H1 2026 Results (Unaudited)

Summary by AI ^BETAClose X

Capital Limited reported a strong first half performance for 2026, with revenue increasing by 37.6% to $219.0 million and Adjusted EBITDA rising by 70.4% to $54.7 million, driven by improved drilling productivity and laboratory services. The company has raised its full-year revenue guidance to $430-$450 million. Net debt decreased by 21.8% to $43.3 million, and an interim dividend of 1.3 cents per share was declared. Despite a slight decrease in rig utilization, average revenue per operating rig increased by 10.5% to $210,000. The MSALABS division saw significant margin improvement to 16.6%.

Disclaimer*

Capital Limited

20 August 2026

Capital Limited

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

H1 2026 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 2026 (the "Period").

	H1 2026	H1 2025	vs H1 2025
Revenue	219.0	159.2	37.6%
Adjusted EBITDA ^1,2	54.7	32.1	70.4%
Operating Profit	31.8	16.2	96.3%
Investment Gain	7.0	19.3	(63.7%)
Net Profit After Tax (NPAT)	21.3	14.8	43.9%
Operational NPAT ^1,3	15.5	2.1	638.1%

Earnings per share
Basic EPS (cents)	10.1	7.6	32.9%
Operational Basic EPS ^1,3 (cents)	7.5	1.1	581.8%

Interim Dividend per Share (cents)	1.3	1.3	0.0%

Adjusted Cash from Operations ^1,4	41.4	54.7	(24.3%)
Capex ^1,5	24.1	20.4	18.1%

Net Debt ^1,6	43.3	55.4	(21.8%)
Investments held at fair value ⁷	116.5	49.5	135.4%

Margins
Adjusted EBITDA Margin ^1,2	25.0%	20.2%
Operating Profit Margin	14.5%	10.2%
Operational NPAT Margin ^1,3	7.1%	1.3%
All amounts are in US dollars unless otherwise stated
⁽¹⁾Non-IFRS financial measures 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 34-37 of this results announcement. ⁽²⁾Adjusted EBITDA is calculated as EBITDA less cash cost of IFRS 16 leases and exceptional items. ⁽³⁾Operational NPAT is calculated as NPAT less effects from investments and exceptional items. ⁽⁴⁾Adjusted Cash from Operations is calculated as cash generated from operations less cash cost of IFRS 16 leases. ⁽⁵⁾Capital expenditure (Capex) consists of purchases of PPE for cash, prepayments for PPE and PPE financed by OEM. ⁽⁶⁾ Net Debt excludes ROU liabilities and unamortised debt arrangement costs. ⁽⁷⁾ Investment portfolio excludes Capital Innovation investments of $2.3 million (H1 2025: nil).

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

"Capital delivered a strong first half performance, with revenue increasing 37.6% year-on-year to $219.0 million, and Adjusted EBITDA increasing 70.4% to $54.7 million. This performance was underpinned by improved drilling contract productivity, continued momentum from MSALABS and solid execution across our mining services contracts.

On the back of a strong H1, we are pleased to announce an increase in our 2026 Group revenue guidance to $430 - $450 million (from $410 - $440 million).

We secured several important, long-term contract awards across drilling and laboratory services, including a new long-term contract with Maaden. At the same time, we discontinued drilling operations at Sadiola and Nevada Gold Mines, reallocating capital and equipment to markets where we see stronger demand and better long-term returns.

Our mining contracts at Reko Diq and Sukari continue to perform well. While recent commentary from Barrick noted a slowdown in capital expenditure at Reko Diq, Capital remains a well-established key contractor at the project and will continue to support its development going forward.

MSALABS continues to build on its momentum, with commissioning of new laboratories, increasing utilisation and improving margins. Its growing geographic footprint, customer and commodity diversification continue to broaden the Group's service offering.

We remain confident in the Group's outlook as we mobilise into several new contracts, with robust industry demand and attractive growth opportunities present across all divisions. We are pleased to declare an interim dividend of 1.3 cents per share, reflecting our continued focus on delivering value to shareholders."

Financial Overview

· H1 2026 revenue of $219.0 million, up 37.6% on H1 2025 ($159.2 million);

· H1 2026 Adjusted EBITDA of $54.7 million, an increase of 70.4% on H1 2025 ($32.1 million) with H1 2026 Adjusted EBITDA Margin of 25.0% (H1 2025: 20.2%);

· H1 2026 Operational NPAT of $15.5 million, an increase of 638.1% on H1 2025 ($2.1 million);

· H1 2026 Adjusted Cash from Operations of $41.4 million, a 24.3% decrease on H1 2025 ($54.7 million) partly driven by an unfavourable working capital position at the end of the period, some of which is expected to normalise in H2 2026;

· H1 2026 Capex of $24.1 million (H1 2025: $20.4 million) including prepayments and assets financed by OEM;

· Net debt at H1 2026 of $43.3 million decreased 21.8% on H1 2025 ($55.4 million), predominantly as a result of higher Adjusted EBITDA, offset by unfavourable working capital movements and net purchases in the investment portfolio; and

· Declared an interim dividend of 1.3 cents per share, to be paid on 5 October 2026 to shareholders registered on 28 August 2026.

Operational Review

· Safety performance remains strong with a Total Recordable Injury Frequency Rate ("TRIFR") of 1.2 per 1,000,000 hours worked in H1 2026 (H1 2025: 0.8).

Capital Drilling

· Total rig count decreased to 131 by the end of H1 2026 (FY 2025: 137), as rigs were decommissioned as part of the withdrawal from NGM and Sadiola;

· H1 2026 average rig utilisation was 71%, down from 74% in H1 2025. The decrease during the half was driven by rigs in transit, including redeployments from NGM and Sadiola, as well as rig movements around several short-term exploration contracts;

· Average monthly revenue per operating rig ("ARPOR") was $210,000 in H1 2026, up 10.5% on H1 2025 ($190,000), reflecting portfolio optimisation initiatives despite several rig redeployments during the period;

· New contract win

- Awarded an 8-rig diamond drilling contract with Maaden for 2 years, with a 1-year extension option, across several of its exploration projects in Saudi Arabia, marking Capital's second contract in Saudi Arabia and the first direct contract with Maaden.

