-Significant Contract Wins Provide Solid Foundation for 2024- TORONTO, May 13, 2024 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX:GEO) (OTCQX:GEODF), a leading West African based drilling company, reported its financial results for the three months ended March 31, 2024. All figures are reported in U.S. dollars ($), unless otherwise indicated.  Geodrill's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Highlights for Q1-2024: Generated revenue of $34.7M for Q1-2024; Reported gross profit to $7.4M or 21% of revenue;  Recorded EBITDA of $6.7M or 19% of revenue; Generated net income of $2.1M, or $0.04 per Ordinary Share; Ended the quarter with 89 rigs in the Company's fleet; and Achieved new safety milestone of 16.2M LTI free hours. Outlook Demand for drilling services has continued to increase and the Company expects the robust mining and exploration cycle will continue in 2024; The Company continues to see strong demand for drilling services across all operations and secured contracts totalling US$150M in the quarter, including two significant multi-rig, multi-year contracts with tier one mining companies; The Company continues to maintain its strong presence in Egypt supported by its long- term underground contract with a tier one client; Gold price continues to provide a strong tailwind for exploration drilling; and Strengthening our position in our primary markets, expanding geographical reach and commodity diversification. Financial Summary Results in US$ 000s (except earnings per share and percentages) For the three monthsended Mar 31, 2024 For the three monthsended Mar 31, 2023 Revenue 34,667 37,562 Gross profit 7,445 12,176 Gross profit margin 21 % 32 % EBITDA(1)(2) 6,663 10,451 EBITDA margin 19 % 28 % Net Income 2,114 6,130 Earnings per share- basic 0.04 0.13 Notes: (1) EBITDA = earnings before interest, taxes, depreciation and amortization(2) Please see "Non-IFRS Measures" ...