First Half 2018 Results Presentation16 August 2018

DisclaimerIMPORTANT NOTICE

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2

Section 1 – Summary

Introducing Capital Drilling

REVENUE BY MINING PHASEREVENUE BY CUSTOMERREVENUE BY CUSTOMER MAJOR CUSTOMERS• Acacia Mining

• AngloGold Ashanti

• Centamin

• Kinross Gold

• Resolute Mining

OVERVIEW• Mineral drilling company

• Commenced operations in 2005

• Listed on LSE in 2010

• African focussed, headquartered in Mauritius

STRATEGIC FOCUS• Africa focussed

• Long-term, mine site contracts

• Blue chip and mid tier clients

• Gold and base metals focus

SERVICES• Exploration & delineation drilling

• Underground drilling

• Grade control drilling

• Blast hole drilling

• Explosive shot firing services

• Technical services

Capital Drilling provides complete drilling solutions to customers within the global minerals industry

Production Development ExplorationUnderground

86% Production

and Underground

H1 2018

Majors Mid-Tiers Juniors

96%Mid tiers & Majors

H1 2018

4

Service OfferingFu

ll Ra

nge

of D

rillin

g Se

rvic

es

Delineation Programs

Grade Control Drilling Blast Hole

Underground Drilling

Shot Loading

Anci

llary

Ser

vice

s

Remote Location Monitoring Systems

Directional Software

Mineral Analytic ServicesExploration Drilling

Shot Firing 5

Multi-year contracts on Tier 1 mines

Current operationsPrevious operations

Tanzania• Commenced operations in 2008

• Blast hole and grade control drilling

• Contract awarded in December

2015, runs to December 2019

Egypt• Commenced operations in 2005

• Blast hole, grade control & delineation drilling

• Contract renewed in 2015 and runs to February 2020

Tanzania• Commenced operations in 2006

• Blast hole, grade control, exploration,

delineation and underground drilling

• Contract renewed in 2015 and runs to

December 2020

Mauritania• Commenced operations in 2010

• Grade control, delineation &

exploration drilling

• Grade control contract awarded

in Q2 2017 and runs to Q2 2020

• Drill rig maintenance contract

awarded in Q2 2018 and runs

to Q2 2020

WEST AFRICA EAST & NORTH AFRICA

Mali• Commenced operations in 2016

• Underground, delineation &

exploration drilling

• Underground drilling contract

awarded in Q2 2017 and runs to

Q2 2020

• Surface exploration & delineation

drilling contract awarded in Q2

2018 and runs to Q2 2021

6

Section 2 – Financials

Result HighlightsSTRATEGIC

• Rapid redeployment of idle fleet to West Africa

- On track for 30 rigs in West Africa in Q3

- Established key infrastructure in Mali and Côte d’Ivoire

- Numerous contract wins including Kinross, Resolute and Hummingbird

• Exploration contract wins with Graphex, Aton and De Beers

• Contract wins to translate to increased fleet utilisation in H2 2018

• Tentative signals of improvement in key Tanzania market, with improving revenue in H2 2018

• Substantial unutilised capacity in exploration and delineation (c40 rigs available for drilling)

FINANCIAL

• Continued improvement in ARPOR reflecting contract performance

• Improved operating margins, despite weaker revenue

• Material increase in ROCE

• Improved profitability with higher NPAT, despite weaker revenue

• Increase interim dividend, up 20% on H1 2017

8

H1 2018 Financial OverviewRevenue KPIs H1 2018 H1 2017 H2 2017

% change from % change from

H1 2017 H2 2017

Average Fleet Size 94 93 93 1% 2%

Fleet Utilisation (%) 46% 56% 49% (18%) (6%)

ARPOR ($) 200,000 191,000 198,000 5% 1%

Reported Earning H1 2018 H1 2017 H2 2017% change from % change from

H1 2017 H2 2017

Revenue ($m) 54.5 62.3 57.1 (13%) (5%)

EBITDA ($m) 12.5 11.6 12.7 8% (2%)