· Contract wins during H1 2026 (previously announced)

- Awarded a 5-year grade control drilling contract with Montage Gold at its Koné Gold Project in Côte d'Ivoire, which commenced in Q2 2026;

- Awarded a 5-year deep hole directional diamond drilling contract at AngloGold Ashanti's Sukari Gold Mine in Egypt, which commenced in Q2 2026;

- Awarded a 3-year diamond and reverse circulation drilling contract with PDI Gold at its Kiniero Gold Project in Guinea, which commenced in Q2 2026;

- Awarded exploration drilling services contracts with Skylark Minerals and Santa Fe Minerals, and a short-term waterbore contract with Resolute Mining in Côte d'Ivoire.

· Discontinued drilling operations: During H1 2026, the Group exited drilling operations at Sadiola (Mali) and Nevada Gold Mines (USA), reallocating equipment and management resources to higher-return opportunities across its existing operations. Assets from Sadiola are being redeployed to support the recently commenced PDI Gold contract in Guinea, while selected Nevada assets are being reallocated within the business or sold.

	H1 2026*	H1 2025	H1 2026* vs H1 2025
Closing fleet size	131	133	(1.5%)
Fleet utilisation¹ (%)	71%	74%	(4.1%)
Average utilised rigs¹	97	98	(1.0%)
ARPOR²($)	210,000	190,000	10.5%

*Unaudited numbers

¹ Average across the period

² Average revenue per month per operating rig

Capital Mining

· Our operations at Reko Diq continue to perform well and in line with the contract;

- Capital remains a well-established key contractor at the site and continues to support the project development;

· Capital was awarded a waste stripping cutback services contract at Sukari Gold Mine, operated by AngloGold Ashanti;

- This contract is utilising a mix of existing fleet and newly purchased trucks and additional ancillary equipment;

- The contract has outperformed since it commenced in Q1 2026, with additional equipment en-route to site and expected to be commissioned in Q3 2026.

MSALABS

· Laboratory utilisation increased to 54% in H1 2026 from 45% in H1 2025;

· Adjusted EBITDA Margin for MSALABS division increased to 16.6% in H1 2026 from 4.8% in H1 2025;

· Number of laboratories increased to 33 as at 30 June 2026 from 28 as at 31 December 2025. Note that this does not include franchise laboratories;

· MSALABS possesses the largest international network of Chrysos PhotonAssay^TM technology with 15 units as at 30 June 2026, up from 14 units as at 31 December 2025;

· Updates

- Awarded a 5-year laboratory services contract with Tungsten West at its Hemerdon Mine in the United Kingdom;

- MSALABS and Mari Minerals, a subsidiary of Mari Energies Limited (PSX:MARI), have incorporated a joint venture to deliver assaying services to support in-country exploration in Pakistan, with Mari Minerals being the cornerstone customer. Construction of the Phase 1 laboratory is expected to commence in Q3 2026 and be operational by the end of the year;

- Commissioning is expected in Q3 2026 at a new commercial laboratory in Korhogo in Côte d'Ivoire, an on-site laboratory at Montage Gold's Koné Gold Project in Côte d'Ivoire and an on-site laboratory at United Gold's Amulsar Gold Mine in Armenia, with all laboratories expected to be contributing to Group revenue in Q4 2026.

· New contract wins (previously announced)

- MSALABS was awarded a 5-year commercial laboratory services contract with Equinox Gold's Valentine Project in Newfoundland, Canada. This contract underpinned the construction of a new commercial laboratory in Newfoundland, which was commissioned in Q2 2026, utilising PhotonAssay^TM technology, as well as providing sample preparation and multi-element analysis; and

- Awarded a 5-year laboratory services contract at United Gold's Amulsar Gold Mine in Armenia.

Capital Investments

· The total value of investments (listed and unlisted) was $116.5 million as at 30 June 2026, up from $97.5 million as at 31 December 2025, with the increase driven by:

- Investment gains (realised and unrealised) of $7.0 million and dividend income of $0.2 million in H1 2026, achieving a 7.4% return. Over the same period, the VanEck Junior Gold Miners UCITS ETF decreased by 14.1%; and

- Net investment purchases of $11.8 million, of which the majority related to the equity raises of WIA Gold and Asara Resources during Q2 2026;

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

Outlook

· Group revenue guidance for 2026 is raised to $430 - $450 million (up from $410 - $440 million as previously guided at our FY 2025 results), reflecting the diversification of the Group and the strong demand environment. MSALABS revenue guidance is reiterated at $85 - $95 million. Capex guidance is reiterated at $55 - $65 million with spend weighted towards H2;

· We remain focused on operational execution across the Group, including mobilising major new contract awards, completing key project transitions, commissioning new facilities and improving utilisation across our existing footprint.

· Across our markets, industry activity remains robust, providing a supportive backdrop for organic growth, new commercial opportunities and future contract awards.

2026 Interim Dividend Timetable

- Ex-Dividend Date: 27 August 2026

- Record Date: 28 August 2026

- Last Date for Currency Elections: 1 September 2026

- Payment Date: 5 October 2026

Dividend Currency Elections

The interim dividend will be paid on 5 October 2026, 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 1 September 2026 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 28 August 2026 and the rate applied will be published on the website thereafter.

Capital Limited will host a live presentation on the Group's H1 2026 Results via the London Stock Exchange's SparkLive platform on 20 August 2026 at 9:00am BST.

The presentation is open to all existing and prospective shareholders and analysts. Questions may be submitted via the SparkLive page using the 'Ask a Question' button before or during the live presentation.

