H1 2025 Results (Unaudited)

About this update from Capital Limited

[{"type":"text","content":"\n \n Capital Limited \n (\"Capital\", the \"Group\" or the \"Company\") \n   \n H1 2025 Results (Unaudited) \n   \n Capital Limited (LSE: CAPD), a leading mining services company, today provides its results (unaudited) for the half-year period 1 January to 30 June 2025 (the \"Period\"). \n   \n \n \n \n \n \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n vs \n H1 2024 \n \n \n \n \n Revenue \n \n \n 159.2 \n \n \n 169.4 \n \n \n (6.0%) \n \n \n \n \n EBITDA (adjusted for IFRS 16 leases and exceptional items) 1,2,3 \n \n \n 32.1 \n \n \n 42.9 \n \n \n (25.2%) \n \n \n \n \n Operating Profit \n \n \n 16.2 \n \n \n 25.0 \n \n \n (35.2%) \n \n \n \n \n Operating Profit (excluding exceptional items) 3 \n \n \n 17.9 \n \n \n 26.6 \n \n \n (32.7%) \n \n \n \n \n Investment Gain / (Loss) \n \n \n 19.3 \n \n \n (0.5) \n \n \n N/A \n \n \n \n \n Net Profit After Tax (NPAT) \n \n \n 14.8 \n \n \n 9.6 \n \n \n 54.2% \n \n \n \n \n NPAT (excluding effects from investment portfolio and exceptional items) 4 \n \n \n 2.1 \n \n \n 11.8 \n \n \n (82.2%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic EPS (cents) \n \n \n 7.6 \n \n \n 4.7 \n \n \n 60.7% \n \n \n \n \n Basic EPS (excluding effects from investment portfolio and exceptional items) 4,5 (cents) \n \n \n 1.1 \n \n \n 5.8 \n \n \n (81.2%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interim Dividend per Share (cents) \n \n \n 1.3 \n \n \n 1.3 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash from Operations (adjusted for IFRS 16 leases) 2 \n \n \n 54.7 \n \n \n 51.2 \n \n \n 6.8% \n \n \n \n \n Capex 6 \n \n \n 20.4 \n \n \n 44.3 \n \n \n (54.0%) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Debt 1 \n \n \n 55.4 \n \n \n 86.4 \n \n \n (35.9%) \n \n \n \n \n Investments held at fair value \n \n \n 49.5 \n \n \n 47.8 \n \n \n 3.6% \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Margins \n \n \n \n \n \n \n \n \n \n \n \n \n \n EBITDA Margin (adjusted for IFRS 16 leases and exceptional items) 1,2,3 \n \n \n 20.2% \n \n \n 25.3% \n \n \n \n \n \n \n \n Operating Profit Margin \n \n \n 10.2% \n \n \n 14.8% \n \n \n \n \n \n \n \n Operating Profit Margin (excluding exceptional items) 4 \n \n \n 11.2% \n \n \n 15.7% \n \n \n \n \n \n \n \n NPAT Margin (excluding investment gain/(loss) and exceptional items) \n \n \n 1.3% \n \n \n 7.0% \n \n \n \n \n \n \n \n All amounts are in US dollars unless otherwise stated \n \n \n   \n \n \n   \n \n \n \n \n (1) EBITDA and Net Debt are non-IFRS financial measures and should not be used in isolation or as a substitute for Capital Limited financial results presented in accordance with IFRS. Alternative performance measures are detailed on pages 33-35 of this results announcement. \n (2) Adjustment for cash cost of IFRS 16 leases which amounts to $7.3 million in H1 2025 (H1 2024: $6.0 million) (see page 15). \n (3) Exceptional items charged to EBITDA and Operating Profit include ERP implementation costs of $1.7 million in H1 2025 (H1 2024: 1.7 million). \n (4)  Exceptional items charged to Net Profit After Tax in H1 2025 include ERP implementation costs of $1.7 million (H1 2024: 1.7 million), share in loss of associate of $0.1 million (H1 2024: nil) and impairment of investment in associate of $5.6 million (H1 2024: nil). \n (5) Effects from investment portfolio charged to Net Profit After Tax in H1 2025 include both realised and unrealised gains on investments of $19.3 million (H1 2024: $0.5 million loss) and dividend income of $0.9 million (H1 2024: nil). \n (6) Capital expenditure (Capex) consists of purchases of PPE for cash, prepayments for PPE and assets purchased during the year and financed by OEM. \n \n \n   \n \n \n \n \n   \n \n \n   \n Commenting on the interim results, Jamie Boyton, Executive Chair, said: \n \"Through H1 2025 the Group has seen improved momentum across all business divisions and looking forward we see a clear pathway that will continue to build on this - both in revenue growth and a recovery in margins, returns and cash flows. \n As previously announced, we increased our full-year 2025 revenue guidance, with Group revenue now expected in the range of $320-$340 million (previously $300-$320 million) and MSALABS revenue guidance at $55-$65 million (previously $50-$60 million). We had also highlighted at the FY 2024 results that margins would bottom in H1 2025 and the performance in Q2 supports this. \n This improving performance reflects the operational discipline across the group, particularly in our key growth areas. We have had a strong start to our new mining contract at Reko Diq, improving ARPORs and utilisation in our drilling business and MSALABS delivered a record quarter in Q2 2025, driven by improving utilisation across a number of laboratories and the continued ramp up at Nevada Gold Mines. We are also thrilled to have again maintained a world-class safety performance despite the operational changes across the business. \n We are excited by the outlook for the Group and the opportunities ahead of us, but nevertheless, while we finalise the delivery of our new contracts, we have kept tight control on our capital spend, with capex now trending to the lower end of our $45-55 million guidance for the year. We are pleased to declare an interim dividend of 1.3 cents per share, reflecting our focus on delivering value to shareholders through both dividends and the future growth of the business.\" \n Financial Overview \n ·      H1 2025 revenue of $159.2 million, down 6.0% on H1 2024 ($169.4 million); \n ·     H1 2025 EBITDA (adjusted for IFRS 16 leases and exceptional items) of $32.1 million, a decrease of 25.2% on H1 2024 ($42.9 million) with H1 2025 EBITDA Margin (adjusted for IFRS 16 leases and exceptional items) of 20.2% (H1 2024: 25.3%): \n ·      H1 2025 Net Profit After Tax (NPAT) (excluding effects from investment portfolio and exceptional items) of $2.1 million, a decrease of 82.2% on H1 2024 ($11.8 million); \n ·     Exceptional items include a $5.6 million impairment of our investment in Eco Detection reflective of slower progress towards commercialisation. We remain supportive of the technology and have now taken a more active role within the business; \n ·    H1 2025 Cash from Operations (adjusted for IFRS 16 leases) of $54.7 million, a 6.8% increase on H1 2024 ($51.2 million) in part driven by a favourable working capital position at the end of the period, some of which will normalise in H2 2025; \n ·      H1 2025 Capex of $20.4 million (H1 2024: $44.3 million) including prepayments and assets financed by OEM; \n ·      Net debt at H1 2025 of $55.4 million decreased 35.9% on H1 2024 ($86.4 million) predominantly as a result of lower capex spend in the half and the favourable working capital position; and \n ·      Declared an interim dividend of 1.3 cents per share, to be paid on 6 October 2025 to shareholders registered on 29 August 2025. \n Operational Review  \n ·     Safety performance remains world-class with a Total Recordable Injury Frequency Rate (\"TRIFR\") of 0.8 per 1,000,000 hours worked in H1 2025 (H1 2024: 1.1). \n Capital Drilling \n ·   Total rig count increased to 133 by the end of H1 2025 (FY 2024: 130), as new rigs purchased in FY 2024 were commissioned; \n ·     H1 2025 average rig utilisation was 74%, an increase of 7.2% on H1 2024 (69%). The increase was primarily driven an increase in exploration contracts during the half. The Group's target average utilisation is ~75%; \n ·   Average monthly revenue per operating rig (\"ARPOR\") was $190,000 in H1 2025, down 6.9% on H1 2024 ($204,000). We saw improved productivity in the Q2 2025 with ARPOR of $198,000; \n ·      Recent contract wins and extensions (previously announced): \n -      Grade control drilling contract with Allied Gold at their Sadiola mine through to December 2027; \n -      Grade control drilling contract with Barrick at their Lumwana copper mine through to June 2028; \n -      3-year borehole drilling services contract with Reko Diq Mining Company Limited; and \n -     Exploration contracts with Allied Gold and Koulou Gold in Côte d'Ivoire, Sanu Gold and Asara Resources in Guinea, Toubani Resources in Mali and ICDP in Gabon. \n   \n \n \n \n \n \n \n \n Q2 2025* \n \n \n Q1 2025 \n \n \n vs \n Q1 2025 \n \n \n H1 2025* \n \n \n H1 2024 \n \n \n H1 2025* vs H1 2024 \n \n \n \n \n Closing fleet size \n \n \n 133 \n \n \n 135 \n \n \n (1.5%) \n \n \n 133 \n \n \n 127 \n \n \n 4.7% \n \n \n \n \n Fleet utilisation (%) \n \n \n 74% \n \n \n 73% \n \n \n 1.9% \n \n \n 74% \n \n \n 69% \n \n \n 7.2% \n \n \n \n \n Average utilised rigs \n \n \n 99 \n \n \n 98 \n \n \n 1.0% \n \n \n 98 \n \n \n 88 \n \n \n 11.7% \n \n \n \n \n ARPOR 1,2 ($) \n \n \n 198,000 \n \n \n 182,000 \n \n \n 8.8% \n \n \n 190,000 \n \n \n 204,000 \n \n \n (6.9%) \n \n \n \n \n *Unaudited numbers \n 1 Average revenue per month per operating rig \n 2 Associated revenue refers to revenue generated from complementary services tied to our drilling operations \n Capital Mining \n ·     Our mining contract at Reko Diq has had a strong start to the ramp up since we commenced operations with the civils fleet in April 2025. The TSF fleet has partially arrived on-site, with the remaining equipment being prepared for export from Egypt, which is targeted to commence work in Q4 2025. \n MSALABS \n ·    MSALABS achieved another record quarter of revenue as new laboratories are ramped up and existing laboratories realise higher utilisations; \n ·     Two new laboratories were commissioned during H1 2025, marking important milestones in MSALABS growth path. Our commercial laboratory in Elko, USA, equipped with a Chrysos PhotonAssay™ unit, strengthens our service offering in North America, while our first laboratory in Saudi Arabia, established in partnership with Barrick and Maaden, enhances our presence in the Middle East. In parallel, the Nevada Gold Mines contract continues to build momentum as ramp-up activities progress, and procurement for Phase 2 construction is now underway. \n ·   Previously announced H1 2025 wins include a feasibility consulting study with Rio Tinto at the Oyu Tolgoi mine in Mongolia, a contract extension at Tasiast Gold Mine, Mauritania and a new contract with WIA Gold's Kokoseb Gold Project, Namibia \n ·     MSALABS possesses the largest international network of Chrysos PhotonAssay TM technology and our relationship with Chrysos remains strong with the total planned deployment of 21 units. \n Capital Investments \n ·     The total value of investments (listed and unlisted) was $49.5 million as at 30 June 2025 up from $30.3 million as at 31 December 2024 and $47.8 million as at 30 June 2024, with the portfolio recording investment gains (realised and unrealised) of $19.3 million in H1 2025; and \n ·      The portfolio continues to be focused on a select few key holdings namely WIA Gold, Sanu Gold and Asara Resources. \n Outlook \n ·   Group revenue guidance is raised to $320 - 340 million and MSALABS revenue guidance is raised to $55 - 65 million for 2025 (up from $300 - 320 million and $50 - 60 million, respectively, as originally guided at our FY 2024 results); \n ·      We anticipate a stronger second half of the year, underpinned by sustained demand across all divisions: \n -     The drilling business will benefit from several recent contract awards and extensions, whilst in the US our drilling operations remain a key area of focus, and we are confident that the operational and structural improvements made to date will support a continued uplift in returns through H2; \n -     Our mining contract at Reko Diq will continue to ramp through the second half as equipment from Egypt begins operating in Q4 2025, with the project expected to reach full capacity by the end of H1 2026; \n -     MSALABS is expected to continue its positive trajectory, with further growth in laboratory volumes and ramping up of new laboratories supporting improved financial performance; and \n -      Tendering activity remains robust across the Group with several opportunities progressing. \n 2025 Interim Dividend Timetable \n -      Ex- Dividend Date: 28 August 2025 \n -      Record Date: 29 August 2025 \n -      Last Date for Currency Elections: 2 September 2025 \n -      Payment Date: 6 October 2025 \n Dividend Currency Elections \n The interim dividend will be paid on 6 October 2025, in US Dollars (\"USD\") with an option for shareholders to elect to receive the interim dividend in Pounds Sterling (\"GBP\"). Currency elections should be made no later than 2 September 2025 as per the instructions detailed on the Company website (www.capdrill.com). Payments in GBP will be based on the USD/GBP exchange rate on 29 August 2025 and the rate applied will be published on the website thereafter. \n   \n \n   \n \n Capital Limited will provide a live presentation relating to our Half Year 2025 Results via the London Stock Exchange platform on 14 th August 2025 at 9:00am BST. \n   \n The presentation is open to all existing and potential shareholders, as well as analysts. Questions can be submitted via the SparkLive page webcasting page using the 'Ask a Question' button pre-event or at any time during the live presentation. \n   \n To access the webcast, please register in advance using the link below: \n Capital Limited H1 2025 Results | SparkLive | LSEG \n If you are unable to access the page by clicking the link above, copy and paste the link below into your browser: \n https://sparklive.lseg.com/CAPITALLIMITED/events/261cea9d-f0cd-4770-ae0c-9ffaa04ce941/capital-limited-h1-2025-results \n   \n A copy of the Company's presentation will be available on www.capdrill.com \n   \n - ENDS - \n \n \n   \n For further information, please visit Capital's website www.capdrill.com or contact: \n   \n Capital Limited                                                                     [email protected]                       \n Jamie Boyton, Executive Chair           \n Rick Robson, Chief Financial Officer \n Conor Rowley, Commercial & Corporate Development \n Ryan Tennis, Corporate Development & Investor Relations \n   \n Tamesis Partners LL P                                                          +44 20 3882 2868 \n Charlie Bendon \n Richard Greenfield \n   \n Stifel Nicolaus Europe Limited                                          +44 20 7710 7600 \n Ashton Clanfield \n Varun Talwar \n Rory Blundell \n   \n FTI Consulting                                                                       +44 20 3727 1000 \n Ben Brewerton                                                                     [email protected] \n Nick Hennis \n                                                                                   \n                 \n About Capital Limited \n   \n 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 Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Ghana, Guinea, Kenya, Mali, Mauritania, Pakistan, Saudi Arabia, Tanzania, United States of America and Zambia. \n \n \n   \n INDEPENDENT REVIEW REPORT TO CAPITAL LIMITED \n   \n Conclusion \n Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n We have been engaged by Capital Limited (\"the Group\") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises the condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows, and notes to the condensed consolidated interim financial statements. \n Basis for conclusion \n We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, \"Review of Interim Financial Information Performed by the Independent Auditor of the Entity\" (\"ISRE (UK) 2410\"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n As disclosed in note 1, the annual financial statements of the group prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, \"Interim Financial Reporting\". \n Conclusions relating to going concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. \n This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern. \n Responsibilities of directors \n The directors are responsible for preparing the half-yearly financial report in accordance with the \n Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. \n Auditor's responsibilities for the review of the financial information \n In reviewing the half-yearly report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. \n   \n Use of our report \n Our report has been prepared in accordance with the terms of our engagement to assist the Group in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. \n   \n   \n BDO LLP \n Chartered Accountants \n London, UK \n 13 August 2025 \n   \n   \n BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). \n   \n   \n   \n   \n \n \n   \n   \n \n \n \n \n CAPITAL LIMITED \n \n \n \n \n CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unaudited \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n 30 June 2025 \n \n \n   \n \n \n 30 June 2024 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n  US$'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 3 \n \n \n \n \n \n                159,200 \n \n \n \n \n \n 169,434 \n \n \n \n \n Cost of sales \n \n \n \n \n \n \n \n \n                 (94,473) \n \n \n \n \n \n (94,948) \n \n \n \n \n Gross profit \n \n \n \n \n \n \n \n \n                  64,727 \n \n \n \n \n \n 74,486 \n \n \n \n \n Administration expenses \n \n \n \n \n \n \n \n \n                 (27,014) \n \n \n \n \n \n (27,252) \n \n \n \n \n Depreciation, amortisation, and impairments \n \n \n \n \n \n \n \n \n                 (21,542) \n \n \n \n \n \n (22,255) \n \n \n \n \n Operating profit \n \n \n \n \n \n \n \n \n                  16,171 \n \n \n \n \n \n 24,979 \n \n \n \n \n Interest income \n \n \n \n \n \n \n \n \n                        37 \n \n \n \n \n \n 46 \n \n \n \n \n Dividend income \n \n \n \n \n \n \n \n \n 865 \n \n \n \n \n \n - \n \n \n \n \n Finance costs \n \n \n \n \n \n \n \n \n                   (8,113) \n \n \n \n \n \n (8,202) \n   \n \n \n \n \n Share of loss / impairment of investment in associate \n \n \n      19 \n \n \n \n \n \n                   (5,693) \n \n \n \n \n \n - \n \n \n \n \n Fair value gain/loss) on financial assets \n \n \n       18 \n \n \n \n \n \n                  19,252 \n \n \n \n \n \n (493) \n \n \n \n \n Profit before taxation \n \n \n \n \n \n \n \n \n                  22,519 \n \n \n \n \n \n 16,330 \n \n \n \n \n Taxation \n \n \n 4 \n \n \n \n \n \n                   (7,692) \n \n \n \n \n \n (6,695) \n \n \n \n \n Profit and total comprehensive income for the period \n \n \n   \n \n \n   \n \n \n                  14,827 \n \n \n   \n \n \n 9,635 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n   \n \n \n \n \n \n                  14,843 \n \n \n \n \n \n 9,206 \n \n \n \n \n Non-controlling interest \n \n \n 12 \n \n \n \n \n \n                         (16) \n \n \n \n \n \n 429 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n                  14,827 \n \n \n   \n \n \n 9,635 \n \n \n \n \n   \n Earnings per share: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic (cents per share) \n \n \n 5 \n \n \n \n \n \n 7.6 \n \n \n \n \n \n 4.7 \n \n \n \n \n Diluted (cents per share) \n \n \n 5 \n \n \n \n \n \n 7.6 \n \n \n \n \n \n 4.