EBIT ($m) 5.8 5.2 6.5 11% (11%)

NPAT ($m) 2.8 2.6 2.6 9% 6%

Basic EPS (cents) 2.0 1.9 1.9 7% 5%

Diluted EPS (cents) 2.0 1.9 1.9 7% 5%

Gross Profit (%) 38.2 28.0 38.2 36% 93%

EBITDA (%) 22.9 18.7 22.2 23% 3%

EBIT (%) 10.6 8.4 11.4 27% (7%)

NPAT (%) 5.1 4.1 4.6 24% 12%

• H1 2018 revenue of $54.5 million, a 4.6% reduction in revenues from H22017

- Reduced fleet utilisation of 46% as rigs move to West Africa- Improved ARPOR of $200,000 driven by improved contract

performance

• H1 2018 EBITDA up 8% to $12.5 million, despite weaker revenue- Improved operating margins with heightened cost discipline

• ROCE improved from 5.1% H1 2017 to 17.7% H1 2018

• H1 2018 dividend declared of 0.6 cents per share, up 20% on H1 2017

COMMENTARY

9

Improved ProfitabilityGROSS PROFIT AND MARGINS

EBITDA AND MARGINS

COMMENTARY

23.3%

34.5% 32.0%34.5%

22.4%

30.5%

26.4%28.0%

38.2% 38.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0.0

5.0

10.0

15.0

20.0

25.0

H2 13 H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

GP M

argin %

GP

US$

m

GP (USDm) GP (%) Avg Margin

8.1%

23.3%

17.2%

20.3%

5.0%

17.5%

11.2%

18.7%

22.3% 22.9%

0%

5%

10%

15%

20%

25%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

H2 13 H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

EBITDA %

EBIT

DA U

S$m

EBITDA (USDm) EBITDA (%) Avg Margin

• Healthy gross profit margins despite lower revenue- Improved contract performance- Continued cost discipline

• Solid controls around key cost contributors (labour, fuel, stock)

• H1 2018 EBITDA margin of 22.9% (H2 2017: 22.3%)- Lower other operating costs- Lower management and indirect labour costs

• Improved EBITDA and NPAT despite weaker revenue in H1 2018 vs H2 2017

10

Cash Flow OPERATING CASH FLOW / FREE CASH FLOW

H1 2018 NET CASH MOVEMENTS

• Cash generated from operations impacted by investment in working capital associatedwith the growth in West Africa

Cash FlowH1 2018 H1 2017 H2 2017

$m $m $m

Operating cash flows before working capital changes 12.9 12.1 11.7

Adjustments for working capital changes (5.7) 1.0 0.4

Cash generated from operations 7.2 13.1 12.1

Finance charges and tax payments (2) (1.8) (2.7)

Net cash generated from operating activities 5.2 11.3 9.4

Investing Activities

Net cash used in investing activities (4.9) (7.1) (7.6)

Financing Activities

Movement in long term liabilities 0 3 (3)

Dividend paid (1.6) (1.4) (0.7)

Net cash (used) generated in financing activities (1.6) 1.6 (3.7)

Net increase (decrease) increase in cash (1.3) 5.9 (1.9)

Opening cash balance 16.9 12.7 18.4

FX on cash (0.2) (0.2) 0.4

Closing cash balance 15.4 18.4 16.9

11

(6.0)

(3.0)

-

3.0

6.0

9.0

12.0

15.0

18.0

H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

Cash Generated from Operations Free Cash Flow

Capital Expenditure

Rig Addition & Improvements

$2.67m Rods$0.11m

New Rigs$1.21m

Vehicles & Truck $0.72m

Other$0.67m

• H1 2018 CAPEX of US$5.4 million

• Two new rigs added to the fleet for long-term contracts (US$1.2 million):

- Sukari : Blast Hole rig

- North Mara: Blast Hole rig

• Continued asset improvements and rebuilds to maintain industry leadingstandards

