Chart, page-2

Can you chart CAPD:LON?

This is the most comparable listed stock to SWK...90% underground gold driller for producing clients, delivering increased rig utilisation and positive comments RE: future prospects due to the 9-year high Gold price....they are 100% African based vs. SWK 60% OZ, 30% Nth America and 10% Spain....I think I would rather SWK's regions and diversity?

The SWK drilling business should and to an extent is delivering similar trends to CAPD, but EBIT is being distorted by losses from OreXplore, the amortisation relating to OreXplore software development, and to a lesser extent higher depreciation from recent new rig builds.

From EBITDA of ~$26m this year the drilling division has the potential to reach EBITDA of $32m-$35m in FY21 on the back of 1) increased rig utilisation,2) the resumption of contracted rigs impacted by Covid (4 rigs I believe) and 3) US losses to profit as rig mobilisation costs are cycled.

I think you can do the maths and see why we believers believe.......what's holding the stock back, poor management communication. Lets just hope in the background they are earning their $800k packages and deliver on OreXplore and selling the drilling business.