London-listed mining services company Capital has reported record revenue of $101.7-million for the quarter ended March 31 – a 41.6% increase year-on-year and a 9.7% increase quarter-on-quarter.

In a trading update to shareholders, the company notes that drilling and associated revenue for the quarter was $62.8-million, up 8.8% year-on-year and 4.3% quarter-on-quarter.

Mining revenue for the quarter was $18-million, up 2 900% year-on-year and 65.1% quarter-on-quarter.

Additionally, the company reports that revenue for its subsidiary MSALABS for the quarter was $20.9-million, up 54.8% year-on-year but down 3.2% quarter-on-quarter.

“The benefits of the significant momentum generated within the company are now starting to take effect.

“With full run rates expected at both our mining contracts later this year, alongside the start of new drilling contracts and the commissioning of new laboratories, we expect continued revenue growth to achieve the $410-million to $440-million revenue guidance set at our financial year 2025 results,” Capital chairperson Jamie Boyton says.

He adds that, while the recent geopolitical tension has not directly affected any of Capital’s operating sites, it has had to adapt its personnel and supply chain logistics to accommodate disruptions to processes.

The company notes that it was recently awarded a five-year deep hole directional diamond drilling contract at AngloGold Ashanti's Sukari gold mine, in Egypt, as well as a three-year diamond and reverse circulation drilling contract with Robex Gold at its Kiniero gold project in Guinea.

Capital was also awarded a short-term waterbore contract at Resolute Mining's Doropo project in Côte d'Ivoire.

As previously announced, the company was also awarded a five-year grade control drilling contract with Montage Gold at its Koné gold project in Côte d'Ivoire.

CAPITAL MINING

Capital adds that its mining contract at Barrick Mining Corporation’s Reko Diq mine, in Pakistan, is operating as planned, with both fleets having started double shifts.

Barrick management recently announced that the project will remain under active management with a reduced capital spend and a slowing of development activity.

As previously reported in Mining Weekly, Barrick Mining has confirmed it will slow development of the Reko Diq copper/gold project and extend an ongoing review of the asset to mid-2027, citing escalating security risks in the region.

Capital, however, remains a critical contractor on site and says its operations continue to perform as expected.

Further, the company says it restarted waste mining activity at the Sukari gold mine during the quarter under a new contract.

MSALABS

Capital reports that MSALABS’s laboratory utilisation increased to 53% in the first quarter of this year from 40% in the first quarter of last year.

The company explains that its new commercial laboratory in Newfoundland, in Canada, which is underpinned by a five-year contract with Equinox Gold’s Valentine’s gold mine and equipped with a Chrysos PhotonAssay unit, has started to receive samples.

Capital says construction is currently under way at its two new laboratories in Côte d'Ivoire – an on-site laboratory at Montage Gold's Koné project and the company’s second in-country commercial laboratory.

The company was also awarded a five-year laboratory services contract at United Gold's Amulsar gold mine in Armenia.

CAPITAL INVESTMENTS

Moreover, Capital says the total value of investments (listed and unlisted) was $94.6-million as at March 31, down from $97.5-million as at December 31, 2025, with the portfolio recording investment unrealised losses (net of realised gains) of $3.2-million in the first quarter of this year.

The company says the portfolio continues to be focused on a select few key holdings, namely WIA Gold, Asara Resources and Apollo Minerals.