H1 2018 CAPEX

COMMENTARY

12

12.415.9

2.6

10.7

3.4 4.1 4.2 5.4

14.3

14.1

1.7

2.9

4.5

8.7 6.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 H1 18

US$m H1 Capex H2 Capex FY Depreciation

Strong Balance Sheet

GROSS DEBT vs NET CASH (DEBT) TO EQUITY (%)

Balance SheetH1 2018 H1 2017 H2 2017 % change

from% change

from

$m $m $m H1 2017 H2 2017

Cash and cash equivalents 15.4 18.4 16.9 (16.5%) (9.1%)

Investments 4.9 4.6 6.0 7.2% (17.9%)

Receivables 22.8 17.2 19.4 32.9% 17.4%

Inventory 20.8 19.9 21.7 4.8% (4.0%)

Property, plant and equipment 39.7 42.4 41.4 (6.5%) (4.2%)

Taxation 0.1 0.6 0.1 (91.4%) (62.5%)

Total Assets 103.7 103.1 105.6 0.6% (1.8%)

Payables 16.5 16.2 19.7 1.6% (16.4%)

Borrowings 12.0 15.1 12.0 (20.4%) 0.3%

Taxation 4.4 3.8 3.7 16.2% 17.0%

Total Liabilities 32.9 35.1 35.5 (6.3%) (7.2%)

Shareholder Equity 70.8 68.0 70.1 4.1% 0.9%

Net Asset Value per share (cents) 52.2 50.3 51.8 3.8% 0.8%

Net Cash ($m) 3.4 3.3 4.9 3.1% (30.8%)

Gearing (Net Cash to Equity in %) 4.8 4.9 7.01 (1.0%) (31.4%)

Return on Total Assets (%) 11.8 3.6 11.1 228.1% 6.4%

Return on Capital Employed (%) 17.7 5.1 14.3 246.5% 23.6%

• Working capital changes drove a small reduction in cash holdings

• The overall position remains strong

- Net Cash at June 30 2018 US$3.4 million, compared to US$4.9

million at December 31 2017

- Net Cash to Equity of 4.8%

• The company will continue to maintain a conservative approach togearing

COMMENTARY

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

Total Debt Net Cash (Debt) to Equity (%)

13

2018 Interim Dividend

Strongbalance sheet

Investment

Return excess to

Shareholders through

dividends

• INTERIM DIVIDEND DECLARED FOR H1 2018 of US 0.6cps (2017: Interim dividend of 0.5 cps)

• Declared a final dividend of US 1.2cps on 16 March 2018, payment date 18 May 2018

• Board Approved Policy- “ … the Board will aim to approve an annual dividend of 25% to 75% of free cash flow after

investment activities (and before financing activities).”

• We will continue our disciplined approach to capital management – we remain committed toa strong balance sheet

DIVIDEND TIMETABLE

August 16, 2018 H1 2018 Results release & dividend declaration

September 06, 2018 Ex-dividend date

September 07, 2018 Record date

October 05, 2018 Payment date

14

Section 3 - Strategy Update

Increase Utilisation: H1 2018 Contract Wins

EXPLORATION & DELINEATION AWARDS & FURTHER WINS IN WEST AFRICA

Egypt• 1 reverse circulation rig• Commenced Q3 2018

Tanzania• 1 diamond rig• Commenced Q3 2018

Mauritania• 2 blast hole rigs-

Maintenance Contract• Commenced Q1 2018

Mali• 1 reverse circulation rig• 2 diamond rigs• Commenced Q3 2018

16

Botswana• 3 diamond rigs• Commenced Q3 2018

Mali• 1 reverse circulation rig• 2 diamond rigs• Contract renewal &

extension

Expansion into West Africa - UpdateASSET DEPLOYMENT: REGIONAL RIG COUNT• December 2017: 15• June 2018: 26• Anticipated Q3 2018: 30

INFRASTRUCTURE DEVELOPMENT• Offices, warehouses, workshops and accommodation in:

