Investor Presentation Table of Contents I EXECUTIVE SUMMARY 1 II - PowerPoint PPT Presentation

C O N F I D E N T I A L FORACO Investor Presentation

Table of Contents I EXECUTIVE SUMMARY 1 II MINERAL DRILLING MARKET 3 III FORACO BUSINESS OVERVIEW 9 IV HISTORICAL KEY FINANCIALS 18 V STRATEGY GOING FORWARD 22

I Executive Summary

Executive Summary  Foraco International SA (“ Foraco ”):  Is the third largest global mineral driller in the world  Provides services across 22 countries and 5 continents  Grew via a series of successful targeted acquisitions and organic growth  Foraco’s revenue base is closely linked to the evolution of exploration expenditures driven by commodities prices  After a period of slowdown between 2012 and 2016, the market is steadily recovering  Market studies tend to confirm that this positive trend will continue before reaching an equilibrium in 2023  Foraco’s revenue exceeded market growth in 2017, 2018 and 2019 with +18%, +33% and +14% growth respectively  Foraco is well positioned to benefit from the continuing recovery of the drilling services activity given :  its new innovative services  the commodities it addresses  its long-standing presence and strong positioning in key markets  its capacity to adapt 1

Key Highlights 1 BALANCED & GLOBAL GEOGRAPHICAL FOOTPRINT  Solid and balanced presence in all major mining markets across five continents allowing to optimize opportunities and mitigate market risks 5 2 DIVERSIFIED END MARKETS & SEASONED MANAGEMENT TEAM ESTABLISHED LONG-TERM CUSTOMER RELATIONSHIPS   Experienced management team and Diversified commodities portfolio employees with a significant stake mainly split between precious metals and (53%) in the business base metals to mitigate risks on commodities  Proven ability to lead and reshape the  company during market downturns High quality customer base including (no senior level turnover during down all the blue-chip mining companies (“Majors”) reducing the client risk cycle) and upturns 4 3 STRONG TRACK-RECORD IN ADAPTING ACKNOWLEDGED BARRIERS TO ENTRY COST STRUCTURE  Majors require strong referencing,  Capacity to maintain EBITDA margin deep knowledge of procedures and above 11% (average EBITDA during the good safety statistics 2013-2016 major downturn)   Enhanced technical and R&D Swift adaptability of global cost capabilities structure supported by a lean and 2 efficient organization  Geographical footprint (Brazil, Russia )

II Mineral Drilling Market

Delivering Drilling Solutions Across the Value Chain DRILLING ACTIVITY AT EVERY STAGE OF THE MINE LIFE CYCLE Foraco offers tailor-made $ Volume Exploration solutions through the whole mining cycle Geotechnical Feasability study Metallurgical sampling Dewatering Drilling Activity Life of mine 79% 10x Pre- Mining Mining feasability revenue construction study Life of mine extension FY2019 1x Greenfield Brownfield Greenfield 12% 2 to 3 years 5 to 30 2 to 3 2 to 3 2 to 5 Time 9% years years years years EXPLORATION DEVELOPMENT PRODUCTION MINING Geologically complex Define quality and quantity of resource Delineating ore body SERVICES Geotechnical analysis formations Controlling or obtaining water Harsh and Remote Bulk sampling to validate metallurgical Life of mine extension environments process projects 3 Source: Management

Contracts: Characteristics, Monitoring and Risks  Contracts typically used to range between 3 months and 1 year, during the downturn. Today, more and more clients ask for the optionality to extend their ongoing contracts (Rio, BHP, Teck … ). Since 2017 and the market recovery, the CHARACTERISTICS duration of the contracts now ranges between 1 year and 3 years  Invoicing is based on work performed and issued monthly  Contracts are based on (i) meterage and price per meter (ii) hourly rate for stand-by time  Tender procedures follow a very rigorous process MONITORING  Management considers that monitoring of contracts is key and implemented a strong financial reporting system  Monitoring the profitability of all its contracts is performed on a monthly basis  The Company is a pure player in the domain of drilling and does not perform the diagnostic and analysis of the geotechnical samples which it extracts. This role is performed by the clients thus limiting the risk of RISKS litigation  There is a no history of claims  Contracts are signed by local entities and are denominated in local currencies. Local costs are mainly in the same currency as the contract 4

