Capital Limited

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

Long Term Incentive Grant

Capital (LSE: CAPD), a leading mining services company focused on the African markets, today announces Long Term Incentive Plan awards ("LTIPs") as referenced in Remuneration Report of the 2021 Annual Report to Executive Directors Jamie Boyton and Brian Rudd, as well as other senior employees.

The LTIP was established to strengthen retention, incentivisation, support the Company's next phase of growth and increase alignment between executives and shareholders.  A summary of the terms of the awards is set out on pages 73, 74 and 78 of the 2021 Annual Report. The Executive Directors have been granted two separate performance awards each (LTIP1 and LTIP2) (totalling 1,319,634 awards), with a nominal exercise price of US$0.0001 and a three-year vesting period. All awards to Executive Directors are subject to a two-year holding period post vesting.

A maximum total aggregate of 3,520,893 awards (comprising 2,212,035 LTIP1 and 1,308,858 LTIP2) have been granted to the Executive Directors and other senior members of the Company. Within the total aggregate, PDMRs of the Company have received a total of 1,710,884 awards (details of these PDMR awards are set out at the foot of this announcement).

The awards will vest on the third anniversary of the date of grant, subject to the meeting of the three-year performance conditions laid out below:

For LTIP1:

·      Up to a maximum of 50% of the award is subject to absolute Total Shareholder Return ("TSR") measured at the year ended 31 December 2024 against the 20-day VWAP ending 31 December 2021. Shares will Vest on a straight-line basis between 12.5% (if 8% CAGR is achieved) and 50% (if 15% CAGR is achieved).

·      Up to a maximum of 50% of the award is subject to an Earnings per Share performance condition (EPS), measured at the year ended 31 December 2024 against the baseline 2021 EPS (based on performance of the underlying business i.e. excluding returns from Capital DI, the direct investment vehicle of Capital Limited). Shares will Vest on a straight-line basis between 12.5% (if 8% CAGR is achieved) and 50% (if 15% CAGR is achieved).

For LTIP 2:

·      solely absolute TSR measured at the year ended 31 December 2024 against the 20-day VWAP ending 31 December 2021. Shares will vest on a straight-line basis between 0% (if 15% CAGR is achieved) and 100% (if 25% CAGR is achieved).

The awards are subject to continued employment and malus and clawback provisions.

- ENDS -

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

Capital Limited                                                                     +230 464 3250

Jamie Boyton, Executive Chairman                                   [email protected]

Giles Everist, Chief Financial Officer

Conor Rowley, Investor Relations & Corporate Development Manager

Berenberg                                                                             +44 20 3207 7800

Matthew Armitt

Jennifer Lee

Detlir Elezi            

Tamesis Partners LLP                                                          +44 20 3882 2868

Charlie Bendon

Richard Greenfield

Stifel Nicolaus Europe Limited                                          +44 20 7710 7600

Ashton Clanfield

Callum Stewart

Rory Blundell

Buchanan                                                                               +44 20 7466 5000

Bobby Morse                                                                        [email protected]

James Husband

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, focusing on the African markets. The Company's services include: exploration, delineation and production drilling; load and haul services; mining equipment hire and maintenance; and geochemical analysis. The Group's corporate headquarters are in Mauritius and it has established operations in Burkina Faso, Côte d'Ivoire, Egypt, Guinea, Mali, Mauritania, Nigeria, Saudi Arabia and Tanzania.

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