- Bamako, Mali- Yamoussoukro, Côte d’Ivoire- Nouakchott, Mauritania

BUSINESS DEVELOPMENT• HIRE - Julian Blake, Business Development Manager, West Africa

CONTRACT WINS• Resolute: Syama• Kinross: Tasiast• Hummingbird: Yanfolila

REVENUE CONTRIBUTION• West African revenues grown from 13% in 2017 …

… to a forecast c25% of Group revenue in H2 2018

WEST AFRICA REPRESENTS THE LARGEST REGIONAL OPPORTUNITY

AFRICAN EXPLORATION BUDGETS BY COUNTRY, 2017242 companies budgeting

US$1.09 billion

Date as of Jan 16, 2018Africa regional allocations account for US$4.7 millionSource: S&P Global Market Intelligence Control Risks

Senegal

Mauritania

Guinea

Mali

Niger

Ghana

Egypt

Sudan

Ethiopia

Democratic Republicof the Congo

Kenya

Tanzania

ZambiaAngola

Namibia

Botswana

South Africa

2%

2%

5%

3%7%

Côted’Ivoire

7%

10%

7%

2%

13%

3%

2%

2%

2%

2%

3%

4%

1%

8%

8%

Nigeria

1%Liberia

1% Eritrea

1%Gabon

1%

Zimbabwe

1%

Mozambique

17

Growth Strategy – Existing

Sourcing Long Term Contracts• Mine site based contracts • Unrivalled full service offering

- Surface exploration & delineation- Underground exploration- Grade control- Blast hole- Shot firing services

Increase Rig Utilisation

• High performance rigs• Industry leading equipment standards and safety features• Substantial latent capacity in exploration & delineation rigs

Expanding into West Africa

• Dominant region for activity on the African continent • Traditional market of Ghana now supplemented with rapid growth in Burkina Faso, Côte

d’Ivoire and Mali

STRATEGIC FOCUS AREAS

18

Growth Strategy – New

Strategic Partnerships

• MS Analytical: Mineral laboratory testing• Stealth Global: Procurement• Drill for Equity: Investment

Expand Capability

• Expand Underground Services• Explore Rock on Ground opportunities • Extend service offering through JV

Ancillary Services

• Cap-Sat Technologies Limited: Remote I.T. services & monitoring software• Well Force International: Down hole survey services & software

STRATEGIC FOCUS AREAS

19

Conclusion

• Cash generative business underpinned by long term contracts withtier one customers

• Strong balance sheet with net cash to fund next phase of growth

• Industry leaders in equipment, people & safety

• Strong leverage to gold and Africa

• Operating leverage through utilisation of idle assets

• Focus on shareholder returns through measured growth and dividend

• Exploration drilling budgets increasing, both miners & explorers

• Significant increase in gold activity, industrial metals and battery metals

• Majors now looking to invest in existing assets, meaning moredevelopment drilling, underground development & brownfieldsexploration

• Early stages of a cyclical upswing in exploration

• Increased investment in West Africa

MACRO STRENGTHS CAPITAL DRILLING STRENGTHS

UNIQUELY POSITIONED AS THE INDUSTRY RETURNS TO GROWTH

Appendices

Revenue MetricsARPOR

REVENUE• Cyclical improvement in utilisation disrupted in H2 2017 by developmentsin Tanzania and the conclusion of drilling activity in Serbia

• Significant asset redeployment to West Africa drove an improvement inutilisation in Q2 2018 (48%) over Q1 2018 (44%), with further growthexpected in Q3

• Solid upward trend in ARPOR driven by continued improvement at existingcontracts

• Small improvement in exploration drilling rates reflecting improveddemand environment

UTILISATION

45%

41%

34% 35%

40%

49%

56%

49%

46%

30%

35%

40%

45%

50%

55%

60%

H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

193

184

189 188

175177

191

198200

160

165

170

175

180

185

190

195

200

205

H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

US$'000

53.8

45.039.0 39.7 41.7

51.6

62.357.1 54.5

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

22

Quality Partners & ProjectsQUALITY CLIENTS

DEVELOPMENT & PRODUCTION FOCUS

QUALITY ASSETS

• Exposure to major and mid tier mining houses with strong balance sheets, quality assets &positive cash flows