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n CAPITAL LIMITED \n \n \n \n \n CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION \n \n \n \n \n As at 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unaudited  \n \n \n   \n \n \n Audited \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n 30 June 2025 \n \n \n   \n \n \n 31 December 2024 \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n  US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 7 \n \n \n \n \n \n              240,651 \n \n \n \n \n \n  240,969 \n \n \n \n \n Right-of-use assets \n \n \n 8 \n \n \n \n \n \n                36,841 \n \n \n \n \n \n  32,062 \n \n \n \n \n Goodwill \n \n \n \n \n \n \n \n \n                  1,296 \n \n \n \n \n \n  1,296 \n \n \n \n \n Intangible assets \n \n \n \n \n \n \n \n \n                      872 \n \n \n \n \n \n  794 \n \n \n \n \n Other receivables \n \n \n 9 \n \n \n \n \n \n 11,649   \n \n \n \n \n \n  10,790 \n \n \n \n \n Investment in associate \n \n \n 19 \n \n \n \n \n \n                      659 \n \n \n \n \n \n  6,300 \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n \n \n \n              291,968 \n \n \n \n \n \n 292,211 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n \n \n \n                59,712 \n \n \n \n \n \n      61,912 \n \n \n \n \n Trade receivables \n \n \n \n \n \n \n \n \n                52,565 \n \n \n \n \n \n      60,226 \n \n \n \n \n Other receivables \n \n \n 9 \n \n \n \n \n \n                34,366 \n \n \n \n \n \n      26,044 \n \n \n \n \n Investments at fair value \n \n \n       18 \n \n \n \n \n \n                49,531 \n \n \n \n \n \n      30,304 \n \n \n \n \n Current tax receivable \n \n \n \n \n \n \n \n \n                      658 \n \n \n \n \n \n            505 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n \n \n \n                58,585 \n \n \n \n \n \n      40,526 \n \n \n \n \n Total current assets \n \n \n   \n \n \n \n \n \n              255,417 \n \n \n \n \n \n    219,517 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n \n \n \n 547,385 \n \n \n   \n \n \n    511,728 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 11 \n \n \n \n \n \n  20 \n \n \n \n \n \n  20 \n \n \n \n \n Share premium \n \n \n 11 \n \n \n \n \n \n  65,252 \n \n \n \n \n \n  64,719 \n \n \n \n \n Equity-settled employee benefits reserve \n \n \n \n \n \n \n \n \n  3,607 \n \n \n \n \n \n        3,972 \n \n \n \n \n Other reserve \n \n \n \n \n \n \n \n \n  190 \n \n \n \n \n \n            190 \n \n \n \n \n Retained income \n \n \n \n \n \n \n \n \n  216,512 \n \n \n \n \n \n    202,674 \n \n \n \n \n Equity attributable to owners of the parent \n \n \n \n \n \n \n \n \n 285,581 \n \n \n \n \n \n  271,575 \n \n \n \n \n Non-controlling interest \n \n \n 12 \n \n \n \n \n \n                11,439 \n \n \n \n \n \n  11,813 \n \n \n \n \n Total equity \n \n \n   \n \n \n \n \n \n              297,020 \n \n \n   \n \n \n  283,388 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans and borrowings \n \n \n 13 \n \n \n \n \n \n 92,998 \n \n \n \n \n \n      86,925 \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n 25,276     \n \n \n \n \n \n 22,226 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n  15,662 \n \n \n \n \n \n 7,511 \n \n \n \n \n Deferred tax \n \n \n \n \n \n \n \n \n  2,395 \n \n \n \n \n \n 3,195 \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n \n \n \n   136,331 \n \n \n \n \n \n 119,857 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n \n \n \n  70,443 \n \n \n \n \n \n  57,821 \n \n \n \n \n Provisions \n \n \n \n \n \n \n \n \n  203   \n \n \n \n \n \n  203 \n \n \n \n \n Current tax payable \n \n \n \n \n \n \n \n \n  11,679 \n \n \n \n \n \n  10,640 \n \n \n \n \n Loans and borrowings \n \n \n 13 \n \n \n \n \n \n  20,193 \n \n \n \n \n \n  28,259 \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n  11,516 \n \n \n \n \n \n  11,560 \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n \n \n \n  114,034 \n \n \n \n \n \n   108,483 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n \n \n \n 547,385 \n \n \n   \n \n \n 511,728 \n \n \n \n \n \n \n CAPITAL LIMITED \n CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY \n As at 30 June 2025 \n   \n \n \n \n \n \n \n \n   \n \n \n   \n   \n   \n Share \n cap ital \n \n \n   \n   \n   \n Share premium \n \n \n   \n   \n   \n Total share capital \n \n \n Equity- settled employee benefits reserve \n \n \n   \n   \n   \n Other reserve \n \n \n   \n   \n   \n Total reserves \n \n \n   \n   \n   \n Retained income \n \n \n   \n Total attributable to equity holders of the Group \n \n \n   \n   \n Non-controlling interest \n \n \n   \n   \n   \n Total \n equity \n \n \n \n \n \n \n \n   \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n Balance at 31 December 2023 - Audited \n \n \n   \n \n \n 19 \n \n \n 62,390 \n \n \n 62,409 \n \n \n 5,763 \n \n \n 190 \n \n \n 5,953 \n \n \n 195,515 \n \n \n 263,877 \n \n \n 9,270 \n \n \n 273,147 \n \n \n \n \n Profit for the period \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 9,206 \n \n \n 9,206 \n \n \n 429 \n \n \n 9,635 \n \n \n \n \n Contributions by and distributions to owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n \n \n \n \n \n - \n \n \n 2,329 \n \n \n 2,329 \n \n \n (2,329) \n \n \n - \n \n \n (2,329) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of share-based payments \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 765 \n \n \n - \n \n \n 765 \n \n \n - \n \n \n 765 \n \n \n - \n \n \n 765 \n \n \n \n \n Adjustment arising from change in non-controlling interest \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (880) \n \n \n (880) \n \n \n 792 \n \n \n (88) \n \n \n \n \n Dividends \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (5,102) \n \n \n (5,102) \n \n \n (32) \n \n \n (5,134) \n \n \n \n \n Total transactions with owners \n \n \n   \n \n \n - \n \n \n 2,329 \n \n \n 2,329 \n \n \n (1,564) \n \n \n - \n \n \n (1,564) \n \n \n (5,982) \n \n \n (5,217) \n \n \n 760 \n \n \n (4,457) \n \n \n \n \n Balance at 30 June 2024 (Unaudited) \n \n \n   \n \n \n 19 \n \n \n 64,719 \n \n \n 64,738 \n \n \n 4,199 \n \n \n 190 \n \n \n 4,389 \n \n \n 198,739 \n \n \n 267,866 \n \n \n 10,459 \n \n \n 278,325 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Balance at 31 December 2024 - Audited \n \n \n  20 \n \n \n  64,719 \n \n \n  -   \n \n \n  64,739 \n \n \n  3,972 \n \n \n  190 \n \n \n  4,162 \n \n \n  202,674 \n \n \n  271,575 \n \n \n  11,813 \n \n \n  283,388 \n \n \n \n \n Profit for the period \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  14,843 \n \n \n  14,843 \n \n \n  (16) \n \n \n  14,827 \n \n \n \n \n Contributions by and distributions to owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n \n \n  -   \n \n \n  533 \n \n \n  -   \n \n \n  533 \n \n \n  (533) \n \n \n  -   \n \n \n  (533) \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n \n \n Recognition of share-based payments \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  1,418 \n \n \n  -   \n \n \n  1,418 \n \n \n  -   \n \n \n  1,418 \n \n \n  -   \n \n \n  1,418 \n \n \n \n \n Transfer of share-based payment reserve on lapse of options \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (1,250) \n \n \n  -   \n \n \n  (1,250) \n \n \n  1,250 \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n \n \n Adjustment arising from change in non-controlling interest \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  303 \n \n \n  303 \n \n \n  (358) \n \n \n  (55) \n \n \n \n \n Dividends \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (2,558) \n \n \n  (2,558) \n \n \n  -   \n \n \n  (2,558) \n \n \n \n \n Total transactions with owners \n \n \n  -   \n \n \n  533 \n \n \n  -   \n \n \n  533 \n \n \n  (365) \n \n \n  -   \n \n \n  (365) \n \n \n  (1,005) \n \n \n  (837) \n \n \n  (358) \n \n \n  (1,195) \n \n \n \n \n Balance at 30 June 2025 (Unaudited) \n \n \n  20 \n \n \n  