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

Capital Limited H1 2026 Results | SparkLive | LSEG

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

https://sparklive.lseg.com/CAPITALLIMITED/events/ecb82e9c-7b55-4151-8c92-cbd1547bab91/capital-limited-h1-2026-results

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

- ENDS -

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

Capital Limited investor@capdrill.com

Jamie Boyton, Executive Chair

Rick Robson, Chief Financial Officer

Conor Rowley, 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 Armenia, Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Guinea, Guyana, Kenya, Mauritania, Namibia, Pakistan, Saudi Arabia, Tanzania, United Kingdom, 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 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

We have been engaged by Capital Limited (the 'Company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following:

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

The related explanatory notes

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 are 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.

INDEPENDENT REVIEW REPORT TO CAPITAL LIMITED

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements 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 Company 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

Date

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 2026
		Unaudited
		Six months ended
	Notes	30 June 2026	30 June 2025
		US$'000	US$'000

Revenue	3	219,010	159,200
Cost of sales		(121,869)	(94,473)
Gross profit		97,141	64,727
Administration expenses		(35,536)	(27,014)
Depreciation, amortisation, and impairments		(29,825)	(21,542)
Operating profit		31,780	16,171
Interest income		34	37
Dividend income		190	865
Finance costs		(5,981)	(8,113)
Share of loss and impairment of investment in associate	19	(137)	(5,693)
Realised and unrealised fair value gain on financial assets	18	6,972	19,252
Profit before taxation		32,858	22,519
Taxation	4	(11,571)	(7,692)
Profit for the period and other comprehensive income		21,287	14,827


Profit and other comprehensive income attributable to:
Owners of the parent		22,777	14,843
Non-controlling interest	12	(1,490)	(16)
		21,287	14,827
Earnings per share:

Basic earnings per share ($c)	5	10.1	7.6
Diluted earnings per share ($c)	5	9.8	7.6

CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2026
		Unaudited	Audited
	Notes	30 June 2026	31 December 2025
ASSETS		US$'000	US$'000
Non-current assets
Property, plant and equipment	7	239,929	241,978
Right-of-use assets	8	37,230	36,271
Goodwill		1,296	1,296
Intangible assets		808	884
Other receivables	9	11,525	13,244
Investment in associate	19	695	503
Total non-current assets		291,483	294,176

Current assets
Inventories		60,646	64,777
Trade receivables	10	70,676	52,288
Other receivables	9	62,170	53,955
Investments at fair value	18	118,808	99,801
Current tax receivable		1,726	1,789
Deferred tax		355	714
Cash and cash equivalents		48,079	63,376
Total current assets		362,460	336,700

Total assets		653,943	630,876

EQUITY AND LIABILITIES
Equity
Share capital	11	23	23
Share premium	11	103,669	103,499
Equity-settled employee benefits reserve		5,237	5,279
Other reserve		190	190
Retained income		288,244	266,742
Equity attributable to owners of the parent		397,363	375,733
Non-controlling interest	12	11,455	12,957
Total equity		408,818	388,690

Non-current liabilities
Loans and borrowings	13	69,780	76,275
Lease liabilities	8	24,680	24,678
Trade and other payables		414	5,004
Total non-current liabilities		94,874	105,957

Current liabilities
Trade and other payables		107,387	92,886
Provisions		203	203
Current tax payable		9,356	13,188
Loans and borrowings	13	20,726	18,541
Lease liabilities	8	12,579	11,411
Total current liabilities		150,251	136,229

Total equity and liabilities		653,943	630,876

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

¹The opening balance was restated for the prior period error noted in the 2025 financial statements. See note 38 in the 2025 financial statements for details of the prior year restatement.

	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 2024 as restated - Audited¹	20	64,719	64,739	3,972	190	4,162	200,959	269,860	11,813	281,673
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 NCI	-	-	-	-	-	-	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	214,797	283,866	11,439	295,305

Balance at 31 December 2025 - Audited	23	103,499	103,522	5,279	190	5,469	266,742	375,733	12,957	388,691
Profit for the period	-	-	-	-	-	-	22,777	22,777	(1,490)	21,287
Contributions by and distributions to owners
Issue of shares	-	170	170	(170)	-	(170)	-	-	-	-
Recognition of share-based payments	-	-	-	1,797	-	1,797	-	1,797	-	1,797
Transfer of share-based payment reserve on lapse of options	-	-	-	(1,669)	-	(1,669)	1,669	-	-	-
Adjustment arising from change in NCI	-	-	-	-	-	-	(5)	(5)	(12)	(17)
Dividends	-	-	-	-	-	-	(2,939)	(2,939)	-	(2,939)
Total transactions with owners	-	170	170	(42)	-	(42)	(1,275)	(1,147)	(12)	(1,160)
Balance at 30 June 2026 (Unaudited)	23	103,669	103,692	5,237	190	5,427	288,244	397,363	11,455	408,818

CAPITAL LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2026

		Six months ended
		Unaudited	Unaudited
	Notes	30 June 2026	30 June 2025
		US$'000	US$'000

Cash flow from operating activities

Cash generated from operations	14	49,500	62,023
Interest income received		34	37
Finance costs paid		(5,459)	(6,488)
Interest paid on lease liabilities	8	(1,802)	(1,691)
Tax paid		(12,268)	(7,605)
Net cash from operating activities		30,005	46,276

Cash flow from investing activities

Purchase of property, plant and equipment		(3,481)	(7,898)
Proceeds from sale of property, plant and equipment		5,225	977
Proceeds from dividends received		190	865
Purchase of intangible assets and ERP software		(700)	(95)
Purchase of investments at fair value	18	(13,941)	(2,082)
Purchase of investment in associate	19	(328)	(52)
Proceeds on sale of investments at fair value	18	1,906	2,106
Cash paid in advance for property, plant and equipment		(14,202)	(7,122)
Advance payments on leases		(389)	(1,921)
Purchase of convertible loan notes in associate		(358)	-
Net cash from investing activities		(26,078)	(15,222)

