Geodrill (GEO) investor relations material

Business profile and operating model

• Mineral exploration drilling services provide rigs, personnel and expertise for gold and copper miners in Africa and South America.

• Founded in 1998 with one rig; now operates a 100+ rig fleet, with a 10-country footprint and ranking as the third-largest pure-play exploration driller.

• 70% repeat revenue, largest customer below 20%, and Tier-1 clients including Newmont, Kinross, Barrick, Endeavour Mining, AngloGold Ashanti, Capstone Copper and Antofagasta.

• Kumasi workshop and manufacturing base, local workforce, maintenance network and parts inventory support vertical integration and fleet performance.

Growth strategy and market exposure

• From 2014 to 2025, revenue grew at a 15% CAGR while rig count increased at 9%; fleet expanded from 37 to 100 rigs and revenue from US$38M to US$185M, funded by reinvested profits.

• Each rig addition was associated with ~US$2.2M in annual revenue; management said the average contribution was rising amid demand.

• Drilling services account for ~50% of gold exploration budgets; gold was priced at $4,200 as of Oct. 1, 2026, a backdrop linked to increased drilling activity.

• Geographic redeployment, including exits from Burkina Faso and Mali, weighed on near-term revenue and valuation; copper operations are growing, with South American challenges being addressed.

Operating performance and outlook

• 2025 revenue was US$184.9M, EBITDA US$35.2M and earnings -US$1.9M; year-end rig count was 100.

• Q2 2026 record revenue reached US$55.1M; gross profit was US$9M, or 16%, up 22% QoQ, and EBITDA was US$8M, or 14%, up 35% QoQ.

• Diesel and related cost increases pressured margins; record utilization supports pricing leverage, with contracts repriced or renegotiated to capture costs and target 20% EBITDA margins.

• Q3 results were scheduled for the first week of November; analysts expected US$51M revenue versus US$39M a year earlier, an outlook management said it was comfortable with.