Buligo Capital Ltd

Capital/Financing Update • Jun 12, 2023

National Storage Mechanism | Additional information /*<![CDATA[*/ /**/ /**/ /**/ h1{margin-top:0cm;margin-right:0cm;margin-bottom:10.0pt;margin-left:0cm;line-height:115%;font-size:28.0pt;font-family:"Calibri","sans-serif";color:black;font-weight:normal;}h2{margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;text-align:justify;font-size:13.0pt;font-family:"Calibri Light","sans-serif";color:#2E74B5;font-weight:normal;}h4{margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Calibri Light","sans-serif";color:#2E74B5;font-weight:normal;font-style:italic;}h5{margin-top:0cm;margin-right:0cm;margin-bottom:10.0pt;margin-left:0cm;line-height:115%;font-size:8.5pt;font-family:"Calibri","sans-serif";color:#404040;font-weight:bold;}em{color:#404040;font-weight:bold;font-style:normal;}p{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: #0563C1 }visited{ color: #954F72 } .aw{size:595.3pt 841.9pt;margin:3.0cm 72.0pt 42.55pt 72.0pt;}div.aw{}table.cc{margin-left:-5.4pt;border-collapse:collapse}td.bz{width:214.6pt;padding:0cm 5.4pt 0cm 5.4pt}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";}span.ca{font-size:10.0pt;font-family: "Calibri","sans-serif";color:#141E50}p.cd{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";text-align:right}span.by{font-size:10.0pt;font-family:"Calibri","sans-serif";color:#141E50}p.ce{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";text-align:center;text-autospace:none}span.bv{font-size:10.0pt;font-family:"Calibri","sans-serif"} span.bt{font-size:12.0pt;font-family:"Calibri","sans-serif"; color:#323232}p.cf{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";text-align:center}span.bs{font-size:15.0pt;font-family:"Calibri","sans-serif"}p.cg{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-top:12.0pt;line-height:115%}span.bq{font-size:10.0pt;line-height:115%;font-family:"Calibri","sans-serif"}p.ch{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;margin-right:0cm;margin-bottom: 0cm;margin-left:18.0pt;margin-bottom:.0001pt;text-indent:-18.0pt;line-height: 115%}span.bo{font-size:10.0pt;line-height:115%;font-family: Symbol}span.bn{font-size:10.0pt;line-height: 115%;font-family:"Calibri","sans-serif"}p.ci{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-right:3.95pt;line-height:106%}span.bl{font-size:10.0pt;line-height:106%;font-family:"Calibri","sans-serif"} p.cj{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-bottom:6.0pt;text-align:left}p.ck{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-right:4.75pt}span.bh{font-size:10.0pt;font-family:"Calibri","sans-serif";color:red}p.cl{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-bottom:8.0pt;text-align:left; line-height:107%}span.bg{font-size:10.0pt;line-height:107%; font-family:"Calibri","sans-serif"}p.cm{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";line-height:106%}span.bd{font-size:10.0pt;line-height:106%;font-family:"Calibri","sans-serif"; color:black}span.be{text-decoration: underline}p.cn{margin:0cm;margin-bottom:.0001pt;text-align:justify;font-size:8.5pt;font-family:"Verdana","sans-serif";margin-right:-1.15pt}span.ba{font-size: 10.0pt;font-family:"Calibri","sans-serif"} span.az{font-size:10.0pt;font-family: "Calibri","sans-serif"}span.ay{font-size:10.0pt;font-family:"Calibri","sans-serif"; color:black}span.ax{font-size:10.0pt;line-height:107%; font-family:"Calibri","sans-serif";color:black} .fr-view-element{font-family: sans-serif;font-size: 12pt;line-height: 140%;padding: 20px;box-sizing: border-box;overflow-x: auto;min-height: 60px;text-align: left;margin-bottom: 10px;width: 837px;} .fr-view-element img{padding: 0 1px;} .fr-view-element .aw{margin: 63.8pt 1.6cm 62.35pt 1.6cm;} .fr-view-element p{font-size: 10pt;} /**/ /**/ /**/ /*]]>*/

RNS Number : 2780C

Capital Limited

12 June 2023

For Immediate Release	12 June 2023

Capital Limited

("Capital", the "Group" or the "Company")

New Contract Award & Finance Update

Capital (LSE: CAPD), a leading mining services company, is pleased to announce the award of a new mining services contract as well as an extension of our revolving credit facility. 

Earth moving & crushing services for Ivindo Iron SA, majority owned by Fortescue Metals Group ("Fortescue"), at the Ivindo Iron Ore Project ("Ivindo") in Gabon:

·      Ivindo is located in the northeast of Gabon and is one of the world's largest undeveloped, high-grade hematite iron ore deposits with the potential to become a globally significant iron ore mine;

·      Ivindo Iron SA ("Ivindo Iron") is the operating entity for the Belinga Project and Fortescue has a 72 per cent indirect interest in the company;

·      The contract has a term of up to 5 years and will generate approximately $30 million of revenue per annum once fully operational. The contract involves both earthmoving and crushing services. Capital will utilise existing equipment and is in the process of purchasing ~$15 million of additional equipment. The Company's capital expenditure guidance for FY23 is now expected in the range of $65 - 75 million (up from $50 - 60 million);

·      Capital has already begun mobilising equipment to the site. This mining & crushing services contract is in addition to the three-year reverse circulation and diamond drilling services contract with Ivindo, announced earlier this year, where drilling recently commenced.

Completion of further upsizing of our revolving credit facility ("RCF"): Capital has increased its revolving credit facility from $25 million to $50 million. As part of this upsize, Capital has formed a new banking relationship with one of the premier lenders in Africa, Nedbank Limited, who is co-lending this facility with the previous sole RCF lender Standard Bank Limited. This facility, alongside group cash flow, provides the Company with additional balance sheet flexibility to deliver on growth opportunities.

Commenting on the contract win, Peter Stokes, Chief Executive Officer, said:

'We are thrilled to have been awarded the mining and crushing services contract at Ivindo. This is our second significant mining services contract and continues our strategy to diversify our revenue stream through an expanded service offering.

We look forward to working closely with Ivindo Iron to expand our relationship from drilling services to mining and crushing services and ensure a rapid ramp up on this world class deposit.

In addition, the increase in our RCF gives us greater flexibility to move quickly on new opportunities and represents a greater level of maturity for our business.'

- ENDS -

For further information, please visit Capital Limited's website www.capdrill.com or contact:

Capital Limited                                                                    

Peter Stokes, Chief Executive Officer                              investor@capdrill.com

Rick Robson, Chief Financial Officer

Conor Rowley, Corporate Development & Investor Relations

Tamesis Partners LLP                                                          +44 20 3882 2868

Charlie Bendon

Richard Greenfield

Stifel Nicolaus Europe Limited                                          +44 20 7710 7600

Ashton Clanfield

Callum Stewart

Rory Blundell

Buchanan                                                                               +44 20 7466 5000

Bobby Morse                                                                        capital@buchanan.uk.com

George Pope

About Capital Limited

Capital Limited is a leading mining services company providing a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry, focusing on the African markets. The Company's services include: exploration, delineation and production drilling; load and haul services; maintenance; and geochemical analysis. The Group's corporate headquarters are in the United Kingdom and it has established operations in Côte d'Ivoire, Canada, Democratic Republic of Congo, Egypt, Gabon, Guinea, Kenya, Mali, Mauritania, Nigeria, Pakistan, Saudi Arabia and Tanzania.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

CNTFLMMTMTJMBFJ