H1 2026 Results (Unaudited)

Capital Limited (LSE: CAPD), a leading mining services company, today provides its results (unaudited) for the half-year period 1 January to 30 June 2026 (the "Period").

All amounts are in US dollars unless otherwise stated

(1) Non-IFRS financial measures 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 34-37 of this results announcement. (2) Adjusted EBITDA is calculated as EBITDA less cash cost of IFRS 16 leases and exceptional items. (3) Operational NPAT is calculated as NPAT less effects from investments and exceptional items. (4) Adjusted Cash from Operations is calculated as cash generated from operations less cash cost of IFRS 16 leases. (5) Capital expenditure (Capex) consists of purchases of PPE for cash, prepayments for PPE and PPE financed by OEM. (6) Net Debt excludes ROU liabilities and unamortised debt arrangement costs. (7) Investment portfolio excludes Capital Innovation investments of $2.3 million (H1 2025: nil).

Commenting on the interim results, Jamie Boyton, Executive Chair, said:

"Capital delivered a strong first half performance, with revenue increasing 37.6% year-on-year to $219.0 million, and Adjusted EBITDA increasing 70.4% to $54.7 million. This performance was underpinned by improved drilling contract productivity, continued momentum from MSALABS and solid execution across our mining services contracts.

On the back of a strong H1, we are pleased to announce an increase in our 2026 Group revenue guidance to $430 - $450 million (from $410 - $440 million).

We secured several important, long-term contract awards across drilling and laboratory services, including a new long-term contract with Maaden. At the same time, we discontinued drilling operations at Sadiola and Nevada Gold Mines, reallocating capital and equipment to markets where we see stronger demand and better long-term returns.

Our mining contracts at Reko Diq and Sukari continue to perform well. While recent commentary from Barrick noted a slowdown in capital expenditure at Reko Diq, Capital remains a well-established key contractor at the project and will continue to support its development going forward.

MSALABS continues to build on its momentum, with commissioning of new laboratories, increasing utilisation and improving margins. Its growing geographic footprint, customer and commodity diversification continue to broaden the Group's service offering.

We remain confident in the Group's outlook as we mobilise into several new contracts, with robust industry demand and attractive growth opportunities present across all divisions. We are pleased to declare an interim dividend of 1.3 cents per share, reflecting our continued focus on delivering value to shareholders."

Financial Overview

• H1 2026 revenue of $219.0 million, up 37.6% on H1 2025 ($159.2 million);
• H1 2026 Adjusted EBITDA of $54.7 million, an increase of 70.4% on H1 2025 ($32.1 million) with H1 2026 Adjusted EBITDA Margin of 25.0% (H1 2025: 20.2%);
• H1 2026 Operational NPAT of $15.5 million, an increase of 638.1% on H1 2025 ($2.1 million);
• H1 2026 Adjusted Cash from Operations of $41.4 million, a 24.3% decrease on H1 2025 ($54.7 million) partly driven by an unfavourable working capital position at the end of the period, some of which is expected to normalise in H2 2026;
• H1 2026 Capex of $24.1 million (H1 2025: $20.4 million) including prepayments and assets financed by OEM;
• Net debt at H1 2026 of $43.3 million decreased 21.8% on H1 2025 ($55.4 million), predominantly as a result of higher Adjusted EBITDA, offset by unfavourable working capital movements and net purchases in the investment portfolio; and
• Declared an interim dividend of 1.3 cents per share, to be paid on 5 October 2026 to shareholders registered on 28 August 2026.

Operational Review

• Safety performance remains strong with a Total Recordable Injury Frequency Rate ("TRIFR") of 1.2 per 1,000,000 hours worked in H1 2026 (H1 2025: 0.8).

