Capital

What Capital does

Capital Limited is a Mauritius-incorporated, London-headquartered global mining services provider listed on the London Stock Exchange (LSE: CAPD) and founded in 2004. The company delivers integrated exploration and production drilling, contract mining, and geochemical laboratory services to tier-1 and mid-tier mining companies across more than 20 countries, supported by a workforce of approximately 3,200 employees, a fleet of 135+ drill rigs and 55+ mining vehicles, and 30+ laboratories. Its operational footprint spans Africa (Egypt, Côte d'Ivoire, Mali, Mauritania, Tanzania, Zambia), the Americas (USA), the Middle East (UAE), and South Asia (Pakistan), with regional offices in London, Perth, Yamoussoukro, Cairo, Bamako, Nouakchott, Ebene, Mwanza, Elko, and Dubai.

The service offering is delivered through a vertically integrated subsidiary structure: the core Capital brand provides surface, underground, diamond core, reverse circulation, directional, and blast hole drilling plus drill-and-blast, load and haul, and mine planning; MSALABS provides geochemical analysis using Chrysos PhotonAssay technology (with a third unit installed in Elko, Nevada in June 2025); Well Force provides the proprietary HiTT 3D Visualization borehole management software and directional drilling tooling; Eco Detection supplies real-time water quality monitoring via its Ion-Q platform (acquired/invested in 2024); IACA delivers UK-accredited technical training in Tanzania (invested in 2022); and MSM provides on-site maintenance. Strategic technology partnerships with Epiroc (automated D65 blast hole rigs, deployed at Geita Gold Mine in Tanzania) and Chrysos Corporation underpin the platform.

Capital generates revenue through multi-year, mine-site based contracts priced per drilling metre, scope, and duration, with services sold direct to enterprise mining clients. FY2025 revenue was $345.8 million at the upper end of guided $335-350 million, MSALABS contributed $73.5 million (up 68.2% YoY), Q1 2026 revenue was $101.7 million (up 41.6% YoY), and FY2026 guidance is $410-440 million (over 20% growth), supported by the Barrick Reko Diq copper-gold ramp-up and a cluster of 2026 contract wins including AngloGold Ashanti (five-year deep-hole drilling in Egypt), Robex Gold (three-year drilling in Guinea), and Equinox Gold (five-year commercial laboratory in Newfoundland). The company raised $40 million in Q4 2025 and has maintained a 12-year dividend track record, with average revenue per operating rig reaching $201,000 (up 10.4%) at 70% fleet utilisation.

Name

Capital

Legal name

Capital Drilling Ltd.

Website

https://capdrill.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Capital Limited (LSE: CAPD) is a London-headquartered, Mauritius-incorporated global mining services provider delivering integrated drilling, contract mining, and laboratory services to tier-1 mining companies across 20+ countries via 135+ rigs and 30+ laboratories.

Ownership category

akta.pro rank

Product category

Mining Services

NAICS

Support Activities for Metal Mining (213114), Support Activities for Mining (2131)

SIC

Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

Mine Operations Contracting (Open-Pit & Underground Development, Production, Load/Haul) (IMAKAKAD)

akta.pro secondary industries

Mine Site Support Services (Camp/Catering, Security, Fuel & Lubricants, Water, Waste, Roads) (IMAKAKAE), Blasting & Explosives Services (Drill-and-Blast, Explosives Supply, Shot Services) (IMAKAKAC), Drilling & Rock Excavation Equipment (Rotary/Top-Hammer, Jumbos, Raiseborers) (IMAKANAC)

Keywords

• Exploration drilling services
• Production drilling services
• Mining services contractor
• Geochemical laboratory analysis
• Downhole technologies

Headquarters

HQ city

Ebène

HQ country

Mauritius

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Drilling Services: Exploration and production drilling services including surface, underground, diamond core, reverse circulation, directional, and blast hole drilling. Revenue driven by rig utilisation rates and metres drilled. Fleet of 135+ drill rigs across global operations
2. Mining Services: Load and haul, drill and blast, mine planning and engineering technical services, engineered earthworks, fleet maintenance and management. Reko Diq copper-gold project ramp-up driving growth with full run-rate earnings expected from H2 2026
3. MSALABS Laboratory Services: Geochemical analysis and assay services including PhotonAssay, sample preparation, metallic screening, carbon/sulphur/mercury analysis, trace metal analysis by digestion/ICP. MSALABS delivered annual revenue of $73.5 million in 2025, up 68.2% from 2024
4. Well Force Technologies: Downhole tools and technologies including HiTT software licensing, directional drilling equipment rental, surveying and geophysical logging services

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Capital Limited delivers integrated end-to-end mining services to global exploration and mining companies, covering exploration and production drilling (surface, underground, diamond core, reverse circulation, directional, and blast hole), mining services (drill and blast, load and haul, mine planning), geochemical laboratory analysis through MSALABS, downhole technologies via Well Force, water quality monitoring through Eco Detection, accredited training via IACA, and mine site maintenance through MSM.

