Capital Limited Reports Q3 2026 Results With 131 Drilling Rigs Across Africa and Middle East

Capital Limited reported third-quarter 2026 results on a trading call, with Executive Chairman Jamie Boyton describing a platform of three operating businesses and 131 drilling rigs at the end of September. Seeking Alpha published the call transcript on October 31, 2026.

Capital's Three Businesses and 131 Rigs

Capital is an integrated service provider to exploration and mining companies across Africa, the Middle East, North America and, most recently, Australia, Boyton said. The platform holds three operating businesses: the drilling business, Capital Mining and MSALABS. On a revenue split basis, drilling accounts for about 60%, mining about 20% and labs about 20%, he said.

The drilling business had 131 rigs at the end of September, making it the largest in Africa and the Middle East and number five globally, according to Boyton. It provides a full range of drilling services from early-stage exploration through to production and underground drilling, with most of the business in underground delineation, blast hole and grade control drilling and mine site drilling services. Capital Mining is a niche provider of earthmoving services and was operating two contracts, Boyton said.

"We are an integrated service provider to exploration and mining companies across Africa, Middle East, North America and as we'll go into today, most recently, Australia," Boyton said.

Capital's Contract Wins and Laboratory Expansion

Capital won a cluster of new multi-year contracts in the first quarter of 2026, according to akta.pro company records. These included a five-year deep-hole drilling deal with AngloGold Ashanti in Egypt, a three-year contract with Robex Gold in Guinea and a five-year commercial laboratory contract with Equinox Gold in Newfoundland, Canada. The same records show full-year 2026 revenue guidance of $410-440 million, representing over 20% revenue growth from 2025, and record first-quarter 2026 revenue of $101.7 million, up 41.6% year-on-year.

Capital's Path to the Q3 Update

Capital reported record quarterly revenue of $117.3 million for the second quarter, contributing to first-half revenue of $219 million, a 37.6% year-on-year increase, Mining Weekly reported in July 2026. In October 2026, Capital raised its 2026 revenue forecast to $435-455 million following its acquisition of Australian drilling firm Metres Down Under for up to $16 million, Investing.com reported. Capital also appointed Tim Donnelly as chief operating officer, TradingView reported.

Capital's Metres Down Under Closing

Metres Down Under's revenue will be included from September, Investing.com reported. Capital's own site carries its announcements.