Page 1

FORACO Foraco International reports Q3 2021 Revenue Up 26 % - Utilization rate reaches 60 % NEWS RELEASE Toronto , Ontario / Marseille , France - Wednesday November 3 , 2021. Foraco International SA ( TSX : FAR ) ( the " Company " or " Foraco " ) , a leading global provider of mineral drilling services , today released its unaudited financial results for the third quarter 2021. All figures are expressed in US Dollars ( US $ ) unless otherwise indicated . " We are pleased to report that our revenue for the third quarter 2021 was US $ 70.6 million , up 26 % yoy . The rig utilization rate reached an average of 60 % this quarter compared to 49 % for the same quarter in 2020. Our financial performance for the third quarter 2021 reflected both the strong market demand and our operational performance . Nonetheless we were impacted by the general economical context with increasing supply chain disruptions , labour constraints and inflationary costs pressures which are expected to continue in the upcoming quarters . We are working on mitigating the impact of these factors and on passing additional costs through price increases upon renewal of our long- term contracts but there is often a lag effect before it becomes fully effective ” said Daniel Simoncini , Chairman and Co - CEO . " All geographical areas once again ended the quarter with like - for - like growth despite the impact of Covid - 19 restrictions and tighter labour markets . There were remarkable performances in Russia , Brazil and Canada . We are confident that our business model characterized by its long - term focus and balanced business mix will continue to show its efficiency and its resilience . " " In this context of increased activity , we are pleased to also report a solid financial performance with an EBITDA for the quarter at US $ 13.8 million . On a TTM basis , we post a revenue of US $ 255.0 million and an EBITDA of US $ 41.5 million . We also managed to keep control of our working capital requirement and financed our Capex with our operating cash flow . Our capital investment plans remain focused on demand growth and we will continue to deploy our capital thoughtfully . " said Jean - Pierre Charmensat , Co - CEO and CFO " . As previously disclosed , we completed on July 7 our financial reorganization which allowed us to drastically reshape and de - leverage the Company's balance sheet with a significantly accretive transaction for our shareholders . At the end of the third quarter our net debt was US $ 86.1 million , our leverage ratio 2.1 and our net debt / equity ratio 1.3 . We are pleased to note that the financial community Market started to recognize our track record and our capacity to pursue profitable growth . "