From GlobeNewswire: 2024-06-11 17:00:00

Major Drilling Group International Inc. reported $706.7 million in revenue for fiscal year 2024, with $53.1 million in net earnings. In Q4 2024, revenue was $168.0 million, down 9% from the previous year. The company’s net cash position increased to $87.4 million, with a Total Recordable Incident Rate of 1.14, a new record. Canada-U.S. results were impacted by delays while copper-focused regions saw growth.

Despite a slow start in North America, Major Drilling generated $25.3 million in EBITDA in Q4 2024. The company spent $18.5 million on capex during the quarter to maintain its fleet and support gear. Fiscal year 2024 saw investments in equipment, innovation, and partnerships with key customers. Major Drilling remains optimistic about future demand for copper, gold, and other battery metals.

The decline in gold reserves and the need for increased exploration to discover new deposits have driven up gold prices. Demand for battery metals like nickel, zinc, and lithium is expected to grow due to the rise of electric vehicles and renewable energy. Despite challenges, the mining industry is in the early stages of the exploration cycle, presenting opportunities for Major Drilling’s specialized services.

In Q4 2024, Major Drilling’s revenue was $168.0 million, with gross margin at 19.3%. Revenue from Canada – U.S. drilling operations decreased by 25.4%, while South and Central American revenue increased by 9.3%. Australasian and African revenue also saw growth. Adjusted gross margin for the quarter was 26.9%. Despite challenges in North America, the Company remains focused on innovation and meeting customer demands.



Read more at GlobeNewswire:: Major Drilling Announces Fourth Quarter and Fiscal Year