Major Drilling International : Results Press Release (Press Release Only Q2 2026 Final)

NEWS RELEASE Major Drilling Announces Record Quarterly Revenue for its Second Quarter 2026 MONCTON, New Brunswick (December 10, 2025) - 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 second quarter of fiscal 2026, ended October 31, 2025. Quarterly Highlights:

• Revenue of $244.1 million, representing the highest quarterly revenue in Company history, and a 29.0% increase when compared to the same period last year.

• Adjusted gross margin(1)of 26.0%, an increase from the 25.2% recorded in the prior quarter, but below the 30.5% achieved in the same period last year.

• EBITDA(1)of $37.7 million, a slight decrease compared to the $38.7 million generated in the same period last year.

• The Company increased its cash position by over $17.6 million, ending the quarter with $14.3 million in net cash(1)and total available liquidity of $149.4 million.

• Announced a Normal Course Issuer Bid ("NCIB") whereby the Company may purchase up to 5% of its issued and outstanding shares over a 12-month period beginning October 21, 2025.

"Activity levels continued to increase through the second quarter of fiscal 2026 with revenue reaching $244.1 million, a new quarterly record in the Company's 45-year history, driven by continued demand from senior mining customers," said Denis Larocque, President and CEO of Major Drilling.

"In North and South America, Major Drilling achieved revenue growth in both Canada and Peru, driven by strategic market positioning. This progress was realized despite highly competitive pricing environments, underscoring the strength of our approach. We believe these decisions position us to capture long-term opportunities and reinforce our foundation for sustainable growth."

"Our Australasian and African revenue and margins were impacted by the Company's largest customer in Indonesia experiencing an operational incident which resulted in the suspension of all mine site activity for the majority of the quarter. Activity at the mine is gradually resuming and drilling operations are expected to return to full capacity in our fourth fiscal quarter," continued Mr. Larocque.

"Overall, the Company delivered strong financial results, increasing its cash position by over $17.6 million and moving from a net debt to a net cash position at quarter-end," said Ian Ross, CFO of Major Drilling. "With net cash of over $14 million and total available liquidity of over $149 million, Major Drilling remains very well positioned to support its fleet of over 700 drill rigs along with optimized levels of inventory. While adjusted gross margins in the quarter were impacted by the competitive pricing environment in North America, the Indonesian mine incident, as noted above, and the lower margin profile for Explomin, the Company also continues to ramp up its training efforts in anticipation of a busier calendar 2026, which also had a slight impact on margins. Capital expenditures in the quarter totaled $11.8 million, which includes the addition of 2 new rigs while 4 older, less efficient drills were disposed of, bringing the total fleet count to 707," concluded Mr. Ross.

"Looking ahead to the third quarter of fiscal 2026, typically the weakest quarter of the fiscal year, we expect the usual pause in activity through the holiday period. Ongoing training and maintenance work in anticipation of increasing activity levels in calendar 2026 are also expected to have an impact on margins," commented Mr. Larocque.

"Looking further out to calendar 2026, numerous indicators continue to influence the Company's positive outlook as senior mining companies move through their budgeting season. Some of these data points include:

• Gold prices remaining above the $4,000 level, representing over a $1,400/oz increase when compared to the same period last year;

• Copper prices have more than doubled over the last two years, recently reaching an all-time high, at a time when the world is accelerating its efforts toward decarbonization and electrification, requiring enormous amounts of copper, which, when coupled with recent supply disruptions, is expected to exacerbate the projected supply deficit;

• Recent increase in the number and size of junior financings;

• Demand for critical minerals continuing to increase;

• Lack of exploration by both seniors and juniors throughout the recent 8-year industry downturn, which has led to depleted reserve and resource bases; and

• Many new mineral deposits are being discovered in areas that are increasingly difficult to access, requiring more specialized drilling.

With these fundamentals firmly in place, the outlook for the Company through our fiscal fourth quarter and beyond remains encouraging as we await the release of budgets from senior mining companies for the upcoming calendar year," stated Mr. Larocque.

"While the shortage of experienced drill crews is expected to put temporary pressure on labour costs and productivity, particularly in our busiest markets, we expect wider industry demand for drilling services to drive pricing improvements and expedite margin recovery over the longer term. It is crucial that we continue to aggressively and successfully invest in the recruitment and training of new drillers to ensure that Major Drilling remains both the operator and employer of choice in our industry," concluded Mr. Larocque.

In millions of Canadian dollars (except earnings per share)	Q2 2026	Q2 2025	YTD 2026	YTD 2025
Revenue	$ 244.1	$ 189.3	$ 470.8	$ 379.3
Gross margin	19.9%	23.4%	19.3%	22.7%
Adjusted gross margin (1)	26.0%	30.5%	25.6%	29.7%
EBITDA (1)	37.7	38.7	69.7	73.0
As percentage of revenue	15.4%	20.4%	14.8%	19.2%
Net earnings	13.9	18.2	24.0	34.0
Earnings per share	0.17	0.22	0.29	0.42

(1)See "Non-IFRS Financial Measures"

Second Quarter Ended October 31, 2025

Total revenue for the quarter was $244.1 million, up 29.0% from revenue of $189.3 million recorded in the same quarter last year. Excluding Explomin, revenue for the quarter would have been $182.8 million, down 3% from the same quarter last year. The favourable foreign exchange translation impact on revenue, when compared to the effective rates for the same period last year, was approximately $2.7 million, while the impact on net earnings was minimal as expenditures in foreign jurisdictions tend to be in the same currency as revenue.

Revenue for the quarter from Canada - U.S. drilling operations increased by 2.6% to $87.6 million, compared to the same quarter last year. Despite continued pricing pressures, Canadian activity rebounded during the quarter with a 63% year-over-year increase, supported by strategic market positioning to expand market share and strengthen our platform for sustainable growth. This was tempered by softer performance in the U.S., where reduced junior activity led to a slowdown.

