Mr. Ryan Hanley reports

MAJOR DRILLING ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Major Drilling Group International Inc.'s notice of intention to renew its normal course issuer bid to purchase outstanding common shares of Major Drilling on the open market in accordance with the rules of the TSX. Any such purchases may occur from time to time and in aggregate up to 4,111,846 common shares (being approximately 5 per cent of the issued and outstanding common shares of Major Drilling) over a 12-month period commencing on Oct. 21, 2026, and terminating on Oct. 20, 2027. As of Oct. 7, 2026, Major Drilling had 82,236,936 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 54,146 common shares, which corresponds to 25 per cent of the average daily trading volume (ADTV) of the common shares on the TSX for the six-month period from April 1 to Sept. 30, 2026, being 216,585 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.

Under the company's current normal course issuer bid, which commenced on Oct. 21, 2025, and expires on Oct. 20, 2026, the company was authorized to purchase up to 4,097,159 common shares but had not purchased any common shares as of Oct. 19, 2026, as the company prioritized capital for growth opportunities during that period.

Major Drilling will enter into an automatic repurchase plan (ARP) 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.

Pursuant to such ARP, prior to entering into a blackout period, Major Drilling may, but is not required to, instruct the designated broker to make purchases under the NCIB program in accordance with the terms of the ARP. Such purchases will be determined by the designated broker in its sole discretion based on parameters established by the company prior to the blackout period in accordance with the applicable securities laws, including the rules of the TSX, and the terms of the ARP and the NCIB program.

We seek Safe Harbor.