Cash flow from financing activities

Repayment of loans and borrowings	14.2	(33,345)	(30,878)
Proceeds from new loans and borrowings	14.2	25,000	25,000
Arrangement fees paid - new financing		(867)	(159)
Dividends paid	6	(2,939)	(2,558)
Repayment of principal on lease liabilities	8	(6,308)	(5,652)
Purchase of shares from non-controlling interest		(17)	(55)
Net cash from financing activities		(18,476)	(14,302)

Net (decrease) / increase in cash and cash equivalents		(14,549)	16,752

Cash and cash equivalents at the beginning of the period		63,376	40,526
Effect of exchange rate movement on cash balances		(748)	1,307
Cash and cash equivalents at the end of the period		48,079	58,585

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2026

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 2026 (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 2025 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 Interim Financial Statements have been prepared on a going concern basis under the historical cost convention, except for certain financial instruments that are measured at fair value.

	All accounting policies, presentation and methods of computation which have been followed in these Interim Financial Statements were applied in the preparation of the Group's financial statements for the year ended 31 December 2025. 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 2026, the Group had a robust balance sheet with a modest debt gearing with equity of US$408.8 million and loans and borrowings of US$91.4 million. Cash as at 30 June 2026 was US$48.1 million, with net debt of US$43.3 million. Investments in listed entities at the end of June 2026 amounted to US$116.5 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. The Group achieved strong revenues and margins during the half, contributing to a positive outlook for the remainder of the year and beyond.

	Commercially, the Group continues to secure and extend long term mining contracts with high-quality customers, including the latest significant contract awards with Fortescue at its Belinga Iron Ore Project in Gabon and a multi-site exploration drilling contract with Maaden in Saudi Arabia.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

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 2027, 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 47% during the period of assessment for going concern to breach the covenant test.

	Given the strong market demand from existing high-quality clients, majority of revenue earned from mine-site customers, a healthy tendering pipeline, increased customer base and limited contract expiries during the year, management considers 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 deferral) 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 2027. Accordingly, the Board has concluded that the going concern basis in the preparation of the Financial Statements is appropriate and that there are no material uncertainties that would cast doubt on that basis of preparation.

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 Armenia, Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Guinea, Guyana, Kenya, Mauritania, Namibia, Pakistan, Saudi Arabia, Tanzania, United Kingdom, 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. There have been no changes to the estimates and judgements used in these interim financial statements to those used in the 2025 annual financial statements.

		Six months ended
3.	Revenue	30 June 2026	30 June 2025
		US$'000	US$'000
	Revenue from the rendering of services comprises:

	Drilling and incidental revenue	127,423	117,133
	Mining and associated revenue	43,507	7,620
	Laboratory services revenue	44,736	30,959
	Revenue from surveying	3,344	3,488
		219,010	159,200

Taxation

Capital Limited is incorporated in Bermuda and tax resident in the United Kingdom and the Group operates in multiple countries with complex legal and tax regulatory environments. Taxation is calculated in accordance with local legislation and the prevailing tax rates.


CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

4.	Taxation (Cont'd)

	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 2026	30 June 2025
	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 (US$'000)	22,777	14,843

	Weighted average number of ordinary shares for the purposes of basic earnings per share (No.)	225,473,015	196,465,287

	Basic earnings per share ($c)	10.1	7.6

	Diluted earnings per share:	30 June 2026	30 June 2025

	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. (U$'000)	22,777	14,843

	Weighted average number of ordinary shares used in the calculation of basic earnings per share	225,473,015	196,465,287
	- Dilutive share options ^#	6,109,506	-
	Weighted average number of ordinary shares used in the calculation of diluted earnings per share	231,582,521	196,465,287

	Diluted earnings per share (cents)	9.8	7.6

	^# For the purposes of calculating diluted earnings per share, 6,109,506 share options were included as being dilutive as the relevant vesting metrics were met at 30 June 2026. In the period ended 30 June 2025, no share options were deemed to be dilutive as the vesting metrics were not met at the period end.

6.	Dividends
	During the six months ended 30 June 2026, a dividend of 1.3 cents per ordinary share was declared on 19 March 2026, totalling US$2,938,526 (six months ended 30 June 2025: 1.3 cents per ordinary share, totalling US$2,557,939) and paid on 12 May 2026.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

7. Property, plant and equipment


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 2025	179,993	86,210	38,721	54,884	35,084	6,348	1,654	72	402,966
Additions	12,279	3,446	5,458	7,405	5,142	847	-	-	34,577
Disposal	(18,623)	(4,310)	(5,626)	(1,048)	(1,603)	-	-	-	(31,210)
Transfer to Intangible asset	-	-	-	-	-	-	-	(72)	(72)
At 31 December 2025	173,649	85,346	38,553	61,241	38,623	7,195	1,654	-	406,262
Additions	3,162	3,335	10,854	2,833	6,887	-	-	-	27,071
Disposal	(9,183)	(195)	(1,339)	(1,012)	(597)	-	-	-	(12,325)
At 30 June 2026	167,628	88,486	48,068	63,062	44,913	7,195	1,654	-	421,007

Accumulated Depreciation
At 1 January 2025	79,942	34,026	11,842	22,484	13,346	231	97	29	161,997
Depreciation	11,837	1,232	6,599	5,805	5,488	306	-	-	31,267
Impairment	-	475	-	-	-	-	-	-	475
Disposal	(17,974)	(3,299)	(5,426)	(1,696)	(1,031)	-	-	-	(29,426)
Transfer to Intangible asset	-	-	-	-	-	-	-	(29)	(29)
At 31 December 2025	73,805	32,434	13,015	26,592	17,803	537	97	-	164,284
Depreciation	6,944	4,135	3,880	3,745	3,163	-	-	-	21,867
Impairment	305	-	467	169	34	-	-	-	975
Disposal	(3,752)	(195)	(1,107)	(502)	(491)	-	-	-	(6,047)
At 30 June 2026	77,302	36,374	16,255	30,004	20,509	537	97	-	181,078

Carrying amount at:
31 December 2025	99,844	52,912	25,538	34,648	20,821	6,658	1,557	-	241,978

30 June 2026	90,326	51,646	32,246	33,058	24,438	6,658	1,557	-	239,929

CAPITAL LIMITED

Notes to the Condensed Consolidated Interim Financial Statements (cont'd)

For the six months ended 30 June 2026

7. Property, plant and equipment (continued)

Bank borrowings are secured on the Group's drilling and mining fleet - see Note 13.

