#1Investor Presentation January 2024 OT OV NING 10 TIPS FORACO HAND SAFETY SHARDS BECTRION GRAVIR CHEMICAL FORACO PACHINERY DO 4. Day mode WH RADION FORACO Drilling Services FOR ACO Drilling Services EMERGENCY STOP#2Foraco at a glance FORACO Foraco is a leading diversified drilling services company, providing innovative solutions to our mining and water clients for over 60 years. Mining segment Drilling services offered to the mining and energy industry in exploration, development and the production of mining projects Water management services Vital water services with a primary emphasis on environmentally responsible water management within mining operations ~3,000 employees Foraco by the numbers >300 rigs #3 Market position¹ Expertise in deep water wells and in all types of geological formations. Advanced drilling techniques with ability to operate in complex environments Positioned to capitalize on battery metals commodities Long-term historical presence results in deep technical capability and expertise enabling us to understand and manage the resource Note: 1. Based on fleet of drilling rigs worldwide World Class Customer Base Teck Rio Tinto егамет VALE CODELCO MCEWEN MINING FIRST QUANTUM BHP ANGLOGOLDASHANTI MINERALS LTD. ENDEAVOUR MINING AngloAmerican In million US$ TTM as of Q3'22 Revenue EBITDA $315m OSISKO 場 GLENCORE CMOC BARRICK 洛阳钼业 +17% TTM as of Q3'23 $368m $59m +44% $85m EBITDA % +21% 19% 23% 2#3Investment highlights FORACO What we do? How we do it? 1 3 4 Critical services to the mining Well- diversified exposure Capturing high-growth areas industry 2 High value added to customer 5 6 Long-term customer relationships Experienced management team Why invest in Foraco? 7 Clear profitable growth vision to create value 8 Proven financial and ESG track record FORACO FORACO.COM 3#41 Foraco provides critical services to the mining industry through the entire life of a mine Mining services overview FORACO Life of a mine 1 Exploration Market revenues by segment¹ Early stage 25% Mining services market value Foraco's services FORACO Mineral drilling market 2 Project phase Projects 35% Water services (3) Life of a mine Minesite 40% Less risky mining segment Production related and water drilling market Global drilling services $18Bn to $22Bn2 One-stop-shop services provider for the mining industry: drilling services, isolated projects, exploration, production and all services across the full life cycle of a mine Supporting our clients with services at the cutting edge of technology Integrity, Innovation and Involvement are the core values that are integrated into everything we undertake: Source Management Note: 1. 2. Market breakdown percentages based on 2022 market reported drilling expenses Management estimates that the Global drilling services market is 140 to 170% of reported mineral exploration expenditures. Based on SP Global Markets figures, 2022 reported mineral drilling expenses represent c.$13Bn (+16% YoY) FORACO.COM#5FORACO 1 Positioned on the most dynamic commodities and water Notes: 1. 2. 3. Key commodities markets EV transition Battery metals, including lithium, nickel, and copper, are at the forefront of the renewable energy revolution As the world transitions to cleaner energy source, the demand for critical metals is expected to surge due to their critical role in the production of electric vehicle batteries and energy storage systems IEA¹ projections (Mt) 50NZ3-21A CAGR: +105% Copper Nickel Lithium 9 2 Others 31 34 2022a 2030NZ³ 2050NZ³ Gold price evolution ($/oz) 2,000 Gold Gold is a resilient and versatile commodity characterized by long-term stability Value of gold has stood the test of time, making it an attractive and reliable asset Its wide range of applications spans industries such as jewelry, electronics, medicine, and finance, further bolstering its demand and market stability 1,000 Water management Foraco delivers vital water services with a primary emphasis on environmentally responsible water management within mining operations Helping clients to monitor and manage their water resource in the most sustainable way A segment in line with some UN SGDS 6 AND SANITATION CLEAN WATER BEUSTRY INNOVATION RESPONSIBLE AND INFRASTRUCTURE CONSUMPTION AND PRODUCTION 