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GEODRILL FOR IMMEDIATE RELEASE GEODRILL REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS Delivers Another Strong Quarter - TORONTO , August 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 and six month periods ended June 30 , 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 Q2-2021 : Generated revenue of $ 30.6M an increase of 47 % compared to Q2-2020 ; • Achieved EBITDA of $ 7.4M or 24 % of revenue ; • • • Achieved strong profitability by increasing net income to $ 4.0M or $ 0.09 per Ordinary share compared to $ 3.3M or $ 0.07 per Ordinary share in Q2-2020 ; Generated a Return on Capital Employed ( ROCE ) of 21 % and Return on Equity ( ROE ) of 16 % , compared to 11 % and 5 % respectively in Q2-2020 ; and On August 11 , 2021 , the Geodrill Board of Directors declared a semi - annual dividend of CDN $ 0.01 per share , payable on September 8 , 2021 , to shareholders of record at the close of business on August 25 , 2021 . Operational and Strategic Highlights : · • • • • Continued to maintain high utilization rate of approximately 70 % ; Secured and extended multi - rig contracts in our core operations in the Ivory Coast , Burkina Faso , Ghana and Mali , three being long - term contracts ; Mobilized two rigs to Egypt , our first contract in this new geographic region , and expect to be drilling this quarter while the Company continues to expand its footprint in Egypt ; Subsequent to quarter end , secured a 4 rig long term underground drilling contract in Ghana ; Consolidated our efforts to develop a formalized global ESG Framework to benefit and be aligned with all of our stakeholders ; Awarded the Millennium Excellence Awards , Ghana's most prestigious award honouring the best institutions and individuals in all sectors of the Ghanaian economy for their contributions to national development ; and • As at August 11 , 2021 the Company increased its rig fleet to 70 rigs . Outlook : • Continued robust demand for drilling services that supports strong utilization rates throughout the remainder of 2021 ;