The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Donangelo Volpe - Beacon Securities Limited - Analyst
: Hey, good morning, guys. Congratulations on the results, strong print. I just wanted to highlight the Canadian revenues. I think they were
up about 63% year-over-year. Majority of the peers reflecting year-over-year declines in Canada through the July through September period.
Just wondering if momentum kind of accelerated throughout the quarter and you guys finished with a strong October? Or was it kind of a
Question: Donangelo Volpe - Beacon Securities Limited - Analyst
: Okay, thank you. And then just pivoting over to kind of the junior financings. I usually look at the TSX. So October was a record-setting
month in terms of financings. It's now up 74% year-over-year on a year-to-date basis and the highest level we've seen in the last decade.
So I'm just wondering how you view the pipeline for juniors heading into calendar 2026 on the back of these financings. And if you're starting
to see any improvements in activity levels now that we're kind of, let's call it, the halfway point through December?
Question: Donangelo Volpe - Beacon Securities Limited - Analyst
: Okay. Good to hear. And then final question for me and then I'll pass the line. Just I understand that direct costs are increasing in preparation
for elevated activity levels for a busy calendar 2026. We've kind of seen an uptick in salaries and benefits as well as materials and consumables.
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DECEMBER 11, 2025 / 1:00PM, MDI.TO - Q2 2026 Major Drilling Group International Inc Earnings Call
Just wondering if we're approaching a level that you're starting to feel prepared for the upcoming bump in activity? Or do we still have a
little bit of room to grow here?
Question: Donangelo Volpe - Beacon Securities Limited - Analyst
: Okay, awesome. Thanks forall the color there,Denis. And congratulations on the results again, guys. I'llhopback in the queue.Thank you.
Question: James Vail - Arcadia Advisors LLC - Analyst
: Good morning. Great call. I've got two nitpick questions. In the income statement, you highlighted some extra income that could come in
over the course of the year. One was foreign exchange, and I forget what the other one was. But how was that -- how will that play into
future earnings? Or is that just an accounting issue?
Question: James Vail - Arcadia Advisors LLC - Analyst
: It's -- you showed net income and then you showed extra income, which was foreign exchange gains of like $7 million and then there was
another -- the total of that account came to CAD10 million, I guess. I mean how does that come into earnings? Is that cash? Or is it just
accounting?
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DECEMBER 11, 2025 / 1:00PM, MDI.TO - Q2 2026 Major Drilling Group International Inc Earnings Call
Question: James Vail - Arcadia Advisors LLC - Analyst
: Yes.
Question: James Vail - Arcadia Advisors LLC - Analyst
: Okay, All alright.
Question: James Vail - Arcadia Advisors LLC - Analyst
: Okay, thank you. Now my second question becomes -- you mentioned a new accounting standard that you're examining to see how it's
going to affect the company. And I read that and concluded it was, excuse me, it was just written by lawyers. I had no idea what it means.
Can you help me on that?
Question: James Vail - Arcadia Advisors LLC - Analyst
: That's great stuff. All right. Thankyou,andjoy and Noel.
Question: Brett Kearney - Rebirth Opportunity Partners LLC - Analyst
: Hi guys, good morning, thanks for taking my question.
Question: Brett Kearney - Rebirth Opportunity Partners LLC - Analyst
: Yeah, Denis, as you noted, the whole world is focused on critical minerals. You guys obviously have been ahead of the curve expanding
and upgrading the fleet the past several years. As we look ahead to calendar 2026, how do you think about the allocation of the fleet by
geography, customer type?
How much will you lock up with senior customers relative to a potential wave you see coming with juniors following the recent financings
to maximize economics and returns for yourself?
Question: Brett Kearney - Rebirth Opportunity Partners LLC - Analyst
: That's very helpful. Congrats to you and the team, in the past year and, good luck in the year ahead. Thank you.
Question: James Vail - Arcadia Advisors LLC - Analyst
: I promise this is the last question. It kind of follows up to the previous question. Given the 707 rigs, what is the effective top capacity utilization
you would experience before you have to make some major capital spending decisions?
Question: James Vail - Arcadia Advisors LLC - Analyst
: Well, thank you very much. like I said, this is my last question.
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