Q3 2026 Trading Update

Capital Limited

15 October 2026

 

Capital Limited

(“Capital”, the “Group” or the “Company”)

Q3 2026 Trading Update

Capital (LSE: CAPD), a leading mining services company, today provides its trading update for the period 1 July to 30 September 2026 (the “Period”).

THIRD QUARTER (Q3) 2026 KEY METRICS

	Q3 2026*	Q2 2026	vs Q2 2026	Q3 2025	vs Q3 2025
Revenue	115.7	117.3	-1.4%	93.9	23.2%
Drilling and associated revenue	64.5	68.0	-5.1%	65.1	-0.9%
Mining revenue	25.2	25.5	-1.2%	7.8	223.1%
MSALABS revenue	26.0	23.8	9.2%	21.0	23.8%

All amounts are in USD million unless otherwise stated

* Unaudited numbers

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

“Capital delivered Group revenue of $115.7 million in Q3 2026, taking revenue for the first nine months to $334.7 million, up 32.2% on the prior year-to-date figures.

Drilling revenue was lower in the quarter as we redeployed equipment from NGM and Sadiola to higher-returning contracts across our existing portfolio and into new contract wins. Our mining contracts remained stable at planned operating levels, whilst MSALABS achieved yet another record quarter, with revenue up 23.8% year-on-year.

Our drilling platform is gaining momentum as we further expand our activities at Belinga alongside Fortescue and established a strategic foothold in the Australian drilling market through our acquisition of MDU.

We are delighted to welcome Tim Donnelly as Chief Operating Officer – Drilling and Mining. His appointment strengthens our leadership team as we enter a new phase of growth.

With growing activity levels across the Group and the contribution from MDU, we remain well positioned to deliver on our recently increased 2026 revenue guidance.”

Financial Highlights

         Total revenue of $115.7 million, a 23.2% increase on Q3 2025 ($93.9 million) and a 1.4% decrease on Q2 2026 ($117.3 million);

-        Drilling and associated revenue for the quarter was $64.5 million, down 0.9% on Q3 2025 ($65.1 million) and down 5.1% on Q2 2026 ($68.0 million);

-        Mining revenue for the quarter was $25.2 million, up 223.1% on Q3 2025 ($7.8 million) and down 1.2% on Q2 2026 ($25.5 million); and

-        MSALABS revenue for the quarter was $26.0 million, up 23.8% on Q3 2025 ($21.0 million) and up 9.2% on Q2 2026 ($23.8 million).

Appointment of COO – Drilling and Mining

         Capital has appointed Mr Tim Donnelly as the Chief Operating Officer – Drilling and Mining. Most recently, Tim served as General Manager of Artemis Gold's Blackwater Mine. Prior to Artemis Gold, he held several senior operational roles with leading mining and mining services companies including Centamin, Endeavour Mining and Macmahon Holdings.

Entering the Australian Drilling Market – Acquisition of Metres Down Under

         The acquisition of Metres Down Under ("MDU"), Australia's leading specialist underground RC drilling contractor, was completed during the period. The transaction supports expansion into the Australian market, enhances the Group's underground drilling capabilities and further strengthens its relationship with AngloGold Ashanti.

         MDU generated approximately $25 million of revenue and $6 million of Adjusted EBITDA over the twelve months to September 2026 and is expected to be accretive from day one.

Group Revenue Guidance Raised

         As previously announced, Group revenue guidance for 2026 was raised to $435 - $455 million, reflecting the consolidation of MDU’s revenue into the Group from 30 September 2026;

-           Increased from $430 - $450 million previously guided at our H1 2026 results and from $410 - $440 million as initially guided at our FY 2025 results.

         MSALABS revenue guidance is reiterated at $85 - $95 million and capex guidance is reiterated at $55 - $65 million.

Operational Update

• Strong safety performance with 12-month rolling Total Recordable Injury Frequency Rate (“TRIFR”) of ~1.1 per 1,000,000 hours worked (Q2 2026 1.2).