Capital Drilling

• Total rig count decreased to 131 by the end of H1 2026 (FY 2025: 137), as rigs were decommissioned as part of the withdrawal from NGM and Sadiola;
• H1 2026 average rig utilisation was 71%, down from 74% in H1 2025. The decrease during the half was driven by rigs in transit, including redeployments from NGM and Sadiola, as well as rig movements around several short-term exploration contracts;
• Average monthly revenue per operating rig ("ARPOR") was $210,000 in H1 2026, up 10.5% on H1 2025 ($190,000), reflecting portfolio optimisation initiatives despite several rig redeployments during the period;
• New contract win
• Awarded an 8-rig diamond drilling contract with Maaden for 2 years, with a 1-year extension option, across several of its exploration projects in Saudi Arabia, marking Capital's second contract in Saudi Arabia and the first direct contract with Maaden.
• Contract wins during H1 2026 (previously announced)
• Awarded a 5-year grade control drilling contract with Montage Gold at its Koné Gold Project in Côte d'Ivoire, which commenced in Q2 2026;
• Awarded a 5-year deep hole directional diamond drilling contract at AngloGold Ashanti's Sukari Gold Mine in Egypt, which commenced in Q2 2026;
• Awarded a 3-year diamond and reverse circulation drilling contract with PDI Gold at its Kiniero Gold Project in Guinea, which commenced in Q2 2026;
• Awarded exploration drilling services contracts with Skylark Minerals and Santa Fe Minerals, and a short-term waterbore contract with Resolute Mining in Côte d'Ivoire.
• Discontinued drilling operations: During H1 2026, the Group exited drilling operations at Sadiola (Mali) and Nevada Gold Mines (USA), reallocating equipment and management resources to higher-return opportunities across its existing operations. Assets from Sadiola are being redeployed to support the recently commenced PDI Gold contract in Guinea, while selected Nevada assets are being reallocated within the business or sold.

*Unaudited numbers

1 Average across the period

2 Average revenue per month per operating rig

Capital Mining

• Our operations at Reko Diq continue to perform well and in line with the contract;
• Capital remains a well-established key contractor at the site and continues to support the project development;
• Capital was awarded a waste stripping cutback services contract at Sukari Gold Mine, operated by AngloGold Ashanti;
• This contract is utilising a mix of existing fleet and newly purchased trucks and additional ancillary equipment;
• The contract has outperformed since it commenced in Q1 2026, with additional equipment en-route to site and expected to be commissioned in Q3 2026.

MSALABS

• Laboratory utilisation increased to 54% in H1 2026 from 45% in H1 2025;
• Adjusted EBITDA Margin for MSALABS division increased to 16.6% in H1 2026 from 4.8% in H1 2025;
• Number of laboratories increased to 33 as at 30 June 2026 from 28 as at 31 December 2025. Note that this does not include franchise laboratories;
• MSALABS possesses the largest international network of Chrysos PhotonAssayTM technology with 15 units as at 30 June 2026, up from 14 units as at 31 December 2025;
• Updates
• Awarded a 5-year laboratory services contract with Tungsten West at its Hemerdon Mine in the United Kingdom;
• MSALABS and Mari Minerals, a subsidiary of Mari Energies Limited (PSX:MARI), have incorporated a joint venture to deliver assaying services to support in-country exploration in Pakistan, with Mari Minerals being the cornerstone customer. Construction of the Phase 1 laboratory is expected to commence in Q3 2026 and be operational by the end of the year;
• Commissioning is expected in Q3 2026 at a new commercial laboratory in Korhogo in Côte d'Ivoire, an on-site laboratory at Montage Gold's Koné Gold Project in Côte d'Ivoire and an on-site laboratory at United Gold's Amulsar Gold Mine in Armenia, with all laboratories expected to be contributing to Group revenue in Q4 2026.
• New contract wins (previously announced)
• MSALABS was awarded a 5-year commercial laboratory services contract with Equinox Gold's Valentine Project in Newfoundland, Canada. This contract underpinned the construction of a new commercial laboratory in Newfoundland, which was commissioned in Q2 2026, utilising PhotonAssayTM technology, as well as providing sample preparation and multi-element analysis; and
• Awarded a 5-year laboratory services contract at United Gold's Amulsar Gold Mine in Armenia.

