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MAJOR Drilling Highlights ● MONCTON , New Brunswick ( December 2 , 2021 ) – Major Drilling Group International Inc. ( TSX : MDI ) , a leading provider of specialized drilling services to the mining sector ( " Major Drilling " or the " Company " ) , today reported results for the second quarter of fiscal 2022 , ended October 31 , 2021 . ● ● NEWS RELEASE ● Major Drilling Reports Strong Results - Revenue up 50 % , Net Earnings Double Revenue of $ 170.7 million , up 50 % compared to same period last year , and up 13 % from last quarter . EBITDA ( ¹ ) for the quarter was $ 30.7 million , an increase of ~ 60 % compared to same period last year . Net earnings of $ 14.3 million or $ 0.17 per share , highest in 9 years and up ~ 100 % from same period last year . Net debt ( ¹ ) reduced in the quarter by $ 14.5 million to $ 30.0 million . " Our second quarter of fiscal 2022 was very encouraging as activity levels continued to increase in most regions . I am particularly pleased with the progress our teams have made in developing our labour force , enabling us to grow in high demand regions while maintaining our dedication to safety , productivity , and quality . Competition for skilled drilling crews continues to be a challenge facing our industry in the most operationally intense markets , putting pressure on costs and productivity . However , Major Drilling's proactive training and retention efforts have allowed us to support our rapid growth and deliver value to our customers . Our strategy of holding rigs and inventory ready for immediate deployment to customers continues to deliver results , " said Denis Larocque , President and CEO of Major Drilling . " During the quarter , we secured a number of North American contract renewals with incrementally favourable terms , although this was offset slightly by the cost inflation for supplies and labour we're seeing across the industry . In South America , the lingering effects of the pandemic continued to cause some operational disruption , though we are seeing a gradual return to normal activity levels . In Australasia , our recently acquired McKay Drilling operations continued to perform very well and contributed to a marked improvement in the region . Finally , we have seen an increase in specialized drilling demand and activity across all of our operating regions . We attribute this to our increased market share , and a resurgence of specialized projects as our customers turn to more challenging targets as the upcycle progresses . " " I'm pleased to report that the Company achieved remarkable financial performance in the quarter , generating $ 30.7 million in EBITDA , an increase of almost 60 % from the same period last year . This allowed us to make significant progress in reducing our net debt position by $ 14.5 million to $ 30.0 million , " said Ian Ross , CFO of Major Drilling . " We spent $ 11.1 million on capital expenditures during the quarter , adding 7 new drill rigs and support equipment for existing rigs being deployed to the field . We also disposed of 9 older , less efficient rigs , bringing the total rig count to 603. " " Given the history of mining cycles and the projected near - term supply deficit for many mining commodities , I believe we are in the early stages of a significant mining industry upcycle , " noted Mr. Larocque . " We are encouraged that some of our senior gold customers are indicating higher levels of drilling activity for calendar 2022 and that junior mining companies continue to raise capital to fund exploration programs . While most base metal companies have yet to finalize their 2022 budgets , copper prices have remained at historical highs for most of calendar 2021. We expect this to lead to substantial investment in copper and other base metal exploration projects as we help discover the metals that allow the world to accelerate its efforts toward decarbonization . " " Looking forward to calendar 2022 , as we enter our seasonally slower third quarter , Major Drilling is in a unique position to react to this market dynamic . Our financial strength has allowed us to focus investment on safety , equipment , inventory and innovation in order to meet the high standards of our customers . It is crucial that we continue to aggressively and successfully invest in the recruitment and training of new drillers , to ensure Major Drilling remains both the operator and employer of choice in our industry , " said Denis Larocque .