South and Central American revenue increased by 125.5% to $110.7 million for the quarter, compared to the same quarter last year. Within the region, Explomin contributed a total of $61.3 million in revenue as its revenue run-rate

continues to increase following the closing of the acquisition in November of 2024. Slowdowns in Argentina and Chile, with challenging economic conditions and customer delays, were more than offset by growth in the Guiana Shield and Brazil.

Australasian and African revenue decreased by 16.1% to $45.9 million, compared to the same period last year. Activity levels are down in the region as drilling operations with the Company's largest customer in Indonesia were impacted by a mine incident resulting in the temporary shutdown of all activity for the majority of the quarter.

Gross margin percentage for the quarter was 19.9%, compared to 23.4% for the same period last year. Depreciation expense totaling $14.8 million is included in direct costs for the current quarter, versus $13.4 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 26.0% for the quarter, compared to 30.5% for the same period last year. The reduction in margins was driven by competitive pricing environments in North America, a temporary shutdown of operations by a significant customer in Indonesia, as well as the lower margin profile for Explomin.

General and administrative costs were $21.7 million, an increase of $3.6 million compared to the same quarter last year. This increase was driven by the addition of the Explomin operations.

Amortization of intangible assets was $1.5 million, an increase of $1.2 million over the same quarter last year due to the addition of intangibles recognized as part of the Explomin acquisition in the prior year.

Other expenses were $4.9 million, up from $2.5 million in the same quarter last year, due to costs associated with strategic initiatives and $2.2 million in share-based compensation expenses, mainly driven by adjustments relating to the recent increase in the price of the Company's shares.

Finance costs were $0.6 million, an increase of $1.1 million over the same quarter last year due to the increase in longterm debt to finance the Explomin acquisition in the previous year.

The income tax provision for the quarter was an expense of $5.7 million, compared to $6.5 million for the same quarter last year. The reduction was the result of reduced profitability.

Net earnings were $13.9 million or $0.17 per share ($0.17 per share diluted) for the quarter, compared to net earnings of

$18.2 million or $0.22 per share ($0.22 per share diluted) for the prior year quarter.

Non-IFRS Financial Measures

The Company's financial data has been prepared in accordance with IFRS®Accounting Standards, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company's management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company's financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company's operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS.

EBITDA - earnings before interest, taxes, depreciation, and amortization:

(in $000s CAD)	Q2 2026	Q2 2025	YTD 2026 YTD 2025
Net earnings	$ 13,948	$ 18,165	$ 24,019	$ 34,036
Finance (revenues) costs	648	(491)	1,280	(1,155)
Income tax provision	5,666	6,537	9,555	11,452
Depreciation and amortization	17,388	14,483	34,854	28,622
EBITDA	$ 37,650	$ 38,694	$ 69,708	$ 72,955

Adjusted gross profit/margin - excludes depreciation expense:

(in $000s CAD)	Q2 2026	Q2 2025	YTD 2026	YTD 2025
Total revenue	$ 244,138	$ 189,260	$ 470,756	$ 379,302
Less: direct costs	195,477	144,985	379,938	293,047
Gross profit	48,661	44,275	90,818	86,255
Add: depreciation	14,830	13,433	29,741	26,293
Adjusted gross profit	63,491	57,708	120,559	112,548
Adjusted gross margin	26.0%	30.5%	25.6%	29.7%

Net cash (debt) - cash net of debt, excluding lease liabilities reported under IFRS 16 Leases:

(in $000s CAD) October 31, 2025 April 30, 2025

Cash and cash equivalents	$ 64,688	$ 45,987
Contingent consideration	(22,442)	(22,210)
Long-term debt	(27,970)	(27,682)
Net cash (debt)	$ 14,276	$ (3,905)

Forward-Looking Statements

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management's expectations regarding the Company's objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as "outlook", "believe", "anticipate", "estimate", "project", "expect", "intend", "plan", and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company's services; global and local political and economic environments and conditions; competitive pressures; measures affecting trade relations between countries, including the imposition of tariffs and countermeasures, as well as the possible impacts on the Company's clients, operations and, more generally, the economy; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; changes in jurisdictions in which the Company operates (including changes in regulation); the geographic distribution of the Company's operations; the level of funding for the Company's clients (particularly for junior mining companies); exposure to currency movements (which can affect the Company's revenue in Canadian dollars); currency restrictions; efficient management of the Company's growth; the Company's dependence on key customers; the impact of operational changes; safety of the Company's workforce; risks and uncertainties relating to climate change and natural disasters; failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under "General Risks and Uncertainties" in the Company's MD&A for the year ended April 30, 2025, available on the SEDAR+ website at https://www.sedarplus.ca. Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information.

Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws.

About Major Drilling

Major Drilling Group International Inc. is the world's leading provider of drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team that has steered it through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management.

Major Drilling is regarded as an industry expert at delivering 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, along with the ongoing development and evolution of its suite of data and technology-driven innovation services.

Webcast/Conference Call

Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Thursday, December 11, 2025 at 8:00 am (EST).

To access the live webcast, which includes a slide presentation, please go to the investors/webcasts & presentations section of the Major Drilling website and click on the link or click here: Webcast Link. Please note that this is listen-only mode.

To participate in the conference call, pre-register using this link. Registrants will receive confirmation with dial-in details.

For those unable to participate, a replay of the webcast will be archived for one year and can be accessed on the Major Drilling website at https://www.majordrilling.com/investors/webcasts/.

For further information:

Ryan Hanley

Director of Capital Markets Tel: [phone]

Fax: [phone]

[e-mail]