Capital Share Discussion Threads

[gleach23] 12/6/2025 12:57:02

Hi rivaldo...if you mean the AGM presentation, the TU element is only 10 mins and yes I would expect a bullish update on the back of it.

[rivaldo] 12/6/2025 11:30:39

Must make time to watch the presentation - sounds like the next update could be pretty bullish.

WIA Gold is now up to A$0.26 after more good drilling results with "high grade mineralisation". This is part of an "accelerated drilling programme" using four rigs.

The WIA investment is now worth £30.4m at current exchange rates.

Smaller investments Sanu and Apollo have fallen somewhat, but also worth noting that Asara has risen around new recent highs to A$0.56, so is worth a further £4m now.

[phillis] 10/6/2025 10:51:29

Watched the vid
Boynton appears to have called the turn in fortunes

[davebowler] 08/6/2025 07:24:23

WIA Gold was at .25 Oz Dollar, I see on Friday.

[rivaldo] 28/5/2025 13:44:26

RNS - Premier Miton have bought (on a quick calculation) just over another 500,000 shares to go above 5%, with 10.255m shares:

[gleach23] 23/5/2025 21:38:45

It wasn't issued via RNS on the day but there was a very positive trading update given by Jamie Boyton at the AGM this week, particularly with respect to Nevada drilling and MSALABS.

He suggests that 2025 revenue should come in at the top end of guidance at both group level ($300-$320m) and MSALABS ($50-$60m) and that Capex is trending to the lower end of guidance ($45-$55m).

He also highlighted the extremely supportive market conditions (no surprise there) and 'highly encouraging demand backdrop' with the upturn in the cycle still in its early stages.

It's good to see him back at the helm and I look forward to July's Q2 update.

[rivaldo] 07/5/2025 09:05:32

WIA Gold's share price was up another 7% overnight to new highs of A$0.225.

This is CAPD's largest holding and is now worth £26.53m alone - approaching 20% of CAPD's entire m/cap.

[rivaldo] 23/4/2025 14:47:24

I note Tamesis' forecast for H1 is for $141.5m revenues.

Since CAPD achieved $71.8m in Q1 they would seem to be well on track to beating those expectations given the ramping up of the various contracts/sites.

[davebowler] 23/4/2025 13:45:15

................Target Price: 160p

[davebowler] 23/4/2025 10:19:08

Tamesis

Steady Start to 2025 Capital released its Q1 2025 trading update this morning. Revenue came in at $71.5m for the quarter with the core drilling business providing 80%. Mining fell to next to nothing as the company re-routes its fleet into the new contract with Barrick at Reko Diq (which has recently received a funding commitment of $300m from the IFC). The mining contract will ramp up in H2 with some revenue generated in Q2 already. MSALABS has had a strong start to the year through increased utilisation at Nevada (a sign that their efforts here are starting to pay off) and the new commercial lab in Fairbanks, Alaska. We didn’t have quarterly forecasts but the company looks well set to meet our H1 and FY forecasts with the latter in the middle of the company’s guidance range of $300-320m (see Fig1.). Key Points.

Segmental Highlights • The core drilling business recorded a solid 10.5% YoY revenue increase as utilisation moved up to 73% from 66% in Q1 2024 - see Fig.2. Further gains are expected as management continue to focus on US operations. • Mining revenue was de minimis but the company signed the mining services contract with Reko Diq Mining (Barrick) and personnel and equipment have arrived and revenue is being generated. The contract is planned to run through to December 2028 and generate over $60 million in annual revenue once fully operational. The agreement also includes a provision for a five-year contract extension after 2028 and covers two major scopes of work: early works civils and tailings storage facility (TSF) mining services. • MSALABS revenue growth had stalled last quarter but recorded a strong start to the year. This is despite typical seasonal headwinds including the winter slowdown in Canada. The first stage of the company’s state-of-the-art laboratory at Nevada Gold Mines continues to ramp up with two Chrysos PhotonAssayTM units. A third Chrysos PhotonAssayTM unit will shortly be arriving in Elko, Nevada, with installation and commissioning taking place through Q2 2025 and sample processing subsequently in Q3 2025; and the company’s new commercial laboratory in Fairbanks, underpinned by large scale contracts with both Northern Star and Kinross, is also receiving samples. New Contract Wins Continue The company recorded new drilling contract wins including: - - An extension of our diamond and reverse circulation drilling contract with Perseus Mining at its Nyanzaga Gold Project in Tanzania; info @ fpcfinancial.co.uk A diamond drilling contract with Sanu Gold at their Daina and Diguifara projects in Guinea; - - A diamond and reverse circulation drilling contract at Asara Resource’s Kada Gold Project in Guinea; and A diamond and reverse circulation drilling contract with Koulou Gold at their Sakassou project in Côte d’Ivoire. Operational Update Fleet utilisation for the quarter improved to 73%, from 66% in Q1 2024 and decreased from 77% in Q4 2024 – the company has an internal target rate oc c.75% across the fleet. Average utilised rigs remained broadly in line with Q4 2024 at 98. ARPOR was $182,000 in Q1 2025, down 9.9% on Q1 2024 ($202,000) and 7.6% on Q4 2024 ($197,000). This reduction in ARPOR is primarily due to replacement rigs being commissioned and not yet hitting their full run rate productivity. We forecast this to move higher through the year.



