Major Drilling Announces Normal Course Issuer Bid

MONCTON, New Brunswick, Oct. 17, 2025 (GLOBE NEWSWIRE) -- Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), the largest provider of specialized drilling services to the mining sector, announced today that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to make a normal course issuer bid (the “NCIB Program”) to purchase outstanding common shares of Major Drilling (the “Common Shares”) on the open market in accordance with the rules of the TSX. Any such purchases will occur from time to time and in aggregate up to 4,097,159 Common Shares (being approximately 5% of the issued and outstanding Common Shares of Major Drilling) over a 12-month period commencing on October 21, 2025 and terminating on October 20, 2026. As of October 14, 2025, Major Drilling had 81,943,186 Common Shares issued and outstanding.

Any repurchases under the NCIB Program will be made in Canada through the facilities of the TSX and alternative trading systems in Canada. Major Drilling will pay the prevailing market price at the time of purchase. The actual number of Common Shares repurchased under the NCIB Program and the timing of such repurchases will be at Major Drilling's discretion and shall be subject to the limitations set out in the TSX Company Manual. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, daily purchases on the TSX under the NCIB Program will be limited to 34,457 Common Shares, which corresponds to 25% of the average daily trading volume (ADTV) of the Common Shares on the TSX for the six-month period from April 1 to September 30, 2025, being 137,830 Common Shares. The Common Shares repurchased by Major Drilling will be cancelled. Management and the Board of Directors of Major Drilling believe that the underlying value of the Company may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in Major Drilling of, and be advantageous to, all remaining shareholders of the Company.

Major Drilling will enter into an automatic share purchase plan (“ASPP”) with a designated broker to allow for the purchase for cancellation of Common Shares under the NCIB Program, subject to certain trading parameters, at times when Major Drilling would otherwise not be permitted to purchase Common Shares due to regulatory restrictions or self-imposed blackout periods. Outside of these periods, the Common Shares will be purchased by Major Drilling at its discretion under the NCIB Program.

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