MONCTON, New Brunswick, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), the largest provider of drilling services to the mining sector, today reported results for the third quarter of fiscal 2026, ended January 31, 2026.  Quarterly Highlights: Revenue of $184.6 million, up 14.9% from the $160.7 million recorded in the same quarter last year.Adjusted gross margin(1) of 14.3% as the Company incurred costs to aggressively prepare for inc ...

Company Overview - Major Drilling Group International Inc. is the world's leading provider of drilling services in the metals and mining industry, established in 1980 [5] - The company operates globally with field operations and registered offices across North America, South America, Australia, Asia, Africa, and Europe [5] - Major Drilling is recognized for its expertise in tackling challenging drilling projects and is supported by a highly skilled workforce and an experienced senior management team [5] Services Offered - The company provides a wide range of drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole, and surface drill and blast [6] - Major Drilling is also focused on the ongoing development and evolution of its suite of data and technology-driven innovation services [6] Upcoming Events - The company will release its third fiscal quarter results for the period ended January 31, 2026, on February 25, 2026, after market close [1] - A webcast/conference call to discuss these results will be held on February 26, 2026, at 8:00 a.m. Eastern [2] - For those unable to attend the live event, a replay of the webcast will be archived for one year on the Major Drilling website [4]

Core Insights - Major Drilling Group International Inc. reported a record revenue of $244.1 million for Q2 fiscal 2026, marking a 29.0% increase compared to the same quarter last year, driven by strong demand from senior mining customers [3][12] - The company transitioned from a net debt position to a net cash position of over $14 million, with total available liquidity exceeding $149 million, positioning it well for future growth [5][24] - The outlook for the company remains positive as senior mining companies prepare their budgets for the upcoming calendar year, despite temporary challenges such as labor shortages and competitive pricing pressures [7][8] Financial Performance - Revenue for Q2 2026 was $244.1 million, up from $189.3 million in Q2 2025, with adjusted gross margin at 26.0%, down from 30.5% year-over-year [11][12] - EBITDA for the quarter was $37.7 million, slightly down from $38.7 million in the same period last year [8][22] - Net earnings were reported at $13.9 million or $0.17 per share, compared to $18.2 million or $0.22 per share in Q2 2025 [19][22] Regional Performance - Revenue from North America increased by 2.6% to $87.6 million, with a significant rebound in Canadian activity, while U.S. performance was softer due to reduced junior activity [13] - South and Central American revenue surged by 125.5% to $110.7 million, largely due to the contribution from Explomin, despite slowdowns in Argentina and Chile [14] - Australasian and African revenue decreased by 16.1% to $45.9 million, primarily impacted by operational issues with a major customer in Indonesia [15] Strategic Initiatives - The company announced a Normal Course Issuer Bid (NCIB) to repurchase up to 5% of its issued shares over a 12-month period starting October 21, 2025 [8] - Major Drilling is ramping up training efforts to address the shortage of experienced drill crews, which is expected to impact margins in the short term but aims to enhance operational capacity in the long run [8][10] - The company continues to focus on strategic market positioning to capture long-term opportunities, particularly in competitive pricing environments [4][8]

Core Insights - Major Drilling Group International Inc. will release its second fiscal quarter results for the period ending October 31, 2025, on December 10, 2025, after market close [1] - A webcast/conference call is scheduled for December 11, 2025, at 8:00 a.m. Eastern, featuring Denis Larocque, President & CEO, and Ian Ross, CFO, to discuss the results [2] Company Overview - Major Drilling Group International Inc. is recognized as the world's leading provider of specialized drilling services in the metals and mining industry, with operations across North America, South America, Australia, Asia, Africa, and Europe [5] - Established in 1980, the company has developed a strong global brand in the mining sector, known for handling complex drilling projects supported by a skilled workforce and experienced management [5] - The company offers a wide range of drilling services, including reverse circulation, surface and underground coring, directional drilling, and various technology-driven innovation services [6]

Core Points - Major Drilling Group International Inc. announced a normal course issuer bid (NCIB Program) to repurchase up to 4,097,159 common shares, approximately 5% of its outstanding shares, over a 12-month period starting October 21, 2025 [1][2] - The repurchases will be conducted on the Toronto Stock Exchange (TSX) at prevailing market prices, with a daily limit of 34,457 shares, which is 25% of the average daily trading volume for the previous six months [2][3] - The company believes that the market price may not reflect its underlying value, and repurchasing shares will benefit remaining shareholders [2][3] Company Overview - Major Drilling is the largest provider of specialized drilling services in the mining sector, with operations across North America, South America, Australia, Asia, Africa, and Europe [6][7] - Established in 1980, the company has developed a strong reputation for handling complex drilling projects and is supported by a skilled workforce and experienced management team [6][7] - The company offers a wide range of drilling services, including reverse circulation, surface and underground coring, directional drilling, and various technology-driven innovations [7]

