QUALITY - SAFETY - RESULTS

TSX: MDImajordrilling.comQUALITY - SAFETY - RESULTS

Investor PresentationDecember 2020

QUALITY - SAFETY - RESULTS

Forward-Looking StatementsThis presentation includes certain information that may constitute “forward-looking information” under applicable Canadian securitieslegislation. All statements, other than statements of historical facts, included in this presentation that address future events, developmentsor performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies,financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements aretypically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, andterms and expressions of similar import. All forward-looking information in this presentation is qualified by this cautionary note.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectationsand beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by theCompany as at the date of this document in light of management’s experience and perception of current conditions and expecteddevelopments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies.Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements andundue reliance should not be placed on such statements and information.

Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activityin the mining industry and the demand for the Company’s services; the Canadian and international economic environments; the Company’sdependence on key customers; the level of funding for the Company’s clients (particularly for junior mining companies); implications of theCOVID-19 pandemic; competitive pressures; exposure to currency movements (which can affect the Company’s revenue in Canadiandollars); the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which theCompany operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; as well as other risk factorsdescribed under “General Risks and Uncertainties” in the Company’s Annual Information Form for the year ended April 30, 2020, availableon the SEDAR website at www.sedar.com. Should one or more risk, uncertainty, contingency or other factor materialize or should any factoror assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information.

Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention andassumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events orfor any other reasons, except as required by applicable securities laws.

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QUALITY - SAFETY - RESULTS

Major Drilling: Company Overview

REGISTERED IN OVER

20COUNTRIES

>2,500EMPLOYEES

ACROSS

6CONTINENTS

>600DRILLS

40YEARS OF

QUALITY - SAFETY - RESULTS

• Leading provider of specialized drilling services to the mining industry, registered in over 20 countries, with a fleet of >600 drills.

• Diversified portfolio of senior customers across North and South America, Asia, Africa and Europe.

• Extremely well positioned for expected multi-year drilling upcycle led by high gold prices and depleted copper inventories.

$19.3EBITDA2 (M)

$7.6NET CASH (M)

Q2 2021 HIGHLIGHTS

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$7.0NET INCOME (M)

$0.09EPS

$114.2GROSS REVENUE (M)

28.3%Adjusted Gross Margins3

1 - All values in $CAD unless otherwise indicated, as of October 31, 20202 - Earnings before interest, taxes, depreciation & amortization3- Adjusted gross margin excludes depreciation expenses

FUNDAMENTALS1

TSX: MDI52 Week Range: $2.26 - $7.54Market Cap: ~$535MShares Outstanding: 80.6M90 Day Avg. Trading Vol.: 460M

QUALITY - SAFETY - RESULTS

Investment Proposition Ideally positioned to capture the precious metal upswing

Balance Sheet Sustainability

Experienced Management

Diversified, Quality Customer Base

• Senior management holds >1,000 years of combined experience & expertise• History of successful growth through M&A and international diversification

• Contractor of choice, 80% of customers are Senior/Intermediate producers• Diversified revenue sources, top 10 customers responsible for only 59% of revenue

• Best capitalized mining drilling company• Clean balance sheet with $7.6M in net cash ensures flexibility & resilience

Specialized Operations

• Significant barriers to entry met with right experience & modern fleet• Operating in challenging environments where largest new discoveries likely found

Aligned To Market

• Leverage to multi-year exploration cycle, Au/Cu supply deficit provides opportunity• Highly correlated to gold and copper, 82% revenue derived from those activities

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Diversified, Sustainable Revenue Sources Broad range of services, customers and leverage to

premium commodities ensures sustainable revenue sources

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64%18%

11%7% Gold

Copper

Other

Nickel

80%

20%

Seniors/Ints.

Juniors

Drilling Revenue by Customer

Drilling Revenue by Commodity

• Major Drilling currently has a focus on projects linked to gold revenue, butrecognizes the importance of exposure to a suite of commodities.

• Similarly, MDI’s broad range of capabilities ensure diversity of operations and revenue streams from across project types.

• Customers are primarily well-funded senior & intermediate mining companies.

• Balance of operational revenue sources provides:• Stability of revenue through cycles.• Focus operations in markets with enhanced earnings potential.

QUALITY - SAFETY - RESULTS

Contractor of Choice Providing repeat services to the highest quality, investment grade customers

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• Diversified repeat customer base with low turnover, top 5 customers represent only 43% of revenue.• Many larger customers consist of multiple ‘independent’ regional subsidiaries/projects.• 80% of Major Drilling revenue is sourced from operations for senior and intermediate mining companies.

TOP CUSTOMERS

TOP 5 CUSTOMERSREPRESENT

43%OF REVENUE

TOP 10 REPRESENT

59%

BALANCED CUSTOMER CONCENTRATION

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Operational Diversification

• Registered in over 20 countries across 6 continents.

