Capital Ltd released its Q4 trading update this morning, reporting annual revenue of $346m for the year (-0.6% YoY). This marks a strong finish to FY2025 and meets the top end of management's guidance of US$335 - $350m, which was raised twice during the year. Although drilling activity was slightly below our expectations, this shortfall was offset by stronger performance in mining and MSALABS. Operational data (Fig. 2) was generally in line with our estimates. We maintain our forecasts and Targe ....