Capital Investments

• The total value of investments (listed and unlisted) was $116.5 million as at 30 June 2026, up from $97.5 million as at 31 December 2025, with the increase driven by:
• Investment gains (realised and unrealised) of $7.0 million and dividend income of $0.2 million in H1 2026, achieving a 7.4% return. Over the same period, the VanEck Junior Gold Miners UCITS ETF decreased by 14.1%; and
• Net investment purchases of $11.8 million, of which the majority related to the equity raises of WIA Gold and Asara Resources during Q2 2026;
• The portfolio continues to be focused on a select few key holdings, namely WIA Gold, Asara Resources and Apollo Minerals.

Outlook

• Group revenue guidance for 2026 is raised to $430 - $450 million (up from $410 - $440 million as previously guided at our FY 2025 results), reflecting the diversification of the Group and the strong demand environment. MSALABS revenue guidance is reiterated at $85 - $95 million. Capex guidance is reiterated at $55 - $65 million with spend weighted towards H2;
• We remain focused on operational execution across the Group, including mobilising major new contract awards, completing key project transitions, commissioning new facilities and improving utilisation across our existing footprint.
• Across our markets, industry activity remains robust, providing a supportive backdrop for organic growth, new commercial opportunities and future contract awards.

2026 Interim Dividend Timetable

• Ex-Dividend Date: 27 August 2026
• Record Date: 28 August 2026
• Last Date for Currency Elections: 1 September 2026
• Payment Date: 5 October 2026

Dividend Currency Elections

The interim dividend will be paid on 5 October 2026, 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 1 September 2026 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 28 August 2026 and the rate applied will be published on the website thereafter.

Capital Limited will host a live presentation on the Group's H1 2026 Results via the London Stock Exchange's SparkLive platform on 20 August 2026 at 9:00am BST.

The presentation is open to all existing and prospective shareholders and analysts. Questions may be submitted via the SparkLive page using the 'Ask a Question' button before or during the live presentation.

To access the webcast, please register in advance via the link below:

If you are unable to access the page by clicking the link above, paste the link below into your browser:

A copy of the Company's presentation will be available on www.capdrill.com.

INDEPENDENT REVIEW REPORT TO CAPITAL LIMITED

Conclusion

We have been engaged by Capital Limited (the 'Company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following:

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

The related explanatory notes

Basis for conclusion

Conclusions relating to going concern

Responsibilities of directors

INDEPENDENT REVIEW REPORT TO CAPITAL LIMITED

Auditor's responsibilities for the review of the financial information

Use of our report

BDO LLP

Chartered Accountants

London, UK

Date

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2026

Unaudited

Six months ended

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

1The opening balance was restated for the prior period error noted in the 2025 financial statements. See note 38 in the 2025 financial statements for details of the prior year restatement.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2026

Preparation of the condensed consolidated interim financial statements

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 2026 (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 2025 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. 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.

Accounting policies

The Interim Financial Statements have been prepared on a going concern basis under the historical cost convention, except for certain financial instruments that are measured at fair value.

All accounting policies, presentation and methods of computation which have been followed in these Interim Financial Statements were applied in the preparation of the Group's financial statements for the year ended 31 December 2025. No new standards or amendments have been issued that are relevant to the Group.

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.

Going concern

As at 30 June 2026, the Group had a robust balance sheet with a modest debt gearing with equity of US$408.8 million and loans and borrowings of US$91.4 million. Cash as at 30 June 2026 was US$48.1 million, with net debt of US$43.3 million. Investments in listed entities at the end of June 2026 amounted to US$116.5 million which provided additional flexibility as these investments could be converted into cash.

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. The Group achieved strong revenues and margins during the half, contributing to a positive outlook for the remainder of the year and beyond.

