FOR IMMEDIATE RELEASE

20 SEPTEMBER 2023

Capital Limited

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

Significant Contract Updates

Capital (LSE: CAPD), a leading mining services company, is pleased to announce the award of a material drilling contract in Nevada and associated rig purchases, together with an update on the ramp up of operations at its Ivindo iron ore contract. 

New Major Contract

·      A three-year comprehensive drilling services contract with Nevada Gold Mines LLC ("NGM") in the United States of America ("USA"): The contract spans a wide range of drilling services including diamond, both surface and underground, and underground reverse circulation. Drilling spans a number of operations across NGM including:

o  Underground diamond drilling in the Leeville underground mine within the Carlin complex

o  Underground reverse circulation drilling in Carlin

o  Diamond drilling at the Robertson project within the Cortez complex

NGM is a joint venture between Barrick (61.5% ownership) and Newmont (38.5% ownership), with Barrick as operator. NGM operates three Tier One gold assets: Carlin, Cortez, and Turquoise Ridge consisting of 10 underground mines, 12 open pit mines and associated facilities.

The contract will consist of 9 rigs and will include equipment with advancements in automation for improved safety and efficiency. 

The contract is expected to generate annualised run rate revenues of ~$35 million once all the rigs are fully operational from 2025, at margins commensurate with the broader group. Capital will purchase new rigs with associated equipment for the contract with capex expected to be ~$20 million, predominantly falling in 2024.

Gabon Drilling & Mining Services Contract Update

·      Ramp up of operations at our load & haul, crushing and drilling contract with Ivindo Iron SA proceeding well: Operations continue to ramp up successfully at the Ivindo project. We have now commenced drilling operations to assist in further defining this world class deposit. The majority of the mining equipment is now in country with operations also already underway, and crushing due to commence later in the year.

Commenting on the contract wins, Peter Stokes, Chief Executive Officer, said:

'This new drilling contract award represents a landmark moment for Capital as we extend our geographic reach in drilling into North America, adding to our existing and growing operations in Canada with MSALABS. It is a strong endorsement of our long-standing commitment to world leading standards in both safety and productivity.  

We are pleased to further expand our services with Barrick, having begun our relationship across operations in Africa before extending more globally, first at the Reko Diq mine in Pakistan, earlier this year, and now to the Nevada Gold mines complex in the United States.

It is also great to see a continuation of our decisive and strategic move to reposition and improve our contract portfolio, set out in the second half of 2022, focusing on large scale mine sites and Tier-1 projects with significant growth potential. The addition of world class contracts in 2023 across Reko Diq, Ivindo and now Nevada presents significant further opportunity and a strong platform as we look into 2024.'

- ENDS -

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

Capital Limited                                                                     [email protected]                      

Peter Stokes, Chief Executive Officer                             

Rick Robson, Chief Financial Officer

Conor Rowley, 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

Callum Stewart

Rory Blundell

Buchanan                                                                               +44 20 7466 5000

Bobby Morse                                                                        [email protected]

George Pope

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 geochemical analysis. 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, Guinea, Kenya, Mali, Mauritania, Nigeria, Pakistan, Saudi Arabia and Tanzania.