Australia Small & Mid Cap: Mining Technology: FY26 Preview: price action un-anchored from fundamentals

Research evidence excerpt

Australia Small & Mid Cap: Mining Technology: FY26 Preview: price action un-anchored from fundamentals

Goldman Sachs Australia Small & Mid Cap

Recent market commentary

We highlight recent results and commentary from four major TIC labs below; which all suggest robust

demand for geochemical services has continued through 2Q26 (and/or accelerated QoQ). Additionally,

gold, copper, capex, demand for outsourced testing services, and drilling activity were all highlighted as

areas of particular strength; further supporting the case for sustainability in the recent results seen at C79

and IMD.

Exhibit 1: We highlight commentary from major TIC laboratories

Company Commentary Sentiment Date Source

Minerals delivered high single-digit organic growth , supported by

+ve Jul-26 Transcript

all regions with double-digit growth in Asia Pacific.

...PhotonAssay, which, compared to traditional fire assay, delivers

SGS (SGSN.S) results in minutes with around 4x lower Co2 emissions and no +ve Jul-26 Transcript

hazardous lead waste.

…geochemistry recorded double-digit growth with strong results

also in metallurgy and consulting, led by gold and critical minerals.

Exploration and development activity remains robust across the

markets in which we operate, providing a supportive backdrop for +ve Jul-26 Trading Update MSALABS -

future contract awards. Capital Limited

(CAPD.L) MSALABS revenue for the quarter was $23.8 million, up 36.8% on

+ve Jul-26 Trading Update

Q2 2025 and up 13.9% on Q1 2026 .

The Metals & Minerals segment delivered double-digit organic

growth in the 1H , driven by sustained mining capex, exploration

spending and increasing demand for outsourced laboratory

Bureau Veritas

services.

(BVI.PA)

Upstream activities achieved mid-teen organic growth , benefiting