• Majors and Mid-Tiers contributed 97% of H1 2018 revenue

• Targeting low cost producers , long life assets and expansion opportunities

• Working on top tier assets including Syama (Resolute), Tasiast (Kinross), Sukari (Centamin),Geita (AngloGold Ashanti), North Mara (Acacia)

• Demonstrable history of increasing our service offering as the mine develops(development, grade control, blast hole, underground)

• Continued high exposure to development, underground and production drilling,contributing 97% of H1 2018 revenue

• Provides higher relative stability and visibility to revenues as drilling activities supported byproducing asset cash flows

Note: Above charts are based on revenue splits

52% 53%

33%

63%73%

58% 57%

31% 35% 35% 37%

35%41%

53%

30%23%

39% 41%

63% 54%61% 60%

13%6%

14%7% 4% 3% 2% 6% 11%

4% 3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018

Majors Mid-Tiers Juniors

6%

33% 33%22% 23%

39%

57%

77% 75%64%

75%70%

54% 51%66% 64%

56%

38%

17%12%

24%11%

24%13% 14% 7% 7%

3% 5% 6%8% 4% 3%

2% 5% 6%2% 5% 8% 11%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018

Production Brownfields Greenfields Energy Underground

23

Industry leading safety standardsLTI FREQUENCY RATE TREND (2008 – H1 2018)

PROGRESSIVE ALL INJURY FREQUENCY RATE (2008 – H1 2018)

COMMENTARY

• Health and safety performance˗ Near 50% decline in AIFR˗ LTI rate 100% decline˗ Industry leading performance

• Achievement of a number of safety records including:˗ Mali, Syama Project: 1 year LTI free in June 2018˗ Tanzania, North Mara Project: 2 years LTI free in March 2018˗ Tanzania, Geita Project: 1 year LTI free in March 2018

• Leadership development remains key:˗ Focus on supervisor role effectiveness in leading safety at ground level

0.33

0.18

0.10

0.29

0.41

0.09 0.09

0.13

0.20

0.25

0.000.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 FY17 H1 18

Freq

uenc

y ra

te o

f inj

urie

s per

200

,000

hou

rs w

orke

d

6 rigs 3 rigs3 rigs* LTI per 200,000 man hours worked

3.89

5.92

2.66 2.84

1.82

0.700.94

0.520.80 0.92

0.43

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY16 FY17 H1 18

* MTI/LTI per 200,000 man hours worked

24

Investment in Equipment & Support Facilities• Sustainable investment to maintain the highest standards in equipment

• Challenging locations make equipment reliability a critical factor for success

• Rigorous fleet component replacement schedule to ensure high rigavailabilities

• Significant investment in support facilities, for inventory, maintenance andtraining

• Ongoing program of major rig rebuilds to maintain industry leading standards

RIG 63 - BEFORE & AFTER

25

Full range of drilling services

INDUSTRY LEADER IN EQUIPMENT STANDARDS AND FLEET AGE

DIAMOND CORE (EXPLORATION & DELINEATION)

UNDERGROUND

BLAST HOLE

REVERSE CIRCULATION (RC) & GRADE CONTROL (GC)

Number of rigs47

Average contract length3 months to 1 year

YTD utilisation12%

Number of rigs27

Average contract length4 to 5 years

YTD utilisation91%

Number of rigs7

Average contract length 1 to 3 years

YTD utilisation95%

Number of rigs14

Average contract length3 months to 1 year (RC)4 to 5 years (GC)