9 QO Foraco is a responsible contributor to ESG-driven transition: electrification and reasoned water management International Energy Agency Others includes mainly Graphite, Manganese and Cobalt Net Zero scenario - A normative IEA scenario that shows a pathway for the global energy sector to achieve net zero CO2 emissions by 2050 0 2003 2008 2013 2018 2023 5 сл FORACO.COM#62 High value added to customer Mining segment Exploration drilling Development drilling Production drilling FORAGO Water segment Water management services We offer complete drilling solutions utilizing a variety of drilling techniques, specializing in operating under harsh environments and the most inaccessible locations on earth It is during the development stage that we market some of our more technical drilling techniques given the longer duration / higher volume of these projects Specializing in underground coring as well as long hole drilling and blasting which demands a high degree of accuracy to minimize dilution Both pneumatic and electric drills are used for these methods some of which require inverse and drop raising operations Expertise in deep water wells and in all types of geological formations. Committed to environmentally responsible water management that support mining operations globally FORACO 6 FORACO.COM#73 Well-diversified exposure FORACO TTM Q3 2023 revenues of US$368m Revenue split by commodities (TTM Q3 2023) Revenue split by geographies (TTM Q3 2023) Revenue split by customers (TTM Q3 2023) 48% 19% 11% 4% 5% Water 13% 33% Precious Metal (Gold) Iron Ore Others ■Steel Coal Battery Metals 14% 18% 35% Asia Pacific South America North America EMEA 19% Majors Juniors 81% Gold and water: secular demand supports c.33% of the business Battery metals fuels growth Concentrated on stable jurisdictions Focus on Americas where growth is expected to surge Tier 1 Customers make up more than 80% of revenue. FORACO.COM 7#8④ Capturing high-growth areas 4 Core growth pillars FORACO Growth with Tier 1 clients Continue to broaden use of high-tech drilling services with Tier 1 clients Strengthen leadership in water management services New generation of in-house deep water well rigs Increase exposure to transition metals Global energy transition increasing demand for battery metals (copper, nickel and lithium) innovation in additional regions Wireless remote RC rig and deep directional coring drilling lead Continue to renew and extend long-term contracts Sustained free cash flow generation and accelerated growth 8 FORACO.COM#95 ⑤ Long-term customer relationships FORACO Customer relationship characteristics We are the preferred one-stop- shop services provider for the mining industry: Loyal customer base: 70% of our revenue consists of renewals of contracts which have been in place for more than 10 years Multi-commodities contracts with capacity to deliver services all over the world CODELCO ⑩AngloAmerican FIRST QUANTUM MINERALS LTD. Primary customers Teck Rio Tinto VALE BHP егамет ANGLOGOLDASHANTI Majors account for >80% of revenues Partnerships with clients provide stability and visibility to build on a long-term vision ENDEAVOUR MINING BARRICK OSISKO MINING GLENCORE MCEWEN MINING CMOC 洛阳钼业 FORACO.COM 9#106) 6 Experienced management team Executive Committee organized to cover the main regional priorities Executive oversight from C-suite Timothy Bremner Chief Executive Officer 40+ years 2006 Fabien Sevestre Chief Financial Officer 23 years 2001 FORACO Laurence Girard-Mahieux General Counsel 20 years 2008 | Agile business model informed by | | diverse managerial experiences | Empowered regional heads Olivier Demesy Senior VP SAM & EMEA 26 years 2010 Hans Vanderlinden Manager Canada 30 years 2011 Nathan Elford VP Australia 24 years 2013 Joined Foraco in Focus on innovation, safety and | environmental awareness 1 Balance and inclusion culture FORACO.COM 110#117 The path forward Stay on top of our game... FORACO To create value for our stakeholders ✓ Deploy specific and innovative techniques across all regions Growth with Tier 1 clients and long term contracts ✓ Further develop the US market. Increased exposure to EV metals ✓ Strengthen leadership in water services management Generate significant cash flows on the