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GEODRILL FOR IMMEDIATE RELEASE GEODRILL REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS Year to date Revenue Eclipses 2020- TORONTO , November 11 , 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 nine month periods ended September 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 Q3-2021 : • Generated revenue of $ 27.2M an increase of 44 % compared to Q3-2020 ; • Achieved EBITDA of $ 4.7M or 17 % of revenue ; • • Maintained strong profitability by achieving net income to $ 1.7M or $ 0.04 per Ordinary share ; Generated a Return on Capital Employed ( ROCE ) of 21 % and Return on Equity ( ROE ) of 16 % , and ● Ended the quarter with net cash of $ 5.5M . Operational and Strategic Highlights : Continued to maintain a high utilization rate of 65 % during " wet season ” ; • Secured and extended multi - rig contracts in our core operations in the Ivory Coast , Burkina Faso , Ghana and Mali ; • As at November 10 , 2021 the Company increased its rig fleet to 71 rigs . Outlook : • • Continued demand for drilling services driving strong utilization rates throughout the remainder of 2021 ; A higher gold price and utilization rates across the mineral drilling industry is driving demand for rigs and improved pricing ; and • Extremely active tendering market , with particularly strong demand in exploration drilling .