Commercially, the Group continues to secure and extend long term mining contracts with high-quality customers, including the latest significant contract awards with Fortescue at its Belinga Iron Ore Project in Gabon and a multi-site exploration drilling contract with Maaden in Saudi Arabia.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Going concern (cont'd)

In determining the going concern status of the business, the Board has reviewed the Group's forecasts for the 18 months to December 2027, 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 47% during the period of assessment for going concern to breach the covenant test.

Given the strong market demand from existing high-quality clients, majority of revenue earned from mine-site customers, a healthy tendering pipeline, increased customer base and limited contract expiries during the year, management considers 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 deferral) 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 2027. 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.

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. The Group's corporate headquarters are in the United Kingdom and it has established operations in Armenia, Canada, Côte d'Ivoire, Democratic Republic of Congo, Egypt, Gabon, Guinea, Guyana, Kenya, Mauritania, Namibia, Pakistan, Saudi Arabia, Tanzania, United Kingdom, United States of America and Zambia.

The preparation of both annual and interim financial statements usually requires the use of estimates and judgements. There have been no changes to the estimates and judgements used in these interim financial statements to those used in the 2025 annual financial statements.

Six months ended

Capital Limited is incorporated in Bermuda and tax resident in the United Kingdom and the Group operates in multiple countries with complex legal and tax regulatory environments. Taxation is calculated in accordance with local legislation and the prevailing tax rates.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

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.

Basic Earnings per share:

The profit and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

# For the purposes of calculating diluted earnings per share, 6,109,506 share options were included as being dilutive as the relevant vesting metrics were met at 30 June 2026. In the period ended 30 June 2025, no share options were deemed to be dilutive as the vesting metrics were not met at the period end.

During the six months ended 30 June 2026, a dividend of 1.3 cents per ordinary share was declared on 19 March 2026, totalling US$ 2,938,526 (six months ended 30 June 2025: 1.3 cents per ordinary share, totalling US$ 2,557,939 ) and paid on 12 May 2026.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Property, plant and equipment

CAPITAL LIMITED Notes to the Condensed Consolidated Interim Financial Statements (cont'd)

For the six months ended 30 June 2026

Property, plant and equipment (continued)

Bank borrowings are secured on the Group's drilling and mining fleet - see Note 13.

The Group's property plant and equipment includes assets not yet commissioned totalling US$28.6 million (2025: US$30.5 million). The assets will be depreciated once commissioned and available for use.

During the six months ended 30 June 2026, the Group acquired US$27.1 million worth of property, plant and equipment (HY 2025: US$16.6 million). Out of the US$27.1 million additions, US$6.4 million (2025: US$4.1 million) was acquired through supplier credit agreements and US$1.4 million is unpaid in trade payables. Additions in the cash flow statements, US$3.5 million, consist of cash paid for property, plant and equipment during the period. Prepayments for fixed assets in the cash flow statements, US$14.2 million, consist of cash paid in advance for property, plant and equipment during the period

The Group disposed of property, plant and equipment with a net carrying amount of US$2.7 million (2025: US$1.2 million) during the period. A loss of US$1.1 million (2025: US$0.2 million) was incurred on the disposal of property, plant and equipment.

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. At 30 June 2026, an impairment charge of US$1.0 million was recognised against certain drilling assets following an assessment of their recoverable value.

Leases (Group as lessee)

Details pertaining to leasing arrangements, where the Group is lessee are presented below:

The weighted average incremental borrowing rate applied to lease liabilities during the period was 11% (2025: 11%).

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

As at

Movements in the impairment allowance for trade receivables are as follows:

Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry rights to dividends.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Below is a summary of the movement in non-controlling interest during the period:

MSALABS Ltd is an 91.3% (2025: 91.2%) owned subsidiary of the Group. CMS (Tanzania) Ltd is an 89.8% (80% direct, 9.8% indirect) owned subsidiary of the Company.

