Capital : H1 2023 Results

Financial Highlights

• H1 2023 revenue of $154.3 million, up 11.7% on H1 2022 ($138.1 million);
• • Full year revenue guidance remains $320 - $340 million.
• H1 2023 EBITDA (adjusted for IFRS16 leases) of $43.9 million, up 10.0% on H1 2022 ($39.9 million);
• EBITDA Margin (adjusted for IFRS16 leases) of 28.5% (H1 2022: 28.9%);
• Net gains from equity investments of $0.8 million (unrealised) in H1 2023. Alongside cash investments carried out over the period, the value of the group strategic investments increased to $42.1 million from $38.7 million at 31 December 2022 (30 June 2022: $47.3 million); Our valuation for our stake in Allied
  Gold Corp Limited ("Allied") remains broadly in line with our valuation from 31 December 2022, and does not yet take into account the company's public listing plans.
• Net Profit After Tax (NPAT) (adjusted for investment gain/ loss) of $16.8 million, a decrease of 15.6% on H1 2022 ($19.9 million);
• Capex of $36.2 million (H1 2022: $22.6 million) including prepayments and assets financed by OEM;
• Cash generated from operations (adjusted for IFRS 16 leases) of $38.2 million (H1 2022: $33.4 million);
• Net debt of $66.5 million increased 82.7% on H1 2022 ($36.4 million) predominantly in order to fund our second material mining services contract with Ivindo Iron SA without returning to equity markets for funding (as required for our initial mining contract at Sukari). Investments remained significant at $42.1 million at 30 June 2023. Adjusted Net debt (including investments) of $24.4 million;
• Declared an interim dividend of 1.3 cents per share, to be paid on 3 October 2023 to shareholders registered on 1 September 2023.

Operational & Strategic Review

• Safety performance remains world-class with H1 2023 Total Recordable Injury Frequency Rate ("TRIFR") of 1.03 per 1,000,000 hours worked (FY 2022: 1.2). Capital's target is zero harm across the Group;
• Capital Drilling:
• H1 2023 average rig utilisation was 75%, a decrease of 9.6% on H1 2022 (83%). The decrease in part driven by the temporary shutdown of rigs at Perseus' Meyas Gold Project in Sudan following the escalation of conflict in the country;
• H1 2023 average monthly revenue per operating rig ("ARPOR") remained strong at US$188,000, an 8.7% increase on H1 2022 ($173,000).
• Rig count increased from 123 to 125 through Q2 2023, net of depletion;
• Recent Q2 2023 contracts wins (previously announced):
• • A reverse circulation exploration drilling contract with Centamin, at the Nugrus Block in the Egyptian Eastern Desert.
• Capital Mining continues to perform strongly securing second material contract win:
• • Capital secured a major earthmoving and crushing services contract with Ivindo Iron SA with a term of up to 5 years. The site, located in Gabon's northeast, is one of the world's largest undeveloped, high-grade hematite iron ore deposits. Operations are now already underway and once fully operational, the contract is expected to generate an annual revenue of approximately $30 million.
  • Sukari Gold Mine (Egypt) waste mining contract continues to perform well and remained LTI free through the period; and
  • Capital remains active in the tendering pipeline.

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• MSALABS: Growth outlook remains strong with expanded relationship with Chrysos:
• • Through the successful rollout of Chrysos' PhotonAssay™ units, MSALABS now has the largest international network of Chrysos PhotonAssay™ technology:
  • • MSALABS now has Chrysos units deployed or under construction across Africa and Canada;
    • The expanded relationship with Chrysos will see MSALABS deploy 21 units by 2025.
  • While the rollout of Chrysos PhotonAssay™ technology will account for the majority of the growth in revenues, we continue to expand our traditional geochemical business in tandem;
  • This year MSALABS has commissioned a mine site laboratory at Shanta Gold's Singida mine, Tanzania, a laboratory in Bougouni, Mali and currently has a laboratory in Marsa Alam, Egypt under construction; and
  • MSALABS has completed a $10 million equity raise to fund the expansion of the business. Following this Capital's shareholding in MSALABS has increased from 77.8% to 81.8%.
• Capital Direct Investments (Capital DI):
• • The portfolio recorded investment gains (unrealised) of US$0.8 million. The total value of investments (listed and unlisted) was US$42.1 million as of 30 June 2023, versus US$38.7 million at the end of 2022 ($47.3 million at 30 June 2022);
  • Our valuation for our stake in Allied Gold Corp Limited ("Allied") remains broadly in line with our valuation from 31 December 2022, and does not yet take into account the company's public listing plans.