The Group's property plant and equipment includes assets not yet commissioned totalling US$28.6 million (2025: US$30.5 million). The assets will be depreciated once commissioned and available for use.

During the six months ended 30 June 2026, the Group acquired US$27.1 million worth of property, plant and equipment (HY 2025: US$16.6 million). Out of the US$27.1 million additions, US$6.4 million (2025: US$4.1 million) was acquired through supplier credit agreements and US$1.4 million is unpaid in trade payables. Additions in the cash flow statements, US$3.5 million, consist of cash paid for property, plant and equipment during the period. Prepayments for fixed assets in the cash flow statements, US$14.2 million, 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$2.7 million (2025: US$1.2 million) during the period. A loss of US$1.1 million (2025: US$0.2 million) was incurred on the disposal of property, plant and equipment.

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. At 30 June 2026, an impairment charge of US$1.0 million was recognised against certain drilling assets following an assessment of their recoverable value.

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 2025	27,797	4,265	32,062
Additions	15,245	1,149	16,394
Depreciation	(10,509)	(1,676)	(12,185)
At 31 December 2025	32,533	3,738	36,271
Additions	5,569	2,298	7,867
Depreciation	(5,808)	(1,100)	(6,908)
At 30 June 2026	32,294	4,936	37,230


Lease liabilities
At 1 January 2025	29,225	4,561	33,786
Additions	12,767	1,322	14,089
Interest expense	3,000	272	3,272
Lease payments (principal and interest)	(13,011)	(2,047)	(15,058)
At 31 December 2025	31,981	4,108	36,089
Additions	6,022	1,456	7,478
Interest expense	1,585	217	1,802
Lease payments (principal and interest)	(6,952)	(1,158)	(8,110)
At 30 June 2026	32,636	4,623	37,259

	30 June 2026	31 December 2025
	US$'000	US$'000
Current	12,579	11,410
Non-current	24,680	24,679
	37,259	36,089

The weighted average incremental borrowing rate applied to lease liabilities during the period was 11% (2025: 11%).

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

		As at
		30 June 2026	31 December 2025
		US$'000	US$'000

9.	Other receivables
	Prepayments	27,402	22,254
	Capitalised contract costs	6,510	7,944
	VAT recoverable	10,287	9,863
	Amounts due from non-controlling interest	5,685	5,685
	Accounts receivable - Sundry	7,983	3,840
	Prepayment for fixed assets	14,202	16,036
	Others	1,626	1,577
		73,695	67,199

	Current	62,170	53,955
	Non-current	11,525	13,244
		73,695	67,199

10.	Trade receivables
	Trade receivables	70,715	52,387
	Less: allowance for credit losses	(39)	(99)
	Total trade receivables	70,676	52,288

	Movements in the impairment allowance for trade receivables are as follows:
	Opening provision for impairment of trade receivables	99	4,536
	Increase during the year	37	99
	Receivables written off during the year as uncollectible	(97)	(4,536)
	At period end/year end	39	99


11.	Issued capital and share premium
	Authorised capital
	2,000,000,000 (31 December 2025: 2,000,000,000) ordinary shares of $0.0001 (31 December 2025: $0.0001) each	200	200

	Issued and fully paid:
	225,701,590 (31 December 2025: 225,303,781) ordinary shares of $0.0001 (31 December 2025: $0.0001) each	23	23

	Share premium:
	Balance at the beginning of the period	103,499	64,719
	Issue of shares	170	38,780
	Balance at the end of the period	103,669	103,499

	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 2026

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 2026	3,294	9,638	25	12,957

	Profit/ (loss) attributable to NCI	285	(1,757)	(18)	(1,490)
	Change in ownership:
	- Purchase of shares from NCI	(12)	-	-	(12)
	Balance at 30 June 2026	3,567	7,881	7	11,455

	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

MSALABS Ltd is an 91.3% (2025: 91.2%) owned subsidiary of the Group. CMS (Tanzania) Ltd is an 89.8% (80% direct, 9.8% indirect) owned subsidiary of the Company.

13.

Loans and borrowings

	As at
	30 June 2026	31 December 2025
	US$'000	US$'000

Bank loans	60,802	59,835
Supplier credit facilities	27,131	31,805
Vendor financed mortgage	3,464	3,511
	91,397	95,151
Less: Unamortised debt arrangement costs	(891)	(335)
Total loans and borrowings	90,506	94,816

Current	20,726	18,541
Non-current	69,780	76,275
Total loans and borrowings	90,506	94,816

At the reporting date, the Group's loans and borrowings total US$91.4 million (2025: US$95.2 million), offset by unamortised debt costs of US$0.9 million (2025: US$0.3 million). US$0.4 million (2025:US$ 0.3 million) of the debt costs have been classified as current and US$0.5 million (2025:US$ Nil) 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.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

13.

Loans and borrowings (cont'd)

Loans and borrowings consist of:

(a) US$75 million Facilities Agreement provided by The Standard Bank of South Africa Limited and Nedbank Limited

On 5 March 2026, the Company entered into a facilities agreement as borrower with Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division) and Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) as lenders and arrangers, with Nedbank acting as agent and security agent. The agreement represented a restructuring of an existing facility and resulted in a US$37.5 million revolving credit facility ("RCF") and a US$37.5 million term loan.