Source: Company filings Capital Investments: Continued strong returns The total value of investments (listed and unlisted) was $36.7 million as at 31 March 2025 up from ($30.3 million at as 31 December 2024), with the portfolio recording investment gains of $7.3 million in Q1 2025. Management notes the portfolio continues to focus on a select few key holdings namely WIA Gold, Sanu Gold and Asara Resources. Solid Outlook with Strong Pricing Background The company reiterated revenue guidance for 2025 at $300 - $320 million with positive momentum throughout the year. As part of this MSALABS should contribute between $50 - 60 million for 2025, another significant increase YoY (FY 2024: $43.6 million). The company also reports that tendering remains robust across the Group with several opportunities progressing. As it should be given the gold price!


The travails of the strategically pivotal 2024 are starting to disappear in the rear view mirror with the benefits of leveraging best in class operational practices in new geographies now appearing. At its core the investment case of diversified and low risk growth remains and is strongly supported by a buoyant copper and sky rocketing gold price environment. The engine-room drilling business is benefitting from the increasingly large and high quality client base, the mining services business has a new and large contract to get on with and the laboratory operations also have a strong growth profile to $80m+ (what value would this attract as a separately listed business?). The recent share price performance leaves the company trading on EV/EBITDA multiples of 3.4x and 2.3x for FY2025 and FY2026 and FCF yields of 10% and 14%. We also estimate a dividend yield growing from 3.4% to 4.3% in 2026. This is clearly before the effects of any new contract wins. We continue to believe these valuation multiples do not reflect the quality of and outlook for the business

[chillpill] 23/4/2025 07:42:03

Tracking in the right direction. Yes gold stocks have gone bananas since the start of this quarter.

Ought to start to track higher from here.

[rivaldo] 23/4/2025 07:36:48

Looks like a reasonable Q1 update today.

Mining revenues down heavily as flagged, and ARPOR down, but Reko Diq ramping up, the strongest quarter yet at Nevada and MSA Labs revenues increasing nicely.

Plus most importantly confirmation of prior revenue guidance and some good drilling contract wins.

The investment portfolio is up a meaty 20% in Q1 to $36.7m, and I suspect has increased further since.

[deanowls] 22/4/2025 15:59:59

I wonder at what point Capd think our own shares are undervalued?

[rivaldo] 22/4/2025 10:06:24

Cheers shauney2, explains today's rise, although the rapidly rising gold price at new highs is likely also helping.

I've noticed CAPD have also topped up on another investment, now reflected in the thread header post.

They've bought a further 68,750,000 shares (or A$550,000) in Marvel Gold's March'25 placing at A$0.008.

Since Marvel are now trading at A$0.015 CAPD have almost doubled their money in a month.

Their total holding is now 183,750,000 shares worth just over £1.3m. Marvel's total m/cap is still only A$14m, so no doubt CAPD are hoping this will be a multibagger like PDI etc.

[shauney2] 22/4/2025 08:20:30

https://www.thisismoney.co.uk/money/investing/article-14627603/MIDAS-SHARE-TIPS-Unearth-beat-firms-set-profit-new-GOLD-RUSH.html

[davebowler] 21/4/2025 08:47:31

Another all time high for Gold.

[paulrobertsbarcelona] 17/4/2025 12:20:25

Indeed. Great info Rivaldo. This has been a (nother) poor investment for me but at least we have some divis and some expectation that it will come good.

[davebowler] 17/4/2025 12:14:41

Hear hear.

[jeff h] 17/4/2025 11:45:16

No probs rivaldo.

Thank you for the effort you make in posting relevant updates on this and many other threads.

[rivaldo] 17/4/2025 09:47:40

Cheers Jeff H - I'm pretty sure you're correct. I either missed the increased holding or forgot about it! I'll amend the thread header post.

So CAPD's 242,921,402 shares in WIA alone are now worth £22.2m at this morning's A$0.19.

[jeff h] 16/4/2025 20:04:28

Hi rivaldo, how many shares do you have as Capital owning in WIA?

I suspect you are using 220m per the header though I know after the placing back in November which Capital participated in they held nearly 243 million at that time.



As you are excellent at keeping up to date with newsflow Capital may well have reduced their holding since November but I thought it worth asking the question.

WIA up again today to close at Aus$ 0.205 and Sanu Can$ 0.39

So I get a current market valuation of just over £33m for the 3 stakes you mention.

[davebowler] 16/4/2025 10:28:32

Gold is hitting an all time high today in all currencies.

[davebowler] 15/4/2025 09:04:49

Yes, stock opedia showing this trading at 62% of NAV.Bonkers.