Foraco International Awarded Multiple Three-Year Drilling Contracts Totaling US$150 Million in Canada and Chile

Executive Summary

• Foraco International SA secured three new three‑year drilling contracts with Tier One mining customers in Canada and Chile, valued at approximately US $150 million.
• The contracts cover a broad suite of services—including 9‑inch coring, deep reverse circulation, deep water wells, dual rotary, flood reverse, and both surface and underground core drilling—and will mobilize up to four drills in Chile and twenty in Canada.
• Mobilization has already begun in Chile; the Canadian awards extend existing projects for an additional three years, reinforcing Foraco’s revenue visibility amid high copper and gold prices.

Key Details

• Total contract value: ~US $150 million (combined across three contracts).
• Contract duration: Three years each.
• Geographic allocation:
• Chile – up to 4 drills mobilized; mobilization already underway.
• Canada – up to 20 drills; extensions of existing projects.
• Scope of services:
• Large‑diameter (9‑inch) coring.
• Deep reverse circulation drilling.
• Deep water well drilling.
• Dual rotary drilling.
• Flood reverse drilling.
• Surface and underground core drilling.
• Customer profile: Tier One mining operators in stable jurisdictions, providing long‑term, high‑value drilling programs.
• Strategic significance: Enhances Foraco’s diversified service offering at single sites, deepens relationships with major miners, and supports a pipeline of additional tenders and bids.
• Market context: Contracts awarded as copper and gold prices remain near all‑time highs, driving increased drilling activity by well‑capitalized mining producers.

Notable Quotes

“These awards reflect Foraco's ability to deliver a highly diversified range of drilling services at a single mine site, along with the mutual trust we have built with each of these customers over the years.” – Tim Bremner, CEO, Foraco International SA

All forward‑looking statements are subject to risks and uncertainties detailed in the company’s filings.