Foraco awarded drill contracts for over $60M (U.S.)

Executive Summary

• Foraco International SA secured two long-term drilling contracts with Tier 1 gold mining customers in the southwestern United States, specifically in Nevada.
• The combined value of the contracts exceeds $60 million (U.S.).
• Operations have already commenced, with up to 10 drill rigs to be mobilized, ramping up through the first quarter of 2026.

Key Details

• Contract Value: Combined value exceeding $60 million (U.S.).
• Counterparties: Two Tier 1 gold mining customers.
• Geographic Location: Southwestern United States, specifically Nevada.
• Scope of Work: Mine development and resource-definition drilling, including surface coring, deep directional drilling, and reverse circulation services.
• Operational Timeline: Operations have already commenced; ramp-up continues through Q1 2026.
• Resources: Up to 10 drill rigs will be mobilized to deliver the contracted work.
• Strategic Context: The awards align with Foraco's strategy to expand presence with Tier 1 gold miners and strengthen its position in the U.S. market.

Notable Quotes

• "These awards represent a major milestone for Foraco and are fully aligned with our strategy to expand our presence with Tier 1 gold miners and strengthen our position in the U.S. market," said Tim Bremner, chief executive officer of Foraco International. "Nevada's geology poses unique technical challenges, and our ability to meet those challenges draws directly on Foraco's global expertise. This is another strong example of how we differentiate our services through technical excellence and operational reliability."