$0.1 million) was incurred on the disposal of property, plant
and equipment.
Certain assets previously presented within property, plant and equipment have
been reclassified to intangible assets to better reflect their nature and to
align with the Group's accounting policies, as these assets do not have
physical substance and meet the definition of intangible assets under IAS 38.
At the end of each reporting period, the Group reviews the carrying amounts of
its tangible assets to determine whether there is any indication that those
assets may be impaired. As at 30 June 2025, there was no indication of
impairment.
8. Leases (Group as lessee)
Details pertaining to leasing arrangements, where the
Group is lessee are presented below:
Vehicles & Machinery Land & Buildings Total
Right of use assets US$'000 US$'000 US$'000
At 1 January 2024 24,579 5,105 29,684
Additions 15,391 778 16,169
Depreciation (10,407) (1,618) (12,025)
Impairment (1,521) (245) (1,766)
At 31 December 2024 28,042 4,020 32,062
Additions 10,168 410 10,578
Depreciation (5,000) (799) (5,799)
At 30 June 2025 33,210 3,631 36,841
Lease liabilities
At 1 January 2024 24,266 5,184 29,450
Additions 13,567 777 14,344
Interest expense 2,645 422 3,067
Lease payments (11,253) (1,822) (13,075)
At 31 December 2024 29,225 4,561 33,786
Additions 8,319 339 8,658
Interest expense 1,495 196 1,691
Lease payments (6,376) (967) (7,343)
At 30 June 2025 32,663 4,129 36,792
The weighted average incremental borrowing rate applied to lease liabilities
during the period was 11% (2024: 10%).
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
As at
30 June 2025 31 December 2024
US$'000 US$'000
9. Other receivables
Prepayments 12,932 10,474
Capitalised contract costs 9,814 7,082
VAT recoverable 7,413 6,410
Amounts due from non-controlling interest 5,685 5,685
Accounts receivable - Sundry 1,925 2,948
Prepayment for fixed assets 7,122 3,970
Others 1,124 265
46,015 36,834
Current 34,366 26,044
Non-current 11,649 10,790
46,015 36,834
10. Trade receivables
Trade receivables 52,565 64,762
Less: allowance for credit losses - (4,536)
Total trade receivables 52,565 60,226
Movements in the impairment allowance for trade receivables are as follows:
Opening provision for impairment of trade receivables 4,536 4,697
Increase during the year - 97
Receivables written off during the year as uncollectible (4,536) (258)
At period end/year end - 4,536
11. Issued capital and share premium
Authorised capital
2,000,000,000 (31 December 2024: 2,000,000,000) ordinary shares of 0.01 cents 200,000 200,000
(31 December 2024: 0.01 cents) each
Issued and fully paid:
196,257,124 (31 December 2024: 196,257,124) ordinary shares of 0.01 cents (31
December 2024: 0.01 cents) each
20 20
Share premium:
Balance at the beginning of the period 64,719 62,390
Issue of shares 533 2,329
Balance at the end of the period 65,252 64,719
Fully paid ordinary shares which have a par value of 0.01 cents, carry one
vote per share and carry rights to dividends.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
12. Non-controlling interest
Below is a summary of the movement in non-controlling interest during the
period:
CMS (Tanzania) Ltd
MSALABS Ltd IACA Limited Total
US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2025 3,172 8,606 35 11,813
Profit/ (loss) attributable to NCI 91 (107) - (16)
Change in ownership:
- Purchase of shares from NCI (358) - - (358)
Balance at 30 June 2025 2,905 8,499 35 11,439
CMS (Tanzania) Ltd
MSALABS Ltd IACA Limited Total
US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2024 3,292 5,988 (10) 9,270
Profit/ (loss) attributable to NCI (761) 1,218 (28) 429
Change in ownership:
- Equity raise 822 - - 822
- Purchase of shares from NCI (30) - - (30)
Dividends paid (32) - - (32)
Balance at 30 June 2024 3,291 7,206 (38) 10,459
MSALABS Ltd is an 91.2% (2024: 91.4%) owned subsidiary of the Group.
13. 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 US$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 US$25m was exercised and completed
26 April 2024. The total available amount of the facility is currently US$75m.
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 US$70 million as at 30 June 2025 (2024: US$60
million). The facility is repayable in March 2027.
