Major Drilling Group International Inc. · TSX:MDI
Major Drilling Group International — Q4 2025 Earnings Presentation
24 slides from Major Drilling Group International's earnings presentation, Jun 12, 2025
Slide 1: Investor Presentation
QUALITY - SAFETY - RESULTS Investor Presentation June 2025 MDI.TSX
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes certain information that may constitute This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts,
Slide 3: Why Major Drilling?
Why Major Drilling? Low Risk Exposure …with Substantial to the Mining Space... Upside Diversification by Commodity, Customer Increasing Senior Exploration Budgets Base, and Geography Strong Balance Sheet and Liquidity Position Increasing Number of Financings Stable Operations Through Lifecycle of a
Slide 4: Low Risk: Diversification by Commodity
Low Risk: Diversification by Commodity As a provider of drill core, strong ability MDI has historically been driven by gold exploration, but to pivot between commodities (and growth in South America and increased copper demand projects) based on changes in demand. has led to greater base metal expos
Slide 5: Low Risk: Diversification by Clients
Low Risk: Top Diversification by Clients Client (and Project) •92% of Major Drilling revenue is sourced from senior and intermediate mining z companies, providing revenue stability. •Many larger, globally established customers typically consist of several ‘independent’ regional projects, providing f
Slide 6: Low Risk: Geographic Diversification
Low Risk: Geographic Diversification (in Stable Regions) Oyu Tolgoi 20+ 6 Op: Rio Tinto Gobi Desert, Mongolia Registered Continents Countries Grasberg Mine Op: Freeport Indonesia Multiple Projects Op: Rio Tinto & FMG Key >5,400 708 Explomin's footprint shown above in blue Australia Projects Employee
Slide 7: Supported by a Strong Balance Sheet
Supported by a Strong Balance $123M ($3.9M) Sheet… LIQUIDITY NET CASH (DEBT) POSITION Clean balance sheet with robust Q4 Q3 liquidity position, supporting Balance sheet ongoing fleet modernization 2025 2025 and an ability to take advantage Cash ($M) 46.0 63.0 of any attractively priced growth opport
Slide 8: ...and Operations from Discovery Through Production
…and Operations from Discovery Through Production Diverse revenue streams as MDI provides drilling throughout the lifecycle of a project/mine 1 2 3 4 5 6 Early-Stage Discovery Feasibility Construction Ramp-Up Steady State Operations Exploration • Substantially larger RC • Definition & resource • Def
Slide 9: Senior Exploration Budgets Projected to Increase
Senior Exploration Budgets Projected to Increase Combination of Depleted Reserves & Commodity Price Strength Has Led to Growing Exploration Budgets Source: TD Securities February 28, 2025 equity research note. 9
Slide 10: Equity Capital Raises Also Beginning to Increase
Equity Capital Raises Also Beginning to Increase Similar to Increases in Sr. Exploration Budgets, Expecting an Increase in Jr. Equity Financings • Despite sharp increase in gold price over the last several years to record highs, junior financings continue to lag. $60.0 $55.9 $3,000 $50.0 $2,500 • Nu
Slide 11: Combining to Result in Higher Spending Levels
Combining to Result in Higher Spending Levels Capex Spent Through Downturn has Led to Market Share Increases Through Upturn • Exploration spending has not yet caught up to levels required to replenish reserves. • Global exploration spending estimated at $12.5B in 2024, well below the $21.5B spent in
Slide 12: Operational Leverage
Q4 2025 Q4 2025 Operational Leverage # Rigs Utilization Specialized 303 41% Conventional 162 40% Excellent operational leverage driven by: Underground 243 49% • Existing fleet capacity • Margin increases in conjunction with higher utilization rates Total 708 43% • Optimal levels of inventory & consu
Slide 13: Drillside Geosolutions
Drilling Analytics Optimizing drill performance and safety by providing real-time data, including the ability to track drill function pressures, water usage, and much more. Drillside Borehole Survey Data Geosolutions Using turn-key data acquisition and interpretation services to meet each project’s
Slide 14: Major Drilling Capital Structure
Major Drilling Capital Structure TSX:MDI, OTCPK:MJDL.F, Company Ticker Share Price (C$) DB:3MJ Closing Price (June 15, 2025) $9.25 52-Week Trading Range (C$) $6.51 - $9.90 Shares Outstanding (Basic) 81.8M Shares Outstanding (FD)1 82.6M Market Capitalization (Basic) $757.1M Average Daily Volume (shar
Slide 15: Why Major Drilling?
