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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 Mar 05, 2024 2:22pm
144 Views
Post# 35916293

RE:New Press Release - GEODRILL ANNOUNCES 2023 FOURTH QUARTER AND YEAR END FINANCIAL RESULTS

RE:New Press Release - GEODRILL ANNOUNCES 2023 FOURTH QUARTER AND YEAR END FINANCIAL RESULTS
Solid revenue compared to Q4 last year. Looks cheap relative to book value. Smart to diversify into majors, other minerals, and other geographic regions. Margins will feel the pinch. Glad Burkina is in the rearview mirror.
 
Trade receivables of 91+ days is still very worrisome at $15.2M ($9.7M after expected credit loss allowance). CFO mentioned on the call that it's a mixed bag of customers contributing to that number.
 
With gold over $2.1k/oz one might expect capital to flow into junior explorers (but that's been said for years now). Probably can't happen until central banks cut rates to make borrowing and capital more plentiful.
 
If/when it does happen it might breathe life into some of Geodrill's junior customers and reduce Geodrill's trade receivables, but that's probably just wishful thinking. Left wondering whether the $5.4M expected credit loss allowance will be enough.
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