Major Drilling Group International Inc. reported record revenue of $244.1 million for the second quarter of fiscal 2026, a 29.0% increase from the same period last year. Adjusted gross margin was 26.0%, EBITDA was $37.7 million, and the Company increased its cash position by $17.6 million. The Company also announced a Normal Course Issuer Bid to purchase up to 5% of its shares.

The Company’s President and CEO, Denis Larocque, noted that revenue growth was driven by increased demand from senior mining customers. Revenue growth was seen in Canada and Peru, driven by strategic market positioning. However, Australasian and African revenue and margins were impacted by an operational incident in Indonesia.

Despite competitive pricing environments in North America, Major Drilling delivered strong financial results, increasing its cash position and moving from a net debt to a net cash position. Looking ahead, the Company expects a pause in activity during the third quarter, with plans to ramp up training efforts in anticipation of increased activity in 2026.

Key indicators for the Company’s positive outlook include gold prices remaining above $4,000, doubling copper prices, increased demand for critical minerals, and the discovery of new mineral deposits in hard-to-access areas. The Company remains well-positioned with a fleet of over 700 drill rigs and total available liquidity of $149.4 million.

In summary, Major Drilling Group International Inc. achieved record revenue, strong financial results, and remains optimistic about future opportunities in the mining sector. With a focus on strategic positioning, training, and market demand, the Company is well-prepared for sustainable growth in 2026 and beyond.

Read more at GlobeNewswire: Major Drilling Announces Record Quarterly Revenue for its