Major Drilling Group International Inc
TSX:MDI
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Major Drilling Group International Inc
TSX:MDI
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Major Drilling Group International Inc
Major Drilling Group International, Inc. engages in the provision of water and mineral exploration drilling services. The company is headquartered in Moncton, New Brunswick and currently employs 3,825 full-time employees. The firm operates through three geographical segments: Canada - U.S.; South and Central America, and Asia and Africa. The firm is primarily engaged in the mining industry. The firm provides a range of drilling services, including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/ longhole drilling, surface drill and blast, and a variety of mine services. The firm has two categories of customers: junior exploration companies and a diversified portfolio of senior/intermediate companies, for which the Company provides greenfield exploration drilling and/or drilling at operating mines. The firm also has an investment in a fleet of digitized mobile underground drills that allow less dependence on client resources as well as increased ability for automation and versatility.
Major Drilling Group International, Inc. engages in the provision of water and mineral exploration drilling services. The company is headquartered in Moncton, New Brunswick and currently employs 3,825 full-time employees. The firm operates through three geographical segments: Canada - U.S.; South and Central America, and Asia and Africa. The firm is primarily engaged in the mining industry. The firm provides a range of drilling services, including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/ longhole drilling, surface drill and blast, and a variety of mine services. The firm has two categories of customers: junior exploration companies and a diversified portfolio of senior/intermediate companies, for which the Company provides greenfield exploration drilling and/or drilling at operating mines. The firm also has an investment in a fleet of digitized mobile underground drills that allow less dependence on client resources as well as increased ability for automation and versatility.
Revenue: Revenue was $184.6 million for the quarter, up 14.9% year-over-year, mainly driven by higher activity in Canada and the U.S.
Margins: Gross margin fell to 14.3% from 19.5% last year, as start-up costs and strategic preparations for ramped-up activity weighed on profitability.
Outlook: Management is highly optimistic for 2026, citing record high commodity prices, increased exploration budgets, and strong junior financing.
Liquidity: Net cash position rose by over $25 million to $39.6 million, with total available liquidity at $177.1 million.
CapEx: CapEx for the quarter was $10.3 million, below guidance, but expected to rise in Q4 (still below the $70 million annual target).
Labor & Supply: Labor availability—not rig supply—is seen as the main constraint for growth; proactive hiring and inventory buildup were undertaken.
Contract Portfolio: Underperforming contracts in South America were terminated and replaced, with expectations of improved regional performance next year.
