Capital Limited Delivers Strong FY 2025 Finish with Record MSALABS Performance and Positive Outlook

Capital Limited’s Q4 2025: Strong finish, record MSALABS, and momentum into 2026

Capital Limited has wrapped up FY 2025 with a tidy set of numbers at the top end of revised guidance, capped by a record year for MSALABS and the drilling division’s best annual performance to date. Group revenue for the year was $345.8 million, down 0.6% on FY 2024, but crucially within the upgraded guidance range. The company is leaning into buoyant commodity markets, a stacked tender book, and multi-year contracts.

The mining revenue line remains the soft spot on a full-year basis, but the Reko Diq ramp-up is gathering pace with a clear path to full contribution from H2 2026. In short, 2025 shows resilience, and the setup for 2026 reads positively.

Key numbers at a glance: Q4 and FY 2025 performance

Metric	Q4 2025	q/q	y/y	FY 2025	y/y
Group revenue	$92.7m	-1.3%	+9.2%	$345.8m	-0.6%
Drilling and associated revenue	$60.2m	-7.5%	-4.3%	$245.9m	+2.8%
Mining revenue	$10.9m	+39.7%	+13.5%	$26.4m	-59.5%
MSALABS revenue	$21.6m	+2.9%	+74.2%	$73.5m	+68.2%
Closing rig fleet	137	+2.2%	+5.4%	137	+5.4%
Fleet utilisation	74%	–	–	74%	+1.4% vs FY 2024
ARPOR (avg revenue per operating rig per month)	$187,000	-5.6%	-5.1%	$191,000	-6.4%
Safety (TRIFR per 1,000,000 hours)	1.23	–	–	1.23	Broadly in line with 5-year avg 1.20

Notes: TRIFR is the Total Recordable Injury Frequency Rate. ARPOR is a productivity proxy showing average revenue per operating rig per month.

Drilling division: utilisation steady, Q4 productivity dip explained

The drilling business remains the backbone at $245.9 million for the year, up 2.8%. Q4 revenue of $60.2 million was softer quarter-on-quarter as productivity was hit by protests in Tanzania that restricted movement. Operations have since normalised.

Utilisation was 74% in the quarter, close to Capital’s long-term target of 75%. The fleet grew to 137 rigs, with average utilised rigs at 101. ARPOR of $187,000 fell sequentially and year-on-year, consistent with the temporary productivity impact. All rig orders for 2026 are already placed – a tell on firm demand visibility.

Drilling contract momentum

• Grade control drilling added at Nevada Gold Mine (USA).
• One-year diamond drilling with Alpha Centauri Mining at Minkebe (Gabon).
• Exploration diamond and reverse circulation drilling with Santa Fe Minerals at Satama (Côte d’Ivoire).

My take: the order book looks healthy, and utilisation is where it needs to be. The Q4 wobble in ARPOR looks transitory. Watch for ARPOR to recover as Tanzania normalises and for any pricing uplift as capacity tightens.

Mining services: Reko Diq ramping, TSF commissioning underway

Mining revenue stepped up to $10.9 million in Q4, up 39.7% on Q3. The highlight is Reko Diq, where the civils fleet is performing under double shifts, the tailings storage facility (TSF) fleet is fully mobilised and being commissioned, and additional development equipment is arriving. Recruitment of 100 new personnel is well advanced.

The full-year mining revenue of $26.4 million is down 59.5% on FY 2024 – clearly a transitional year. The company expects Reko Diq to reach full run-rate earnings contribution from H2 2026. If execution stays on track, the mining line should inflect over the next 18 months.

MSALABS: record year, expanding footprint, and stickier contracts

MSALABS delivered $73.5 million revenue in FY 2025, up 68.2% and at the top end of guidance, with Q4 at $21.6 million. The growth is underpinned by new labs and higher utilisation at existing sites as exploration activity rises with strong commodity prices.

• Four new laboratories built in FY 2025, including a newly commissioned site in Namibia.
• Nevada Gold Mines Phase 1 is fully operational with strong turnaround; Phase 2 design complete and construction started.
• New wins include:
  • A 5-year on-site lab at Montage Gold Corp’s Koné Gold Project (Côte d’Ivoire).
  • A second commercial lab in Côte d’Ivoire equipped with PhotonAssay technology.
  • A 3-year contract with IAMGOLD’s Westwood mine via the Val d’Or commercial lab.

Why it matters: MSALABS is becoming a genuine growth engine with multi-year, on-site contracts that tend to be sticky. Rising sample volumes and faster turnaround create operational leverage. While margins are not disclosed here, the direction of travel is clearly positive.

Investment portfolio: material gains add an extra tailwind

Capital’s investment portfolio punched above its weight in 2025. Total value was $97.5 million at 31 December 2025, up from $73.9 million at 30 September and $49.5 million at 30 June. Gains were $25.6 million in Q4 and $68.4 million for the year, focused on holdings in WIA Gold, Asara Resources and Marvel Gold.

It is a helpful tailwind, though worth remembering investment gains can be volatile. Still, the Q4 move meaningfully boosts financial flexibility.

Safety remains a differentiator

Safety performance remains exemplary: a 12-month trailing TRIFR of 1.23 per 1,000,000 hours, broadly in line with the 5-year average of 1.20. That consistency matters in tenders and for operating continuity.

Outlook for 2026: what to watch next

Formal 2026 revenue guidance will come with FY 2025 results. Management’s tone is confident, citing record commodity prices, increasing exploration and capex by customers, and a strong tendering backdrop across divisions.

Key swing factors for the next 12 months

• MSALABS growth trajectory – further lab roll-outs and utilisation gains.
• Reko Diq milestones – TSF commissioning progress and the ramp to full run-rate from H2 2026.
• Drilling utilisation and ARPOR recovery post Tanzania disruptions.
• New contract wins and renewal quality across drilling and labs.
• Investment portfolio volatility – gains helped 2025, but this can cut both ways.

My view: a solid platform with clear catalysts

Positives: MSALABS is firing, drilling is near target utilisation with fresh wins, the investment portfolio delivered meaningful gains, and safety remains best-in-class. The Reko Diq ramp provides visibility to a stronger mining contribution into 2026 and beyond.

Watch-outs: full-year group revenue did dip 0.6%, ARPOR softened in Q4, and the mining line is still rebuilding after a sharp year-on-year decline. None of that looks structural given the contract pipeline and operational recovery underway.

Bottom line: Capital Limited exits FY 2025 with momentum and multiple levers for growth in 2026. If MSALABS continues to scale and Reko Diq hits its timeline, this should translate into stronger group performance and, as management puts it, peer-leading shareholder returns.