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.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
13. Loans and borrowings (cont'd)
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.
(b) US$43.4 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
US$8.0 million in 2023. As at 30 June 2025, the amount outstanding on the term
loan was US$5.5 million (2024: US$13.1 million).
During the period 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 30 June 2025, the total drawn
under these credit agreements was US$19.5 million (2024: US$24 million).
No covenants are attached to this facility.
(d) US$18.5 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 30 June 2025 the balance
outstanding was US$1.7 million (2024: US$3.3 million) and the facility is no
longer available to be drawn.
Additionally, the Group entered into a further US$10 million facility
agreement on 23 October 2023. The rate of interest on this agreement is fixed
at 8.15%. As at 30 June 2025, the balance outstanding was US$8.3 million
(2024: US$ 6.3m).
No covenants are attached to these facilities.
(e) US$5.0 million facility with Caterpillar Financial Services
The Group entered into a US$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 30 June 2025, the balance outstanding was
US$1.2 million (2024: US$ 3.2 million).
During the period 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 US$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
30 June 2025, the balance outstanding was US$3.5 million (2024: US$ 3.6m). No
covenants are attached to this facility.
(g) US$1.6m Business Loan Facility Agreement with Northrim Bank
The Group entered into a US$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%. As at
30 June 2025, the balance outstanding was US$1.5 million (2024: US$ 0.7m).
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 INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
13. Loans and borrowings (cont'd)
As at
30 June 2025 31 December 2024
US$'000 US$'000
Bank loans 79,037 76,388
Supplier credit facilities 31,373 36,288
Vendor financed mortgage 3,556 3,599
113,966 116,275
Less: Unamortised debt arrangement costs (775) (1,091)
Total loans and borrowings 113,191 115,184
Current 20,193 28,259
Non-current 92,998 86,925
Total loans and borrowings 113,191 115,184
At the reporting date, the Group's loans and borrowings total US$114.0 million
(2024: US$116.3 million), offset by unamortised debt costs of US$0.8 million
(2024: US$1.1m). US$0.7 million (2024:US$ 0.8m) of the debt costs have been
classified as current and US$0.1 million (2024:US$ 0.3m) as non-current.
The covenants for each of the applicable instruments above are measured
bi-annually on a rolling 12-month basis at 31 December and 30 June.
14. Note supporting the Statement of Cash Flows
14.1 Cash generated from operations
Six months ended
30 June 2025 30 June 2024
US$'000 US$'000
Profit before taxation 22,519 16,330
Adjusted for:
- Depreciation, amortisation and impairments 15,742 16,909
- ERP Costs written off - 676
- Loss on disposals 187 113
- Fair value (gain)/loss on financial assets (19,250) 493
- Share-based payment 1,418 765
- Interest income (37) (46)
- Dividend income (865) -
- Finance costs 8,113 8,202
- Depreciation of right-of-use assets 5,799 5,346
- Unrealised foreign exchange (gain) / loss on foreign currency held (1,298) 1,128
- Other non-cash items 636 481
- Decrease in expected credit loss provision - (6)
- Bad debts written off - 385
- Share of loss / impairment of investment in associate 5,693 -
Operating profit before working capital changes 38,657 50,776
Adjustments for working capital changes:
- Decrease in inventory 1,564 306
- Decrease / (increase) in trade and other receivables 1,634 (5,967)
- Increase in trade and other payables 20,168 12,063
62,023 57,178
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
Reconciliation of borrowings and leases
14.2
Loans & borrowings Lease liabilities Total
US$'000 US$'000 US$'000
At 1 January 2025 116,275 33,786 150,061
Cash flows:
- Drawdowns 25,000 - 25,000
- Interest paid (6,110) (1,691) (7,801)
- Principal repayments (30,878) (5,652) (36,530)
Non-cash flows:
- supplier credit facility received 4,111 - 4,111
- Interest expensed during the period 5,569 1,691 7,260
- Unamortised debt arrangement costs (776) - (776)
- Additions to leases - 8,658 8,658
At 30 June 2025 113,191 36,792 149,983
Loans & borrowings Lease liabilities Total
US$'000 US$'000 US$'000
At 1 January 2024 104,198 29,450 133,648
Cash flows
- Drawdowns 20,000 - 20,000
- Interest paid (5,577) (1,456) (7,033)
- Principal repayments (12,463) (4,560) (17,023)
Non-cash flows
- supplier credit facility received 10,665 - 10,665
- Vendor financed mortgage 3,680 - 3,680
- Interest expensed during the period 5,830 1,456 7,286
- Unamortised debt arrangement costs (1,546) - (1,546)
- Additions to leases - 7,862 7,862
At 30 June 2024 124,787 32,752 157,539
15. Segmental analysis
Operating segments are identified on the basis of internal management reports
regarding components of the Group. These are regularly reviewed by the board
in order to allocate resources to the segments and to assess their
performance. Operating segments are identified based on the regions of
operations. For the purposes of the segmental report, the information on the
operating segments have been aggregated into the principal regions of
operations of the Group. The Group's reportable segments under IFRS 8 are
therefore:
- Africa: Derives revenue from the provision of drilling services, mining services,
surveying, IT support services and mineral assaying.
