H1 2025 Results (Unaudited)

Area	Description	Mitigation
General reduction in levels of activity across the mining industry	The Group is highly dependent on the levels of mineral exploration, development and production activity within the markets in which it operates. A reduction in these activities, or in the budgeted expenditure of mining and mineral exploration companies, will cause a decline in the demand for mining services.	The Group is seeking to balance this risk by building a portfolio of long-term 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. The Group's operations are generally focused on mine sites, with limited exposure to exploration-only activities which can be more volatile. 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.

Companies

Capital Limited (DI) (CAPD)

UK 100

Latest directors dealings

1 day ago Savannah Energy
1 day ago Buccaneer Energy PLC
1 day ago Savannah Energy
1 day ago Carclo
1 day ago Schroder Japan Growth Fund

All directors dealings today

	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 items)^4,5 (cents)	1.1	5.8	(81.2%)

Interim Dividend per Share (cents)	1.3	1.3	-

Cash from Operations (adjusted for IFRS 16 leases)²	54.7	51.2	6.8%
Capex⁶	20.4	44.3	(54.0%)

Net Debt¹	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.

	Q2 2025*	Q1 2025	vs Q1 2025	H1 2025*	H1 2024	H1 2025* vs H1 2024
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%)

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

	Share capital	Share premium	Total share capital	Equity-settled employee benefits reserve	Other reserve	Total reserves	Retained income	Total attributable to equity holders of the Group	Non-controlling interest	Total 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

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.

	Diluted earnings per share:	30 June 2025	30 June 2024

	The profit used in the calculations of all diluted earnings per share measures are the same as those used in the equivalent basic earnings per share measures, as outlined above. ($)	14,843	9,206

	Weighted average number of ordinary shares used in the calculation of basic earnings per share	196,465,287	195,026,529
	- Dilutive share options ^#	-	968,276
	Weighted average number of ordinary shares used in the calculation of diluted earnings per share	196,465,287	195,994,805

	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.


Cost	Drilling rigs	Heavy mining equipment	Associated Drilling & mining equipment	Vehicles and trucks	Camp and associated equipment	Land & Buildings	Leasehold improvements	Computer Software	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

	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

		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 (31 December 2024: 0.01 cents) each	200,000	200,000

	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:

		MSALABS Ltd	CMS (Tanzania) 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

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.

	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

	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

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.


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

	(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

14.2	Reconciliation of borrowings and leases
		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

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 Share of loss / impairment of investment in associate				(8,113) (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)


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


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

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 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) (cents)		Net profit after tax before fair value gain/loss on investments, dividend 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)

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.