Mr. Daniel Maheu reports

ORBIT GARANT PROVIDES UPDATE ON ITS DRILLING OPERATIONS IMPACTED BY QUEBEC WILDFIRES

Orbit Garant Drilling Inc. was forced to suspend all its surface and underground drilling projects in Quebec and one project in Ontario as a result of the recent forest fires in Quebec. The suspension of the company's drilling operations in Quebec started from May 29, 2023, on certain projects and then expanded from there as the fires spread. The company currently expects that its drilling activity in Quebec will start ramping up again at the beginning of July, 2023, conditions permitting. The company restarted operations on the suspended project in Ontario earlier this week.

Orbit Garant expects that the suspension of these drilling projects will result in a revenue reduction of approximately $6-million for its fiscal 2023 fourth quarter and will also negatively impact net earnings. The company will incur unexpected costs in having to demobilize its personnel on these drilling projects for this period and will also incur additional costs in remobilizing personnel when these projects are safe to resume.

"The Abitibi-Temiscamingue region of Quebec where our drilling projects are located was one of the most impacted regions in the province by the recent wildfires and the related intense smoke. Our drilling crews did not experience any safety issues as they were evacuated in a timely manner, and our equipment that remained on the drilling projects has not been damaged," said Pierre Alexandre, president and chief executive officer of Orbit Garant. "We have been benefitting from strong customer demand in Canada throughout our 2023 fiscal year. Unfortunately, this temporary setback in our final month of fiscal 2023 will negatively impact our fourth quarter results. We look forward to fully resuming our drilling operations in Quebec within the next two to three weeks."

About Orbit Garant Drilling Inc.

Headquartered in Val d'Or, Que., Orbit Garant is one of the largest Canadian-based mineral drilling companies, providing both underground and surface drilling services in Canada and internationally through its 212 drill rigs and approximately 1,300 employees. Orbit Garant provides services to major, intermediate and junior mining companies through each stage of mining exploration, development and production. The company also provides geotechnical drilling services to mining or mineral exploration companies, engineering and environmental consultant firms, and government agencies.

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