Low Risk Exposure …with Substantial Upside to the Mining Space... Diversification by Commodity, Increasing Senior Geography, and Client Exploration Budgets • Unlike a mining or royalty company, MDI • Gold producers have increased exploration can quickly pivot between projects and/or budgets by an av
Slide 16: IR@majordrilling.com
QUALITY - SAFETY - RESULTS Ryan Hanley Director, Corporate Development & IR IR@majordrilling.com
Slide 17: Management Team
Management Team Denis Larocque, President & CEO Ian Ross, Chief Financial Officer Ashley Martin, Chief Operating Officer • Joined MDI in 1994 and was subsequently involved • Joined MDI in 2011 as the Director of Tax, • Joined MDI in 2001 as a directional technician/borehole in acquisitions and branc
Slide 18: Board of Directors
Board of Directors Kim Keating (Chair), P. Eng., MBA, ICD.D Caroline Donally, CA Louis-Pierre Gignac, M.A.Sc., CFA • Director of MDI since 2019 • Director of MDI since 2023 • Director of MDI since 2018 • Director of Pan American Silver and Drax Group plc. • Managing Partner of Sprott Inc. and Managi
Slide 19: Specialized Drilling
Specialized Mine Services Drilling Percussive Drilling Surpassing customer expectations, industry leader in operational excellence and on-site safety Rotary Drilling Specialized drilling services have significant barriers to entry, focus on areas more difficult to access. Examples include: Surface E
Slide 20: FQ4/25 & F2025 Financial Review
FQ4/25 & F2025 Financial Review FQ4/25 FQ4/24 F2025 F2024 Revenue $187.5 $168.0 $727.6 $706.7 Gross Margin 14.8% 19.3% 17.9% 21.6% Adjusted Gross Margin1 22.8% 26.9% 25.6% 28.4% Capital Expenditures $18.6 $18.5 $72.5 $73.5 EBITDA2 $20.5 $25.3 $101.3 $120.5 Net Earnings $1.0 $9.9 $26.0 $53.1 Earnings
Slide 21: Strategic Acquisition: Explomin Perforaciones
Strategic Acquisition: Explomin Perforaciones • Strong reputation with ~90% of revenue derived from senior mining customers. • Addition of 92 rigs o 49 underground + 43 surface • Focus on underground & specialized drilling (high-altitude, deep hole, directional, etc.). • Expands South American footp
Slide 22: Strategic Acquisition: Explomin Perforaciones
Strategic Acquisition: Explomin Perforaciones • Over the trailing twelve months (ended October 31, 2024), Explomin generated: o Revenue of US$95M o EBITDA of US$16M • Purchase price consists of: o US$63M upfront cash payment, funded through balance sheet strength. o Earnout payment of up to US$22M s
Slide 23: ESG: Culture of Sustainability
ESG: Culture of Sustainability -5% DAP Set a target to reduce Launched our Began deploying the scope 1 and scope 2 GHG Decarbonization Trailblazer AquaLink emissions by 5% by 2030 Action Plan Remote Water Pump system 72% 63% 72% increase of 63% of our Board of women in the field Directors was repres
Slide 24: High Quality Customer Base
High Quality Aligned To Balance Sheet Specialized Experienced Customer Base Market Sustainability Operations Management
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