speaker
Operator
Conference Operator

Please stand by. Your conference will begin momentarily. To ask a question, please wait for the moderator to start the conference, then press star 1. This conference is being recorded. All participants, please stand by.

speaker
Operator
Conference Moderator

Your meeting is ready to begin. Good morning, ladies and gentlemen, and welcome to the third quarter 2023 results conference call. I would now like to turn the meeting over to Denis Laroque, President and CEO. Please go ahead, Mr. Laroque.

speaker
Denis Laroque
President & CEO

Thank you, and good morning, everyone. As mentioned, we would like to welcome you to Major Drilling's conference call for the third quarter of fiscal 2023. On the call with me today is Ian Ross, our CFO. Our results were released yesterday evening and can be found on our website at 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 must say we're very happy with our third quarter results as we continue to see strong levels of activity, despite the usual seasonal slowdown related to the Christmas season. During the quarter, we continue to see the growing importance of electric vehicles and electrification market, and we saw the beginning of a widely anticipated shift to the copper and battery metals in our operational commodity mix. In fact, between copper, nickel, and lithium, our revenue percentage for those commodities went from 22% of our total revenue last year to over 37% of our activity during the third quarter. Our specialized drilling expertise allowed us to meet the increasing demand from those customers that are levered to this energy transition. The strong performance this quarter allowed us to grow our net cash position by $23 million to $74 million at the end of Q3, while at the same time continuing to modernize our fleet, purchasing nine new rigs. On the safety side, I'm extremely proud to report that we have gone 12 months and over 9 million hours worked without a lost time injury, which is a record in the company's history And when you consider the inherent risk in our industry, this is quite a feat for our industry. I want to credit our teams out there for the attention to details in applying the company's tools like the Take 5 program and our 10 life saving rules. Also, I commend our recruiting and training teams for their success in the development of our workforce at a time where we brought in a significant number of new employees over the last two years. Great job, everyone, and please continue to stay safe. With that, Ian will walk us through the quarter's financials, and then I'll come back to discuss the outlook. Ian?

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