As at 30 June 2026 31 December 2025 US$'000 US$'000 Bank loans 60,802 59,835 Supplier credit facilities 27,131 31,805 Vendor financed mortgage 3,464 3,511 91,397 95,151 Less: Unamortised debt arrangement costs (891) (335) Total loans and borrowings 90,506 94,816 Current 20,726 18,541 Non-current 69,780 76,275 Total loans and borrowings 90,506 94,816 At the reporting date, the Group's loans and borrowings total US$91.4 million (2025: US$95.2 million), offset by unamortised debt costs of US$0.9 million (2025: US$0.3 million). US$0.4 million (2025:US$ 0.3 million) of the debt costs have been classified as current and US$0.5 million (2025:US$ Nil) as non-current. 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. CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D) For the six months ended 30 June 2026

Loans and borrowings consist of:

• US$75 million Facilities Agreement provided by The Standard Bank of South Africa Limited and Nedbank Limited

On 5 March 2026, the Company entered into a facilities agreement as borrower with Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division) and Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) as lenders and arrangers, with Nedbank acting as agent and security agent. The agreement represented a restructuring of an existing facility and resulted in a US$37.5 million revolving credit facility ("RCF") and a US$37.5 million term loan. The amount utilised on the term loan was US$35.2 million as at 30 June 2026 (June 2025: US$ nil). The term loan amortises over four years, payable in quarterly instalments and matures in March 2030. The term loan has an interest rate of Secured Overnight Financing Rate (SOFR, payable in arrears) plus a margin of 4.85%. The amount utilised on the RCF was US$25.0 million as at 30 June 2026 (June 2025: US$65.0 million). The RCF matures in March 2029 with an interest rate of SOFR plus a margin of 5.10%, and an annual commitment fee of 1.53% per annum is charged on any undrawn balances.

Under the terms of the term loan and RCF, the group is required to comply with certain financial covenants relating to:

• Interest coverage
• Gross debt to EBITDA ratio
• Debt to equity ratio
• Debt service coverage ratio

Security for the facilities agreement comprises of 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, USA, Pakistan and Tanzania.

As at the reporting date and during the period under review, the Group has complied with all covenants attached to the loan facilities.

• US$40.5 million term loan provided by Macquarie Bank Limited (London Branch)

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 four 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 2026, the amount outstanding on the term loan was US$0.3 million (2025: US$0.7 million). During the period under review, the Group has complied with all covenants (same as term loan and RCF) attached to the term loan.

Epiroc Financial Solutions AB credit agreements

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 2026, the total drawn under these credit agreements was US$19.0 million (2025: US$20.9 million). No covenants are attached to this facility.

• US$18.5 million term loan facility with Sandvik Financial Services AB (PUBL)

The Group has a 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 2026 the balance outstanding was US$0.2 million (2025: US$0.9 million) and the facility is no longer available to be drawn. Additionally, the Group entered into a further US$10.0 million facility agreement on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%. As at 30 June 2026, the balance outstanding was US$6.6 million (2025: US$ 7.4 million). The balance amortises over four-years from the date of draw down of each tranche.

No covenants are attached to these facilities.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

US$5.0 million facility with Caterpillar Financial Services

The Group entered into a US$5 million facility agreement with Caterpillar Financial Services Corporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus a margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments. All repayments can be subsequently redrawn. As at 30 June 2026, the balance outstanding was US$ Nil (2025: US$ 0.4 million). During the period under review, the Group has complied with all covenants (same as term loan and RCF) attached to the facility.

US$3.7 million Mortgage with Byington Family Trust

The Group entered into a US$3.7 million 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 2026, the balance outstanding was US$3.5 million (2025: US$ 3.5 million). No covenants are attached to this facility. (g) US$1.6 million Business Loan Facility Agreement with Northrim Bank The Group entered into a US$1.6 million 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 2026, the balance outstanding was US$1.2 million (2025: US$ 1.4 million). During the period under review, the Group has complied with all covenants (same as term loan and RCF) attached to the facility.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Operating segments are identified on the basis of internal management reports regarding components of the Group. These are regularly reviewed by the Chair 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 has been aggregated into the principal regions of operations of the Group. The Group's reportable segments under IFRS 8 are therefore:

Information regarding the Group's operating segments is reported below. At 30 June 2026, management reviewed the composition of the Group's operating segments and the allocations of operations to the reportable segments.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Segment revenue and results:

The following is an analysis of the Group's revenue and results by reportable segment:

The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 1. Segment profit/(loss) represents the profit/(loss) earned by each segment without allocation of central administration costs, depreciation, interest income, share of losses from associate, finance charges and income tax. This is the measure reported to the Chair for the purpose of resource allocation and assessment of segment performance.

