Orbit Garant Drilling (OGD) Investor Presentation summary

Business overview and operations

• Employs 1,100 people and operates 187 drill rigs, offering both underground and surface drilling services.

• Diversified business mix with 77% of customers being majors/intermediates and 23% juniors; 72% of revenue from Canada, 28% international.

• Resource exposure: 62% gold, 25% copper, 13% other base metals.

• Provides full-service drilling, including specialized and geotechnical drilling, with in-house equipment manufacturing.

• Can quickly deploy additional drill rigs with minimal capital expenditure, targeting a near-term utilization rate of ~70%.

Financial performance and position

• Revenue for the nine months ended March 31, 2025 was $141.9 million, up from $135.9 million in the prior year period.

• Adjusted EBITDA rose to $18.3 million from $8.0 million, with adjusted gross margin improving to 19.3% from 15.3%.

• Net earnings for the period were $7.4 million ($0.20 per share), compared to a net loss of $0.1 million ($0.00 per share) previously.

• As of March 31, 2025, total assets were $135.4 million, with working capital of $52.9 million and a debt/adjusted EBITDA ratio of 1.30x.

• Q3 2025 EPS was $0.08, up from $0.05 in Q3 2024; G&A expenses were $4.3 million (8.6% of revenue) in Q3 2025.

Market environment and growth drivers

• Declining gold reserves among major producers are increasing demand for exploration and drilling.

• 2024 global nonferrous exploration budgets estimated at US$12.5 billion, the third highest since 2013.

• Spot gold price reached a record high of ~$3,500/oz in May 2025; copper also traded at record highs above $5.20/lb.

• Strong commodity prices are supporting high levels of mineral exploration and development spending.

• Macroeconomic issues have impacted financing for junior mining companies, but minesite exploration budgets increased.