Major Drilling Group International Inc.

Our results were released yesterday evening and can be found on our website at www.majordrilling.com. We also invite you to visit our website for further information. Before we get started, we'd like to caution you that during this conference call, we will be making forward-looking statements about future events or the future financial performance of the company. These statements are forward-looking in nature, and actual events or results may differ materially from those currently anticipated in such statements. I will now turn the presentation over to Denis Dalot. Please go ahead.

Thank you, Chantal. Our revenue increased by 28% over the last three months as many projects resumed operations on the back of stronger metal prices, easing of restrictions related to COVID-19, and an improving long-term outlook. Although the pandemic continues to impact our operations in certain regions, we are seeing junior mining companies increase their levels of activity, particularly in Canada, which is reminiscent of the beginning of the previous up cycles in the mining industry. We are encouraged that we were able to produce good results despite the fact that several of our operations are still seeing levels of activities affected by heavy restrictions related to COVID-19. Additionally, the recent surge in copper prices has not yet translated into increased exploration in copper. While short-term headwinds remain due to the pandemic in certain regions, our intermediate and long-term outlooks are very positive. As the pandemic is brought under control and exploration plans translate to drilling activity, we expect to see continued improvement in our activity levels. I would like to salute our crews at the Oyotulgoi Copper Project in Mongolia for their incredible accomplishment. They achieved a new drilling record by completing a 2,000-meter hole of PQ size, which is the largest size of core sample in our industry. This is an extremely deep hole for PQ that required highly specialized expertise and equipment. Calendar 2020 has been a banner year for us in terms of specialized drilling, given we also achieved the longest drill hole ever drilled in Canada at the windfall projects for Cisco Mining at 3,467 meters, reaffirming our reputation as the leader in specialized drilling in the industry. I'll discuss our market outlook further after Ian runs through our financials. Ian?

Thanks, Denis. Total revenue for the quarter was $114.2 million, down 6% from revenue of $121.2 million recorded in the same quarter last year, but up 28% from Q1 as activity levels continue to recover in a number of jurisdictions. As Denise stated, we are still being impacted by COVID-19 in certain jurisdictions, but this has been offset by growth in other regions as senior gold projects and junior miners bring increased demand. The unfavorable foreign exchange translation impact on revenue for the quarter compared to the effective rates for the same period last year was approximately $2 million with a minimal impact on net earnings. The overall gross margin percentage excluding depreciation for the quarter was 28.3% compared to 28.1% for the same period last year. Margins were positively impacted by approximately 1% due to government assistance programs available to the company in the hardest hit regions. We expect minimal impact for these programs moving forward. General administrative costs were down $500,000 at $11.6 million when compared to the same quarter last year. The decrease is mainly related to reduced travel and various government assistance programs for our administrative employees. These temporary reductions will start to subside over the next couple of quarters. The income tax provision for the quarter was an expense of $2 million compared to an expense of $3 million for the prior year period. The income tax provision was positively impacted by the utilization of unrecognized tax laws. Net earnings were $7 million, or $0.09 per share, for the quarter, compared to net earnings of $7.3 million, or $0.09 per share, for the prior year quarter. EBITDA was $19.3 million, compared to $20.5 million in the prior year quarter. EBITDA margins remained flat year over year at 16.9%. Although activity levels remained impacted in certain jurisdictions, our ongoing operations in other areas performed very well. Combined with our operational leverage, this provided a positive EBITDA result. We are focused on maintaining a strong balance sheet as the company repaid $15 million in debt in the quarter. The company spent $8 million on CapEx with the majority on ancillary and support equipment needed to respond to the growing demand we are seeing in certain regions. The company added one rig while retiring 13 older, inefficient rigs, ending the quarter with a total rig count of 601. Our receivables increased in the quarter, which relates to growth in revenue from Q1. Importantly, we have not had any collection issues related to the pandemic as our current customer mix remains predominantly seniors and well-established intermediates. The company ended the quarter with net cash, net of debt of $7.6 million, an increase of $9.6 million from the end of the prior quarter. Inclusive of amounts available under our credit facilities, the company had $87 million in liquidity as of the end of the quarter and is very well positioned financially as we prepare for what is shaping up to be a busy calendar 2021. The new breakdown of our fleet and utilization is as follows. 304 specialized drills at 36%, 123 conventional drills at 35% utilization, and 174 drills at 56% utilization for underdrill. This giving a total of 601 drills and a combined rate of 41% utilization. As we've mentioned before, specialized work in our definition is not necessarily conducted with a specialized drill. Rather, it is work that requires that we meet the rigorous standards of our customers in terms of technical capabilities, operational and safety standards, and other related factors, such as those met during our record-breaking PQ hole in Mongolia. Over time, we expect these standards to be increasingly important to our customers. In the second fiscal quarter, revenue from specialized work accounted for 56% of our total revenue. which is relatively unchanged from the prior quarter, but lower than the same quarter in the prior year, mainly due to increased drill programs around existing mines, as mining companies look to define reserves. We expect this trend to continue as long as elevated commodity prices support it. Our conventional drilling made up 12% of our revenue, which is up from 10% the prior quarter, which directly relates to increased work from junior mining companies. Finally, our underground drilling remained relatively flat at 32% compared to the last quarter, but up 20% from the same quarter last year as a result of executing on our diversification strategy. As junior financings have picked up over the past six months, we've started to see a shift in our revenue mix. During the quarter, juniors made up 20% of our revenue, while senior and intermediates were 80%. The increase in junior activity is a positive sign for the industry moving forward. In terms of commodities, gold projects represented 64% of our revenue, while copper was at 18% this quarter. This is one of our lowest quarters of copper generated revenue in recent history, which is a direct result of the impact COVID-19 had on copper prices and exploration budgets. With the recent surge in copper prices and increased demand from stimulus packages, we are expecting copper activity to increase from current levels in 2021. With that overview on our financial results, I'll now turn the presentation back to Nini to discuss the outlook.