65,252 \n \n \n  -   \n \n \n  65,272 \n \n \n  3,607 \n \n \n  190 \n \n \n  3,797 \n \n \n  216,512 \n \n \n  285,581 \n \n \n  11,439 \n \n \n  297,020 \n \n \n \n \n \n \n \n \n \n \n CAPITAL LIMITED \n CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS \n \n \n   \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n Unaudited \n \n \n   \n \n \n Unaudited \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n 30 June 2025 \n \n \n   \n \n \n 30 June 2024 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Cash flow from operating activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n 14 \n \n \n \n \n \n  62,023 \n \n \n \n \n \n 57,178 \n \n \n \n \n Interest income received \n \n \n \n \n \n \n \n \n  37 \n \n \n \n \n \n 46 \n \n \n \n \n Finance costs paid \n \n \n \n \n \n \n \n \n  (6,488) \n \n \n \n \n \n (6,071) \n \n \n \n \n Interest paid on lease liabilities \n \n \n 8 \n \n \n \n \n \n  (1,691) \n \n \n \n \n \n (1,456) \n \n \n \n \n Tax paid \n \n \n \n \n \n \n \n \n  (7,605) \n \n \n \n \n \n (4,960) \n \n \n \n \n Net cash from operating activities \n \n \n   \n \n \n   \n \n \n  46,276 \n \n \n   \n \n \n 44,737 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from investing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 7 \n \n \n \n \n \n  (7,898) \n \n \n \n \n \n (15,963) \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n \n \n \n  977 \n \n \n \n \n \n - \n \n \n \n \n Proceeds from dividends received \n \n \n \n \n \n \n \n \n 865 \n \n \n \n \n \n - \n \n \n \n \n Purchase of intangible assets \n \n \n \n \n \n \n \n \n  (95) \n \n \n \n \n \n (127) \n \n \n \n \n Purchase of investments at fair value \n \n \n 18 \n \n \n \n \n \n  (2,082) \n \n \n \n \n \n (5,404) \n \n \n \n \n Purchase of investment in associate \n \n \n 19 \n \n \n \n \n \n  (52) \n \n \n \n \n \n (6,633) \n \n \n \n \n Proceeds on sale of investments at fair value \n \n \n 18 \n \n \n \n \n \n  2,106 \n \n \n \n \n \n 4,285 \n \n \n \n \n Cash paid in advance for property, plant and equipment \n \n \n \n \n \n \n \n \n  (7,122) \n \n \n \n \n \n (11,038) \n \n \n \n \n Advance payments on leases \n \n \n \n \n \n \n \n \n  (1,921) \n \n \n \n \n \n (970) \n \n \n \n \n Net cash from investing activities \n \n \n   \n \n \n   \n \n \n  (15,222) \n \n \n   \n \n \n (35,850) \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from financing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Repayment of loans and borrowings \n \n \n 13 \n \n \n \n \n \n  (30,878) \n \n \n \n \n \n (12,463) \n \n \n \n \n Proceeds from new loans and borrowings \n \n \n 13 \n \n \n \n \n \n  25,000 \n \n \n \n \n \n 20,000 \n \n \n \n \n Arrangement fees paid - new financing \n \n \n \n \n \n \n \n \n  (159) \n \n \n \n \n \n (342) \n \n \n \n \n Dividends paid \n \n \n 6 \n \n \n \n \n \n  (2,558) \n \n \n \n \n \n (5,134) \n \n \n \n \n Repayment of principal on leases liabilities \n \n \n 8 \n \n \n \n \n \n  (5,652) \n \n \n \n \n \n (4,560) \n \n \n \n \n Purchase of shares from non-controlling interests \n \n \n \n \n \n \n \n \n  (55) \n \n \n \n \n \n (88) \n \n \n \n \n Net cash from financing activities \n \n \n   \n \n \n   \n \n \n  (14,302) \n \n \n   \n \n \n (2,587) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n   \n \n \n   \n \n \n  16,752 \n \n \n   \n \n \n 6,300 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n   \n \n \n   \n \n \n  40,526 \n \n \n   \n \n \n 34,365 \n \n \n \n \n Effect of exchange rate movement on cash balances \n \n \n \n \n \n \n \n \n  1,307 \n \n \n \n \n \n (750) \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n   \n \n \n \n \n \n  58,585 \n \n \n   \n \n \n 39,915 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Payments made for cloud computing costs have been reclassified from investing activities to operating activities in the prior period. The impact of this change was not material to the interim financial information. \n   \n \n \n   \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n 1. \n \n \n Basis of presentation and accounting policies \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Preparation of the condensed consolidated interim financial statements \n \n \n \n \n   \n \n \n The condensed consolidated interim financial statements of Capital Limited and Subsidiaries (\"Capital\" or, together, the \"Group\") as at and for the six months ended 30 June 2025 (the \"Interim Financial Statements\"), which are unaudited, have been prepared in accordance with International Accounting Standard (\"IAS\") No. 34, \"Interim Financial Reporting\". This condensed interim report does not include all the notes of the type normally included in an Annual Report. They should be read in conjunction with the annual consolidated financial statements and the notes thereto in the Group's Annual Report for the year ended 31 December 2024 which have been prepared in accordance with International Financial Reporting Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\"). The Interim Financial Statements have been reviewed in terms of International Standard on Review Engagements (ISRE) 2410. \n   \n The Group Annual Financial Statements are presented in United States Dollars, which is also the Group's functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated. \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounting policies \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n The condensed consolidated interim financial statements have been prepared under the going concern basis under the historical cost convention, except for certain financial instruments which are measured at fair value.  \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n All accounting policies, presentation and methods of computation which have been followed in these condensed consolidated financial statements were applied in the preparation of the Group's financial statements for the year ended 31 December 2024. \n   \n No new standards or amendments have been issued that are relevant to the Group. \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n The preparation of financial statements in conformity with IFRS recognition and measurement principles requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an on-going basis using currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Going concern \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n As at 30 June 2025, the Group had a robust balance sheet with a modest debt gearing with equity of US$296.6 million and loans and borrowings of US$114.0 million. Cash as at 30 June 2025 was US$58.6 million, with net debt of US$55.4 million. Investments in listed entities at the end of June 2025 amounted to US$49.5 million which provided additional flexibility as these investments could be converted into cash. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n This robustness is underpinned by stable revenues generated on long term contracts. Revenues generated on mine sites and longer-term contracts make up the majority of Group revenues.  Stronger-than-expected revenue in H1 2025 led management to upgrade forecasts for the full year. While margins have declined YoY, much of this is driven by the investment made across key growth areas (Nevada, Pakistan & MSALABS), which is setting the foundation for the business to continue to grow in the years ahead. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Commercially, the Group continues to secure and extend long term mining contracts with high quality customers, including the latest significant win for mining services in Pakistan with Reko Diq Mining. This contract with Reko Diq Mining has only made a minor contribution to Group revenue as at 30 June 2025. \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n   \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n   \n \n \n \n \n 1. \n \n \n Basis of presentation and accounting policies \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n Going concern (cont'd) \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n In determining the going concern status of the business, the Board has reviewed the Group's forecasts for the 18 months to December 2026, including both forecast liquidity and covenant measurements. In the assessment, management took into consideration the principal risks of the business that are most relevant to the going concern assessment and reverse stressed the forecast model to identify the magnitude of sensitivity required to cause a breach in covenants or risk the going concern of the business, alongside the Group's capacity to mitigate. The most relevant sensitivity was considered to be a decrease in EBITDA through loss of contracts, with no redeployment of equipment. EBITDA would need to fall over 30% during the period of assessment for going concern to breach the covenant test. Given the strong market demand from existing high-quality clients and across a large tendering pipeline, the Group's increased service diversification and the limited contract expiries due during the year, management considers