Eximius Investing

Mining companies raised ~1.3b CAD on the TSXV in March. This was only slightly below the 1.36b they raised in February 2026 & >4x what they raised in March 2025 (292m). So TTM TSXV mining equity raised still reached a new all time high in March $OGD.TO $FAR.TO $MDI.TO $GEO.TO

I am long $OGD.TO - Orbit Garant They offer Drilling Services for gold and copper companies. 72% Canada, 28% International (Chile primarily) and 65% gold/30% copper approximately 65m market cap, 100m EV, $25M EBITDA estimated for 2026 or 4x EBITDA It's a pretty simple thesis - Gold/Copper prices are very strong which will support exploration. Equity raised globally for mining companies accelerated massively starting october (Q4) of 2025, doubling versus 2024... and has continued into Q1. Exploration usually picks up 6 months following significant financing rounds. They have heavy exposure to Juniors exploration (22% of revenue) which has yet to pick-up. The drillers have seen significant competitive pricing pressure over the last 24 months and as the market tightens, that should turn into a tailwind. OGD is at 55% utilization with a goal to reach 70% and has reached 80% in prior cycles. Management has already confirmed significant pick up in bidding activity in recent months and has been an active buyer of their stock. Closest peer, and juggernaut $MDI.TO trades at 10x EBITDA and is making new highs daily. MDI trades at over $1.6m EV per rig versus OGD at $540K EV/rig. MDI has been acquisitive in the past, most recently buying a LATAM drilling company for $115m for 92 rigs ($1.25m per rig). I believe OGD would be a clear acquisition target for MDI as they fit perfectly within their strategy (North America & LATAM focus + specialized drilling) and MDI is actively looking to consolidate the market to reduce competition and pricing pressure. Founder Alexandre Pierre remains on the board, and owns 20% of the shares outstanding. He is a known seller. Selling to MDI would make perfect sense to finally monetize his full stake. Clear path to $30m of EBITDA (and more) at 6x EBITDA, and assuming $30m of net debt, it would be a $3.75 stock

I am long $OGD.TO - Orbit Garant They offer Drilling Services for gold and copper companies. 72% Canada, 28% International (Chile primarily) and 65% gold/30% copper approximately 65m market cap, 100m EV, $25M EBITDA estimated for 2026 or 4x EBITDA It's a pretty simple thesis - Gold/Copper prices are very strong which will support exploration. Equity raised globally for mining companies accelerated massively starting october (Q4) of 2025, doubling versus 2024... and has continued into Q1. Exploration usually picks up 6 months following significant financing rounds. They have heavy exposure to Juniors exploration (22% of revenue) which has yet to pick-up. The drillers have seen significant competitive pricing pressure over the last 24 months and as the market tightens, that should turn into a tailwind. OGD is at 55% utilization with a goal to reach 70% and has reached 80% in prior cycles. Management has already confirmed significant pick up in bidding activity in recent months and has been an active buyer of their stock. Closest peer, and juggernaut $MDI.TO trades at 10x EBITDA and is making new highs daily. MDI trades at over $1.6m EV per rig versus OGD at $540K EV/rig. MDI has been acquisitive in the past, most recently buying a LATAM drilling company for $115m for 92 rigs ($1.25m per rig). I believe OGD would be a clear acquisition target for MDI as they fit perfectly within their strategy (North America & LATAM focus + specialized drilling) and MDI is actively looking to consolidate the market to reduce competition and pricing pressure. Founder Alexandre Pierre remains on the board, and owns 20% of the shares outstanding. He is a known seller. Selling to MDI would make perfect sense to finally monetize his full stake. Clear path to $30m of EBITDA (and more) at 6x EBITDA, and assuming $30m of net debt, it would be a $3.75 stock

I am long $OGD.TO - Orbit Garant They offer Drilling Services for gold and copper companies. 72% Canada, 28% International (Chile primarily) and 65% gold/30% copper approximately 65m market cap, 100m EV, $25M EBITDA estimated for 2026 or 4x EBITDA It's a pretty simple thesis - Gold/Copper prices are very strong which will support exploration. Equity raised globally for mining companies accelerated massively starting october (Q4) of 2025, doubling versus 2024... and has continued into Q1. Exploration usually picks up 6 months following significant financing rounds. They have heavy exposure to Juniors exploration (22% of revenue) which has yet to pick-up. The drillers have seen significant competitive pricing pressure over the last 24 months and as the market tightens, that should turn into a tailwind. OGD is at 55% utilization with a goal to reach 70% and has reached 80% in prior cycles. Management has already confirmed significant pick up in bidding activity in recent months and has been an active buyer of their stock. Closest peer, and juggernaut $MDI.TO trades at 10x EBITDA and is making new highs daily. MDI trades at over $1.6m EV per rig versus OGD at $540K EV/rig. MDI has been acquisitive in the past, most recently buying a LATAM drilling company for $115m for 92 rigs ($1.25m per rig). I believe OGD would be a clear acquisition target for MDI as they fit perfectly within their strategy (North America & LATAM focus + specialized drilling) and MDI is actively looking to consolidate the market to reduce competition and pricing pressure. Founder Alexandre Pierre remains on the board, and owns 20% of the shares outstanding. He is a known seller. Selling to MDI would make perfect sense to finally monetize his full stake. Clear path to $30m of EBITDA (and more) at 6x EBITDA, and assuming $30m of net debt, it would be a $3.75 stock