- Rest of world: Derives revenue from the provision of drilling services, surveying, IT support
services and mineral assaying. The segment relates to jurisdictions which
contribute a relatively small amount of external revenue to the Group. These
include Saudi Arabia and Canada.
Information regarding the Group's operating segments is reported below. At 30
June 2025, management reviewed the composition of the Group's operating
segments and the allocations of operations to the reportable segments.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
15. Segmental analysis
Segment revenue and results:
The following is an analysis of the Group's revenue and results by reportable
segment:
For the six months ended 30 June 2025 Africa Rest of World Consolidated
US$'000 US$'000 US$'000
External revenue 115,814 43,386 159,200
Segment profit / (loss) 37,925 (1,677) 36,248
Central administration costs and depreciation (20,077)
Profit from operations 16,171
Fair value gain on financial assets 19,252
Interest income 37
Dividend income 865
Finance costs (8,113)
Share of loss / impairment of investment in associate (5,693)
Profit before tax 22,519
For the six months ended 30 June 2024 Africa Rest of World Consolidated
US$'000 US$'000 US$'000
External revenue 148,870 20,564 169,434
Segment profit / (loss) 52,939 (10,617) 42,322
Central administration costs and depreciation (17,343)
Profit from operations 24,979
Fair value gain on financial assets (493)
Interest income 46
Finance costs (8,202)
Profit before tax 16,330
The accounting policies of the reportable segments are the same as the Group's
accounting policies described in note 1. Segment profit/(loss) represents the
profit/(loss) earned by each segment without allocation of central
administration costs, depreciation, interest income, share of losses from
associate, finance charges and income tax. This is the measure reported to the
board for the purpose of resource allocation and assessment of segment
performance.
The following customers from the Africa segment contributed 10% or more to the
Group's revenue:
30 June 2025 30 June 2024
% %
Customer A 10% 31%
Customer B 19% 15%
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
15. Segmental analysis (continued)
As at
30 June 2025 31 December 2024
US$'000 US$'000
Segment assets:
Africa 579,688 621,903
Rest of world 160,889 270,174
Total segment assets 740,577 892,077
Head office companies 438,352 445,062
1,178,929 1,337,139
Eliminations * (631,544) (825,411)
Total assets 547,385 511,728
Segment liabilities:
Africa 202,912 267,097
Rest of world 122,909 124,697
Total segment liabilities 325,821 391,794
Head office companies 334,854 440,679
660,675 832,473
Eliminations * (410,310) (604,133)
Total liabilities 250,365 228,340
For the purposes of monitoring segment performance and allocating resources
between segments the board monitors the tangible, intangible and financial
assets attributable to each segment. All assets are allocated to reportable
segments with the exception of property, plant and equipment used by the head
office companies, certain amounts included in other receivables, and cash and
cash equivalents held by the head office companies.
* Eliminations include intra-group accounts receivable, intra-group accounts
payable and intra-group investments.