Core Viewpoint - Major Drilling Group International Inc. has announced a normal course issuer bid (NCIB Program) to repurchase up to 4,097,159 common shares, approximately 5% of its outstanding shares, over a 12-month period starting October 21, 2025 [1][2]. Group 1: NCIB Program Details - The NCIB Program allows Major Drilling to purchase shares on the Toronto Stock Exchange (TSX) at prevailing market prices, with a daily limit of 34,457 shares, which is 25% of the average daily trading volume for the previous six months [2][3]. - The total number of common shares outstanding as of October 14, 2025, is 81,943,186 [1]. - Shares repurchased under the NCIB Program will be cancelled, which is expected to enhance the value for remaining shareholders [2]. Group 2: Automatic Share Purchase Plan (ASPP) - Major Drilling will implement an automatic share purchase plan (ASPP) to facilitate share repurchases during regulatory restrictions or blackout periods [3][4]. - The designated broker will make purchases based on parameters set by the company prior to entering a blackout period [4]. Group 3: Company Overview - Major Drilling is the largest provider of specialized drilling services in the mining sector, with operations across North America, South America, Australia, Asia, Africa, and Europe [6]. - Established in 1980, the company has built a reputation for handling complex drilling projects and is supported by a skilled workforce and experienced management team [6][7].

Core Points - Major Drilling Group International Inc. successfully elected all director nominees during its hybrid annual general meeting, with over 83% shareholder participation [1][2] - The election results showed strong support for the director nominees, with percentages for individual nominees ranging from 96.71% to 99.96% [2] - The company's approach to executive compensation received 98% approval, and the appointment of Deloitte LLP as independent auditors received 95% approval [2] Company Overview - Major Drilling is the world's leading provider of specialized drilling services in the metals and mining industry, established in 1980 [3] - The company operates globally, with field operations and registered offices across North America, South America, Australia, Asia, Africa, and Europe [3] - Major Drilling is recognized for its expertise in various drilling services, including reverse circulation, surface and underground coring, and directional drilling, among others [4]

Core Points - Major Drilling Group International Inc. will release its first quarter results for fiscal 2026 on September 8, 2025, after market close [1] - A webcast/conference call to discuss these results is scheduled for September 9, 2025, at 8:00 a.m. Eastern [2] - The company is recognized as a leading provider of specialized drilling services in the metals and mining industry, with operations across multiple continents [6][7] Company Information - Major Drilling was established in 1980 and has grown to become a global brand in the mining sector, known for handling challenging drilling projects [6] - The company offers a wide range of drilling services, including reverse circulation, surface and underground coring, and various technology-driven innovation services [7] - Major Drilling is supported by a skilled workforce and an experienced management team that has navigated various economic and mining cycles [6]

Fiscal 2025 Highlights - Major Drilling Group International Inc. reported total revenue of $727.6 million for fiscal year 2025, an increase of 3% from $706.7 million in the previous year [10][22] - The company achieved a Total Recordable Incident Frequency Rate (TRIFR) of 0.74, the lowest in its 45-year history, reflecting a strong safety culture [6][10] - Capital expenditures for the year totaled $72.5 million, including the acquisition of 7 new drill rigs, bringing the total rig count to 708 [7][10] Q4 2025 Summary - In Q4 2025, Major Drilling generated revenue of $187.5 million, up 12% from $168.0 million in the same quarter last year [10][14] - EBITDA for the quarter was $20.5 million, impacted by startup and mobilization costs [8][10] - Adjusted gross margins decreased to 22.8% from 26.9% in the prior year due to increased costs associated with project ramp-ups [10][18] Acquisition and Market Position - The acquisition of Explomin Perforaciones in November 2024 has strengthened Major Drilling's position in South America, contributing to a 78.5% increase in revenue from South and Central America to $88.0 million in Q4 2025 [10][16] - The company expects a 20% revenue growth in Q1 of fiscal 2026 compared to Q4 2025 levels, driven by increased exploration budgets from senior mining companies [9][10] Financial Performance - Net earnings for the year were $26.0 million, or $0.32 per share, down from $53.1 million, or $0.64 per share, in the previous year [31] - General and administrative costs increased to $78.8 million, primarily due to the addition of the Explomin group and annual wage adjustments [19][27] - The company reported a strong balance sheet with net debt of $3.9 million and total available liquidity of $123 million [8][10]

Core Points - Major Drilling Group International Inc. will release its fourth quarter and fiscal 2025 results on June 11, 2025, after market close [1] - A webcast/conference call to discuss these results is scheduled for June 12, 2025, at 8:00 a.m. Eastern [2] - The company is a leading provider of specialized drilling services primarily for the mining industry, with operations in multiple regions including North America, South America, Australia, Asia, and Africa [5] Company Overview - Major Drilling was established in 1980 and has over 1,000 years of combined experience within its management team [5] - The company offers a complete suite of drilling services, including surface and underground coring, directional drilling, and various mine services [5] Access Information - The webcast will be available in listen-only mode, and a taped rebroadcast will be accessible one hour after the call until July 6, 2025 [3][4] - For those unable to participate live, the webcast will be archived for one year on the Major Drilling website [4]