the risk of a deep demand reduction to be low. \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n Given the Group's exposure to high-quality mine site operations, we consider a decrease of such magnitude to be remote. Based on its assessment of the forecasts, principal risks and uncertainties and mitigating actions considered available to the Group (holding back dividends, sale of investments, capex deferment) in the event of downside scenarios, the Board confirms that it is satisfied the Group will be able to continue to operate and meet its liabilities as they fall due over the going concern period to December 2026. Accordingly, the Board has concluded that the going concern basis in the preparation of the Financial Statements is appropriate and that there are no material uncertainties that would cast doubt on that basis of preparation. \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n 2. \n \n \n Operations in the interim period    \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n Capital Ltd is incorporated in Bermuda. The Group provides drilling services, mining (load and haul), mineral assaying and surveying services. The Group also has a portfolio of investments in listed and unlisted exploration and mining companies. \n   \n The Group's corporate headquarters are in the United Kingdom, and it has established operations in Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Ghana, Guinea, Kenya, Mali, Mauritania, Pakistan, Saudi Arabia, Tanzania, United States of America and Zambia. \n   \n \n \n \n \n 2.1 \n \n \n Use of estimates and judgements \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n The preparation of both annual and interim financial statements usually requires the use of estimates and judgements. The write-down of the value of the investment in Eco Detection Pty Ltd (\"Eco\"), is the only material change in judgement and estimate in the period. \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended \n \n \n \n \n 3. \n \n \n Revenue \n \n \n \n \n \n 30 June 2025 \n \n \n   \n \n \n 30 June 2024 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n   \n \n \n Revenue from the rendering of services comprises: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Drilling and associated revenue \n \n \n \n \n \n \n \n \n  117,133 \n \n \n \n \n \n 110,142 \n \n \n \n \n \n \n \n Mining and associated revenue \n \n \n \n \n \n \n \n \n  7,620 \n \n \n \n \n \n 36,342 \n \n \n \n \n \n \n \n Laboratory services revenue \n \n \n \n \n \n \n \n \n  30,959 \n \n \n \n \n \n 20,772 \n \n \n \n \n \n \n \n Revenue from surveying \n \n \n \n \n \n \n \n \n  3,488 \n \n \n \n \n \n 2,178 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 159,200 \n \n \n \n \n \n      169,434 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n   \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 4. \n \n \n Taxation \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n Capital Limited is incorporated in Bermuda and tax resident in the United Kingdom and the Group operates in multiple countries jurisdictions with complex legal and tax regulatory environments.  Taxation is calculated in accordance with local legislation and the prevailing tax rates. \n   \n The Group has taken income tax positions that management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws. The Group periodically reassesses its tax positions. Changes to the financial statement recognition, measurement, and disclosure of tax positions is based on management's best judgement given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available information and the history of resolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not likely have a material effect on the Group's financial position, statements of operations or cash flows. \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n 5. \n \n \n Earnings per share \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30 June 2025 \n \n \n   \n \n \n 30 June 2024 \n \n \n \n \n   \n \n \n Basic Earnings per share: \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The profit and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period used in the calculation of basic earnings per share ( US$'000 ) \n \n \n \n \n \n 14,843 \n \n \n \n \n \n 9,206 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted average number of ordinary shares for the purposes of basic earnings per share \n \n \n \n \n \n 196,465,287 \n \n \n \n \n \n 195,026,529 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share (cents) \n \n \n \n \n \n 7.6 \n \n \n \n \n \n           4.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Diluted earnings per share: \n \n \n \n \n \n 30 June 2025 \n \n \n \n \n \n 30 June 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The profit used in the calculations of all diluted earnings per share measures are the same as those used in the equivalent basic earnings per share measures, as outlined above. ($) \n \n \n \n \n \n 14,843 \n \n \n \n \n \n 9,206 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted average number of ordinary shares used in the calculation of basic earnings per share \n \n \n \n \n \n 196,465,287 \n \n \n \n \n \n 195,026,529 \n \n \n \n \n \n \n \n -  Dilutive share options # \n \n \n \n \n \n - \n \n \n \n \n \n 968,276 \n \n \n \n \n \n \n \n Weighted average number of ordinary shares used in the calculation of diluted earnings per share \n \n \n \n \n \n 196,465,287 \n \n \n \n \n \n 195,994,805 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share (cents) \n \n \n \n \n \n 7.6 \n \n \n \n \n \n 4.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n # For the purposes of calculating diluted earnings per share, no share options were included as being dilutive as no vesting metrics were met at 30 June 2025. In the period ended 30 June 2024 968,276 share options were included as being dilutive as the vesting metrics were met at the period end. \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n 6. \n \n \n Dividends \n \n \n   \n \n \n \n \n \n \n \n During the six months ended 30 June 2025, a dividend of 1.30 cents per ordinary share was declared on 27 March 2025, totalling US$ 2,557,939 (six months ended 30 June 2024: 2.6 cents per ordinary share, totalling US$5,102,685) and paid on 15 May 2025. \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n 7.        Property, plant and equipment \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost \n \n \n   \n   \n   \n Drilling rigs \n \n \n   \n   \n  Heavy mining equipment \n \n \n Associated Drilling & mining equipment \n \n \n   \n   \n Vehicles and trucks \n \n \n   \n Camp and associated equipment \n \n \n   \n   \n Land & Buildings \n \n \n   \n   \n Leasehold improvements \n \n \n   \n   \n Computer Software \n \n \n   \n   \n   \n Total \n \n \n \n \n \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n At 1 January 2024 \n \n \n  148,242 \n \n \n  81,860 \n \n \n  41,377 \n \n \n  47,019 \n \n \n  27,043 \n \n \n  -   \n \n \n  1,654 \n \n \n  52 \n \n \n  347,247 \n \n \n \n \n Additions \n \n \n  35,785 \n \n \n  4,350 \n \n \n  1,672 \n \n \n  9,894 \n \n \n  9,906 \n \n \n  6,348 \n \n \n  -   \n \n \n  20 \n \n \n  67,975 \n \n \n \n \n Disposal \n \n \n  (4,034) \n \n \n  -   \n \n \n  (4,328) \n \n \n  (2,029) \n \n \n  (1,865) \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (12,256) \n \n \n \n \n At 31 December 2024 \n \n \n  179,993 \n \n \n  86,210 \n \n \n  38,721 \n \n \n  54,884 \n \n \n  35,084 \n \n \n  6,348 \n \n \n  1,654 \n \n \n  72 \n \n \n  402,966 \n \n \n \n \n Additions \n \n \n  5,958 \n \n \n  1,574 \n \n \n  3,887 \n \n \n  3,548 \n \n \n  756 \n \n \n  847 \n \n \n  -   \n \n \n - \n \n \n 16,570 \n \n \n \n \n Disposal \n \n \n  (14,794) \n \n \n  (4,095) \n \n \n  (3,425) \n \n \n  (231) \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (22,545) \n \n \n \n \n Transfer to Intangible asset \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (72) \n \n \n  (72) \n \n \n \n \n At 30 June 2025 \n \n \n  171,157 \n \n \n  83,689 \n \n \n  39,183 \n \n \n  58,201 \n \n \n  35,840 \n \n \n  7,195 \n \n \n  1,654 \n \n \n  - \n \n \n  396,919 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accumulated Depreciation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2024 \n \n \n  72,897 \n \n \n  26,078 \n \n \n  9,860 \n \n \n  19,421 \n \n \n  10,215 \n \n \n  -   \n \n \n  97 \n \n \n  20 \n \n \n  138,588 \n \n \n \n \n Depreciation \n \n \n  10,573 \n \n \n  7,041 \n \n \n  6,082 \n \n \n  4,716 \n \n \n  3,925 \n \n \n  231 \n \n \n  -   \n \n \n  9 \n \n \n  32,577 \n \n \n \n \n Impairment \n \n \n  226 \n \n \n  907 \n \n \n  -   \n \n \n  -   \n \n \n  1,061 \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  2,194 \n \n \n \n \n Disposal \n \n \n   (3,754) \n \n \n  -   \n \n \n  (4,100) \n \n \n  (1,653) \n \n \n  (1,855) \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (11,362) \n \n \n \n \n At 31 December 2024 \n \n \n  79,942 \n \n \n  34,026 \n \n \n  11,842 \n \n \n  22,484 \n \n \n  13,346 \n \n \n  231 \n \n \n  97 \n \n \n  29 \n \n \n  161,997 \n \n \n \n \n Depreciation \n \n \n  6,019 \n \n \n  214 \n \n \n  3,414 \n \n \n 2,768 \n \n \n 2,665 \n \n \n  126 \n \n \n  -   \n \n \n \n \n \n 15,206 \n \n \n \n \n Impairment \n \n \n - \n \n \n 475 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 475 \n \n \n \n \n Disposal \n \n \n   (14,433) \n \n \n  (3,170) \n \n \n  (3,425) \n \n \n (98) \n \n \n (255) \n \n \n - \n \n \n - \n \n \n - \n \n \n (21,381) \n \n \n \n \n Transfer to Intangible asset \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  -   \n \n \n  (29) \n \n \n  (29) \n \n \n \n \n At 30 June 2025 \n \n \n  71,528 \n \n \n  31,545 \n \n \n  11,831 \n \n \n  25,154 \n \n \n  15,756 \n \n \n  357 \n \n \n  97 \n \n \n  -   \n \n \n  156,268 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Carrying amount at: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31 December 2024 \n \n \n  100,051 \n \n \n  52,184 \n \n \n  26,879 \n \n \n  32,400 \n \n \n  21,738 \n \n \n  6,117 \n \n \n  1,557 \n \n \n  43 \n \n \n  240,969 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 30 June 2025 \n \n \n  99,629 \n \n \n  52,144 \n \n \n  27,352 \n \n \n  33,047 \n \n \n  20,084 \n \n \n  6,838 \n \n \n  1,557 \n \n \n  -   \n \n \n  240,651 \n \n \n \n \n \n \n \n \n \n \n CAPITAL LIMITED \n Notes to the Condensed Consolidated Interim Financial Statements (cont'd) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n   \n 7.          Property, plant and equipment (continued) \n   \n       Bank borrowings are secured on the Group's drilling and mining fleet - see Note 12. \n   \n The Group's property plant and equipment includes assets not yet commissioned totalling US$30.5 million (2024: US$41.9 million). The assets will be depreciated once commissioned and available for use. \n   \n During the six months ended 30 June 2025, the Group acquired US$16.6 million worth of property, plant and equipment (HY 2024: US$37.4 million). Out of the US$16.6 million additions, US$4.1 million (2024: US$10.7 million) was acquired through supplier credit agreements and US$1.3 million is unpaid in trade payables. Additions in the cash flow statements, US$ 7.9 million, consist of cash paid for property, plant and equipment during the period. Prepayments for fixed assets in the cash flow statements, US$ 7.1m, consist of cash paid in advance for property, plant and equipment during the period \n   \n The Group disposed of property, plant and equipment with a net carrying amount of US$1.2 million (2024: US$0.1 million) during the period. A loss of US$0.2 million (2024: US$0.1 million) was incurred on the disposal of property, plant and equipment. \n   \n Certain assets previously presented within property, plant and equipment have been reclassified to intangible assets to better reflect their nature and to align with the Group's accounting policies, as these assets do not have physical substance and meet the definition of intangible assets under IAS 38. \n   \n At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets may be impaired. As at 30 June 2025, there was no indication of impairment. \n   \n 8.          Leases (Group as lessee) \n   \n              Details pertaining to leasing arrangements, where the Group is lessee are presented below: \n              \n \n \n \n \n \n \n \n   \n \n \n Vehicles & Machinery \n \n \n Land & Buildings \n \n \n Total \n \n \n \n \n Right of use assets \n \n \n   \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n At 1 January 2024 \n \n \n   \n \n \n  24,579 \n \n \n  5,105 \n \n \n  29,684 \n \n \n \n \n Additions \n \n \n \n \n \n  15,391 \n \n \n  778 \n \n \n  16,169 \n \n \n \n \n Depreciation \n \n \n \n \n \n  (10,407) \n \n \n  (1,618) \n \n \n  (12,025) \n \n \n \n \n Impairment \n \n \n \n \n \n  (1,521) \n \n \n  (245) \n \n \n  (1,766) \n \n \n \n \n At 31 December 2024 \n \n \n   \n \n \n  28,042 \n \n \n  4,020 \n \n \n  32,062 \n \n \n \n \n Additions \n \n \n \n \n \n  10,168 \n \n \n  410 \n \n \n  10,578 \n \n \n \n \n Depreciation \n \n \n \n \n \n  (5,000) \n \n \n  (799) \n \n \n  (5,799) \n \n \n \n \n At 30 June 2025 \n \n \n   \n \n \n  33,210 \n \n \n  3,631 \n \n \n  36,841 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lease liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2024 \n \n \n   \n \n \n  24,266 \n \n \n  5,184 \n \n \n  29,450 \n \n \n \n \n Additions \n \n \n \n \n \n  13,567 \n \n \n  777 \n \n \n  14,344 \n \n \n \n \n Interest expense \n \n \n \n \n \n  2,645 \n \n \n  422 \n \n \n  3,067 \n \n \n \n \n Lease payments \n \n \n \n \n \n  (11,253) \n \n \n  (1,822) \n \n \n  (13,075) \n \n \n \n \n At 31 December 2024 \n \n \n   \n \n \n  29,225 \n \n \n  4,561 \n \n \n  33,786 \n \n \n \n \n Additions \n \n \n \n \n \n 8,319 \n \n \n 339 \n \n \n  8,658 \n \n \n \n \n Interest expense \n \n \n \n \n \n  1,495 \n \n \n  196 \n \n \n  1,691 \n \n \n \n \n Lease payments \n \n \n \n \n \n  (6,376) \n \n \n  (967) \n \n \n  (7,343) \n \n \n \n \n At 30 June 2025 \n \n \n   \n \n \n   32,663 \n \n \n 4,129 \n \n \n  36,792 \n \n \n \n \n   \n The weighted average incremental borrowing rate applied to lease liabilities during the period was 11% (2024: 10%). \n   \n   \n \n \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30 June 2025 \n \n \n   \n \n \n 31 December 2024 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9. \n \n \n Other receivables \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Prepayments \n \n \n   \n \n \n 12,932 \n \n \n \n \n \n 10,474 \n \n \n \n \n   \n \n \n Capitalised contract costs \n \n \n   \n \n \n 9,814 \n \n \n \n \n \n 7,082 \n \n \n \n \n   \n \n \n VAT recoverable \n \n \n   \n \n \n 7,413 \n \n \n \n \n \n 6,410 \n \n \n \n \n   \n \n \n Amounts due from non-controlling interest \n \n \n   \n \n \n 5,685 \n \n \n \n \n \n 5,685 \n \n \n \n \n   \n \n \n Accounts receivable - Sundry \n \n \n   \n \n \n 1,925 \n \n \n \n \n \n 2,948 \n \n \n \n \n   \n \n \n Prepayment for fixed assets \n \n \n   \n \n \n 7,122 \n \n \n \n \n \n 3,970 \n \n \n \n \n   \n \n \n Others \n \n \n   \n \n \n 1,124 \n \n \n \n \n \n 265 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n 46,015 \n \n \n \n \n \n 36,834 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Current \n \n \n   \n \n \n 34,366 \n \n \n \n \n \n 26,044 \n \n \n \n \n   \n \n \n Non-current \n \n \n   \n \n \n 11,649 \n \n \n \n \n \n 10,790 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n 46,015 \n \n \n \n \n \n 36,834 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10. \n \n \n Trade receivables \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Trade receivables \n \n \n   \n \n \n 52,565 \n \n \n \n \n \n 64,762 \n \n \n \n \n   \n \n \n Less: allowance for credit losses \n \n \n   \n \n \n - \n \n \n \n \n \n (4,536) \n \n \n \n \n   \n \n \n Total trade receivables \n \n \n   \n \n \n 52,565 \n \n \n \n \n \n 60,226 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Movements in the impairment allowance for trade receivables are as follows: \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Opening provision for impairment of trade receivables \n \n \n   \n \n \n 4,536 \n \n \n \n \n \n 4,697 \n \n \n \n \n   \n \n \n Increase during the year \n \n \n   \n \n \n - \n \n \n \n \n \n 97 \n \n \n \n \n   \n \n \n Receivables written off during the year as uncollectible \n \n \n   \n \n \n (4,536) \n \n \n \n \n \n (258) \n \n \n \n \n   \n \n \n At period end/year end \n \n \n   \n \n \n - \n \n \n \n \n \n 4,536 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 11. \n \n \n Issued capital and share premium \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Authorised capital \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,000,000,000 (31 December 2024: 2,000,000,000) ordinary shares of 0.01 cents (31 December 2024: 0.01 cents) each \n \n \n \n \n \n                 200,000 \n \n \n \n \n \n                     200,000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issued and fully paid: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 196,257,124 (31 December 2024: 196,257,124) ordinary shares of 0.01 cents (31 December 2024: 0.01 cents) each \n \n \n \n \n \n                     \n 20 \n \n \n \n \n \n                     \n 20 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share premium: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at the beginning of the period \n \n \n \n \n \n 64,719 \n \n \n \n \n \n   62,390 \n \n \n \n \n \n \n \n Issue of shares \n \n \n \n \n \n 533 \n \n \n \n \n \n 2,329 \n \n \n \n \n \n \n \n Balance at the end of the period \n \n \n \n \n \n 65,252 \n \n \n \n \n \n 64,719 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry rights to dividends. \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n 12. \n \n \n Non-controlling interest \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Below is a summary of the movement in non-controlling interest during the period: \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n MSALABS Ltd \n \n \n