Other segment information:
Six months ended
Non-Cash items included in profit or loss: 30 June 2025 30 June 2024
US$'000 US$'000
Depreciation
Africa 14,556 19,118
Rest of world 5,762 2,912
Total segment depreciation 20,318 22,030
Head office companies 1,224 225
21,542 22,255
Loss on disposal of property, plant and equipment
Africa 206 100
Rest of world 32 -
Total segment loss on disposal 238 100
Head office companies (51) 13
187 113
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
15. Segmental analysis (continued)
Six months ended
30 June 2025 30 June 2024
US$'000 US$'000
Impairment on Inventory
Africa
Stock Provision 643 472
Stock Write Offs 440 24
1,083 496
Rest of world
Stock Provision (8) 10
Stock Write Offs 2 (1)
(6) 9
Total segment impairment 1,077 505
Head office companies 14 -
1,091 505
16. Commitments As at
30 June 2025 30 June 2024
The Group has the following capital commitments at 30 June: US$'000 US$'000
Committed capital expenditure 13,530 26,482
17. Contingencies
As a result of the multiple jurisdictions in which the Group operates, there
are a number of ongoing tax audits. In the opinion of Management, none of
these ongoing audits represent a reasonable possibility of a material
settlement and as such, no contingent liability disclosure is required.
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
18. Financial instruments
(a) Fair value hierarchy
Financial instruments that are measured in the consolidated statement of
financial position or disclosed at fair value require disclosure of fair value
measurements by level based on the following fair value measurement hierarchy:
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities;
Level 2: inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly
(that is, derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs).
As at
30 June 2025 31 December 2024
US$'000 US$'000
Level 1 - Listed shares 47,025 29,121
Level 3 - Unlisted shares and derivative financial assets 2,506 1,184
49,531 30,305
The reconciliation of the investment valuation movement is as follows:
Level 1 Level 3 Total
US$'000 US$'000 US$'000
At 1 January 2025 29,121 1,184 30,305
Additions 844 1,238 2,082
Disposal (2,106) - (2,106)
Fair value gain 19,166 84 19,250
At 30 June 2025 47,025 2,506 49,531
Level 1 Level 3 Total
US$'000 US$'000 US$'000
At 1 January 2024 44,755 2,399 47,154
Additions 8,421 60 8,481
Disposal (36,942) (336) (37,278)
Fair value gain/(loss) 12,887 (939) 11,948
At 31 December 2024 29,121 1,184 30,305
CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2025
18. Financial instruments (Continued)
(b) Fair value information
Level 1 shares
Market approach - Listed share price.
The Company's interests in various listed shares are valued at the 30 June
2025 closing prices. No secondary valuation methodologies have been considered
as all the Company's investments are listed on active markets.
Level 3 shares
The Group's investments held at Level 3 are valued either on a net asset
approach or cost approach.
Net asset approach
Management applied a net asset valuation methodology at 30 June 2025 for
certain unlisted investments based on the Group's share ownership percentage
of the unlisted company's net asset value. The unlisted company publishes some
of its significant net asset value information and management then derives the
investment at fair value attributable to the Group.
Cost approach
Management holds all other unlisted investments at cost where this represents
the best estimate of fair value.
(c) Fair values of other financial instruments
Level 3 derivative financial assets
The Group's derivative financial assets consist of call options to acquire
additional shares in a non-listed entity.
19. Investment in associate
As at As at
30 June 2025 31 December 2024
US$'000 US$'000
Opening balance 6,300 -
Additions 52 6,687
Share of loss (119) (387)
Impairment (5,574) -
Closing balance 659 6,300
In H1 2024 the Group completed a US$6.6 million strategic investment in Eco,
acquiring a 22% ownership stake in the company. Eco is incorporated in
Australia and produces analysis systems for monitoring water quality. This
investment has been accounted for in accordance with IAS 28, as an investment
in associate rather than as an investment at fair value.
In H1 2025 an impairment of $5.6 million was recognised against the
investment. This impairment was calculated by writing down the investment to
its fair value, based on a new valuation agreed by shareholders for a new
funding round entered into on 1 July 2025.
20. Events post the reporting date
There have been no significant events after the reporting date.
CAPITAL LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITY
For the six months ended 30 June 2025
The directors are responsible for the maintenance of adequate accounting
records and the preparation and integrity of the condensed consolidated
interim financial statements and related information.
The directors are also responsible for the Group's systems of internal
financial control. These are designed to provide reasonable, but not absolute,
assurance as to the reliability of the financial statements, and to adequately
safeguard, verify and maintain accountability for the Group's assets, and to
prevent and detect misstatement and loss. Nothing has come to the attention of
the directors to indicate that any material breakdown in the functioning of
these controls, procedures and systems has occurred during the six months
under review.