back of solid economic activity Continue to deleverage the balance sheet (0.9x Q32023 Net debt to EBITDA) ✓ Optimize capital allocation 11 FORACO.COM#12(8) ⑧ Demonstrated financial performance Note: 1. Revenue growth fueled by market share acquisition and ability to capture the most Revenue (US$m) Revenue CAGR: +17% 368 331 270 205 207 dynamic segment of the market Improved 2019 2020 2021 margins through optimized rig EBITDA (US$m) and EBITDA margin (%) utilization rate Disciplined cash EBITDA EBITDA Margin conversion allowed by top 16% industry 16% standards 14% 2022 TTM 2023 Gross profit (US$m) and Gross margin (%) Gross Profit Gross Margin FORACO 25% 22% 18% 17% 16% 71 47 38 32 2019 2020 92 92 2021 2022 TTM 2023 Free cash flow and CapEx (US$m) 23% Cash conversion 27% 20% Operating cash flow CapEx 85 67 43 34 29 50% 31 29 29 24% 26% 21% 21 21 19 13 13 37 34 44 27 20 20 FORACO.COM 2019 2020 2021 2022 TTM 2023 2019 2020 2021 2022 TTM 2023 12 Cash conversion = (Operating CFs - capex) / EBITDA#13. • 302 Drill rigs 54 Rotary & RC 196 Diamond 12 Combination 8 A versatile drill fleet in constant evolution 40 Underground 50 new rigs were added to the fleet since 2017 All rigs purchased on the back of long-term contracts Current market value of equipment estimated at $200m New rig has an operational life of 15 to 20 years (ability to refurbish for 10+ years) 70% 60% 50% 40% 30% 20% 10% 0% 2017 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2018 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2019 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2020 2021-Q1 2021-Q2 Current utilization rate is near 60% 13 2021-Q3 2021-Q4 2021 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2022 2023-Q1 2023-Q2 FORACO.COM 2023-Q3 FORACO#148 Solid balance sheet and liquidity Back-ended amortisation profile (US$m) On November 8th 2023, Foraco completed the early repayment Refinanced debt 75 +1.5 years of average life at minimum 47* of its US $85 million 10 11 11 11 outstanding senior secured 2024 bonds facility 2025 Marathon debt 2026 2027 ■New debts provided by (*) Reschedulable over 6 years Solid credit profile Long-term gross debt Net debt FORACO As of Q3'23 $97m $80m 8 EBITDA TTM $85m 2028 Net leverage 0.9x Marathon Asset Management LP by raising US $87 million in new debt from Desjardins and Caisse d'Epargne Reduced financial expenses Strong liquidity to finance growth The refinancing significantly reduced the cost of debt by approximately 50% As of Q3'23 Desjardins CAISSE D'EPARGNE 14 FY2024 financial cost¹ (in $m) c.(50)% 7 Previous debt structure Post refinancing debt structure Notes: 1. Estimated financial interests, excluding other operational debts 2. Excluding overdrafts Cash and cash equivalent • 0° New committed facilities from Desjardins (proforma refinancing) $26m $11m Strong cash profile amplified with the refinancing providing us with the opportunity to review our capital allocation FORACO.COM 14#158 Strong ESG focus FORACO Comply with SASB Sustainability Accounting Standards: Metals and Mining 2018-2010 Strong ESG focus with significant reductions in the relevant Climate change SASB metrics Foraco has collective bargaining agreements covering 56% of its workforce in complement of labor laws Foraco does not work in war zones and has developed a systematic cooperation approach with natives or local community groups wherever possible Foraco has a strong business ethics policy and procedures that are compliant with Europe's most stringent anti-corruption rules like Sapin 2 law and OECD rules (no whistleblow in 2023) CO2 and energy evolution 928 844 235 Energy consumed (kGj) YoY decrease (9%) 174 Carbon intensity (TCO2/M$) (26%) 2021a 2022a Water consumption 1,184 1,089 957 888 Total fresh water withdrawn (km³) Total fresh water consumed (km³) 2021a 2022a Health and safety 1.7 1.3 2021a 2022a YoY decrease (19%) ✓ (18%) YoY decrease Incident frequency (/200h worked) (22%) FORACO.COM 15#16A Appendix#17• Deep directional coring drilling lead Techniques and tools which allow 3D drill steering through hard rock in order to follow a preset 3D trajectory Without directional drilling, the hole geometry is dictated by the geological natural conditions FAR setup a JV with the developers