Capital Limited, a leading mining services company, has completed the acquisition of Metres Down Under (MDU), a leading specialist underground drilling company headquartered in Kalgoorlie-Boulder, Western Australia.
The transaction establishes Capital’s operating presence in the Australian drilling market, one of the world’s premier mining jurisdictions, all while adding an established business with a strong management and operational team, complementing Capital’s corporate presence in Perth, where several of Capital’s key management are located.
The purchase of MDU offers exposure to existing drilling contracts at major Australian mining operations, including Sunrise Dam and Tropicana, which are both operated by AngloGold Ashanti (AngloGold). It also positions Capital as the world’s leading provider of specialist underground reverse circulation (UG RC) drilling services, with significant scope for deployment across both Capital’s existing international operations and the Australian market.
The total consideration is up to circa-$16 million, comprising an upfront payment of circa-$11 million and a milestone-based earn-out of up to circa-$5 million.
For the twelve-month period ending 30 September 2026, MDU generated revenue of approximately $25 million and Adjusted EBITDA of approximately $6 million.
MDU brings nearly 30 years of specialist underground RC experience, operated by a strong management and operational team with a track record spanning more than three million drilled metres and a total fleet of 11 rigs.
MDU’s capabilities are highly complementary to Capital’s existing drilling services, the company says. Its versatile fleet can support a range of underground drilling applications, while its remotely operated drilling technology improves equipment utilisation and productivity and reduces personnel exposure to underground hazards.
The combination of MDU’s specialist underground knowledge and established Australian operations with Capital’s balance sheet strength, customer relationships and international footprint creates a strong foundation for future growth. The two businesses also share an entrepreneurial and safety-led culture, supporting a collaborative approach to integration and long-term growth.
Group revenue guidance for 2026 is raised to $435-455 million, up from $430-450 million previously guided at its H1 2026 Results and up from $410-440 million as initially guided at the company’s FY 2025 results. The increase reflects the consolidation of MDU’s revenue into the Group from 30 September 2026.
Jamie Boyton, Capital’s Executive Chair, said: “Through MDU, we are entering a new market with a business that has genuine technical leadership, an excellent team and a strong reputation. The acquisition builds on Capital’s existing corporate presence in Perth, where several of our key management team are based. MDU’s specialist underground and remotely operated drilling capabilities strongly complement Capital’s existing drilling services and, together, we have an exciting opportunity to grow MDU’s established presence in Australia and introduce its specialised capabilities to Capital’s global customer base.”
Brian Eaton, MDU’s Founder and Director, said: “MDU has been built on the expertise and commitment of our people, strong customer relationships and a continuous focus on safe and innovative underground drilling. Joining Capital gives us the support and international platform to build on these strengths while continuing to deliver the specialist service our customers value. We look forward to working together to grow the business in Australia and internationally.”
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