We confirm that to the best of our knowledge:
a) the condensed set of consolidated interim financial statements, which has been
prepared in accordance with International Accounting Standard 34, Interim
Financial Reporting, as issued by the International Accounting Standards
Boards gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Group as required by FCA's Disclosure and
Transparency Rules DTR4.2.4R;
b) the interim management report includes a fair review of the information
required by DTR4.2.7R and DTR4.2.8R; and
c) there have been no significant individual related party transactions during
the first six months of the financial year and nor have there been any
significant changes in the Group's related party relationships from those
reported in the Group's annual financial statement for the year ended 31
December 2024.
The condensed consolidated interim financial statements have been prepared on
the going concern basis since the directors believe that the Group has
adequate resources in place to continue in operation for the foreseeable
future.
The condensed consolidated interim financial statements were approved by the
board of directors on 13 August 2025.
ON BEHALF OF THE DIRECTORS
Jamie Boyton
Executive Chairman
CAPITAL LIMITED
Principal and Emerging Risks and Uncertainties
Risk is inherent in our business and can manifest in many forms. Capital is
committed to effective risk management to best achieve its business
objectives.
The identification, management and reporting of risk uses formal risk
management processes to improve decision-making and minimise the impact of an
event occurring that may influence our corporate strategy, as well as
operational and project activities.
By understanding and managing risk, we believe we provide greater certainty
and confidence for our shareholders, employees, customers, suppliers, and for
the communities in which we operate.
Our risk management approach includes:
· Establishing a standard approach to the management of risk and to the
acceptable levels of risk throughout the business.
· Establishing a consistent process and methodology for identifying,
assessing, and ranking risks in conducting our business activities.
· Ensuring compliance with applicable laws, regulations and
governance standards in all areas of our operations.
· Regularly monitoring our major areas of risk exposure and setting
requirements for our personnel to proactively identify risk.
· Responsibility and accountability for risk management is allocated
at all levels of the organisation, from frontline employees up to the Board
level.
Our top ranked risks are listed below and are those risks that are assessed as
having a residual risk rating of high or above within Capital's ERM Framework.
Area Description Mitigation
General reduction in levels of activity across the mining industry The Group is highly dependent on the levels of mineral exploration, The Group is seeking to balance this risk by building a portfolio of long-term
development and production activity within the markets in which it operates. mine-site contracts, expanding its services offering into mine-site based
activities such as load and haul mining, and also expanding both its client
base and geographic reach.
A reduction in these activities, or in the budgeted expenditure of mining and The Group's operations are generally focused on mine sites, with limited
mineral exploration companies, will cause a decline in the demand for mining exposure to exploration-only activities which can be more volatile.
services.
Capital has strong existing relationships with our clients at both executive
and operational levels which helps ensure that the Group is aware of and
prepared for potential changes and well placed to identify new opportunities
as they arise with our key business partners.
The Group's strategic focus is on blue-chip, high-quality clients with long
term project commitments that are inherently less susceptible to industry
fluctuations.
CAPITAL LIMITED
Principal and Emerging Risks and Uncertainties (continued)
Area Description Mitigation
Enterprise Resource Planning (ERP) system failure The Group's existing ERP system is monitored and supported by internal Capital's staff are experienced in maintaining the current ERP which minimises
technical staff as it is no longer maintained by the publisher, SAGE. system downtime.
The system requires regular downtime for routine maintenance during which time The implementation of a new, modern ERP system, Microsoft Dynamics, is well
the system is unavailable to support the business. progressed and transition to the new system commenced during 2024 and is
progressing well during 2025.
Risk to cash repatriation Restrictive currency controls in certain The Group maintains multiple bank accounts in jurisdictions where cash
operating jurisdictions can impact the repatriation can prove challenging, which can provide greater access to
Group's ability to repatriate cash. foreign currency payments.
The Group maintains strong relations with its key transactional banking
partners, and any new country entry process includes specific due diligence
requirements relating to the operation of the banking system and the ability
to repatriate cash.
Risk of key contract Some contracts can be terminated for convenience by the client without Key contracts include agreed notice
termination penalty.
periods as well as demobilisation and/
or termination fees where a contract is terminated for reasons beyond the
Group's control.
