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Geodrill reports record revenue, net income in first quarter

Geodrill (TSX: GEO), a leading West African based drilling company, reported that in Q1 2022, it generated record revenue of $33.4M an increase of $2.7M or 9% compared to Q1 2021.

The company said it delivered record net income of $6.0M or $0.13 per ordinary share and achieved EBITDA of $10.4M or 31% of revenue. The company noted that drilling underway with 6 rigs drilling on the newly awarded Centamin underground contract on the Sukari gold mine in Egypt, adding that drilling activity levels in West Africa has increased significantly in 2022.

Demand for drilling

Importantly, Geodrill said it increased rig fleet to 74 rigs with the expansion of the company’s client base in Egypt, with additional rigs in manufacturing to meet growing demand.

“Well-funded exploration companies and senior mining companies generating cash continue to drive demand for drilling. Bidding market is extremely active, with particularly strong demand in exploration drilling in all geographic locations including in Peru”.

Geodrill added it has been successful in establishing a leading market position in Ghana, Burkina Faso and Cote d’Ivoire. The company also operates in other African jurisdictions including Mali and Egypt and is expanding its geographic presence in South America.

With the largest fleet of multi-purpose rigs, Geodrill said it provides a broad selection of diverse drilling services, including exploration, delineation, underground and grade control drilling, to meet the specific needs of its clients.

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