GEODRILL ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS
TORONTO, May 12, 2025 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX: GEO) (OTCQX: GEODF), a leading West African based drilling company, reported its financial results for the three months ended March 31, 2025. 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 Q1-2025:
Generated record revenue of $48.8M, a 41% increase compared to Q1-2024;
Delivered record EBITDA of $13.6M, or 28% of revenue, a 104% increase compared to Q1-2024;
Achieved net income of $5.6M, or $0.12 per share, compared to net income of $2.1M or $0.04 per share for Q1-2024;
Achieved Total Equity of $125M, an increase of 11% compared to Q1-2024; and
Generated Return on Capital Employed (ROCE) of 18% and Return on Equity (ROE) of 10%, reflecting strong capital efficiency and profitability.
Operational and Strategic Q1-2025:
Averaged 75% rig utilization on the enlarged fleet during the quarter compared to 65% in Q1-2024;
Strengthened operations in West Africa and Egypt, repositioning rigs for continued growth;
Expanded presence in South America by adding additional rigs to meet customer demand; and
Increased the rig fleet to 98 rigs, adding 3 rigs during the quarter.
Outlook:
Demand for our services remains strong despite tariff concerns;
Strong gold and copper prices continue to fuel demand for drilling services; and
Pipeline of bidding remains very active.
Financial Summary
Results in US$ 000s
(except earnings per share and
percentages)
For the three months
ended Mar 31, 2025
For the three months
ended Mar 31, 2024
Revenue
48,752
34,667
Gross profit
13,552
7,445
Gross profit margin
28 %
21 %
EBITDA(1)(2)
13,569
6,663
EBITDA margin
28 %
19 %
Net Income
5,572
2,114
Earnings per share-
basic
0.12
0.04
Notes:
(1) EBITDA = earnings before interest, taxes, depreciation and amortization.
(2) Please see " Non-IFRS Measures" below for additional discussion.
"Our exceptional performance in the first quarter underscores the strength of management's strategy – sharply focused on core markets and meeting increasing client demand through strategic rig fleet expansion," commented Greg Borsk, Chief Financial Officer. "With gold prices reaching new highs and a strong focus on gold drilling, Geodrill continues to consistently deliver robust revenue growth."
Dave Harper, President and CEO, stated, "Our strong financial foundation and efficient operations has driven an outstanding financial performance this quarter. With the tailwind of a strong gold price and our expanded presence in South America, we are well positioned to further strengthen revenue growth. Importantly, our business continues to focus on delivering long-term success and value to our shareholders."
Geodrill's consolidated financial statements and management's discussion & analysis ("MD&A"), for the three months ended March 31, 2025, are available via Geodrill's website at www.geodrill.ltd and will be available on SEDAR+ at www.sedarplus.ca.
Following the release, management of the Company will host a conference call at 10:30 am ET to discuss the financial results.
Q1 2025 Conference Call Information
Conference Call Replay
Telephone:
Toll Free Replay (North America) 1-888-660-6345
International Replay 1-289-819-1450
Entry Code:
90808 #
The conference call replay will be available from 12:00 p.m. ET on May 19, 2025 until 11:59 p.m. ET.
The Company will hold its Annual and Special Meeting of Shareholders (the "Meeting") at the Company's office at Ragnall House, 18 Peel Road, Douglas, Isle of Man, IM1 4LZ on Monday May 12, 2025, at 10:00am ET. The Company will only conduct the formal legal business at the Meeting and provide access via a teleconference. The Company requests that shareholders vote in advance by voting on-line as noted on their proxy form, or sending in their proxy forms as outlined in the Management Information Circular filed on SEDAR on April 2, 2025 and mailed to shareholders.
You can join the call by dialing 1-888-699-1199 or 416-945-7677. A live audio webcast of the conference call will also be available through:
https://app.webinar.net/Q41m3X03PYW
About Geodrill Limited
Geodrill has been successful in establishing a leading market position in Ghana and Cote d'Ivoire. The Company also operates in other African jurisdictions including Egypt and Senegal and is expanding its geographic presence in the South America countries of Chile and Peru. With the large fleet of multi-purpose rigs, Geodrill provides a broad selection of diverse drilling services, including exploration, delineation, underground and grade control drilling, to meet the specific needs of its clients. The Company's client mix is made up of senior mining, intermediate and junior exploration companies. www.geodrill.ltd
Non-IFRS Measures
EBITDA is defined as Earnings before Interest, Taxes, Depreciation and Amortization and is used as a measure of financial performance. The Company believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to evaluate companies in the industry. However, EBITDA is not a measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. EBITDA should not be viewed in isolation and does not purport to be an alternative to net income or gross profit as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. EBITDA does 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 EBITDA should not be construed as an alternative to other financial measures determined in accordance with IFRS.
Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as capital expenditures, contractual commitments, interest payments, tax payments and debt service requirements. Please see the Company's MD&A for the three months ended March 31, 2025 for the EBITDA reconciliation.
Forward Looking Information
This press release may contain "forward-looking information" which may include, but is not limited to the future financial or operating performance of the Company, its subsidiaries, future growth, results of operations, performance, business prospects and opportunities. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release including, without limitation those described in the Management's Discussion & Analysis for the quarter ended March 31, 2025 and the Company's Annual Information Form dated March 26, 2025 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in such forward-looking statements, there may be other factors that may cause actions, events or results to differ from those anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying such forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this press release. The forward-looking information and forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or review such information or statements, whether as a result of new information, future events or otherwise, except as required by law.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
12 hours ago
- Cision Canada
Air Canada and Air Canada Rouge Operations Remain Suspended Pending Outcome of CIRB Process
Rolling cancellations now extend to the afternoon of August 17, 2025 MONTRÉAL, August 16, 2025 /CNW/ - Air Canada today said all flights of Air Canada and Air Canada Rouge remain suspended pending the outcome of a Canada Industrial Relations Board (CIRB) process related to a directive by the Government of Canada ordering binding arbitration in the company's contract negotiations with its flight attendants. Customers whose flights are cancelled are being notified of the cancellations and offered options that include a full refund, a future travel credit or rebooking on another airline. Those whose flights are cancelled are strongly advised not to go to the airport unless they have a confirmed booking on a flight by another carrier. In response to a labour disruption by the Canadian Union of Public Employees (CUPE) that led to a strike on August 16, Air Canada has been cancelling flights on a rolling basis. At present, all flights by Air Canada and Air Canada Rouge are cancelled until the afternoon (EDT) of August 17, 2025. Air Canada Express flights operated by Jazz or PAL continue to operate as normal. Air Canada deeply regrets the disruption's impact on customers. Additional customer information, including an FAQ, is available Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours, and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger and freighter aircraft. Air Canada's climate-related ambition includes a long-term aspirational goal of net-zero greenhouse gas emissions by 2050. For additional information, please see Air Canada's TCFD disclosure. Air Canada shares are publicly traded on the TSX in Canada and the OTCQX in the US. Media Resources: Photos Videos B-Roll Articles SOURCE Air Canada
Cision Canada
19 hours ago
- Cision Canada
Statement from Minister Hajdu Français
GATINEAU, QC, Aug. 16, 2025 /CNW/ - Today, the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, issued the following statement regarding the collective bargaining negotiations between Air Canada and the Canadian Union of Public Employees (CUPE): "After eight months of negotiations by the parties, and after meeting with both parties last night and urging them to work hard to reach a deal, it is disappointing to have to conclude today that Air Canada and CUPE flight attendants are at an impasse and remain unable to resolve their dispute. The government firmly believes that the best deals are reached by the parties at the bargaining table. It has now become clear that this dispute won't be resolved at the table. Canadians are increasingly finding themselves in very difficult situations and the strike is rapidly impacting the Canadian economy. Flight attendants play a critical role in keeping Canadian families and workers safe as they travel. It is important that they be compensated fairly at all times. The enormous impact of a nationwide labour disruption of this scale is already being felt by Canadians and visitors to our country. This impact will grow significantly with a prolonged dispute. This nationwide labour disruption is impeding the movement of passengers and critical cargo. In a year in which Canadian families and businesses have already experienced too much disruption and uncertainty, this is not the time to add additional challenges and disruptions to their lives and our economy. Canadians rely on air travel to connect families, workers, and communities to each other and the world. Despite significant supports from the government, these parties have been unable to resolve their differences in a timely manner. The government must act to preserve stability and supply chains in this unique and uncertain economic context. That is why I exercised my authorities under section 107 of the Canada Labour Code to direct the Canada Industrial Relations Board to arbitrate this dispute. I am exercising this authority because it is critical to maintaining and securing industrial peace, protecting Canadians and promoting conditions to resolve the dispute. Despite the parties' resolution of several key differences, the CIRB is best positioned to help them find a solution on the outstanding items. Accordingly, I have asked the Board to assist the parties in reaching a settlement of the outstanding terms of their collective agreement by imposing final and binding arbitration and to extend the terms of the existing collective agreement until a new one is determined by the arbitrator. This decision will help make sure that hundreds of thousands of Canadians and visitors to our country are not impacted because of cancelled flights. Further, the shipments of critical goods such as pharmaceuticals and organ tissue, over 40% of which are moved by Air Canada, should continue to reach their destinations. Once again, I urge the parties to work towards a fair and timely resolution."