YTD utilisation58%

26

New Technology

DRILL CONTROL INTERFACE - DCI

IRIS RIG CAMERA SYSTEM

DIRECTIONAL SOFTWARE

• Remotely operated Blast Hole rigs

• Combining a Remote Drill module

supported by a self-contained truck

• Safe and productive drilling in higher

risk work areas

• Strategically mounted cameras offer a complete

view of the work site

• Safety and engine performance monitoring

• Customer portal provides data access or real-time

footage

• Electronic interface allows the operator

to control both the drill rig and the rod

handler

• Provides real-time feedback on drilling

conditions

• Directional drilling software enabling planning for

multiple target intersections from a single mother

hole

D65 REMOTE TRUCK

27

Metal Prices softer, but supportive

SUPPORTIVE METALS PRICES DESPITE RECENT WEAKNESSSource: Bloomberg (as at 29 Jun 2018)

Gol

d Pr

ice

Inde

xBa

se M

etal

s• Weaker gold prices in 2018, however pricing levels continue

to provide a supportive environment for exploration activity

• Gold remains the most significant commodity for drillingactivity

- 51% of drilling exploration budget in 2017 (S&P GlobalMarket Intelligence)

• Recent years resurgence in metal prices has seen a pull backin recent months, international trade tensions a keycontributor

• Emergence of demand for new battery metals driving newcommodities for drilling, in addition to driving demand forindustrial metals such as copper, nickel and cobalt

1100

1150

1200

1250

1300

1350

1400

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct

-17

Nov

-17

Dec-

17

Jan-

18

Feb-

18

Mar

-18

Apr-

18

May

-18

Jun-

18

Gol

d Pr

ice

($)

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct

-17

Nov

-17

Dec-

17

Jan-

18

Feb-

18

Mar

-18

Apr-

18

May

-18

Jun-

18

Copper Nickel Zinc

28

Exploration Budgets & Funding

IMPROVING MACRO CONDITIONS DRIVING AN IMPROVEMENT IN DEMANDSource: S&P Global Market Intelligence – World Exploration Trends March 2018

Glo

bal N

onfe

rrou

s ex

plor

atio

n bu

dget

s

• 2017 represented the first increase in explorationbudgets in 5 years

• Exploration spend still >50% below previous cycle peak

• “Exploration spending forecast to climb 20% in 2018” -S&P Global Market Intelligence, 05 March 2018

Annual data – not updated

0

1

2

3

4

5

0

5

10

15

20

25

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Indexed Metals Price (1993=1)

Non

ferr

ous E

xplo

ratio

n Bu

dget

(US$

bill

ion)

Nonferrous Exploration Budget Total Annual Indexed Metals Price

3,000+ companies surveyed for 2017 exploration budgets

Fina

ncin

gs B

y Ju

nior

And

In

term

edia

te C

ompa

nies

• Solid increase in financing activity by juniors andintermediate companies over the past 2 years

• Dominated by raisings on the TSX and ASX

• Remains well below previous cycle peaks in 2011 and2012, with an upward trend

0

20

40

60

80

100

120

140

160

180

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Indexed Metals Price

Amou

nt ra

ised

(US$

mill

ion)

Gold financings Base/other metals financings

29

Client History

Current Active Locations

Regional Offices (Inc Yards & Warehouses)

Previous Registered Offices & Operations

30

ChileAntofagastaBarrickBHP CMPGlencoreMMGPolar Star

PeruBHP

DRCAnvilTiger

ZambiaAlbidonBarrick GoldEquinoxFirst QuantamMMGOmega

EthiopiaAPMBHP BillitonEthiopia Potash

TanzaniaBarrick GoldCradleGlencore IMXLiontownMagnisMantraMMGRift ValleyTanga Resources

PNG & Solomon IslandsAllied GoldBarrick GoldOil SearchSanta Barbara

ArmeniaLydian

PakistanAntofagastaBarrick Gold

EritreaAndiamoChalice GoldSunridge

MauritaniaAura EnergyRedblackKnight PiesoldMRL

Mali

GhanaKinross

SerbiaDundeeNevsun Resources

MozambiqueBoababRiversdaleRio Tinto

EgyptGippslandThani Dubai (AngloGold Ashanti)Thani Stratex Resources

Kenya

BotswanaAlecto MineralsKhoemacau CopperMining

Board of Directors

EXTENSIVE INDUSTRY EXPERIENCE, SOLID COMPLEMENT OF SKILLS

• Over 20 years’ experience in finance industry• Co-founder of Capital Drilling• Previously Executive Director and Head of Asian Equity Syndication

and Corporate Broking at Macquarie Bank (HK)