of the Continuous Wedging Tool (CWT) to market and operate their tool in North America, Brazil and West Africa The CWT complements Foraco's existing deep directional drilling expertise Customer benefits: significant financial savings together with the best geo data 17 FORACO FORACO.COM#18. Innovation as one of our founding values · Pioneered first wireless remote RC rig with fully featured Measure While Drilling (MWD) Awarded DMIRS Engineering Award of Merit In 2019, introduced next generation of remote RC (functional isolation / electronic exclusion zones) - New generation of water well specialized rig – roll out in early-2023 We aim to reduce drill time and enhance crew safety O Do Not Enter 18 FORACO FORACO.COM#19B Appendix - Financials FORAC#20Historical performance In US$m, FYE 31/12 INCOME STATEMENT 2019A 2020A 2021A 2022A CAGR 19A-22A 2023 Q3 TTM Revenues % Growth Gross Profit % Margin EBITDA 205.4 207.1 269.7 14.1% 0.8% 30.2% 330.6 22.6% 17.2% 368.4 17.1% 32.1 38.2 46.8 71.3 30.5% 92.4 15.6% 18.4% 17.4% 21.6% 25.1% 29.3 34.1 % EBITDA 14.2% 16.5% 43.0 15.9% 66.5 31.5% 85.1 20.1% 23.1% EBIT 11.0 17.2 24.1 % EBIT 5.3% 8.3% 8.9% 46.4 14.0% 61.8% 65.2 17.7% CASH FLOW STATEMENT EBITDA 29.3 34.1 43.0 66.5 31.5% 85.1 Var. of Working Capital (0.6) 3.3 (4.0) (9.7) (14.2) Other (8.1) (6.9) (10.0) (19.4) (26.6) Cash from operations 20.6 30.5 Capex (12.5) (13.3) 29.0 (18.6) 37.4 44.3 (20.0) (26.7) Free Cash Flow (post interests and taxes) 8.1 17.2 10.4 17.4 17.6 Rigs Employees 302 1,946 302 2,109 Source: Management Notes: (1) Includes amortization and depreciation expenses related to operations 302 302 302 2,891 2,789 12.7% 2,850 FORACO FORACO.COM 20#21FORACO For more information please contact: Foraco Investor Relations E: [email protected] T: (705) 495-6363 Glen Akselrod, Bristol Capital E: [email protected] T: (905) 326-1888 (ext 1) 21 FORACO.COM#22FORACO Forward-looking statements Certain statements herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to: the business and development of the Company; the Company's future business and strategies; and requirements for additional capital and future financing. Forward-looking statements or information also includes information contained in pro forma financial statements. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans”, “expects" or "does not expect”, “is expected”, “budget”, "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, the assumptions made in connection with the preparation of the pro forma financial statements. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Readers should also refer to the Company's Annual Information Form for the year ended December 31, 2022 and the Company's most recent Management Discussion and Analysis and the risk factors discussed in such documents for additional information on risks and uncertainties relating to forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information contained in this presentation are qualified by this cautionary statement. FORACO.COM 22 22#23Disclaimer FORACO This presentation (the "Presentation") has been prepared by Foraco. Neither this Presentation nor any information contained herein may be used for any other purpose without the prior written consent of Foraco. This Presentation and its contents shall be kept strictly confidential and not be disclosed to any person other than its intended recipients. This Presentation has been prepared by Foraco on the basis of information provided by Foraco or in the public domain. It reflects prevailing conditions as of this date, all of which are subject to change. In preparing this Document, Foraco has relied upon and assumed the accuracy and completeness of all the information available. In issuing this Presentation, Foraco does not undertake to provide the recipient with access to any additional information or to update this Presentation or any other information provided in connection therewith or to correct any inaccuracies therein that may become apparent. Recipient of this Presentation shall conduct its own review and analysis and should consult its own advisers. This presentation is incomplete without reference to, and should be viewed solely in conjunction with an oral briefing provided by Foraco. 23 FORACO.COM