Contract renewal negotiations are commenced well in advance of the expiry of
fixed term contracts.
Strong client relationships help the Group to better understand the needs of
our clients and partner with them to continue to meet their current and future
needs.
Decline in mine-site A significant proportion of the Group's revenue is derived from producing The producing mines which account for
production levels mines which carry their own risks and can be subject to, for example,
a significant proportion of the Group's
unforeseen changes in mine plans due to geological or technical challenges,
revenue tend to have long-term mine
changes to a client's operational budget or broader strategic objectives and
plans and well understood geology.
changes in global commodity prices.
Many contracts include fixed fee elements which help mitigate the revenue
impact of short-term reductions in activity levels.
The Group focuses on ensuring operational excellence and seeks continuous
improvement to increase our overall value proposition as a strategic partner
for our clients.
CAPITAL LIMITED
Principal and Emerging Risks and Uncertainties (continued)
Area Description Mitigation
Deterioration in health The Group's operations are subject to Health and Safety is an absolute priority
and safety record
various health and safety risks associated
for the Group.
with drilling and mining including, in the
case of individuals, personal injury and Overseen by the Board, the HSSE Committee, the CEO and senior management team
potential loss of life; and, in the Group's provide strategic leadership in this area and lead a programme of open and
case, interruption or suspension of site honest communication with employees at all levels and in all areas of the
operations due to unsafe operations. business.
Some of the Group's safety initiatives, including those around training and
monitoring as well as the innovative Safety Risk Leadership Walk, are detailed
on our website and have contributed to safety milestones such as 16 years LTI
free at our Mwanza facility.
Over exposure to one commodity sector Gold is an important commodity that contributes significantly to the Group's The Group seeks to secure long term contracts with blue-chip clients.
order book and tender pipeline.
Price and demand fluctuations in this single commodity could have a material
impact on Capital's financial performance Capital continues to actively seek opportunities with a focus on non-gold
minerals (e.g. copper) as well as transition materials.
CAPITAL LIMITED
Principal and Emerging Risks and Uncertainties (continued)
Area Description Mitigation
Reduction in value of equity investment Through Capital Investments, the Group holds investments in a portfolio of By diversifying its holding into a portfolio of investments in various
portfolio publicly traded companies. companies, the Group aims to mitigate the risk from a significant devaluation
of a single investment holding.
The accounting value of these investments is marked to market at each
reporting date and the fair value adjustment is accordingly recorded in the We maintain a robust governance structure for this portfolio, with the Group's
profit and loss account as an unrealised gain or loss. Investment Committee being required to include at least one Independent
Non-Executive Director. The committee actively monitors existing investments
The value of the investments will change and could materially alter both the for performance and ongoing strategic alignment. New investments are required
Group's reported net assets and net profit position. to satisfy a number of criteria.
In the event the fair value of investments gives rise to an unrealised loss,
while this would affect the company's net assets and profitability, it would
not affect cashflow or give rise to any going concern implications.
Geographical risk The Group operates in a number of jurisdictions where social unrest and The Group has considerable practical experience in operating successfully in
resulting economic turbulence are common, both of which have the ability to such jurisdictions and plans are in place to secure the safety of personnel
significantly disrupt operations and threaten safety and security of Capital's and assets in the event of significant security issues.
assets and personnel.
The Group is seeking to continue to diversify its operations geographically
including, for example, in North America, Pakistan and Zambia.
Safety and security are key considerations in the Group's due diligence
processes when considering entry into new jurisdictions or significant
additional investment into existing jurisdictions.
CAPITAL LIMITED
Principal and Emerging Risks and Uncertainties (continued)
Area Description Mitigation
Access to new funding sources Inability to access bank debt and/or inability to access equity capital from The Group is focused on capital efficiency and maintaining balance sheet
the market. flexibility. The Group prioritises building and maintaining strong
relationships with our banking partners as well as our existing OEM finance
Debt facilities not available in time to support the ongoing growth of the providers such as CAT, Sandvik and Epiroc.
business.
Senior management continues to engage regularly with shareholders.
Energy transition Capital is subject to both risks and opportunities associated with the global Our carbon reduction efforts are closely linked to the development of
energy transition and climate change. sustainably powered equipment by Original Equipment Manufacturers (OEMs) as
well as clients and host governments switching to renewable energy sources.