The amount utilised on the term loan was US$35.2 million as at 30 June 2026 (June 2025: US$ nil). The term loan amortises over four years, payable in quarterly instalments and matures in March 2030. The term loan has an interest rate of Secured Overnight Financing Rate (SOFR, payable in arrears) plus a margin of 4.85%. The amount utilised on the RCF was US$25.0 million as at 30 June 2026 (June 2025: US$65.0 million). The RCF matures in March 2029 with an interest rate of SOFR plus a margin of 5.10%, and an annual commitment fee of 1.53% per annum is charged on any undrawn balances.

Under the terms of the term loan and RCF, the group is required to comply with certain financial covenants relating to:

· Interest coverage

· Gross debt to EBITDA ratio

· Debt to equity ratio

· Debt service coverage ratio

	Security for the facilities agreement comprises of 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, USA, Pakistan and Tanzania.

	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$40.5 million term loan provided by Macquarie Bank Limited (London Branch)
		On 15 September 2022, the Group refinanced the senior secured, asset backed term loan facility with Macquarie Bank Limited. The term of the loan is four 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 2026, the amount outstanding on the term loan was US$0.3 million (2025: US$0.7 million). During the period under review, the Group has complied with all covenants (same as term loan and 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 2026, the total drawn under these credit agreements was US$19.0 million (2025: US$20.9 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 a 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 2026 the balance outstanding was US$0.2 million (2025: US$0.9 million) and the facility is no longer available to be drawn. Additionally, the Group entered into a further US$10.0 million facility agreement on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%. As at 30 June 2026, the balance outstanding was US$6.6 million (2025: US$ 7.4 million). The balance amortises over four-years from the date of draw down of each tranche.

No covenants are attached to these facilities.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

13.	Loans and borrowings (cont'd)

	(e) US$5.0 million facility with Caterpillar Financial Services
	The Group entered into a US$5 million facility agreement with Caterpillar Financial Services Corporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus a margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments. All repayments can be subsequently redrawn. As at 30 June 2026, the balance outstanding was US$ Nil (2025: US$ 0.4 million). During the period under review, the Group has complied with all covenants (same as term loan and RCF) attached to the facility.

	(f) US$3.7 million Mortgage with Byington Family Trust
	The Group entered into a US$3.7 million 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 2026, the balance outstanding was US$3.5 million (2025: US$ 3.5 million). No covenants are attached to this facility. (g) US$1.6 million Business Loan Facility Agreement with Northrim Bank The Group entered into a US$1.6 million 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 2026, the balance outstanding was US$1.2 million (2025: US$ 1.4 million). During the period under review, the Group has complied with all covenants (same as term loan and RCF) attached to the facility.

14.	Note supporting the Statement of Cash Flows
14.1	Cash generated from operations
		Six months ended
			30 June 2026	30 June 2025
			US$'000	US$'000

	Profit before taxation		32,858	22,519
	Adjusted for:
	- Depreciation, amortisation and impairments		22,918	15,742
	- Depreciation and impairment of right-of-use assets		6,908	5,799
	- ERP Costs expensed		367	-
	- Loss on disposals		1,053	187
	- Fair value gain on financial assets		(6,972)	(19,250)
	- Share-based payment		1,797	1,418
	- Interest income		(34)	(37)
	- Dividend income		(190)	(865)
	- Finance costs		5,981	8,113
	- Unrealised foreign exchange loss / (gain)		721	(1,298)
	- Other non-cash items		54	636
	- Decrease in expected credit loss provision		(69)	-
	- Bad debts written off		-	-
	- Share of loss and impairment of investment in associate		137	5,693
	Operating profit before working capital changes		65,529	38,657

	Adjustments for working capital changes:
	- Decrease in inventory		3,855	1,564
	- (Increase)/Decrease in trade and other receivables		(26,082)	1,634
	- Increase in trade and other payables		6,197	20,168
			49,500	62,023

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

14.2	Reconciliation of borrowings and leases
		Loans & borrowings	Lease liabilities	Total
		US$'000	US$'000	US$'000
	At 1 January 2026	94,815	36,090	130,905
	Cash flows:
	- Drawdowns	25,000	-	25,000
	- Interest paid	(5,459)	(1,802)	(7,261)
	- Principal repayments	(33,345)	(6,308)	(39,653)

	Non-cash flows:
	- supplier credit facility received	6,405	-	6,405
	- Interest expensed during the period	3,646	1,802	5,448
	- Unamortised debt arrangement costs	(556)	-	(556)
	- Additions to leases	-	7,477	7,477
	At 30 June 2026	90,506	37,259	127,765

	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 Chair 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 has 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 and mineral assaying.
		- Rest of world:	Derives revenue from the provision of drilling services, surveying and mineral assaying in jurisdictions such as Pakistan, USA, Saudi Arabia and Canada.
		Information regarding the Group's operating segments is reported below. At 30 June 2026, 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 2026

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 2026		Africa	Rest of World	Consolidated
				US$'000	US$'000	US$'000
		External revenue		130,828	88,183	219,010

		Segment profit		37,770	20,352	58,122

		Central administration costs and depreciation				(26,342)
		Profit from operations				31,780
		Fair value gain on financial assets				6,972
		Interest income				34
		Dividend income				190
		Finance costs Share of loss				(5,981) (137)
		Profit before tax				32,858

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
Share of loss				(8,113)
Finance costs				(5,693)
Profit before tax				22,519

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 Chair 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 2026	30 June 2025
			%	%

	Customer A		15%	10%
	Customer B		14%	19%

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

15.	Segmental analysis (continued)

	As at
	30 June 2026	31 December 2025
	US$'000	US$'000
Segment assets:
Africa	618,718	623,222
Rest of world	282,052	288,785
Total segment assets	900,770	912,007
Head office companies	896,446	503,073
	1,797,216	1,415,080
Eliminations *	(1,143,273)	(784,204)
Total assets	653,943	630,875