Jamie BoytonExecutive Chairman

Brian RuddExecutive Director

• Over 20 years’ of experience in financial, commercial and strategic matters in African and UK corporate environments

• Ex Finance Director of Petra Diamonds, Tradepoint Financial Networks (subsequently Virt-X) (AIM) and Mission Testing plc (AIM)

David AberySenior NED

• Over 35 years’ experience in mining

• 16 years at Barrick Gold; Executive VP of Exploration and Corporate Development

• Ex NED for Highland Gold, now Namakwa Diamonds & NED of Yamana Gold

Alex Davidson NED

• Over 20 years’ investment banking experience with both private and public companies

• Senior NED at Hochschild Mining & Ex Director of Liberum Capital & TalvivaaraMining

• Previously Global Co-Head of Mining and Metals with Barclays

Michael RawlinsonNED

NON-EXECUTIVE

EXECUTIVE

• Over 30 years’ experience in the mining industry in Africa and Australia

• Co-founder of Capital Drilling• Previous experience includes 6 years as operations/general

manager for Stanley Mining Services Tanzania (Layne Christensen)

31

FOUNDING SHAREHOLDERS,

53.25%

FREE FLOAT, 46.75%

Corporate SnapshotCAPITAL STRUCTURE

Fully paid ordinary shares 135,812,596

Share price (as at 29 June 2018) $0.57

Market capitalisation (undiluted) ^ $78.00

Cash (as at 29 June 2018) $15.38

Debt (as at 29 June 2018) *includes bank borrowings & O/D $12.03

Enterprise Value $74.65

SHAREHOLDING BLOCKS

DIRECTORS AND SENIOR MANAGEMENTJamie Boyton Executive Chairman

Brian Rudd Executive Director

David Abery Senior Independent Non-Executive Director

Alex Davidson Independent Non-Executive Director

Michael Rawlinson Independent Non-Executive Director

André Koekemoer Chief Financial Officer

Stuart Thomson Executive, Business Development & Strategy

Jodie North Executive, Production

David Payne Executive, Commercial

Rick Monaghan Executive, HSEQ

Tony Woolfe Executive, Asset

Ryan Petersen Executive, Maintenance

John Luck Executive, Inventory

NET ASSET VALUE PER SHARE vs SHARE PRICE

^ Share options and unvested share grants issued 2.87m

0.55 0.52 0.520.59

0.66 0.69 0.71 0.68 0.69 0.67 0.630.57 0.54

0.50 0.50 0.52 0.52

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18

NAV per share Share Price in US$

32

Capital Drilling and Competitors

Footnote:• The share price data is as of 14 August 2018 and sourced from FactSet. Other data sourced from most recent company financial reports• The CAPD yield is calculated using the final dividend of 1.2c for the year to 31 December 2017 and the interim dividend of 0.6c for the six months to 30 June 2018, translated at a GBP:USD exchange rate of 1.27 prevailing on 14 August 2018• CAPD 2018 and 2019 earnings as per finnCap’s estimate as at 9 July 2018 on Bloomberg

CompanyMkt. Cap. Cash Debt Net Cash Ent. Val. EBITDA (US$m) EV / EBITDA (x) P / Book Div. Yield Perf.