• MDI’s operations and customers provide protection against market volatility through diversification.

• ~60% of revenue from NAM operations.

• Global diversification provides opportunity to adjust exposure levels as markets change:

• Ability to quickly mobilize a project for our top customers.

• Decrease risk from single region issues.

Diversified operations spread globally in highest-return regions

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WindfallOp: OsiskoQuebec, Canada

Multiple ProjectsOp: Nevada Gold Mines (Barrick Newmont JV)Nevada, USA

Oyu TolgoiOp: Rio TintoGobi Desert, Mongolia

Grasberg MineOp: FreeportIndonesia

Key Projects

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Specialized Drilling

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• Specialized drilling services have significant barriers to entry, focus on areas more difficult to access.

• Examples of those include:• Deep hole drilling• Arctic drilling• Helicopter portability• High altitude drilling• Remote locations• Top safety requirements

Surpassing customer expectations, industry leader in operational excellence and on-site safety

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Mining Cycle Ready to Turn

Lack of exploration results in reserves crisis, lack of supply while demand increases

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GOLD• Mineral reserves down 35% since 2012.• Average mine life fallen from 20 to 10 years.

COPPER• Will face supply deficit in next few years.• Infrastructure plans getting deployed.

LITHIUM/NICKEL

• Growing electric car market increasing demand.

Market Observations• Last upcycle ~10 years.• Downturn of 6 years marked by lack of exploration

and depleting reserves.• Gold now at record highs and copper above $3.00/lb.

Source – Wood Mackenzie Q3 2017 Scenario

“A dearth of exploration has seen averagemine life across the gold mining sector fallfrom 20 years to closer to 10 years… Theprospect of a serious reserve crisis is looming”

Mark Bristow – President & CEO, Barrick Gold Corp.

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Pricing at Record Highs, Driving Deficits & Demands

GOLD RESERVES DECLINING FAST…

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• Senior gold companies generating strong cash flows, however, gold reserves declining due to lack of material exploration.

• Significant increase in junior financing over last 2-3 months.

• Lag of 4-6 months between financings and drilling but takes 10-15 years to bring mine into production.

Source – Company reports, TD Securities, Inc.

LARGE CAP TOTAL GOLD RESERVES & AVERAGE GRADE

…PLUS COPPER DEFICIT CREATES OPPORTUNITY

COPPER BASE CASE MINE CAPABILITY & REFINED DEMAND (MT)

• Copper industry facing supply deficit.• Government infrastructure stimulus plan likely geared

towards green economy, i.e. more electrification.• Demand for EVs gaining momentum.• EVs contain 3.5x more copper than regular vehicles +

charging stations.

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ESG: Culture of Safety in Action

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“Our long-term sustainability depends on us serving as stewards of the environment where we work; valued contributors to the communities where we operate; and responsible corporate citizens in the eyes of our workforce, our clients, our shareholders and other external stakeholders”- Major Drilling President & CEO, Denis Larocque

Environmental Social Governance COVID-19“Minimize, mitigate and remediate our environmental impact.”

• Exercising responsible operational water management.

• Continually seeking opportunities to reduce emissions globally.

• Committed to being good stewards of the environment where we work.

“Act in a socially responsible manner that benefits the communities where we operate.”

• Put the health and safety of our people first.

• Actively pursue diversity and inclusivity in our leadership roles.

• Act in a socially responsible manner that benefits the communities where we operate.

• Actively seek First Nation, Inuit or local subcontractors & suppliers.

“Conduct our work with the highest standards of ethics and transparency.”

• Strong engagement with guidance committees, with Code of Ethics and Business Conduct, Anti-Corruption Policies and supplier confirmations.

• Global ESG Committee informs leadership decisions & provides oversight of Board.

“Commitment to safety and the operational success of our customers remains top priority.”

• Took proactive steps to keep employees, their families and customers safe. Safety education protocols rolled out globally.

• March 2020, committed to zero employee layoffs or wage reductions.

• Maintain supply-chain readiness to ensure ability to adapt to client needs.

15 yrsWORKING WITH

FIRST NATION& INUIT COMMUNITIES

40%FEMALE BoD

REPRESENTATION

QUALITY - SAFETY - RESULTS

Investing in Training & Innovation Allocating capital to data-led initiatives to boost productivity,

operational efficiency, and enhance customer information

• Rapid changes in technology leading drilling contractors to find newsolutions to old problems.

• Major Drilling’s core strategy of leveraging innovation wherever possible ensures a specialized fleet fit for customer demands.

• Data-led innovation initiatives boost productivity and enhanced customer information, including computerized rigs that will cater to the next generation of employees: Computerized rigs will help greatly reduce training time at a time

where labour will be a challenge for the industry. Fleet of digitized mobile underground drills allows for less

dependence on client resources and increased ability for automation and versatility.

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Outlook Provides Unique Opportunity

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• Precious metal reserves in sharp decline due to declining exploration activity.

