Orbit Garant Drilling Inc.

Good morning, ladies and gentlemen, and welcome to Orbit Gahan Drilling's fiscal 2026 first quarter results conference call and webcast. At this time, all lines are in listen-only mode. Following management's remarks, we will conduct a question and answer session. Please be aware that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risk uncertainties, and assumptions that could cause actual results to differ materially from those projected in the forward-looking information. For more information on the risks, uncertainties, and assumptions relating to forward-looking information, please refer to the company's latest MD&A and annual information form, which are available on CDAR+. Management may also refer to certain non-IFRS financial measures. Although Orbit Gagarin believes these measures provide useful supplemental information about financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please refer to the company's latest MD&A for additional information regarding non-IFRS financial measures. This call is being recorded on Thursday, November 13th, 2025. I would now like to turn the conference over to Mr. Daniel Nair, President, CEO, of Orbit Gagarin Drilling. Please go ahead, sir.

Thank you, Juliane, and good morning, ladies and gentlemen. With me on the call is Pierluc Capdan, Chief Financial Officer. Following my opening remark, Pierluc will review our financial results in greater detail, and I will conclude with comments on our outlook. We will then welcome questions. Our financial results for the fiscal first quarter reflect the impact of a few short-term issues. In Canada, we complete drilling activities on certain projects earlier in the quarter, and we gradually ramp up activity on new projects, which typically yields lower growth margins at this early stage of operations. In addition, customers temporarily delayed certain drilling projects in Canada and South America during the quarter. These were company-specific decisions that had nothing to do with our performance. For instance, one of our projects in Chile was delayed due to an earthquake in the area. Fortunately, no personnel of Orbit Garen was injured, and this project resume after a couple of weeks. Revenue for our first quarter declined by 3.7% compared to Q1 last year, reflecting the short-term impact. Adjusted growth margin was 17% compared to 20.2% in Q1 last year. We expect to benefit from the resumption of the last project in Canada and South America, and the continual advancement of our ramp-up activities on newer projects in Canada in our fiscal second and third quarter. Demand for drilling services in both Canada and South America is increasing, supported by near-record gold prices and elevated copper prices. Our bidding activities on new projects has increased significantly in the recent weeks. In addition, many current customers inform us that they intend to increase drilling activities over the next 12 months. We have the operational capacity to accommodate this higher customer demand with minimal capex. Accordingly, we have an opportunity to expand profitability as demand pickups, despite a highly competitive environment. I will now turn the call over to Pierre-Luc to review our financial results for the first quarter in greater detail. Pierre-Luc?

Thank you, Daniel, and good morning, everyone. Revenue for the quarter totaled $46.7 million compared to $48.4 million in Q1 last year. Canada revenue was $33.7 million in the quarter compared to $35.4 million last year, reflecting lower drilling activity due to drilling project completions, client-initiated project delays, and the gradual ramp-up of new projects. International revenue total, $13.0 million, similar to Q1 a year ago, as higher revenue in Chile was offset by lower revenue in Guyana. Growth in South America was constrained by client decisions to temporarily delay certain projects, as Daniel noted. Gross profit was $5.7 million, or 12.1% of revenue, compared to $7.6 million, or 15.8% of revenue, in Q1 2025. Adjusted gross margin, excluding depreciation expenses, was 17.0% in the quarter, compared to 20.2% in Q1 last year. The decreases in gross profit and adjusted gross margin were primarily attributable to drilling project completions and the gradual ramp-up of new projects in Canada and client-initiated project delays in both Canada and South America. Adjusted EBITDA totaled $3.7 million, down from $6.2 million in Q1 last year. The decrease was primarily attributable to lower operating earnings in North Canada and international segments for the reasons I just noted. Net earnings for the quarter were $0.3 million, or $0.01 per share diluted, compared to $2.9 million, or $0.08 per share diluted, in Q1 last year. The reduction was due to lower operating earnings in both segments, as discussed. Turning to our balance sheet, we withdrew a net amount of $5.3 million on our credit facility in the quarter, compared to a net repayment of $0.5 million in Q1 a year ago. Our long-term debt under the credit facility, including an undrawn $5.0 million U.S. dollar revolving credit facility and the current portion was $19.3 million as of September 30, 2025, compared to $14.0 million as of June 30, 2025, our fiscal 2025 year end. Our increased debt was primarily the result of our yearly shipments of equipment and inventory for our operations in Nunavut and Nunavut. We expect to be active in paying down debt on a net basis throughout the remainder of the year. On October 28th, we announced that the Toronto Stock Exchange approved our renewed normal course issuer bid, which allows us to repurchase up to 500,000 shares over a 12-month period that began on October 31, 2025. Under our previous NCID, which... expired on October 30th of this year, we repurchased and canceled 68,916 of our common shares at a weighted average price of 82 cents per share. We continue to view the NCIB as a useful tool to enhance shareholder value when the underlying value of OrbitGround is not reflected in our share price. Our working capital was $55.1 million as of September 30, 2025. compared to $50.4 million at the end of fiscal 2025. I'll now turn the call back to Daniel for closing comments. Daniel.