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Geodrill Limited T.GEO

Alternate Symbol(s):  GEODF

Geodrill Limited is an Isle of Man-based exploration drilling company with a fleet of 76 drill rigs operating in Africa and South America. The Company operates in approximately two continents and seven countries, namely Ghana, Burkina Faso, Cote d’Ivoire, Mali in West Arica; Egypt in North Africa; and Peru and Chile in South America. The Company provides Reverse Circulation, Diamond Core, Deep Directional Navi Drilling, Air-Core, Grade Control, Geo-Tech, and Water Borehole drilling services to intermediate and junior mining companies and operates a fleet of multi-purpose rigs in Africa. Its fleet stands at approximately 76 drills and is made up of over nine types, including EDM 2000 multi-purpose (qty. 6), Sandvik DE 810 multi-purpose (qty. 11), Sandvik DE 740 core (qty. 10), Sandvik DE 710 core (qty. 10), X1200 Multi-Purpose (1), X900 Multi-Purpose (17), Austex X350 RC / Grade Control (qty. 2), Austex X300 Air-core (qty. 7) and LM90 (qty. 7).


TSX:GEO - Post by User

Comment by drewmumawon Nov 01, 2023 3:42pm
149 Views
Post# 35711948

RE:RE:RE:RE:RE:Not Good News Out

RE:RE:RE:RE:RE:Not Good News OutProbably a smart move. Something disastrous must've happened for them to go from saying in the Q2 call that the dividend is safe to where we are now on the cusp of the Q3 call where they rug pull investors by suspending the dividend. There's been no mention of utilizing the NCIB to plug the hole in the share price drop in the interim. Their accounts receivables continue to increase—particularly in the balances over 90 days. Maybe there's more contagion from Burkina. Maybe some of their customers ran out of cash and can't pay their tab—and Geodrill has no way to collect. Everything points to this being really bad and I doubt there's much they can say on the call to turn sentiment around. Again, I hope I'm wrong.
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