Cision Canada
a day ago
- Cision Canada
Mohamed bin Zayed University of Artificial Intelligence begins new academic year with largest-ever cohort of 400+ students
ABU DHABI,UAE, Aug. 16, 2025 /CNW/ -- Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) has welcomed its largest cohort for its Fall 2025 intake, enrolling 403 new students. This includes its inaugural undergraduate class, new graduate cohorts in existing programmes in Computer Science, Computer Vision, Machine Learning, Natural Language Processing, and Robotics, and the first intakes into the Master of Science in Statistics & Data Science and Master in Applied Artificial Intelligence. This semester received more than 8,000 applications across the university's Bachelor and graduate programmes, yielding an acceptance rate of 5 per cent, and reinforcing the university's prestigious position and ability to attract the best talent in the UAE and from around the world. Timothy Baldwin, MBZUAI Provost and Professor of Natural Language Processing, said: "This year, MBZUAI welcomes our largest cohort of graduate students alongside our inaugural undergraduate class. Artificial intelligence is transforming the world at a pace that vastly outstrips traditional education models. To realise its full global potential, MBZUAI invests heavily in reviewing and updating our programmes to reflect modern AI research methodology and workflows, based on our bleeding-edge AI research credentials and grounded in societal and industrial needs. As a young institution, MBZUAI has already earned a place among the world's top 10 AI universities based on our research credentials. With the introduction of our undergraduate and Master's in Applied AI programmes, we continue to build world-leading programmes aligned with the UAE's National Strategy for AI 2031 and supporting Abu Dhabi's rapidly growing AI ecosystem." The newly launched Bachelor of Science in Artificial Intelligence programme offers two streams, AI for Business and AI for Engineering, combining technical rigor with leadership, hands-on entrepreneurship, and in-situ industry experience. The first class consists of 115 undergraduate students from more than 25 countries, over 25 per cent of which are UAE Nationals. Professor Baldwin said: "The jobs of tomorrow are being shaped by AI today and we must ensure that future generations are equipped with the tools and skills to navigate that shift. Our extraordinarily talented students don't just learn about AI, but learn with it, through it, and for it. This is an extraordinary value proposition across all our programmes, but especially for our undergraduate students, who will be studying towards a bachelor's degree in AI that I believe sets a new global benchmark in terms of technical depth, real-world relevance, and the high-end AI job-readiness of the students." The key highlights for the Fall 2025 intake includes MBZUAI's total student body totaling more than 700, representing over 47 nationalities. Nationalities represented in the undergraduate programmes are Bulgaria, China, Egypt, Georgia, Greece, India, Indonesia, Kazakhstan, the UAE and the UK. Postgraduate programmes bring together students from Canada, China, Egypt, France, India, Italy, Kazakhstan, Serbia, UAE, UK, USA and Vietnam. MBZUAI continues to attract exceptional students, with 151 of the incoming graduate students (27.5 per cent) holding degrees from the world's top 100 computer science universities (CSRankings), including Cornell University, Tsinghua University, the University of Edinburgh, and the University of California, San Diego. In welcoming the new students, MBZUAI has begun its immersive Orientation Week, introducing new students to the university's culture of academic excellence, AI-driven innovation, and community engagement. The programme combines academic sessions, mentorship activities, and cultural programming celebrating UAE heritage and life in Abu Dhabi. Highlights include the Orientation Mini Fair, where internal and external partners showcase resources for academic success, career development, and student life. Orientation Week is designed to foster a strong sense of belonging and connection, laying the foundation for academic success and life-changing university experiences. For more information, visit