Capital Drilling: Expansion at Belinga

	Q3 2026*	Q2 2026	vs Q2 2026	Q3 2025	vs Q3 2025
Closing fleet size	131	131	0%	134	-2.2%
Fleet utilisation1 (%)	72%	72%	0%	76%	-5.3%
Average utilised rigs1	94	97	-3.1%	102	-7.8%
ARPOR2($)	208,000	218,000	-4.6%	198,000	5.1%

* Unaudited numbers

1 Average across the period

2 Average revenue per month per operating rig

         Fleet utilisation for the quarter remained flat on Q2 2026 at 72% and decreased from 76% in Q3 2025;

         Average monthly revenue per operating rig (“ARPOR”) was $208,000 in Q3 2026, up 5.1% on Q3 2025 ($198,000) and down 4.6% on Q2 2026 ($218,000); and

         New contract win:

-        Awarded a 2-year extension and expansion of scope for diamond and reverse circulation drilling services at Fortescue’s Belinga Iron Ore Project, where Capital has been operating since 2023. The expansion of scope covers an additional 5 rigs, two of which are already on-site, bringing the project to a total of 10 rigs.

Capital Mining: Steady-state operations

         Our operations at both Reko Diq and Sukari continue to perform in line with their respective contracts;

         Additional equipment at Sukari was commissioned during the quarter, whilst additional equipment is en route to Reko Diq and expected to arrive in Q4.

MSALABS: Multiple laboratories commissioned

         Laboratory utilisation was 56% in Q3 2026, up from 55% in Q2 2026 and in line with Q3 2025 (56%);

         During the quarter, our on-site laboratory at Montage Gold’s Koné Gold Project in Côte d’Ivoire started receiving samples;

         Commissioning is underway at both our new commercial laboratory in Korhogo in Côte d’Ivoire and our on-site laboratory at United Gold’s Amulsar Gold Mine in Armenia, with first samples to be received in Q4 2026; and

         Several of our laboratories across North America are undergoing expansion work.

Capital Investments: Supporting our investments

         The total value of investments (listed and unlisted) was $126.7 million as at 30 September 2026, up from $116.5 million as at 30 June 2026, with the increase driven by:

-        Investment gains (realised and unrealised) of $4.3 million in Q3 2026. Year-to-date, the investment portfolio has achieved an 11.8% return, whilst the VanEck Junior Gold Miners UCITS ETF has decreased by 0.1% year-to-date; and

-        Net investment purchases of $5.9 million, of which the majority related to the equity raises of WIA Gold;

         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 $435 - $455 million, reflecting the consolidation of MDU’s revenue into the Group from 30 September 2026;

         Capital Drilling: We will focus on integrating MDU into our group and mobilising with Fortescue and Maaden;

         Capital Mining: We remain committed to delivering our mining contracts while continuing to support the long-term success of our clients' operations;

         MSALABS: We expect to commission a further two laboratories and continue expansions across several laboratories;

         Capital Investments: During Q4 2026, we expect WIA Gold to obtain its permitting and Asara Resources to progress infill drilling in support of an MRE Update; and

         Exploration and development activity remains robust across the markets in which we operate, providing a supportive backdrop for future contract awards.

– ENDS –

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

Capital Limited         [e-mail]  

Jamie Boyton, Executive Chair

Rick Robson, Chief Financial Officer

Conor Rowley, GM Commercial & Corporate Development

Ryan Tennis, Corporate Development & Investor Relations

Tamesis Partners LLP       [phone]

Charlie Bendon

Richard Greenfield

Stifel Nicolaus Europe Limited       [phone]

Ashton Clanfield

Varun Talwar

Panmure Liberum Limited                       [phone] 

Scott Mathieson

John More

FTI Consulting          [phone]

Ben Brewerton        [e-mail]

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, Australia, 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.

 

END