Slides
Page 2
HALF-YEAR CONSOLIDATED RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2026
Page 3
BUSINESS OVERVIEW OPERATIONAL OVERVIEW FINANCIAL OVERVIEW CLOSING AND Q&A 2 3 4 AGENDA Danie Pretorius CEO Roelof Swanepoel COO André van Deventer CFO 1
Page 4
DANIE PRETORIUS, CEO BUSINESS OVERVIEW
Page 5
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 5 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 5 EVOLUTION OF MINING MANUAL MINING MECHANISATION SPECIALISED DRILLING ADVANCED MECHANISATION AUTOMATION & REMOTE OPERATIONS INTELLIGENT MINING
Page 6
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 6 INDUSTRY CHALLENGES SAFETY ZERO HARM SPEED TO ORE DILUTION OF ORE AI, DATA AND INTELLIGENT MINING • Using of technology to remove people from Hazardous areas and environments such as robotics, automation intelligence systems focus on predictions • Shaft Boring System • Mobile Tunnel Boring Significant impact on the ultimate value and NPV Accelerating the supply of critical minerals and strategically derisking the potential future supply • Precision and surgical mining minimising waste mining by • Applying mechanisation and advance cutting technologies and data driven control • Will become increasingly important for he mining eco system • Will help to make better decisions, identify opportunities earlier, predict failures and optimise the operations
Page 7
ROELOF SWANEPOEL, COO OPERATIONAL OVERVIEW
Page 8
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 8 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 8 LTIFR – Lost Time Injury Frequency Rate | per 1 million hours SAFETY 0,83 0,50 0,81 1,55 0,95 2022 2023 2024 2025 2026H1 LTIFR
Page 9
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 9 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 9 OUR PEOPLE Workforce 3 341 (2025H1: 2 986) Investment in training USD1.45m (2025H1: USD1.4m) Local Employment 95.2% R A I S E ESPECT CCOUNTABILITY NNOVATION AFETY FFICIENCY Gender Diversity Differently abled employees: 3.89% (Industry best) Leadership and Apprenticeship training 20% (2025H1: 21%) 97%
Page 10
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 10 2026H1 REVENUE CONTRIBUTION BY BUSINESS PILLAR RAISE BORING AND SUPPORT SERVICES DIGITALISATION AND SMART MINING SLIM DRILLING MECHANICAL ROCK EXCAVATION AND CUTTING 5%4%13% vs 2025H1 11% 78% vs 2025H1 84% vs 2025H1 2% vs 2025H1 3%
Page 11
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 11 RAISE BORING AND SUPPORT SERVICES RAISE BORING AND SUPPORT SERVICES World record Raise bore shaft Autonomous drilling First remote operated Blind hole Machine
Page 12
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 12 DIGITALISATION AND SMART MINING DIGITALISATION AND SMART MINING AI-Powered Cameras Underground networking – the last mile communication Missing Person Locator
Page 13
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 13 SLIM DRILLING SLIM DRILLING Robotic rigs - Desert Elephant and Dragon Fly Better information and faster decisions
Page 14
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 14 MECHANICAL ROCK EXCAVATION AND CUTTING MECHANICAL ROCK EXCAVATION AND CUTTING Mechanical Tunnelling Mechanical Shaft Drilling Non-Explosive Mining (Reef cutting)
Page 15
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 15 Rest of the world GEOGRAPHIC REVENUE DIVERSIFICATION Central & North America 11.3m 2026H1 7% South America 44.3m 2026H1 28% 2025H1 19% 26.2m 2025H1 8% 2025H1 32% 2026H1 17% FOOTPRINT TRAIN MAINTAIN DESIGN MANUFACTURE South Africa 2025H1 23% 46.2m 2026H1 30% 2025H1 18% 2026H1 18% Africa 27.9m * Excluding partial impairment reversal 2025H1 Operating profit margin 2026H1 2025H1 Central and North America* 0% 16% South America 5% 18% Africa 16% 17% South Africa* 14% 17% Rest of the World 17% 13%
Page 16
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 16 COMMODITY REVENUE DIVERSIFICATION Other Commodities 1% Coal 1% Diamonds 2% Chrome 2% Civils 5% PGMs 17% Silver/Lead/Zinc 21% Copper 22% Gold 29% 2026H1 Other Commodities 3% Coal 1% Chrome 3% Diamonds 3% Civils 8% PGMs 19% Silver/Lead/Zinc 19% Gold 20% Copper 24% 2025H1
Page 17
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 17 ARPOR: Average monthly revenue per operating rig * Includes rigs not under direct control ARPOR SUMMARY PER ANNUM 2026H1 2025 2024 Total Raise bore rigs 151 151 143 Utilisation % 64% 70% 73% Fleet Mix ARPOR (USD) 181 026 173 857 167 244 > Large Raise bore rigs 103 103 96 Utilisation % 70% 76% 79% ARPOR (USD) 200 888 198 641 192 742 < Large Raise bore rigs 48 48 47 Utilisation % 52% 59% 62% ARPOR (USD) 123 308 106 446 101 282 Total Slim rigs* 76 76 76 Utilisation % 38% 53% 51% ARPOR (USD) 44 486 53 729 66 164
Page 18
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 18 Orderbook - 1 January 2026 New orders Revenue Lost Orders Foreign exchange differences Orderbook - 30 June 2026 0 100 200 300 400 500 600 ORDERBOOK MOVEMENT USDm 371 182 (155) (3) 6 401
Page 19