Segment liabilities:
Africa	281,438	230,242
Rest of world	199,272	148,482
Total segment liabilities	480,710	378,724
Head office companies	757,845	429,917
	1,238,555	808,641
Eliminations *	(993,430)	(566,454)
Total liabilities	245,125	242,187


For the purposes of monitoring segmental performance and allocating resources between segments, the Chair 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 2026	30 June 2025
	US$'000	US$'000
Depreciation
Africa	16,518	14,572
Rest of world	8,763	5,762
Total segment depreciation	25,281	20,334
Head office companies	4,545	1,224
	29,826	21,557
Loss on disposal of property, plant and equipment
Africa	(18)	206
Rest of world	1,072	32
Total segment loss on disposal	1,054	238
Head office companies	-	(51)
	1,054	187

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

15.	Segmental analysis (continued)

	Six months ended
	30 June 2026	30 June 2025
	US$'000	US$'000
Impairment on Inventory
Africa
Stock Provision	(109)	643
Stock Write Offs	598	440
	489	1,083
Rest of world
Stock Provision	313	(8)
Stock Write Offs	99	2
	412	(6)
Total segment impairment	901	1,077
Head office companies	73	14
	974	1,091


16.	Commitments	As at
		30 June 2026	30 June 2025
	The Group has the following capital commitments at 30 June:	US$'000	US$'000

	Committed capital expenditure	17,023	13,530

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 2026


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 2026	31 December 2025
					US$'000	US$'000
	Level 1 - Listed shares				112,404	94,591
	Level 3 - Unlisted shares and derivative financial assets				6,404	5,210
					118,808	99,801


	The reconciliation of the investment valuation movement is as follows:

				Level 1	Level 3		Total
				US$'000	US$'000		US$'000
	At 1 January 2026			94,591	5,210		99,801
	Additions			13,191	750		13,941
	Disposal			(1,906)	-		(1,906)
	Fair value gain			5,978	994		6,972
	Transfer from level 3			551	(551)		-
	At 30 June 2026			112,405	6,403		118,808


	Level 1	Level 3	Total
	US$'000	US$'000	US$'000
At 1 January 2025	29,121	1,183	30,304
Additions	3,090	5,108	8,198
Disposal	(4,319)	(375)	(4,694)
Fair value gain/(loss)	68,598	(2,605)	65,993
Transfer to level 3	(1,899)	1,899	-
At 31 December 2025	94,591	5,210	99,801

During the six-month period ended June 2026 a level 3 investment was listed on a public exchange and consequently was reclassified to level 1. During the year ended 31 December 2025 a level 1 investment delisted and consequently was reclassified to level 3.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)
For the six months ended 30 June 2026

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 2026 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 2026 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 2026	31 December 2025
		US$'000	US$'000
	Opening balance	503	6,300
	Additions	329	52
	Share of loss	(137)	(275)
	Impairment	-	(5,574)
	Closing balance	695	503
	In H1 2024 the Group completed a US$6.6 million strategic investment in Eco Detection Pty Ltd., acquiring a 22% ownership stake in the company. Further investments in the subsequent two years have taken the ownership stake to 26%. Eco Detection Pty Ltd. is incorporated in Australia and its principal activity is the development of water analysis technology for use in remote operations, critical infrastructure and general water chemical analysis 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.

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 2026

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:

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;

the interim management report includes a fair review of the information required by DTR4.2.7R and DTR4.2.8R; and

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 2025.

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 xx August 2026.

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, 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.

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.

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 technical staff as it is no longer maintained by the publisher, SAGE. The system requires regular downtime for routine maintenance during which time the system is unavailable to support the business.	Capital's staff are experienced in maintaining the current ERP which minimises system downtime. The implementation of a new, modern ERP system, Microsoft Dynamics, is well 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 operating jurisdictions can impact the Group's ability to repatriate cash.	The Group maintains multiple bank accounts in jurisdictions where cash repatriation can prove challenging, which can provide greater access to 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 termination	Some contracts can be terminated for convenience by the client without penalty.	Key contracts include agreed notice 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 production levels	A significant proportion of the Group's revenue is derived from producing mines which carry their own risks and can be subject to, for example, unforeseen changes in mine plans due to geological or technical challenges, changes to a client's operational budget or broader strategic objectives and changes in global commodity prices.	The producing mines which account for a significant proportion of the Group's revenue tend to have long-term mine plans and well understood geology. 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
and safety record

The Group's operations are subject to
various health and safety risks associated
with drilling and mining including, in the
case of individuals, personal injury and
potential loss of life; and, in the Group's
case, interruption or suspension of site
operations due to unsafe operations.

Health and Safety is an absolute priority
for the Group.

Overseen by the Board, the HSSE Committee, the CEO and senior management team provide strategic leadership in this area and lead a programme of open and honest communication with employees at all levels and in all areas of the 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 order book and tender pipeline.

Price and demand fluctuations in this single commodity could have a material impact on Capital's financial performance

The Group seeks to secure long term contracts with blue-chip clients.

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
portfolio

Through Capital Investments, the Group holds investments in a portfolio of publicly traded companies.

The accounting value of these investments is marked to market at each reporting date and the fair value adjustment is accordingly recorded in the profit and loss account as an unrealised gain or loss.

The value of the investments will change and could materially alter both the Group's reported net assets and net profit position.

By diversifying its holding into a portfolio of investments in various companies, the Group aims to mitigate the risk from a significant devaluation of a single investment holding.

We maintain a robust governance structure for this portfolio, with the Group's Investment Committee being required to include at least one Independent Non-Executive Director. The committee actively monitors existing investments for performance and ongoing strategic alignment. New investments are required 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 resulting economic turbulence are common, both of which have the ability to significantly disrupt operations and threaten safety and security of Capital's assets and personnel.

