Geodrill Limited

Good morning, ladies and gentlemen. Thank you for standing by. For today's call, participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session, and instructions will be provided at that time for you. If anyone has any difficulties hearing the call over the phone, please press star zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded on Monday, March 4th at 10 a.m. Eastern Time, and is being broadcast live via the Internet. During today's call, management will make statements regarding management's expectations for the company's future financial and operational performance. These statements are considered forward-looking statements. Each forward-looking statement speaks only as of the date of this call, and actual results may differ materially from management's expectations for a variety of reasons, including market and general economic conditions, and the risks and uncertainties detailed from time to time in the company's CDAR filings. I will now turn the call over to the President and CEO of Geodrill Limited, Mr. Dave Harper. Please go ahead, sir.

Thank you, Operator. Good morning and welcome to Geodrill's quarter four and 2023 fiscal year results. I will begin with an overview of our operations and performance for the fiscal 2023. After which, our CFO, Greg Voss, will discuss present and present a detailed analysis of our results. Additionally, I will provide some insight into our outlook for quarter one, 2024 and beyond. In the latter half of the year, CEDAW encountered significant challenges. However, we firmly believe that the underlying fundamentals of our industry provide us with a strategic perspective. The market forces that affected overall performance over the past two quarters are, in our assessment, independent of the sustained development for resources in growing production economies. This demand is expected to persist over the long term. Operationally, we'll replace hurdles related to rig repositioning following our exit from Burkina Faso. South America also posed unexpected delays, impacting both revenue and costs. Specifically, the winter shutdown in the region affected regularization, while operational costs remained high as we maintained readiness for Q4 ramp-up. On the financial front, in fiscal 2023, our auditors enforced IFRS 9, due to an enduring aging debtor situation. This resulted in a non-cash provision totaling 5.4 million US dollars in profit for the year. Despite these challenges, Geodule remains resilient. As we pivot away from junior exploration companies, we recently secured a number of multi-year contracts with Tier 1 miners, including First Quantum, First Quantum Rio JV in Peru, Antony Augusta Barrack JV in Chile, and in West Africa, we secured a number of multi-rig, multi-year contracts with tier one customers. Geodrill has operated in West Africa for 25 years and has invested a significant amount of capital into its growing fleet. We believe Geodrill is poised to navigate the complexities of our industry with determination, adaptability, and an active and experienced management team. I'll now turn the call over to Greg, our CFO, to review the financial highlights for fiscal 2023 and quarter four in detail. Thank you.

Thank you, Dave. As a reminder, all figures are reported in U.S. dollars. We generated revenue of $130.5 million for 2023. representing a decrease of 8.1 million or 6% when compared to 138.6 million for 2022. In Africa, our three primary countries in which the company operates, being Ghana, Cote d'Ivoire, and Egypt, revenue increased on a year-to-year basis by 6.7 million. Notably, in Burkina Faso, revenue decreased by approximately 11.2 million on a year-to-year basis. Geodrill made a prudent decision to wind up its drilling programs due to the security concerns and redeployed the rigs to other countries. In Chile, revenue increased by 4 million, however, Revenue decreased by $1.8 million in Peru as the company only recommenced drilling in Peru in the latter part of the third quarter. Overall, gross profit for 2023 was $30.6 million, being 23% of revenue compared to a gross profit of $40.6 million, being 29% of revenue for 2022. EBITDA for 2023 was $20.6 million or 16% of revenue compared to EBITDA of $38.4 million or 28% of revenue for 2022. The net income for 2023 was $3.8 million or $0.08 per share compared to net income for 2022 of 18.9 million, or 41 cents per share. We ended the quarter with net cash, excluding right of use liabilities, up 3.7 million. With the gold price well above 2000, we are optimistic that global exploration spending will continue to be strong. and will provide strong fundamentals for the mineral drilling industry going forward. At this point, I will turn the call back to Dave.