• Supply deficit expected within five years, has driven record pricing for gold and copper.

• Pricing sparks new financing in the sector.

• Well capitalized producers, with strong cash flows, are turning attention back to exploration.

• New deposits require increasingly specialized services to access.

World leader in specialized drilling• 41% active fleet utilization, with room to grow.• Providing specialized project execution, primed for whatever

mining drilling operations our customers need.

Diversified services within the drilling field• High leverage to gold and copper projects internationally, strong

alignment of commodity pricing to company revenue.• Services aligned with exploration and production cycles.• Globally diversified operations ensures ability to focus exposure

to projects in highest return markets.

Strong operational and financial position• Recently refurbished, well maintained, modern fleet with

flexibility to relocate to highest return projects.• Liquidity required for the upcoming industry ramp up.• Able to invest in innovation and training, key to future of drilling.

CYCLE UPSWING SHIFTS DEMAND… …CAPTURED BY THE MAJOR DRILLING STRATEGY

Major Drilling is ideally positioned to capture the imminent increase in demand

“Beyond 2020, we forecast that copper consumption will outstrip production over the period to 2024, resulting in a growing refined market deficit and increasing copper prices, unless there is significant investment in the copper project pipeline.”

Thomas Rutland– S&P Global Market Intelligence commodity analyst

QUALITY - SAFETY - RESULTS

Q2 2021: Financial Review

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Note - All values in $CAD unless otherwise indicated.1 - Adjusted gross margin excludes depreciation expenses2- Earnings before interest, taxes, depreciation & amortization

Q2 2021 Q1 2021 Q2 2020

Revenue $114.2 $89.4 $121.2

Gross Margin 20.0% 16.9% 20.4%

Adjusted Gross Margin1 28.3% 27.8% 28.1%

General & Administrative Costs $11.6 $11.2 $12.1

EBITDA2 $19.3 $13.9 $20.5

Net Earnings $7.0 $2.1 $7.3

Earnings per Share $0.09 $0.03 $0.09

Performance in line with pre-pandemic levels

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Balance Sheet Strength Best capitalized mining drilling company, clean balance sheet with no net debt and $7.6 M net cash

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Robust Liquidity Position• Strong cash position plus peer leading low debt levels ensure

balance sheet provides sustainability and flexibility through cycle.

$87MLIQUIDITY

$7.6MNET CASH

BALANCE SHEET

Cash & Cash Equiv. ($M) 23.6

Long-Term Debt ($M) 16.0

Net Cash ($M) 7.6

Shares Outstanding (Diluted, M) 80.6

$24

$63

Cash & Equiv.

Undrawn CreditFacility

CASH & TOTAL LIQUIDITY

$87M

QUALITY - SAFETY - RESULTS

Utilization Trending Up Despite COVID-19 Utilization continues to trend higher as market emerges from the bottom of the cycle

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Q2 2021# Rigs

Q2 2021Utilization

Specialized 304 36%

Conventional 123 35%

Underground 174 56%

Total 601 41%

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Majority of Activity Focused on Specialized Fleet activity reflects both market dynamics and Major Drilling strategy

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56%32%

12%

SpecializedUndergroundConventional

Drilling Revenue by Project Type• Conventional drilling increased due to more work from junior mining companies.

• Underground drilling up 20% from Q2 2020 as a result of execution of diversification strategy.

• Achieved a record depth hole for PQ size at Oyu Tolgoi mine in Mongolia after achieving longest hole ever drilled in Canada earlier in 2020.

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Revenue Breakdown Shift in revenue reflects strength in gold prices and start of mining upcycle

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Drilling Revenue by Customer Drilling Revenue by CommodityIncrease in activity from junior mining

companies as financing activity has increasedStrong gold price performance overshadows

potential for increased copper drilling

80%89% 86%

20%11% 14%

Q2 FY 2021 Q1 FY 2021 Q2 FY 2020

Senior / Intemediate Junior

64% 63%52%

18% 22%

22%

7% 5%

5%

4% 4%

5%

7% 6%16%

Q2 FY 2021 Q1 FY 2021 Q2 FY 2020

Gold Copper Nickel Paladium Other

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Balance Sheet Sustainability

Experienced Management

Aligned To Market

Specialized Operations

High Quality Customer Base

Investor PresentationSlide Number 2Major Drilling: Company OverviewInvestment PropositionDiversified, Sustainable Revenue SourcesContractor of ChoiceOperational DiversificationSpecialized DrillingMining Cycle Ready to TurnPricing at Record Highs, Driving Deficits & DemandsESG: Culture of Safety in ActionInvesting in Training & InnovationOutlook Provides Unique OpportunityQ2 2021: Financial ReviewBalance Sheet StrengthUtilization Trending Up Despite COVID-19Majority of Activity Focused on SpecializedRevenue BreakdownSlide Number 19