The Group has considerable practical experience in operating successfully in such jurisdictions and plans are in place to secure the safety of personnel and assets in the event of significant security issues.

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 market.

Debt facilities not available in time to support the ongoing growth of the business.

The Group is focused on capital efficiency and maintaining balance sheet flexibility. The Group prioritises building and maintaining strong relationships with our banking partners as well as our existing OEM finance providers such as CAT, Sandvik and Epiroc.

Senior management continues to engage regularly with shareholders.

Energy transition

Capital is subject to both risks and opportunities associated with the global energy transition and climate change.

Traditional diesel-powered mining equipment will be replaced by more energy efficient, low-carbon alternatives.

Increasing production in the battery minerals sector is critical to support the global transition to lower carbon technologies.

Our carbon reduction efforts are closely linked to the development of sustainably powered equipment by Original Equipment Manufacturers (OEMs) as well as clients and host governments switching to renewable energy sources. The Group assesses developments in low-carbon technology and senior management are in regular contact with OEM manufacturers so as to maintain a strong awareness of industry developments.

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
EBITDA		Earnings before interest, taxes, depreciation, amortization, fair value gain/loss on financial assets and exceptional items
Adjusted EBITDA		EBITDA less of cash cost of the IFRS 16 leases and exceptional items
NPAT		Net Profit After Tax
Operational NPAT		Net Profit After Tax before fair value gain/loss on investments, dividend income and exceptional items
Operational Basic EPS (cents)		Net Profit After Tax attributable to Parent before fair value gain/loss on investments, dividend income and exceptional items over weighted average number of ordinary shares
Adjusted Cash from Operations		Cash from Operations less cash cost of the IFRS 16 leases
Capital expenditure (Capex)		Capex consists of purchases of PPE for cash, prepayments for PPE and assets purchased and assets financed by OEM.
Net Debt		Cash and cash equivalents less short term and long-term debt
Investments held at fair value		Investment portfolio excluding Capital Innovation investments

Reconciliation of alternative performance measures to the financial statements:
	Six months ended
	30 June 2026		30 June 2025
	US$'000		US$'000
ARPOR can be reconciled from the financial statements as per the below:
Revenue per financial statements (US$)	219,010	159,200
Non-drilling revenue (US$)	(97,548)	(47,126)
Revenue used in the calculation of ARPOR (US$)	121,462	112,074

Monthly Average active operating Rigs	97	98
Monthly Average operating Rigs	137	133

ARPOR (rounded to nearest US$10,000)	210	190

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

EBITDA can be reconciled from the financial statements as per the below:
	30 June 2026		30 June 2025
	US$'000		US$'000

Profit for the period	21,287		14,827
Depreciation, amortisation and impairment		29,825	21,542
Taxation		11,571	7,692
Interest income		(34)	(37)
Dividend income		(190)	(865)
Finance charges		5,981	8,113
Share of loss / impairment of investment in associate	137		5,693
Fair value adjustments	(6,972)		(19,252)
EBITDA		61,605	37,713


Operating profit (EBIT)	31,780		16,171
Depreciation, amortisation and impairments	29,825		21,542
EBITDA	61,605		37,713


Gross profit		97,141	64,727
Administration expenses		(35,536)	(27,014)
EBITDA		61,605	37,713


Operational NPAT and Adjusted EBITDA can be reconciled from the financial statements as per the below:
		30 June 2026		30 June 2025
		US$'000		US$'000

EBITDA		61,605		37,713
Cash cost of lease payments		(8,109)		(7,343)
Exceptional items: ERP implementation costs		1,219		1,735
Adjusted EBITDA		54,715		32,105

Operating profit (EBIT)		31,780		16,171
Exceptional items: ERP implementation costs		1,219		1,735
Interest income		34		37
Finance charges		(5,981)		(8,113)
Taxation		(11,571)		(7,692)
Operational NPAT		15,481		2,138

Profit for the period		21,287		14,827
Exceptional items: ERP implementation costs		1,219		1,735
Share of loss / impairment of investment in associate		137		5,693
Dividend income		(190)		(865)
Fair value adjustments		(6,972)		(19,252)
Operational NPAT		15,481		2,138

CAPITAL LIMITED

APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

Operational Basic EPS can be reconciled as per below:
		30 June 2026	30 June 2025
		US$'000	US$'000

Profit for the period attributable to owners of the parent		22,795	14,843
Fair value adjustments		(6,972)	(19,252)
Share of loss / impairment of investment in associate		137	5,693
Dividend income		(190)	(865)
Exceptional items: ERP implementation costs		1,219	1,735
Operational NPAT attributable to owners of the parent for the period		16,989	2,154

		No.	No.

Weighted average number of ordinary shares for basic earnings per share		225,473,015	196,465,287

Operational Basic EPS (cents)		7.5	1.1


Adjusted Cash from operations can be reconciled from the financial statements as per the below
		30 June 2026	30 June 2025
		US$'000	US$'000

Cash generated from operations		49,500	62,023
Cash cost of lease payments		(8,109)	(7,343)
Adjusted Cash from operations		41,391	54,680


Net debt can be reconciled from the financial statements as per the below:
	30 June 2026			30 June 2025
	US$'000			US$'000

Cash and cash equivalents	48,079			58,585
Loans and borrowings	(91,396)			(113,966)
Net debt	(43,317)			(55,381)

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. Adjusted EBITDA Adjusted EBITDA 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. Adjusted Cash from Operations Adjusted cash from operations is a non-GAAP measured defined as cash generated from operations less cash cost of IFRS 16 leases. Management believes this measure represents the operational performance of the Group as well as the effect of leases as one of the key operating components of the Group's business.

Net debt

Net debt is a non-IFRS measure that is defined as cash and cash equivalents less short term and long-term debt (excluding unamortised debt arrangement costs and IFRS 16 liabilities).

Management believes that net 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 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 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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