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GEODRILL FOR IMMEDIATE RELEASE GEODRILL REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS -Strong Utilization Drives Record Revenue and Profitability- TORONTO , May 12 , 2021 - Geodrill Limited ( " Geodrill " or the " Company " ) ( TSX : GEO ) , a leading West African based drilling company , reported its financial results for the three month period ended March 31 , 2021. All figures are reported in U.S. dollars ( $ ) , unless otherwise indicated . Geodrill's financial statements are prepared in accordance with International Financial Reporting Standards ( " IFRS " ) . Financial Overview Q1-2021 : . Generated record revenue of $ 30.7M an increase of 70 % compared to Q1-2020 and a • • • 24 % increase over the sequential quarter ; Achieved record EBITDA of $ 10M or 33 % of revenue compared to $ 2.2M or 12 % of revenue in Q1-2020 up 352 % ; Achieved strong profitability by significantly increasing net income to $ 5.7M or $ 0.13 per Ordinary share compared to $ 0.1M in Q1-2020 ; Generated a Return on Capital Employed ( ROCE ) of 22 % and Return on Equity ( ROE ) of 17 % ; compared to 13 % and 4 % respectively for Q1-2020 ; and • Initiated a semi - annual dividend to shareholders . Operational and Strategic Highlights : • • • • Increased rig utilization to 75 % compared to 50 % for Q1-2020 and 70 % for Q4-2020 ; Secured new drilling contract in Egypt and extended the Company's contract in Peru expanding the Company's footprint in new geographic locations ; Secured and extended contracts in our core operations in the Ivory Coast , Burkina Faso , Ghana and Mali , three being long - term contracts ; and Systematically integrated ESG climate and broader sustainability factors into our operations beginning with sustainable water and energy solutions including converting Company's head office in Accra , Ghana , to solar power . Outlook : • Significant financings in recent history continues to drive future demand ; drilling services in West Africa has increased significantly in 2021 ; • Rig fleet , currently 68 rigs with additional rigs in manufacturing and on order to meet growing demand ; and • Extremely active tendering market , with particularly strong demand in exploration drilling .