Product overview

Capital operates as a unified platform delivering integrated mining services across the entire project lifecycle, from initial exploration through full-scale production. The core Capital brand provides exploration and production drilling, mining services, and operational expertise, while the subsidiary portfolio extends capabilities through specialized divisions: MSALABS handles geochemical laboratory analysis with PhotonAssay technology; Well Force delivers downhole tools and HiTT 3D visualization software for borehole management; Eco Detection provides real-time water quality monitoring via the Ion-Q platform; IACA offers accredited technical training and apprenticeships; and MSM delivers mine site maintenance services. This integrated end-to-end model enables Capital to support clients seamlessly across drilling, mining, laboratory, water monitoring, training, and maintenance services.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Drilling and Mining Services Integrated end-to-end drilling, mining, and technical services for exploration and mining companies, including exploration and production drilling (surface and underground, diamond core, reverse circulation, directional, and blast hole drilling), drill and blast, load and haul, mine planning and engineering, engineered earthworks, and fleet maintenance and management.
• MSALABS Geochemical Laboratory Services Geochemical analysis laboratory services for exploration and mining industries, offering PhotonAssay analysis, sample preparation, metallic screening, carbon/sulphur/mercury analysis, trace metal analysis by digestion/ICP-ES, ultra-trace metal analysis by digestion/ICP-MS, specific gravity testing, and on-site laboratory construction and management.
• Well Force Downhole Tools and Technologies Integrated drilling technologies that capture, visualise, design, and interpret downhole data. Offers HiTT 3D Visualisation Borehole Management Software, directional drilling equipment and management services, surveying and geophysical logging services, and data interpretation services for mining clients.
• Eco Detection Water Quality Monitoring Digital water measurement, reporting and verification (MRV) technology. The Ion-Q platform continuously monitors water quality and transmits laboratory-grade measurements in real time directly from site, eliminating manual sampling and enhancing decision-making and response times for mining operations.
• IACA Accredited Training Services Technical trades training, apprenticeships, and skills assessments for the mining and related industries, including apprenticeship programmes, skills validation, technical tests, and HSE training delivered through Tanzania-based accredited programmes.
• Mine Site Maintenance (MSM) Services Fixed and mobile equipment maintenance services supporting all mining sectors across open cast and underground operations in Africa, including hose and fittings supply, fire suppression systems, lubrication systems, and maintenance services and labour support.

Quantifiable outcome

• TRIFR of 0.57 - industry leading safety performance per million hours worked
• +7 more outcomes

Named customers17 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Mudex Drilling FluidscoreStrategic or Co-development Partner · 17 September 2025Partnership to eliminate plastic packaging for drilling fluids across all Capital sites. Adoption of Enviro Pack Eco Drum and Eco Bucket products made from FSC-certified and recycled cardboard, reducing plastic usage by 95%. Addresses sustainability concern where 70-80% of plastic waste on drill rigs comes from drilling fluid packaging.
• EpiroccoreTechnology or IntegrationStrategic partnership for automated drilling fleet including Epiroc D65 blast hole rigs. Capital is leading global adopter of Epiroc automated drilling technology with digitised fleet deployment at Geita Gold Mine in Tanzania - first implemented by a drilling contractor globally.
• Chrysos CorporationcoreTechnology or IntegrationLicensing and deployment of Chrysos PhotonAssay technology for geochemical analysis at MSALABS laboratories. Capital has installed multiple PhotonAssay units including third unit in Nevada region, enabling rapid and accurate sample analysis.
• Well Force InternationalcoreTechnology or IntegrationWell Force provides HiTT 3D Visualisation Borehole Management Software for directional drilling and borehole trajectory management. Capital uses Well Force technologies across drilling operations for real-time monitoring and optimisation.
• Mari MineralsflagshipStrategic or Co-development PartnerGrowing joint venture partnership in Pakistan for mining services operations, redirecting equipment from demobilised Nevada Gold Mines and Sadiola operations to higher-returning opportunities.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Boart Longyear: Global drilling services and equipment provider with a product line covering exploration and production drilling, as well as drilling tooling manufacturing. Closely comparable to Capital in drill services offering and customer base, with overlapping technologies (downhole tools) and geographic reach across Africa, Americas, and Asia.
• Major Drilling Group International: One of the largest pure-play mineral drilling contractors globally, offering surface and underground core drilling, reverse circulation, and directional services to major mining companies. Directly comparable to Capital's drilling services division in service mix, customer base (tier-1 miners), and contract-driven revenue model.
• DDH1 Limited: Australian drilling services provider offering surface and underground drilling, geotechnical, and grade control services. Comparable to Capital in drilling service mix, customer base (mining companies), and growth trajectory following recent contract wins.
• Geodrill Limited: Africa-focused drilling contractor offering reverse circulation, diamond core, and grade control drilling services to gold and copper explorers. Comparable to Capital's African drilling operations in service mix and customer base, though with smaller scale and narrower geographic scope.
• Perenti Global (Ausdrill/Barminco): Integrated mining services contractor providing drilling (Ausdrill), underground mining (Barminco), and production services to global mining companies. Closely comparable to Capital's combination of drilling and mining services, with similar tier-1 client base and contract structures.
• Macmahon Holdings: Australian mining services contractor providing drill and blast, contract mining, and equipment maintenance to gold, copper, and iron ore miners. Comparable to Capital's mining services division in contract mining model and tier-1 customer base across Africa and Asia-Pacific.
• Orbit Garant Drilling: Canadian-based mineral drilling contractor with underground and surface drilling services across the Americas and West Africa. Comparable to Capital in service offering (exploration and production drilling) and exposure to gold mining customers, with similar contract-driven business model.
• Foraco International: Specialist mineral drilling services contractor offering surface and underground exploration drilling, grade control, and production drilling worldwide. Comparable to Capital's drilling services segment in service mix and exposure to tier-1 mining clients across multiple geographies.

Broad incumbents

• Epiroc AB: Global mining and infrastructure equipment manufacturer (former Atlas Copco division) supplying drilling rigs, rock excavation equipment, and automation solutions to mining customers worldwide. Capital's equipment and technology partner but also a broader incumbent in the mining services equipment ecosystem.
• Sandvik AB: Diversified engineering group with a mining and rock solutions division supplying drilling equipment, tools, and automation to mining operators. Comparable to Capital in serving mining customers with drilling technologies and overlapping with Capital's Well Force downhole technology offering.

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capital-limited
• Xx.com/_CapitalLimited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital