Capital (CAPD) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with introductions of key executives and directors, outlining the agenda and process for the AGM.

• Annual General Meeting held in May 2025, focusing on business performance and strategic direction.

Financial performance review

• Group revenue guidance for 2025 set at $300–$320 million, with MSALABS expected to contribute $50–$60 million.

• Drilling business showed improved productivity and utilization, trending toward target levels.

• MSA Labs reported a 38% year-on-year revenue increase in Q1 and shifted from loss to profitability.

• CapEx is trending toward the lower end of guidance, with expectations for a strong second half; 2025 group capex guidance is $45–$55 million.

• Elevated commodity prices, especially gold, and an 18% year-on-year increase in funds raised by junior and intermediate companies to $3.3 billion YTD 2025, have positively impacted market conditions.

Board and executive committee updates

• Significant management changes implemented in the past six months, including a new general manager for U.S. drilling.

• Resolutions included re-election of directors: Cassie Boggs, Jamie Boyton, Graeme Dacomb, Alexander Davidson, Anu Dhir, Michael Rawlinson, and Brian Rudd.

• Cost-saving initiatives and productivity improvements underway, especially in Nevada operations.