Updates

Capital Limited

December 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Capital’s third quarter update revealed unchanged guidance for the full year for revenues of US$320m-US$340m, which would be another record. In Q3, revenue rose 9% year-on-year to almost US$80m. Drilling revenue was 2% lower at US$51.2m, missing expectations, reflecting seasonal wetness in West Africa, and a contract in Mali put on hold due to civil war breaking out earlier this year. Management expects a strong Q4 reflecting a ramp up in activity at its Reko Diq and Ivindo drilling contracts, plus the return of a third, Meyas Sands. Elsewhere both mining services (+38% to US$18m) and the PhotonAssay business MSALABS (+36% US$10.5m) enjoyed strong periods. Capital aims to increase the number of PhotonAssay units deployed f ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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