KEY POINTS
- Capital raised its 2026 revenue forecast to $430m-$450m after first-half revenue jumped 37.6% to $219m.
- New drilling and laboratory contracts in Saudi Arabia,Africa, Europe and Asia are strengthening the company’s growth outlook.
- MSALABS expanded to 33 laboratories, while Capital maintained its $55m-$65m capex guidance and declared a $0.013 interim dividend.
London-listed mining services company Capital has raised its full-year revenue forecast after delivering a strong performance in the first six months of 2026, supported by higher drilling activity, growing laboratory operations and new long-term contracts across several mining markets.
The company now expects revenue for the year ending December 31 to reach between $430 million and $450 million, up from its previous forecast of $410 million to $440 million.
Capital said the improved outlook reflects the growing diversification of its operations and sustained demand for mining services across its markets.
Chairperson Jamie Boyton said the company had secured several significant long-term contracts covering drilling and laboratory services, including a new agreement with Saudi Arabian mining company Maaden.
At the same time, Capital discontinued drilling operations at Sadiola in Mali and Nevada Gold Mines in the United States, allowing it to redirect capital, equipment and other resources towards markets offering stronger demand and better long-term returns.
Revenue Jumps 37.6%
Capital’s financial performance for the first half of the year showed significant improvement.
Revenue rose 37.6% year-on-year to $219 million, while adjusted earnings before interest, taxes, depreciation and amortisation increased by 70.4% to $54.7 million.
The company attributed the stronger earnings to improved drilling contract productivity, continued growth in its MSALABS laboratory business and solid execution across its mining services contracts.
Boyton said activity remained robust across Capital’s operating markets, creating opportunities for organic growth, additional contracts and expansion into new areas.
The company expects this momentum to continue as it mobilises equipment and personnel for several newly secured contracts.
Capital said its mining services operations at Barrick Mining Corporation’s Reko Diq project in Pakistan and AngloGold Ashanti’s Sukari mine in Egypt continued to perform well.
Although Barrick recently indicated that capital expenditure at Reko Diq had slowed, Capital said it remains an established key contractor at the project and expects to continue supporting its development.
The company also maintained its full-year revenue guidance for MSALABS at between $85 million and $95 million.