Traditional diesel-powered mining equipment will be replaced by more energy The Group assesses developments in low-carbon technology and senior management
efficient, low-carbon alternatives. are in regular contact with OEM manufacturers so as to maintain a strong
awareness of industry developments.
Increasing production in the battery minerals sector is critical to support
the global transition to lower carbon technologies. Recognising the importance of reducing our emissions and our Net Zero target,
we continue to identify and pilot technology options for decarbonisation to
capitalise on opportunities as they become available such as our Epiroc
partnership to field-test their SmartROC D65 battery-electric surface drill
rig.
We continue to focus on our drill fleet automation and replacement and already
have several electric underground rigs in use. Where possible we are looking
to switch our ancillary fleet to alternative energy sources.
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 period.
The following terms and alternative performance measures are used in the half
year results release for the six months ended 30 June 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 and exceptional items) EBITDA less of cash cost of the IFRS 16 leases and exceptional items
NPAT Net Profit After Tax
NPAT (excluding effects from investment portfolio and exceptional items) Net Profit After Tax before fair value gain/loss on investments, dividend
income and exceptional items
Basic EPS (excluding effects from investment portfolio and exceptional items) Net profit after tax before fair value gain/loss on investments, dividend
(cents) income and exceptional items over weighted average number of ordinary shares
Net Debt Cash and cash equivalents less short term and long-term debt
Reconciliation of alternative performance measures to the financial
statements:
Six months ended
30 June 2025 30 June 2024
US$'000 US$'000
ARPOR can be reconciled from the financial statements as per the below:
Revenue per financial statements (US$) 159,200 169,434
Non-drilling revenue (US$) (47,126) (63,868)
Revenue used in the calculation of ARPOR (US$) 112,074 105,566
Monthly Average active operating Rigs 98 86
Monthly Average operating Rigs 133 125
ARPOR (rounded to nearest US$10,000) 190 204
Operating profit (pre-exceptional items) can be reconciled from the financial
statements as per the below:
Profit for the period 14,827 9,635
Taxation 7,692 6,695
Interest income (37) (46)
Dividend income (865) -
Finance charges 8,113 8,202
Share of loss / impairment of investment in associate 5,693 -
Exceptional items: ERP implementation costs 1,735 1,654
Fair value adjustments (19,252) 493
Operating profit (pre-exceptional items) 17,906 26,633
Gross profit 64,727 74,486
Administration expenses (27,014) (27,252)
Exceptional items: ERP implementation costs 1,735 1,654
Depreciation (21,542) (22,255)
Operating profit (pre-exceptional items) 17,906 26,633
CAPITAL LIMITED
APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
EBITDA can be reconciled from the financial statements as per the below:
30 June 2025 30 June 2024
US$'000 US$'000
Profit for the period 14,827 9,635
Depreciation 21,542 22,255
Taxation 7,692 6,695
Interest income (37) (46)
Dividend income (865) -
Finance charges 8,113 8,202
Share of loss / impairment of investment in associate 5,693 -
Fair value adjustments (19,252) 493
EBITDA 37,713 47,234
Operating profit (EBIT) 16,171 24,979
Depreciation, amortisation and impairments 21,542 22,255
EBITDA 37,713 47,234
Gross profit 64,727 74,486
Administration expenses (27,014) (27,252)
EBITDA 37,713 47,234
30 June 2025 30 June 2024
US$'000 US$'000
NPAT (excluding effects from investment portfolio and exceptional items) and
EBITDA (adjusted for IFRS 16 leases and exceptional items) can be reconciled
from the financial statements as per the below:
Operating profit (EBIT) 16,171 24,979
Exceptional items: ERP implementation costs 1,735 1,654
Interest income 37 46
Finance charges (8,113) (8,202)
Taxation (7,692) (6,695)
NPAT (excluding effects from investment portfolio and exceptional items) 2,138 11,782
Profit for the period 14,827 9,635
Exceptional items: ERP implementation costs 1,735 1,654
Share of loss / impairment of investment in associate 5,693 -
Dividend income (865) -
Fair value adjustments (19,252) 493
NPAT (excluding effects from investment portfolio and exceptional items) 2,138 11,782
EBITDA (adjusted for IFRS 16 leases and exceptional items)
EBITDA 37,713 47,234
Cash cost of lease payments (7,343) (6,016)
Exceptional items: ERP implementation costs 1,735 1,654
EBITDA (adjusted for IFRS 16 leases and exceptional items) 32,105 42,872
CAPITAL LIMITED
APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
30 June 2025 30 June 2024
US$'000 US$'000
Basic EPS (excluding effects from investment portfolio and exceptional items)
can be reconciled as per below:
Profit for the period attributable to owners of the parent 14,843 9,206
Fair value adjustments (19,252) 493
Share of loss / impairment of investment in associate 5,693 -
Dividend income (865) -
Exceptional items: ERP implementation costs 1,735 1,654
Adjusted profit for the period attributable to owners of the parent for the 2,154 11,353
period
No. No.
