REG - Capital Limited - Q4 2025 Trading Update

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RNS Number : 5852P  Capital Limited  20 January 2026

Capital Limited

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

 

Q4 2025 Trading Update

 

Capital (LSE: CAPD), a leading mining services company, today provides its
trading update for the period 1 October to 31 December 2025 (the "Period").

 

FOURTH QUARTER (Q4) 2025 KEY METRICS

                                  Q4 2025*  Q3 2025  vs        Q4 2024  vs

                                                     Q3 2025            Q4 2024
 Revenue                          92.7      93.9     -1.3%     84.9     9.2%      345.8  348.0  -0.6%
 Drilling and associated revenue  60.2      65.1     -7.5%     62.9     -4.3%     245.9  239.1  2.8%
 Mining revenue                   10.9      7.8      39.7%     9.6      13.5%     26.4   65.2   -59.5%
 MSALABS revenue                  21.6      21.0     2.9%      12.4     74.2%     73.5   43.7   68.2%

All amounts are in USD million unless otherwise stated

*Unaudited numbers

 

Commenting on the trading update, Jamie Boyton, Executive Chair, said:

"Capital delivered a strong finish to FY 2025, with full-year revenue at the
upper end of our revised and raised guidance for both the Group and MSALABS.

MSALABS delivered a record revenue performance in FY 2025 as numerous new
laboratories were commissioned and utilisation improved at existing
laboratories. Our Reko Diq mining contract is ramping up well with full run
rate earnings contribution expected from H2 2026 whilst our drilling division
also delivered its best annual performance to date in 2025.

Alongside record commodity prices and increasing exploration and capex
expenditure by our customers, we expect this solid momentum to continue in
2026 across all our divisions, supported by multi-year contracts and strong
growth pipelines. This positions Capital to deliver another year of strong
results and peer-leading shareholder returns."

Financial Highlights

·      FY 2025 group revenue of $345.8 million, down 0.6% on FY 2024
($348.0 million), at the upper end of our revised guidance of $335 - $350
million (up from $300 - 320 million, as originally guided at our FY 2024
results);

-       FY 2025 MSALABS revenue of $73.5 million, up 68.2% on FY 2024
($43.7 million), at the upper end of our revised guidance of $65 - $75 million
(up from $50 - 60 million, as originally guided at our FY 2024 results);

·      Q4 2025 group revenue of $92.7 million, a 1.3% decrease on Q3
2025 ($93.9 million) and 9.2% increase on Q4 2024 ($84.9 million);

-     Drilling and associated revenue for the quarter was $60.2 million,
down 7.5% on Q3 2025 ($65.1 million) and down 4.3% on Q4 2024 ($62.9 million);

-     Mining revenue for the quarter was $10.9 million, up 39.7% on Q3
2025 ($7.8 million) and up 13.5% on Q4 2024 ($9.6 million);

-     MSALABS revenue for the quarter was $21.6 million, up 2.9% on Q3
2025 ($21.0 million) and up 74.2% on Q4 2024 ($12.4 million).

 

Safety Update

·      Safety performance remains exemplary with 12-month trailing Total
Recordable Injury Frequency Rate ("TRIFR") of 1.23 per 1,000,000 hours worked,
broadly in line with our 5-year average of 1.20.

Capital Drilling: Sustained Annual Growth

·      Total rig count increased to 137 in Q4 2025 from 134 at 30
September 2025, net of depletion;

·      Fleet utilisation for the quarter decreased to 74%, from 76% in
Q3 2025 and down from 77% in Q4 2024. Utilisation across the fleet remains
near long term target utilisation levels of 75%;

·      Average monthly revenue per operating rig ("ARPOR") was $187,000
in Q4 2025, a decrease from Q3 2025 ($198,000) and down 5.1% on Q4 2024
($197,000). Q4 productivity was impacted by protests in Tanzania, which
resulted in movement restrictions affecting both our employees and those of
our customers. Mine sites have since returned to normal operations.

·      Given strong demand across the sector, all rig orders for 2026
have already been placed; and

·      New contract wins:

-       Grade control drilling work added to our broader drilling
services contract at Nevada Gold Mine in USA;

-       A one-year 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.

                                 Q3 2025  vs        Q4 2024  vs

                                          Q3 2025            Q4 2024
 Closing fleet size     137      134      2.2%      130      5.4%      137      130      5.4%
 Fleet utilisation (%)  74%      76%      -2.6%     77%      -3.9%     74%      73%      1.4%
 Average utilised rigs  101      102      -1.0%     99       2.0%      100      92       8.7%
 ARPOR(1) ($)           187,000  198,000  -5.6%     197,000  -5.1%     191,000  204,000  -6.4%

*Unaudited numbers

(1)Average revenue per month per operating rig

Capital Mining: TSF Fleet Being Commissioned

·      Our mining contract at Reko Diq continues to progress strongly
through the ramp-up phase with the civils fleet continuing to perform well
under double shift operations;

·      The entire TSF fleet has been mobilised on-site with
commissioning activities underway and full run-rate expected from H2 2026; and

·      Additional development equipment from the contract variation is
arriving progressively and recruitment of 100 new personnel well advanced.

MSALABS: Record Annual Performance

·      MSALABS delivered another record quarter for revenue with FY 2025
revenue achieving revenues of $73.5 million at the upper end of the revised
revenue guidance of $65 - 75 million. Strong commodity prices supported
increasing exploration activity and has driven higher utilisation at our
existing laboratories;

·      We recently commissioned our newest laboratory in Namibia during
the quarter, with a total of four new laboratories built during FY 2025;

·      Nevada Gold Mines Phase 1 is fully operational and processing
samples with strong turnaround performance. Phase 2 detailed design is
complete and construction has commenced; and

·      New wins:

-       A 5-year contract to build and operate an on-site laboratory at
Montage Gold Corp's Koné Gold Project in Côte d'Ivoire;

-       Construction underway for our second commercial laboratory in
Côte d'Ivoire, equipped with PhotonAssay(TM) technology; and

-       A 3-year contract with IAMGOLD's Westwood mine through our
commercial lab in Val d'Or.

Capital Investments: Continued Strong Portfolio Performance

·      The total value of investments (listed and unlisted) was $97.5
million as at 31 December 2025 vs $73.9 million as at 30 September 2025 and vs
$49.5 million as at 30 June 2025;

·      The portfolio recorded investment gains (realised and unrealised)
of $25.6 million in Q4 2025; and $68.4 million for FY 2025; and

·      The portfolio remains focused on select key holdings namely WIA
Gold, Asara Resources and Marvel Gold.

Outlook

·      Group revenue guidance for 2026 will be provided at our FY 2025
results;

·      As we enter FY 2026, the Group is well positioned to build on our
FY 2025 momentum. Improving financial performance at MSALABS, achieving full
run-rate at Reko Diq and consistent contract execution across our drilling
business are expected to drive growth.

·      We are strategically positioned to benefit from the demand
backdrop being created by record commodity prices and increased capital
markets activity, as currently demonstrated by our high level of tendering
activity.

 

 

- 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

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.

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