Outlook

• Revenue guidance for 2023 remains $320 to $340 million;
• EBITDA margins are expected to remain in a range of 25-30% going forward;
• Capital expenditure guidance for 2023 is approximately $65-$75 million. This increased ~$15 million from guidance at the FY22 results to include additional equipment for the new mining and crushing services contract at Ivindo Iron announced June 2023;
• Capital Drilling anticipates revenue growth in H2 2023, driven by the ramp up of two high quality contracts at Reko Diq, Pakistan, and Ivindo, Gabon together with a potential restart of operations at the Meyas Gold Project, Sudan;
• Capital Mining will also see revenue growth through H2 2023 driven by the mining services and crushing contract at Ivindo, Gabon, which has now commenced. Additionally, we expect the Sukari earth moving contract to sustain steady performance throughout the rest of the year;
• MSALABS will continue its multi-year laboratory roll out, particularly focused on Chrysos PhotonAssay™ units, with revenue guidance for MSALABS remaining $40-50 million for 2023, another significant increase YoY (FY 2022: $27.3 million); and
• Tendering activity remains robust across the Group with a number of opportunities progressing.

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Commenting on the interim results, Peter Stokes, Chief Executive, said:

"We are delighted with the performance delivered across all business divisions of the Group. Through the half we were particularly pleased to announce our second significant mining services contract, fortifying our position as a full-service provider to the mining industry. This strategic move, combined with our efforts in strengthening our drilling business and enhancing MSALABS, sets us on a trajectory of continued growth and success in the years to come.

In drilling we began our strategic steps, in the back end of 2022, with contract selection further towards long- term partnerships with blue-chip clients, to maintain stability and sustainability for our business through the cycles. It was therefore pleasing to add world-class gold and non-gold drilling contracts in the first half of this year, namely Ivindo in Gabon and Barrick's Reko Diq copper-gold project in Pakistan, both of which show tremendous growth potential.

Similarly, our mining business has also achieved a significant milestone with the addition of a major mining services and crushing contract with Ivindo in Gabon. This showcases both our trusted reputation to offer a premium service to a world class mining company and also our continued strategy to diversify our revenue stream through an expanded service offering.

MSALABS continues to forge ahead on an impressive multi-year growth trajectory, fuelled by the successful rollout of revolutionary Chrysos PhotonAssay™ units, in conjunction with its traditional geochemistry business. MSALABS proudly now operates the largest international network of PhotonAssay™ technology, extending its reach across Africa and Canada and our commitment to deploying 21 Chrysos PhotonAssay™ units by 2025 remains steadfast, driving revenues for the business in excess of $80 million. This remarkable trajectory is a testament to our team's relentless dedication and strategic vision. Furthermore, the successful equity raise in H1 2023 has provided a robust foundation as we continue to expand our global footprint.

Despite temporary operational disruption through the period, namely the Meyas Sand Gold Project, Sudan, the underlying demand from our customers continues to remain strong and we remain confident in our revenue guidance for 2023 of $320-$340 million. We remain active in tendering across the business, with our capital allocation strategy biased towards returns and not a singular business division. Given the strength in the business, we have now also announced an interim dividend of 1.3 cents per share, a testament to our commitment to creating value for our shareholders and our confidence in the bright future ahead for our company."

Capital Limited will be hosting a live webcast presentation at 09:00 BST on Wednesday 16 August 2023, where questions can be submitted through the platform.

The webcast presentation link: https://www.lsegissuerservices.com/spark/CapitalDrillingLtd/events/434c93f8-9f1d-4bae-9cab-368c13379ca3

Participants may join the webcast approximately five minutes before the commencement time. A copy of the Company's presentation will be available on www.capdrill.com

- ENDS -

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For further information, please visit Capital Limited's website www.capdrill.comor contact:

Capital Limited

Peter Stokes, Chief Executive Officerinvestor@capdrill.com

Rick Robson, Chief Financial Officer

Conor Rowley, Investor Relations & Corporate Development Manager

About Capital Limited

Capital Limited is a leading mining services company providing 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 laboratory services. The Group's corporate headquarters are in the United Kingdom and it has established operations in Côte d'Ivoire, Canada, Democratic Republic of Congo, Egypt, Gabon, Ghana, Guinea, Kenya, Mali, Mauritania, Nigeria, Pakistan, Saudi Arabia, Sudan and Tanzania.

Cautionary note regarding forward looking statements

Certain information contained in this report, including any information on Capital Limited's plans or future financial or operating performance and other statements that express management's expectations, or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. Capital Limited cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Capital Limited to be materially different than the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements. These factors include the inherent risks involved in exploration and development of mineral properties, changes in economic conditions, changes in the worldwide price of commodities and project execution delays, many of which are beyond the control of Capital Limited. Nothing in the report should be construed as either an offer to sell or a solicitation to buy or sell Capital Limited securities.

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