RE:mdi resultsThat's for sure. In addition to the 240% ebitda increase and 900% net earnings per share increase the following caught my eye. We should be in for a good year or two.
“Looking ahead to fiscal 2023, we continue to see an increase in inquiries from all categories of customers. Most senior companies expect to at least replicate the drilling efforts deployed in fiscal 2022, with many increasing their efforts, some significantly. Additionally, last month’s announcement by the Canadian government, doubling the Mineral Exploration Tax Credit (METC) for critical minerals, should help spark even more funding of exploration efforts going forward, driving more discoveries towards development in the future,” said Denis Larocque.
“Gold projects accounted for 52% of our drilling revenue this year. This is key for Major Drilling’s success, as gold has led the mineral exploration recovery with the average gold mine life falling to a low of nearly 10 years due to the lack of exploration over the last 6 years. Because of this growing supply shortfall, several of our senior gold customers have committed to prioritizing value-adding grassroots exploration and development. Many of the new mineral deposits in question are located in areas challenging to access, requiring complex drilling solutions, and increasing demand for Major Drilling’s specialized services.”