CMS (Tanzania) Ltd \n \n \n   \n IACA Limited \n \n \n   \n Total \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n   \n \n \n Balance at 1 January 2025 \n \n \n   \n \n \n 3,172 \n \n \n 8,606 \n \n \n 35 \n \n \n 11,813 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Profit/ (loss) attributable to NCI \n \n \n   \n \n \n 91 \n \n \n (107) \n \n \n - \n \n \n (16) \n \n \n \n \n   \n \n \n Change in ownership: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n -       Purchase of shares from NCI \n \n \n   \n \n \n (358) \n \n \n - \n \n \n - \n \n \n (358) \n \n \n \n \n   \n \n \n Balance at 30 June 2025 \n \n \n   \n \n \n 2,905 \n \n \n 8,499 \n \n \n 35 \n \n \n 11,439 \n \n \n \n \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n MSALABS Ltd \n \n \n CMS (Tanzania) Ltd \n \n \n   \n IACA Limited \n \n \n   \n Total \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n   \n \n \n Balance at 1 January 2024 \n \n \n   \n \n \n 3,292 \n \n \n 5,988 \n \n \n (10) \n \n \n 9,270 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Profit/ (loss) attributable to NCI \n \n \n   \n \n \n (761) \n \n \n 1,218 \n \n \n (28) \n \n \n 429 \n \n \n \n \n   \n \n \n Change in ownership: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n -       Equity raise \n \n \n   \n \n \n 822 \n \n \n - \n \n \n - \n \n \n 822 \n \n \n \n \n   \n \n \n -       Purchase of shares from NCI \n \n \n   \n \n \n (30) \n \n \n - \n \n \n - \n \n \n (30) \n \n \n \n \n   \n \n \n Dividends paid \n \n \n   \n \n \n (32) \n \n \n - \n \n \n - \n \n \n (32) \n \n \n \n \n   \n \n \n Balance at 30 June 2024 \n \n \n   \n \n \n 3,291 \n \n \n 7,206 \n \n \n (38) \n \n \n 10,459 \n \n \n \n \n   \n MSALABS Ltd is an 91.2% (2024: 91.4%) owned subsidiary of the Group. \n   \n \n \n \n \n 13. \n \n \n Loans and borrowings \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans and borrowings consist of: \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n (a) US$75 million revolving credit facility (\"RCF\") provided by Standard Bank (Mauritius) Limited and Nedbank Limited \n \n \n \n \n \n \n \n The Company entered into a revolving credit facility agreement on 28 March 2023 as borrower together with Standard Bank (Mauritius) Limited and Nedbank Limited (acting through its Nedbank Corporate and Investment banking division) as lenders and arrangers, with Nedbank acting as agent and security agent to borrow a revolving credit facility for an aggregate amount \nof US$50 million with the Company being able to exercise an accordion option to request an increase of the facility under the terms and conditions of the Facility Agreement. The full accordion of US$25m was exercised and completed 26 April 2024. The total available amount of the facility is currently US$75m. The interest rate on the RCF is the prevailing three-month Secured Overnight Financing Rate (SOFR, payable in arrears) plus a margin of 5.5%, and an annual commitment fee of 1.925% per annum is charged on any undrawn balances. The amount utilised on the RCF was US$70 million as at 30 June 2025 (2024: US$60 million). The facility is repayable in March 2027. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Under the terms of the RCF, the group is required to comply with certain financial covenants relating to: \n \n \n \n \n \n \n \n ·      Interest coverage \n \n \n \n \n \n \n \n ·      Gross debt to EBITDA ratio \n \n \n \n \n \n \n \n ·      Debt to equity ratio \n \n \n \n \n \n \n \n ·      Tangible net worth \n \n \n \n \n   \n \n \n \n \n \n \n \n In addition, CAPD (Mauritius) Limited is also required to comply with the Total Tangible Net Worth covenant. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n 13. \n \n \n Loans and borrowings (cont'd) \n \n \n \n \n \n \n \n Security for the revolving credit facility comprise various pledges over the shares and claims of the Group's entities in Tanzania together with a debenture over the rigs in Tanzania and the assignment of material contracts and their collection accounts in each of Egypt, Tanzania and Mali. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at the reporting date and during the period under review, the Group has complied with all covenants attached to the loan facilities. \n \n \n \n \n   \n \n \n \n \n   \n \n \n (b) US$43.4 million term loan provided by Macquarie Bank Limited (London Branch) \n \n \n \n \n \n \n \n On 15 September 2022, the Group refinanced the senior secured, asset backed term loan facility with Macquarie Bank Limited. The term of the loan is three years repayable in quarterly instalments with an interest rate on the facility of the prevailing three-month SOFR plus a margin of 6.5% per annum (payable quarterly in arrears). The loan is secured over certain assets owned by the Group and currently located in Egypt together with guarantees provided by Capital Limited, Capital Drilling Egypt LLC. The Group drew an additional US$8.0 million in 2023. As at 30 June 2025, the amount outstanding on the term loan was US$5.5 million (2024: US$13.1 million). \n   \n During the period under review, the Group has complied with all covenants (same as RCF) attached to the term loan. \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n (c) Epiroc Financial Solutions AB credit agreements \n \n \n \n \n \n \n \n The Group has a number of credit agreements with Epiroc, drawn down against the purchase of rigs. The term of the agreements is four years repayable in 46 monthly instalments. The rate of interest on most of the agreements is three-month SOFR plus a margin of 4.8%, with a fixed rate of interest of the remaining agreements of 8.5% and 9.50%. As at 30 June 2025, the total drawn under these credit agreements was US$19.5 million (2024: US$24 million). \n   \n No covenants are attached to this facility. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (d) US$18.5 million term loan facility with Sandvik Financial Services AB (PUBL) \n \n \n \n \n \n \n \n The Group has term loan facility agreement with Sandvik Financial Services AB (PUBL). The facility is for the purchase of equipment from Sandvik AB, available in not more than four tranches. Interest is payable quarterly in arrears at 5.45% per annum on the drawn amount. As at 30 June 2025 the balance outstanding was US$1.7 million (2024: US$3.3 million) and the facility is no longer available to be drawn. \n   \n Additionally, the Group entered into a further US$10 million facility agreement on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%. As at 30 June 2025, the balance outstanding was US$8.3 million (2024: US$ 6.3m). \n   \n No covenants are attached to these facilities. \n \n \n \n \n   \n \n \n \n \n \n \n \n (e) US$5.0 million facility with Caterpillar Financial Services \n \n \n \n \n \n \n \n The Group entered into a US$5 million facility agreement with Caterpillar Financial Services Corporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus a margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments. All repayments can be subsequently redrawn. As at 30 June 2025, the balance outstanding was US$1.2 million (2024: US$ 3.2 million). \n   \n During the period under review, the Group has complied with all covenants (same as RCF) attached to the facility. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n (f) US$3.7m Mortgage with Byington Family Trust \n \n \n \n \n \n \n \n The Group entered into a US$3.7m mortgage with Byington Family Trust on 8 January 2024. The property in Elko serves as collateral for the mortgage. The rate of interest is fixed at 7.50% until maturity on 31 December 2034. As at 30 June 2025, the balance outstanding was US$3.5 million (2024: US$ 3.6m). No covenants are attached to this facility. \n   \n (g) US$1.6m Business Loan Facility Agreement with Northrim Bank \n The Group entered into a US$1.6m Loan Facility Agreement with Northrim Bank on 27 August 2024. The property in Fairbanks, Alaska serves as collateral for this loan. The rate of interest is three-month SOFR plus a margin of 3%. As at 30 June 2025, the balance outstanding was US$1.5 million (2024: US$ 0.7m). \n   \n During the period under review, the Group has complied with all covenants (same as RCF) attached to the facility. \n   \n \n \n \n \n \n \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n 13. \n \n \n Loans and borrowings (cont'd) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30 June 2025 \n \n \n   \n \n \n 31 December 2024 \n \n \n \n \n   \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Bank loans \n \n \n \n \n \n  79,037 \n \n \n \n \n \n  76,388 \n \n \n \n \n \n \n \n Supplier credit facilities \n \n \n \n \n \n  31,373 \n \n \n \n \n \n  36,288 \n \n \n \n \n \n \n \n Vendor financed mortgage \n \n \n \n \n \n  3,556 \n \n \n \n \n \n  3,599 \n \n \n \n \n \n \n \n \n \n \n \n \n \n  113,966 \n \n \n \n \n \n  116,275 \n \n \n \n \n \n \n \n Less: Unamortised debt arrangement costs \n \n \n \n \n \n  (775) \n \n \n \n \n \n  (1,091) \n \n \n \n \n \n \n \n Total loans and borrowings \n \n \n \n \n \n  113,191 \n \n \n \n \n \n  115,184 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current \n \n \n \n \n \n   20,193 \n \n \n \n \n \n  28,259 \n \n \n \n \n \n \n \n Non-current \n \n \n \n \n \n   92,998 \n \n \n \n \n \n  86,925 \n \n \n \n \n \n \n \n Total loans and borrowings \n \n \n \n \n \n  113,191 \n \n \n \n \n \n  115,184 \n \n \n \n \n \n \n \n   \n   \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At the reporting date, the Group's loans and borrowings total US$114.0 million (2024: US$116.3 million), offset by unamortised debt costs of US$0.8 million (2024: US$1.1m). US$0.7 million (2024:US$ 0.8m) of the debt costs have been classified as current and US$0.1 million (2024:US$ 0.3m) as non-current. \n   \n The covenants for each of the applicable instruments above are measured bi-annually on a rolling 12-month basis at 31 December and 30 June. \n   \n \n \n \n \n 14. \n \n \n Note supporting the Statement of Cash Flows \n \n \n \n \n 14.1 \n \n \n Cash generated from operations \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n                                          Six months ended \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n 30 June 2025 \n \n \n \n \n \n 30 June 2024 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   US$'000 \n \n \n \n \n \n US$'000 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit before taxation \n \n \n \n \n \n 22,519 \n \n \n \n \n \n 16,330 \n \n \n \n \n \n \n \n Adjusted for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -      Depreciation, amortisation and impairments \n \n \n 15,742 \n \n \n \n \n \n 16,909 \n \n \n \n \n \n \n \n -      ERP Costs written off \n \n \n - \n \n \n \n \n \n 676 \n \n \n \n \n \n \n \n -      Loss on disposals \n \n \n 187 \n \n \n \n \n \n 113 \n \n \n \n \n \n \n \n -      Fair value (gain)/loss on financial assets \n \n \n (19,250) \n \n \n \n \n \n 493 \n \n \n \n \n \n \n \n -      Share-based payment \n \n \n 1,418 \n \n \n \n \n \n 765 \n \n \n \n \n \n \n \n -      Interest income \n \n \n (37) \n \n \n \n \n \n (46) \n \n \n \n \n \n \n \n -      Dividend income \n \n \n (865) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n -      Finance costs \n \n \n 8,113 \n \n \n \n \n \n 8,202 \n \n \n \n \n \n \n \n -      Depreciation of right-of-use assets \n \n \n 5,799 \n \n \n \n \n \n 5,346 \n \n \n \n \n \n \n \n -      Unrealised foreign exchange (gain) / loss on foreign currency held \n \n \n            (1,298) \n \n \n \n \n \n 1,128 \n \n \n \n \n \n \n \n -      Other non-cash items \n \n \n 636 \n \n \n \n \n \n 481 \n \n \n \n \n \n \n \n -      Decrease in expected credit loss provision \n \n \n - \n \n \n \n \n \n (6) \n \n \n \n \n \n \n \n -      Bad debts written off \n \n \n - \n \n \n \n \n \n 385 \n \n \n \n \n \n \n \n -      Share of loss / impairment of investment in associate \n \n \n 5,693 \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Operating profit before working capital changes \n \n \n \n \n \n 38,657 \n \n \n \n \n \n 50,776 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments for working capital changes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -      Decrease in inventory \n \n \n \n \n \n  1,564 \n \n \n \n \n \n 306 \n \n \n \n \n \n \n \n -      Decrease / (increase) in trade and other receivables \n \n \n \n \n \n 1,634 \n \n \n \n \n \n (5,967) \n \n \n \n \n \n \n \n -      Increase in trade and other payables \n \n \n \n \n \n  20,168 \n \n \n \n \n \n 12,063 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 62,023 \n \n \n \n \n \n 57,178 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 14.2 \n \n \n Reconciliation of borrowings and leases \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loans & borrowings \n \n \n Lease liabilities \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n \n \n \n At 1 January 2025 \n \n \n  116,275 \n \n \n  33,786 \n \n \n  150,061 \n \n \n \n \n \n \n \n Cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  - Drawdowns \n \n \n  25,000 \n \n \n  -   \n \n \n  25,000 \n \n \n \n \n \n \n \n  - Interest paid \n \n \n  (6,110) \n \n \n  (1,691) \n \n \n  (7,801) \n \n \n \n \n \n \n \n  - Principal repayments \n \n \n  (30,878) \n \n \n  (5,652) \n \n \n  (36,530) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  - supplier credit facility received \n \n \n  4,111 \n \n \n  -   \n \n \n  4,111 \n \n \n \n \n \n \n \n  - Interest expensed during the period \n \n \n  5,569 \n \n \n  1,691 \n \n \n  7,260 \n \n \n \n \n \n \n \n  - Unamortised debt arrangement costs \n \n \n  (776) \n \n \n  -   \n \n \n  (776) \n \n \n \n \n \n \n \n  - Additions to leases \n \n \n  -   \n \n \n  8,658 \n \n \n  8,658 \n \n \n \n \n \n \n \n At 30 June 2025 \n \n \n  113,191 \n \n \n  36,792 \n \n \n  149,983 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Loans & borrowings \n \n \n Lease liabilities \n \n \n Total \n \n \n \n \n   \n \n \n   \n \n \n US$'000 \n \n \n US$'000 \n \n \n US$'000 \n \n \n \n \n \n \n \n At 1 January 2024 \n \n \n               104,198 \n \n \n        29,450 \n \n \n   133,648 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  - Drawdowns \n \n \n                 20,000 \n \n \n                        -   \n \n \n  20,000 \n \n \n \n \n \n \n \n  - Interest paid \n \n \n                  (5,577) \n \n \n         (1,456) \n \n \n      (7,033) \n \n \n \n \n \n \n \n  - Principal repayments \n \n \n               (12,463) \n \n \n         (4,560) \n \n \n   (17,023) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-cash flows \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  - supplier credit facility received \n \n \n                 10,665 \n \n \n                        -   \n \n \n     10,665 \n \n \n \n \n \n \n \n -    Vendor financed mortgage \n \n \n 3,680 \n \n \n - \n \n \n 3,680 \n \n \n \n \n \n \n \n  - Interest expensed during the period \n \n \n                   5,830 \n \n \n          1,456 \n \n \n       7,286 \n \n \n \n \n \n \n \n  - Unamortised debt arrangement costs \n \n \n                  (1,546) \n \n \n                        -   \n \n \n      (1,546) \n \n \n \n \n \n \n \n  - Additions to leases \n \n \n                                 -   \n \n \n          7,862 \n \n \n       7,862 \n \n \n \n \n \n \n \n At 30 June 2024 \n \n \n               124,787 \n \n \n        32,752 \n \n \n   157,539 \n \n \n \n \n   \n \n \n \n \n 15. \n \n \n Segmental analysis \n \n \n   \n \n \n \n \n \n \n \n Operating segments are identified on the basis of internal management reports regarding components of the Group. These are regularly reviewed by the board in order to allocate resources to the segments and to assess their performance. Operating segments are identified based on the regions of operations. For the purposes of the segmental report, the information on the operating segments have been aggregated into the principal regions of operations of the Group. The Group's reportable segments under IFRS 8 are therefore: \n \n \n \n \n \n \n \n -   Africa: \n \n \n Derives revenue from the provision of drilling services, mining services, surveying, IT support services and mineral assaying. \n \n \n \n \n \n \n \n -   Rest of world: \n \n \n Derives revenue from the provision of drilling services, surveying, IT support services and mineral assaying. The segment relates to jurisdictions which contribute a relatively small amount of external revenue to the Group. These include Saudi Arabia and Canada. \n \n \n \n \n \n \n \n Information regarding the Group's operating segments is reported below. At 30 June 2025, management reviewed the composition of the Group's operating segments and the allocations of operations to the reportable segments. \n \n \n \n \n CAPITAL LIMITED \n NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n 15. \n \n \n Segmental analysis \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Segment revenue and results: \n \n \n \n \n \n \n \n The following is an analysis of the Group's revenue and results by reportable segment: \n \n \n \n \n \n \n \n For the six months ended 30 June 2025 \n \n \n Africa \n \n \n   \n \n \n Rest of World \n \n \n   \n \n \n Consolidated \n \n \n \n \n   \n \n \n \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n   \n \n \n US$'000 \n \n \n \n \n \n \n \n External revenue \n \n \n 115,814 \n \n \n \n \n \n 43,386 \n \n \n \n \n \n 159,200 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Segment profit / (loss) \n \n \n 37,925 \n \n \n \n \n \n (1,677) \n \n \n \n \n \n 36,248 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Central administration costs and depreciation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (20,077) \n \n \n \n \n \n \n \n Profit from operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16,171 \n \n \n \n \n \n \n \n Fair value gain on financial assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 19,252 \n \n \n \n \n \n \n \n Interest income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 37 \n \n \n \n \n \n \n \n Divid...

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