This report does not constitute a rating action. Overview Key strengths Key risks One of Australia's largest underground mining service operators, with a modestly diversified service offering. Potential loss of business during commodity downcycles. Prudent financial policies. Capital-intensive operations, reflecting the nature of mining services. Sizable contract book with counterparty diversity. Material exposure to high-risk jurisdictions, including West Africa. We expect Perenti Ltd. to focus on revenue growth over its fiscal year ending June 30, 2027, and fiscal 2028. Its current operating scale in mining services and drilling should enable it to generate sufficient operating cash flow to accommodate a planned step-up in gross capital expenditure (capex) of about A$400 million in fiscal 2027. This represents about 11.5% of total
