President’s Comments at Goldfield’s Annual Meeting - Seite 2

In 2019 Goldfield had another year of strong safety performance, taking a proactive approach with a “Zero Incident” accident prevention policy. We are very proud to be a member of the OSHA Electrical Transmission & Distribution Partnership, a formal collaboration of industry stakeholders including premier electrical contractors, OSHA, EEI, IBEW, NECA, working together to improve safety for all workers.

We entered 2020 with a record backlog and a strong balance sheet. Our results for the first quarter of 2020 also included improved electrical construction revenue and margin compared to the first quarter of 2019.

At the end of the first quarter 2020, electrical construction total backlog more than doubled to a near record $473 million, from $208 million one year ago, providing opportunity for growth across multiple service lines over several years. Additionally, work under recently awarded MSAs began to ramp up in the second quarter, which we believe will significantly enhance 2020 results.

We remain committed to the safety and the well-being of employees during the COVID-19 pandemic. To date, our operations have not been materially affected. We have proactively taken measures to mitigate the spread of the virus and are continuing to monitor the impact of the pandemic. We believe we are prepared to react to changes that we may encounter. Importantly, we continue to deliver our commitment to our shareholders by executing projects and securing future work. We cannot predict with any certainty the future effects of this virus on our operations. However, we believe the critical infrastructure services we provide and the nature of our principal customers and business operations will provide relative stability during this current period of economic uncertainty.

Looking forward, the strategies which helped us to achieve our 2019 results should continue to serve us well in 2020 and beyond. We believe our rigorous focus on operating efficiencies, maintaining a well-qualified work force and the strength of our long-standing customer relationships provide a solid trajectory for strong performance. National and regional initiatives to prioritize infrastructure projects and ensure grid reliability remain strong. Additionally, our expansion into substation and distribution services, award of new MSAs, securing of major project awards and strong backlog are expected to have a material positive effect on our results in the second quarter and throughout 2020. This accomplishment, combined with our strong balance sheet and successful efforts to expand our target market, should provide the opportunity for continued growth in revenue and shareholder value. We look forward to the rest of 2020 with confidence.