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 19 AWARDED ORDERS BY COMMODITY Other 2% Coal 0% Polimetalic 1% Nickel 2% Energy 3% Tin 3% Diamond 4% PMGs 15% Gold 19% Copper 25% Silver/Lead/Zinc 26% 0% 10% 20% 30% 40% Other 2% Nickel 0% Diamond <1% Coal <1% Tin 2% Energy 3% Uranium 5% Copper 14% PGMs 14% Silver/Lead/Zinc 20% Gold 38% 0% 10% 20% 30% 40% 2026H1 2025H1 *Total confirmed orders as per the date in the graph
Page 20
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 20 PIPELINE 165 148 89 68 154 124 55 135 125 0 100 200 300 400 500 2026 2027 2028 and beyond Awarded Work (100%) Awaiting Adjudication (>70%) Pipeline (>50%) USDm Total pipeline USD1,062m
Page 21
ANDRÉ VAN DEVENTER, CFO FINANCIAL OVERVIEW
Page 22
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 22 * Normalised HIGHLIGHTS FOR THE PERIOD Revenue increased by 17.0% to record high of USD155.8 million for an interim period Improved capital efficiency, with ROCE (EBIT) increasing to 15.3% Focused strategic capital investment supporting future growth Healthy liquidity, with the current ratio 1.92
Page 23
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 23 HEADLINE EARNINGS PER SHARE 183,9 329,0 176,0 267,7 232,5 2026H1 2025 2024 (Restated) 2023 2022 HEPS (ZARc)HEPS (USDc) 11.2 20.2 9.6 14.5 2026H1 2025 2024 (Restated) 2023 2022 14.2
Page 24
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 24 EBITDA MARGIN 33,6 57,2 58,2 50.4 50,3 2026H1 2025 2024 2023 2022 EBITDA (USDm) 155.9 292.0 270.8 242.8 226.4 2026H1 2025 2024 2023 2022 REVENUE (USDm) EBITDA 21.6% (2025H1: 21.1%)
Page 25
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 25 * Annualised ** 2022 as a base COMPOUNDED ANNUAL GROWTH RATE 1 102 1 023 1 067 934 822 2026H1* 2025 2024 2023 2022 EBITDA (ZARm) 5 117 5 220 4 966 4 482 3 701 2026H1* 2025 2024 2023 2022 REVENUE (ZARm) EBITDA 7,6%** REVENUE 8,4%**
Page 26
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 26 STATEMENT OF FINANCIAL POSITION 2026H1 USDm 2025 USDm Comment Assets Total non-current assets 246.4 241.2 Total current assets 199.2 192.6 Current ratio of 1.92 (2025:1.69) Total assets 445.6 433.8 Working capital days below 100 days Equity and liabilities Equity 226.7 219.9 Non-controlling interest 21.8 21.9 Total equity 248.4 241.9 Liabilities Total non-current liabilities 93.2 77.8 Gearing ratio 14.9% (2025:9.1%) Total current liabilities 103.9 114.1 Total liabilities 197.1 191.9 Total equity and liabilities 445.6 433.8
Page 27
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 27 STATEMENT OF COMPREHENSIVE INCOME 2026H1 USDm 2025H1 USDm Comment Revenue 155.8 133.2 Revenue increased by 17.0% ERP cost to the value of USD4.0 million Cost of Sales (109.5) (92.9) Gross Profit 46.4 40.3 Other operating income 1.4 5.2 Other operating expenses (21.6) (18.9) Operating profit 26.2 26.6 Investment income 0.8 0.3 Fair value adjustments 0.1 0.0 Finance cost (2.9) (2.9) Share of profit/(loss) from equity accounted investment 0.3 0.2 Profit before taxation 24.5 24.3 Taxation (7.1) (6.2) Profit for the year 17.4 18.1
Page 28
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 28 IMPACT OF CURRENCY ON PROFIT BEFORE TAXATION 45% 33% 55% 67% 0% 20% 40% 60% 80% 100% RevenueCosts 2026H1 53% 34% 47% 66% 0% 20% 40% 60% 80% 100% RevenueCosts 2025H1 Operational impact on profit before taxation USD1.2m Hard currencies Emerging currencies
Page 29
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 29 Revenue - 2025H1 Industrial products Forex New rock-boring technology Addition to fleet Fleet Mix and Utilisation Revenue - 2026H1 0 20 40 60 80 100 120 140 160 REVENUE WATERFALL BREAKDOWN USDm 133.2 5.7 8.1 1.8 3.2 155.8 3.8
Page 30
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 30 WORKING CAPITAL BREAKDOWN 2026H1 USDm 2025 USDm Movement Inventory 56.6 54.1 (2.5) Trade and other receivables 93.0 85.5 (7.5) Trade and other payables 66.3 74.4 (8.1) Trade receivable ageing 3 and more months past due 15% 2 months past due 12% 1 month past due 26% Normal terms 47%
Page 31
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 31 (*) Annualised (**) Normalised BALANCE SHEET RATIOS 2026H1 2025H1(*) 2025H1(**) 2025 Return on equity (PAT) 14.0% 16.3% 12.1% 10.0% Return on capital employed (EBIT) 15.3% 20.8% 17.5% 14.5% Return on capital employed (EBITDA) 20.6% 21.9% 21.9% 17.9% Working capital ratio (days) 97.5 71.2 71.2 81.5 Gearing ratio (net debt/equity) 14.9% 10.5% 10.5% 9.1%
Page 32
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 32 Cash at the end Other Effect of foreign exchange differences Dividends Repayment of lease liabilities Drawdown of debt Repayment of debt Investment in subsidiary, associates and joint venture Investment in fixed assets Net cash inflow from operating activities Cash at the beginning Cashflow waterfall for current reporting period CASHFLOW WATERFALL USDm 38.8 (6.1) (4.1) (0.7) (11.0) 18.3 (0.8) 32.0 (0.7) (0.9) (0.8)
Page 33
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 33 CAPITAL SPEND Expansion 44% Maintenance 56% USD4.3m
Page 34
CLOSING Q&A
Page 35