The following customers from the Africa segment contributed 10% or more to the Group's revenue:

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

For the purposes of monitoring segmental performance and allocating resources between segments, the Chair monitors the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments with the exception of property, plant and equipment used by the head office companies, certain amounts included in other receivables, and cash and cash equivalents held by the head office companies.

* Eliminations include intra-group accounts receivable, intra-group accounts payable and intra-group investments.

Other segment information:

Six months ended

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Financial instruments that are measured in the consolidated statement of financial position or disclosed at fair value require disclosure of fair value measurements by level based on the following fair value measurement hierarchy:

The reconciliation of the investment valuation movement is as follows:

During the six-month period ended June 2026 a level 3 investment was listed on a public exchange and consequently was reclassified to level 1. During the year ended 31 December 2025 a level 1 investment delisted and consequently was reclassified to level 3.

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D)

For the six months ended 30 June 2026

Level 1 shares

Market approach - Listed share price.

The Company's interests in various listed shares are valued at the 30 June 2026 closing prices. No secondary valuation methodologies have been considered as all the Company's investments are listed on active markets.

Level 3 shares

The Group's investments held at Level 3 are valued either on a net asset approach or cost approach.

Net asset approach

Management applied a net asset valuation methodology at 30 June 2026 for certain unlisted investments based on the Group's share ownership percentage of the unlisted company's net asset value. The unlisted company publishes some of its significant net asset value information and management then derives the investment at fair value attributable to the Group.

Cost approach

Management holds all other unlisted investments at cost where this represents the best estimate of fair value.

Level 3 derivative financial assets

The Group's derivative financial assets consist of call options to acquire additional shares in a non-listed entity.

In H1 2024 the Group completed a US$6.6 million strategic investment in Eco Detection Pty Ltd., acquiring a 22% ownership stake in the company. Further investments in the subsequent two years have taken the ownership stake to 26%. Eco Detection Pty Ltd. is incorporated in Australia and its principal activity is the development of water analysis technology for use in remote operations, critical infrastructure and general water chemical analysis produces analysis systems for monitoring water quality. This investment has been accounted for in accordance with IAS 28, as an investment in associate rather than as an investment at fair value.

CAPITAL LIMITED STATEMENT OF DIRECTORS' RESPONSIBILITY

For the six months ended 30 June 2026

The directors are responsible for the maintenance of adequate accounting records and the preparation and integrity of the condensed consolidated interim financial statements and related information. The directors are also responsible for the Group's systems of internal financial control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately safeguard, verify and maintain accountability for the Group's assets, and to prevent and detect misstatement and loss. Nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the six months under review.

We confirm that to the best of our knowledge:

The condensed consolidated interim financial statements have been prepared on the going concern basis since the directors believe that the Group has adequate resources in place to continue in operation for the foreseeable future. The condensed consolidated interim financial statements were approved by the board of directors on xx August 2026.

ON BEHALF OF THE DIRECTORS

Jamie Boyton

Executive Chairman

CAPITAL LIMITED

Principal and Emerging Risks and Uncertainties

Risk is inherent in our business and can manifest in many forms. Capital is committed to effective risk management to best achieve its business objectives.

The identification, management and reporting of risk uses formal risk management processes to improve decision-making and minimise the impact of an event occurring that may influence our corporate strategy, as well as operational and project activities.

By understanding and managing risk, we believe we provide greater certainty and confidence for our shareholders, employees, customers, suppliers, and for the communities in which we operate.