Weighted average number of ordinary shares for basic earnings per share 196,465,287 195,026,529
Basic EPS (Adjusted for investment gain/(loss) and exceptional items (cents) 1.1 5.8
Cash from operations (adjusted for IFRS 16 leases) can be reconciled from the
financial statements as per the below:
Cash generated from operations 62,023 57,178
Cash cost of lease payments (7,343) (6,016)
Cash from operations (adjusted for IFRS 16 leases) 54,680 51,162
30 June 2025 31 December 2024
US$'000 US$'000
Net debt can be reconciled from the financial statements as per the below:
Cash and cash equivalents 58,585 40,526
Loans and borrowings - Non-current (93,043) (87,268)
Loans and borrowings - Current (20,923) (29,007)
Net debt (55,381) (75,749)
CAPITAL LIMITED
APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)
EBITDA
EBITDA represents profit or loss for the period before interest, income taxes,
depreciation & amortisation, fair value gain or loss on financial assets
through profit or loss and exceptional items.
EBITDA is a non-IFRS financial measure that is used as supplemental financial
measure by management and external users of financial statements, such as
investors, to assess our financial and operating performance. This non-IFRS
financial measure will assist our management and investors by increasing the
comparability of our performance from period to period.
We believe that including EBITDA assists our management and investors in: -
i. understanding and analysing the results of our operating and
business performance, and
ii. monitoring our ongoing financial and operational strength in
assessing whether to continue to hold our shares. This is achieved by
excluding the potentially disparate effects between periods of depreciation
and amortisation, income (loss) from associate, interest income, finance
charges, fair value adjustment on financial assets at fair value through
profit and loss and realised gain (loss) on fair value through profit and loss
investments, which may significantly affect comparability of results of
operations between periods.
EBITDA has limitations as analytical tools and should not be considered as
alternatives to, or as substitutes for, or superior to, profit or loss for the
period or any other measure of financial performance presented in accordance
with IFRS. Further other companies in our industry may calculate these
measures differently from how we do, limiting their usefulness as a
comparative measure.
EBITDA (adjusted for IFRS 16 leases)
EBITDA (adjusted for IFRS 16 leases) represents profit or loss for the year
before interest, income taxes, depreciation & amortisation, fair value
adjustments on financial assets at fair value through profit and loss and
realised gain (loss) on fair value through profit and loss investments and net
of cash cost of the IFRS 16 leases.
Net cash (debt)
Net cash (debt) is a non-IFRS measure that is defined as cash and cash
equivalents less short term and long-term debt.
Management believes that net cash (debt) is a useful indicator of the Group's
indebtedness, financial flexibility and capital structure because it indicates
the level of borrowings after taking account of cash and cash equivalents
within the Group's business that could be utilised to pay down the outstanding
borrowings. Management believes that net debt can assist securities analysts,
investors and other parties to evaluate the Group. Net cash (debt) and similar
measures are used by different companies for differing purposes and are often
calculated in ways that reflect the circumstances of those companies.
Accordingly, caution is required in comparing net debt as reported by the
Group to net cash (debt) of other companies.
Average revenue per operating rig
ARPOR is a non-financial measure defined as the monthly average drilling
specific revenue for the period divided by the monthly average active
operating rigs. Drilling specific revenue excludes revenue generated from shot
crew, a blast hole service that does not require a rig to perform but forms
part of drilling. Management uses this indicator to assess the operational
performance across the board on a period-by-period basis even if there is an
increase or decrease in rig utilisation.
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