(12M)(US$m) (US$m) (US$m) (US$m) (US$m) 2017a 2018e 2019e 2017a 2018e 2019e (x) (%) (%)

Ausdrill 448.9 158.5 275.7 (117.2) 566.2 111.1 121.9 137.0 5.1x 4.6x 4.1x 0.8x 3.2% (22.1%)

Boart Longyear 190.6 26.8 419.7 (392.9) 583.4 47.2 n/a n/a 12.4x n/a n/a n/a - (81.5%)

Energold Drilling 12.3 4.5 23.0 (18.5) 30.9 (4.4) n/a n/a n/a n/a n/a 0.3x - (23.4%)

Foraco International 25.7 11.4 138.6 (127.2) 152.9 11.9 n/a n/a 12.9x n/a n/a 0.5x - 28.1%

Geodrill 64.7 7.8 - 7.8 56.9 16.0 21.3 24.3 3.6x 2.7x 2.3x 1.1x - (1.0%)

Major Drilling Group 357.2 16.2 14.8 1.5 355.7 14.6 28.5 47.4 24.4x 12.5x 7.5x 1.3x - (28.9%)

Orbit Garant Drilling 56.9 2.3 16.1 (13.8) 70.7 6.6 n/a n/a 10.7x n/a n/a 1.0x - 18.0%

Mean 8.8x 6.6x 4.7x 0.8x - -

Capital Drilling Ltd. 75.3 15.4 12.0 3.4 71.9 24.2 24.7 26.5 3.0x 2.9x 2.7x 1.1x 3.2% 10.8%

BLY-AU, -81.5%

MDI-CA, 6.4%ASL-AU, -22.1%

FAR-CA, 28.1%

OGD-CA, 11.2%

EGD-CA, -23.4%

GEO-CA, -1.0%CAPD-GB, 10.8%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

BLY-AU MDI-CA ASL-AU FAR-CA OGD-CA EGD-CA GEO-CA CAPD-GB

33

Glossary

ARPOR Average Revenue Per Operating Rig

CAPEX[Capital Expenditure]

Cash used on acquisition of property plant and equipment less proceeds on disposals of property plant and equipment

EBIT Earnings (Loss) Before Interest and Taxes [Equal to profit (loss) from operations per the financial statements]

EBITDA Earnings (Loss) Before Interest, Taxes, Depreciation and Amortisation

EPS Earnings (Loss) Per Share

Enterprise value Market capitalisation + Debt - Cash

Free Cash Flow Operating cash flow minus capital expenditures before financing activities (Dividends, Loan repayments/drawdowns)

Group, Company Capital Drilling and its subsidiaries

KPI Key Performance Indicator

HSSE Health, Safety, Social and Environment

LTI Loss Time Injury

LTM Last Twelve Months

Operating Cash flow Profit or loss after tax adjusted for non-cash items +/- the net change in working capital

Operating Cash flow Margin Cash generated from operations / Sales

MTI Medical Treatment Injury

NET CASH (DEBT) Cash and cash equivalents less short term and long term debt

NPAT Net profit (loss) after tax per the financial statements

(Headline) Revenue Average fleet size x Utilisation x ARPOR

Return on Capital employed (ROCE %) LTM EBIT / (Average total assets – Average current liabilities)

Return on Invested Capital (ROIC) LTM NOPAT / Average invested capital

Return on Total Assets (ROTA %) LTM EBIT / Average total assets

Total assets Current assets plus non-current assets

The following words used in the presentation have the following meaning:

34

Company Contact DetailsCAPITAL DRILLING LIMITEDJamie BoytonExecutive Chairmanjamie.boyton@capdrill.com

Mauritius9th Floor, The COREÉbène CyberCityMauritiusTelephone: +230 464 3250www.capdrill.com

UK BROKERSfinnCap60 New Broad Street, London EC2M 1JJTelephone: +44 20 7647 2800 Christopher RaggettCRaggett@finncap.com

Tamesis Partners LLP New Liverpool House, 3rd Floor,15 Eldon Street, London EC2M 7LDTel: +44 20 3882 2868Richard Greenfieldrgreenfield@tamesispartners.com

UK PUBLIC RELATIONSBuchanan107 Cheapside, London EC2V 6DNTelephone: + 44 20 7466 5000 Bobby Morse bobbym@buchanan.uk.com