Capital Limited (CAPD): Reko Diq mining ramp-up

This situation live

CAPD Capital Limited

£275m · 117.5p · −4% since the first step

20 Jan 2026 · TSF fleet mobilised, commissioning underway · +0% until the next step The entire TSF fleet has been mobilised on-site with commissioning activities underway and full run-rate expected from H2 2026; and

19 Mar 2026 · Civils at double shift; TSF fleet commissioning · +5% until the next step Tailings storage facility ("TSF") services fleet mobilised on-site with commissioning underway. Full run-rate expected from H2 2026.

21 Apr 2026 · Both fleets double shifting; Barrick slowing development · −15% until the next step Our Reko Diq mining contract is operating as planned with both fleets having now commenced double shifting.

16 Jul 2026 · Slowed development; Capital's site position unchanged · +11% until the next step To date, there has been no change to Capital's operating position at site;

20 Aug 2026 · Slowed by Barrick; Capital supporting · +2% until the next step Our operations at Reko Diq continue to perform well and in line with the contract;

15 Oct 2026 · Performing in line with contract; Barrick review continues · −4% since Our operations at both Reko Diq and Sukari continue to perform in line with their respective contracts;

Project milestones

Reko Diq mining ramp-up

Performing in line with contract; Barrick review continues

Next: Additional equipment arrives at Reko Diq in Q4 2026

Every step · 6

20 Jan 2026 TSF fleet mobilised, commissioning underway – The entire TSF fleet has been mobilised on-site with commissioning activities underway and full run-rate expected from H2 2026; and ↗
19 Mar 2026 Civils at double shift; TSF fleet commissioning – Tailings storage facility ("TSF") services fleet mobilised on-site with commissioning underway. Full run-rate expected from H2 2026. ↗
21 Apr 2026 Both fleets double shifting; Barrick slowing development – Our Reko Diq mining contract is operating as planned with both fleets having now commenced double shifting. ↗
16 Jul 2026 Slowed development; Capital's site position unchanged – To date, there has been no change to Capital's operating position at site; ↗
20 Aug 2026 Slowed by Barrick; Capital supporting – Our operations at Reko Diq continue to perform well and in line with the contract; ↗
15 Oct 2026 Performing in line with contract; Barrick review continues – Our operations at both Reko Diq and Sukari continue to perform in line with their respective contracts; ↗

What is happening

Capital Limited: Reko Diq mining ramp-up – Performing in line with contract; Barrick review continues. ['Performing in line with contract; Barrick review continues']

In short: Reko Diq mining began with both fleets double shifting, but Barrick slowed development from January 2026 and on 2 April 2026 said it will review the project until mid-2027. On 20 Aug 2026 Capital said operations were in line with contract. The 15 Oct Q3 update repeats this and says more equipment is en route, due in Q4.
Announced: 20 Jan 2026 · TSF fleet mobilised, commissioning underway
Latest: 15 Oct 2026 · Performing in line with contract; Barrick review continues
Barrick action: Slowed development; review to mid-2027; reduced capital spend (2 April 2026)
Capital position: Operations in line with contract; key contractor supporting development
Next milestone: Additional equipment en route to Reko Diq, expected Q4 2026

What comes next

Additional equipment arrives at Reko Diq in Q4 2026.

From the company's own announcements. Not investment advice.

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