Our risk management approach includes:

• Establishing a standard approach to the management of risk and to the acceptable levels of risk throughout the business.
• Establishing a consistent process and methodology for identifying, assessing, and ranking risks in conducting our business activities.
• Ensuring compliance with applicable laws, regulations and governance standards in all areas of our operations.
• Regularly monitoring our major areas of risk exposure and setting requirements for our personnel to proactively identify risk.
• Responsibility and accountability for risk management is allocated at all levels of the organisation, from frontline employees up to the Board level.

Our top ranked risks are listed below and are those risks that are assessed as having a residual risk rating of high or above within Capital's ERM Framework.

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

The Group presents various Alternative Performance Measures (APMs) as management believes that these are useful for users of the financial statements in helping to provide a balanced view of, and relevant information on, the Group's financial performance in the period. The following terms and alternative performance measures are used in the half year results release for the six months ended 30 June 2025.

Reconciliation of alternative performance measures to the financial statements:

Six months ended

ARPOR can be reconciled from the financial statements as per the below:

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

EBITDA can be reconciled from the financial statements as per the below:

Operational NPAT and Adjusted EBITDA can be reconciled from the financial statements as per the below:

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

Operational Basic EPS can be reconciled as per below:

Adjusted Cash from operations can be reconciled from the financial statements as per the below

Net debt can be reconciled from the financial statements as per the below:

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

EBITDA

EBITDA represents profit or loss for the period before interest, income taxes, depreciation & amortisation, fair value gain or loss on financial assets through profit or loss and exceptional items. EBITDA is a non-IFRS financial measure that is used as supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. This non-IFRS financial measure will assist our management and investors by increasing the comparability of our performance from period to period. We believe that including EBITDA assists our management and investors in: - i. understanding and analysing the results of our operating and business performance, and ii. monitoring our ongoing financial and operational strength in assessing whether to continue to hold our shares. This is achieved by excluding the potentially disparate effects between periods of depreciation and amortisation, income (loss) from associate, interest income, finance charges, fair value adjustment on financial assets at fair value through profit and loss and realised gain (loss) on fair value through profit and loss investments, which may significantly affect comparability of results of operations between periods. EBITDA has limitations as analytical tools and should not be considered as alternatives to, or as substitutes for, or superior to, profit or loss for the period or any other measure of financial performance presented in accordance with IFRS. Further other companies in our industry may calculate these measures differently from how we do, limiting their usefulness as a comparative measure. Adjusted EBITDA Adjusted EBITDA represents profit or loss for the year before interest, income taxes, depreciation & amortisation, fair value adjustments on financial assets at fair value through profit and loss and realised gain (loss) on fair value through profit and loss investments and net of cash cost of the IFRS 16 leases. Adjusted Cash from Operations Adjusted cash from operations is a non-GAAP measured defined as cash generated from operations less cash cost of IFRS 16 leases. Management believes this measure represents the operational performance of the Group as well as the effect of leases as one of the key operating components of the Group's business.

Net debt

Net debt is a non-IFRS measure that is defined as cash and cash equivalents less short term and long-term debt (excluding unamortised debt arrangement costs and IFRS 16 liabilities). Management believes that net debt is a useful indicator of the Group's indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking account of cash and cash equivalents within the Group's business that could be utilised to pay down the outstanding borrowings. Management believes that net debt can assist securities analysts, investors and other parties to evaluate the Group. Net debt and similar measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. Accordingly, caution is required in comparing net debt as reported by the Group to net debt of other companies.

Average revenue per operating rig

ARPOR is a non-financial measure defined as the monthly average drilling specific revenue for the period divided by the monthly average active operating rigs. Drilling specific revenue excludes revenue generated from shot crew, a blast hole service that does not require a rig to perform but forms part of drilling. Management uses this indicator to assess the operational performance across the board on a period-by-period basis even if there is an increase or decrease in rig utilisation.