London-listed mining services group Capital has raised its full-year revenue guidance to between $430-million and $450-million, from the previous guidance of $410-million to $440-million, after a strong performance in the six months to June 30.

The increased revenue guidance reflects the diversification of the group and the strong demand environment, the group notes in an update to shareholders.

“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 [in Mali] and Nevada Gold Mines (NGM) [in the US], reallocating capital and equipment to markets where we see stronger demand and better long-term returns,” Capital chairperson Jamie Boyton comments.

Capital states that, across its markets, industry activity remains robust, providing a supportive backdrop for organic growth, new commercial opportunities and future contract awards.

“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,” Boyton says.

Capital reiterates the revenue guidance for its MSALABS assay services provider subsidiary at between $85-million and $95-million for the full-year to December 31.

The group’s capital expenditure (capex) is also maintained at $55-million to $65-million, with spend weighted towards the second half of the year.

Reflecting on the group’s performance for the first six months of this year, Boyton points out that revenue had increased by 37.6% year-on-year to $219-million, while adjusted earnings before interest, taxes, depreciation and amortisation increased by 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,” he notes.

He adds that Capital’s mining contracts at Barrick Mining Corporation’s Reko Diq project, in Pakistan, and at AngloGold Ashanti’s Sukari mine, in Egypt, continue to perform well.

“While recent commentary from Barrick noted a slowdown in capex 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, and customer and commodity diversification continue to broaden the group's service offering,” he points out.

Capital declared an interim dividend of $0.013 a share.

CAPITAL DRILLING
During the first half of this year, Capital announced a number of new contracts secured by its Capital Drilling business, including a five-year grade control drilling contract at Montage Gold’s Koné project, in Côte d’Ivoire; a five-year deep hole directional diamond drilling contract at AngloGold’s Sukari mine; and a three-year diamond and reverse circulation drilling contract at PDI Gold’s Kiniero project, in Guinea.

It also entered into exploration drilling services contracts with Skylark Minerals and Santa Fe Minerals, and a short-term waterbore contract with Resolute Mining in Côte d'Ivoire.

Subsequent to the end of the six-month period to June 30, Capital Drilling was also awarded an eight-rig diamond drilling contract with Maaden for two years, with a one-year extension option, across several of its exploration projects in Saudi Arabia.

This marks Capital's second contract in Saudi Arabia and the first direct contract with Maaden.

MSALABS
By June 30, MSALABS had increased the number of laboratories to 33, from 28 as at December 31, 2025. Laboratory utilisation increased to 54% in the first half of this year, compared with 45% in the first half of 2025.

MSALABS also has the largest international network of Chrysos PhotonAssay technology, with 15 units as at June 30, compared with 14 units as at December 31, 2025.

During the six months to June 30, Capital announced, MSALABS had been awarded a five-year commercial laboratory services contract with Equinox Gold's Valentine project in Newfoundland, Canada.

Capital states that the contract underpinned the construction of a new commercial laboratory in Newfoundland, which was commissioned in the second quarter of this year. The laboratory uses PhotonAssay technology, as well as providing sample preparation and multi-element analysis.

Further, MSALABS has also been awarded a five-year laboratory services contract at United Gold's Amulsar mine, in Armenia.

Subsequent to June 30, the subsidiary has been awarded a five-year laboratory services contract with Tungsten West at its Hemerdon mine, in the UK.

Further, MSALABS and Mari Minerals, a subsidiary of ASX-listed Mari Energies, have established 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 start in the third quarter and to be operational by the end of the year.

In addition, MSALABS is commissioning a new commercial laboratory in Korhogo, in Côte d'Ivoire, as well as on-site laboratories at the Koné gold project, in Côte d'Ivoire, and at the Amulsar mine, in Armenia, with all laboratories expected to be contributing to group revenue in the fourth quarter of this year.