Overview of Competitive Landscape DRILLING ACTIVITIES PROFITABILITY   The market is highly fragmented with a small group Foraco is outperforming the market in term of of globally active companies profitability . The EBITDA for the period FY 2013 to FY Foraco has grown to become the 3 rd largest global  2019 as a percentage of revenue is as follows: driller with around 5% share of the world’s mineral EBITDA margin drilling fleet 30.0%  Main global competitors rig count: 20.0% (1) 10.0% Capital 0.0% Drilling Foraco GeoDrill 5% (10.0%) 3% 15% (20.0%) Orbit Garant (30.0%) 11% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Major Drilling Boart Longyear Foraco RIGS UTILIZATION RATE Major Drilling FY 2016 FY 2017 FY 2018 FY 2019 32% Boart 33% 36% 45% 48% Longyear 34% 26% 31% 36% 39% (2) 32% 43% 46% 42% (3) Sources: Annual reports, Companies, Brokers, Factset estimates Notes: (1) Figures calendarized for Major Drilling at year ended December, 31; average USD/CAN exchange rate over the period / As per broker estimates for Boart Longyear as FY2019 5 annual report is not available yet (2) As of July 2019 (3) As of June 2019

World Mining Destinations FORACO’S GEOGRAPHICAL FOOTPRINT IN THE TOP WORLD MINING DESTINAT IONS Country shares in the worldwide market Foraco presence Foraco regional headquarters Foraco group headquarters Russia Foraco’s FY19 revenues 5% Canada Europe / by region Russia 15% 18% Europe and mainland Asia North America (excl. Russia and China) 34% 8% US China 9% 5% Brazil 17% Pacific/SE Asia Asia Africa Pacific 3% South America 13% 18% 28% Australia 14% Africa South America 7% (excl. Brazil) 6%  South America (28%), Canada (15%) and Australia (14%) are the key mining markets  Foraco is well positioned in the top world mining regions with presence in Canada, in South America , in Europe and Russia, Africa and in Australia, regions representing 83% of the worldwide spending 6 Source: S&P « World Exploration Trends » - March 2019

Steady Recovery of Global Exploration Expenditures Since 2016… EVOLUTION BY COMMODITY EVOLUTION BY GEOGRAPHY $34.9 b in $34.9 b in 2019 US$Billion Between 2012 2019 US$Billion 2012 2012 $35 and 2016 $35 expenditures $30 $30 fell by 68% Exploration is very $23.7 b in $23.7 b in much a "boom-or- $25 2008 2008 $25 bust" business $20 $11.2 b in $11.2 b in $20 2016 2016 $15 $11.3 b in $11.3 b in $15 2019 2019 $10 $10 $3.2 b in $3.2 b in 2002 $5 2002 $5 $0 $0 1975 1980 1985 1990 1995 2000 2005 2010 2015 1975 1980 1985 1990 1995 2000 2005 2010 2015 Rest of FSU + Western Pacific / China Africa Other Coal Iron Ore Diamonds Uranium Base Metals Gold Latin USA Canada Australia World Europe Europe SE Asia America Note: Includes expenditures on non-bulk and bulk mineral (i.e. bauxite, coal, and iron ore) exploration Note: Includes expenditures on non-bulk and bulk mineral (i.e. bauxite, coal, and iron ore) exploration Forecast is based on a long-run price (inconstant 2018 US Dollars) of $1300/oz Au, $3.00/lb Cu, $7.00/lb Ni, $1.00/lb Zn, $0.80/lb Pb, $60/lb §U 3 O 8 $50/t iron ore fines and $45 & $140/t for thermal & met coal  Relative market shares for the various regions will remain at current levels over the next decade . Latin America, Canada  The business cycle bottomed out in 2016, expenditures are and China are the regions with the highest potentials expected to progressively rise to reach an equilibrium which  Due to the specificity of the market and onerous foreign should occur in 2023 investment rules, very little of the exploration in China is done by Western companies  After the market downturn between 2013 and 2016, the drilling industry is recovering and is now in an upward cycle  MinEx estimates that global exploration expenditures will rise from $11.3bn in 2019 to $14.9bn in 2023  This equates to a 32% increase in real terms over the period 7 Source: MinEx Consulting October 2019

…with Gold and Base Metals Remaining the Main Targets in the Coming Years FORACO’S REVENUES FORECAST EXPENDITURES AND DRILLING BY COMMODITY IN US$BN (2018-2023) BY COMMODITY Iron Ore Uranium and other % Change +19% +36% +37% 7% 4% Coking Coal 9% 6.0 6 Base Metal Water 39% 5.0 5 11% 4.0 4 Precious 3.0 3 5.9 Metal (Gold) 5.0 4.6 30% 2.0 2 3.4 1.0 1 0.8 0.6 0.0 0 2018A 2023E 2018A 2023E 2018A 2023E FY2019 Revenues: US$205m Gold Base Metal Iron Ore  Gold and Base Metal continue to be the two main targets for drilling and will account for 83% of the meters drilled in 2023  These commodities represent a significant amount of Foraco FY2019 revenues (c.69% of Foraco FY2019) 8 Source: Management, MinEx Consulting Report

III Foraco Business Overview