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Capital Ltd hailed strong performance in its first quarter and reaffirmed full-year guidance, despite the impact of ‘geopolitical tension’ on its business. The London-based mining services provider estimated total revenue had risen to $101.7 million in the three months ended March 31, up 42% on-year from $71.8 million, and up 9.7% on-quarter from $92.7 million. Mining revenue alone multiplied to $18.0 million from just $600,000 a year prior, and was 65% ahead of the $10.9 million booked in the fourth quarter of 2025. Drilling and associated revenue was $62.8 million, 8.8% ahead of $57.7 million in the first quarter of 2025, and 4.3% ahead of $60.2 million the prior quarter. Capital said that average monthly revenue per operating rig was $201,000, up 10% on-year and 7.5% on-quarter. MSALABS revenue increased 55% to $20.9 million from $13.5 million the previous year, but was 3.2% below the $21.6 million reported the previous quarter. ‘Whilst the recent geopolitical tension has not directly affected any of our operating sites, we have had to adapt our personnel and supply chain logistics to accommodate disruptions to our processes, while our investment portfolio was impacted by a general slide in global equity markets,’ said Chair Jamie Boyton. Capital’s estimated the total value of its investments had fallen to $94.6 million at the end of March from $97.5 million at December 31, reflecting unrealised losses of $3.2 million in the first quarter. Capital plans to continue to focus on ‘a select few key holdings, namely WIA Gold, Asara Resources and Apollo Minerals,’ it said on Tuesday. It was also keen to point out recent contract wins, at AngloGolf Ashanti PLC’s Sukari gold mine in Egypt, Robex Gold’s Kiniero project in Guinea and Resolute Mining Ltd’s Doropo prospect in Ivory Coast. Additionally, the MSALABS division has secured a five-year term providing laboratory services for United Gold’s Armenian Amulsar mine. ‘We are seeing strong tendering activity on the demand backdrop driven by record commodity prices and increased capital markets activity,’ the company noted. Chair Boyton added: ‘The benefits of the significant momentum generated within the company are now starting to take effect. With full run rates expected at both our mining contracts later this year, alongside the start of new drilling contracts and the commissioning of new laboratories, we expect continued revenue growth to achieve the $410 - 440 million revenue guidance set at our FY25 results.’ Capital shares rose 3.6% to 129.52 pence on Monday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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