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 35 DISCLAIMER This document has been compiled from information provided by the Directors of Master Drilling Group Limited(“Master Drilling”, “Master Drilling Group” or the “Company”) and from publicly available sources, and involves elements of subjective judgment and analysis, which may or may not be correct, and have not been independently verified. Accordingly, Master Drilling and its Advisors accept no responsibility for the correctness or otherwise of the content set out herein and no representation or warranty, express or implied, is being made or given as to the accuracy or completeness of the information set out herein. The information contained in this document is subject to completion, revision, verification and amendment without prior notice and without liability to compensate or reimburse any party. No representation or warranty, express or implied is, or will be, given by Master Drilling or its Directors, Partners, Employees or Advisors or any other person as to the accuracy, completeness or fairness of this document and, so far as permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements negligent or otherwise relating thereto. Master Drilling shall only be bound by those particular representations and warranties set forth in definitive written transaction documents, when and if such transaction documents are executed and subject to such restrictions and limitations as may be contained therein. This document may include certain statements, estimates, targets, forecasts and projections provided by Master Drilling. Such statements, estimates, targets, forecasts and projections reflect significant assumptions and subjective judgments and analysis by Master Drilling’s management concerning anticipated future events which may or may not prove to be correct and there can be no assurance that any estimates, targets, forecasts or projections are attainable or will be realised. Nothing contained in this document is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Accordingly, (subject as aforesaid) neither Master Drilling nor its Directors, Partners, Employees or Advisors nor any other person, shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this document and any such liability is expressly disclaimed. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any estimates, targets, forecasts or projections contained in this document (or otherwise provided by or on behalf of Master Drilling with respect to the subject matter of this document). In all cases, interested parties should conduct their own investigation and analysis of Master Drilling and the information contained in this document before making any decisions. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of the Company or any other entity, nor shall the information contained in this document or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or investment decision in relation thereto. The document is not an offer of securities in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”), and may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the US Securities Act. The distribution of this document may be restricted by law and persons into whose possession the Information comes should inform themselves about and observe any relevant restrictions. This document is not intended to provide, and should not be relied upon for, or as, accounting, legal, tax advice or investment recommendations. You should consult your tax, legal, accounting or other professional advisors about the issues presented in the Information. This presentation and the documents provided with this presentation are confidential and may not be disclosed to any third party without the prior written consent of Master Drilling.
Page 36
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024 36 CORPORATE INFORMATION MASTER DRILLING GROUP LIMITED Registration number: 2011/008265/06 Incorporated in the Republic of South Africa JSE share code: MDI ISIN: ZAE000171948 LEI: 37890095B2AFC611E529 REGISTERED AND CORPORATE OFFICE 4 Bosman Street PO Box 902 Fochville, 2515 South Africa DIRECTORS Executive Daniël (Danie) Coenraad Pretorius Chief executive officer and founder André Jean van Deventer Financial director and chief financial officer Gareth Robert Sheppard Alternate Director to Daniël (Danie) Coenraad Pretorius Non-executive Hendrik (Hennie) Roux van der Merwe Chairman and independent non-executive Andries Willem Brink Independent non-executive Akhter Alli Deshmukh Independent non-executive Hendrik Johannes Faul Independent non-executive Mamokete Ramathe Independent non-executive COMPANY SECRETARY Andrew Beaven 6 Dwars Street Krugersdorp 1739 South Africa PO Box 158, Krugersdorp, 1740 South Africa JSE SPONSOR Investec Bank Limited (Registration number: 1969/004763/06) 100 Grayston Drive, Sandown Sandton, 2196 South Africa INDEPENDENT AUDITORS Deloitte 5 Magwa Crescent Waterfall City, Gauteng, 2090 South Africa SHARE TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited (Registration number: 2004/003647/07) Rosebank Towers, 15 Biermann Avenue, Rosebank, South Africa