Thank you, Jim, and good morning, ladies and gentlemen. With me on the call today is Pier-Luc Laplante, Chief Financial Officer.

Following my opening remarks, Pier-Luc will review our financial results in greater detail, and I will conclude with comments on our outlook. We will then report that we generated record-breaking quarterly revenue in our fourth quarter this year and record annual revenue in fiscal 2026, reflecting the strong demand for our drilling services in both Canada and South America.

We also reached 70% drill rig utilization in the quarter, which represents our highest level since fiscal 2012. Reaching this threshold was a key objective for us at the start of the year.

Our profitability for the quarter was negatively impacted by lower drilling efficiency in Canada due to the drilling -- to the higher drilling rig utilization rate, which resulted in an increase of number of trainee drillers. Also lower revenue per meter on certain legacy drilling contracts in Canada that were signed in the first half of the year and inflation in production costs and drilling consumables and investment in workforce training and development.

We have recently been able to revise contract pricing to offset our cost inflation, and this includes the implementation of price increases on most of the lower-priced contracts that we were awarded during the first half of the year. While there has been a temporary lag between cost inflation and price adjustment, these pricing adjustments should progressively be reflect in our profitability during fiscal 2027.

Our new large specialized drilling contract in Northern Canada that we secured during the quarter, which we expect to generate in excess of $100 million over its initial 5-year term that required upfront capital expenditures and require substantial inventory. This cost was partially funded through draw on our credit facilities and a new loan -- a new term loan.

This results in an increase of debt at fiscal year-end. Our focus on debt reduction over prior years provide us with the financial flexibility to resume our focus on debt reduction when this project is running at full capacity.

This new specialized drilling contract further strength our position as an industry leader in Northern Canada and is in line with our strategy of focusing on senior and well-financed intermediate mining customers. I will now turn the call over to Pier-Luc to review our financial results in detail.

Thank you, Daniel, and good morning, everyone. Revenue for the quarter totaled $57.2 million, an increase of 21.3% compared to Q4 last year.

Canada revenue was $39.4 million in the quarter, an increase of 16.8% compared to Q4 last year, though this growth was partially offset by lower average revenue per meter drilled on certain legacy contracts that were signed during the first half of fiscal 2026. International revenue totaled $17.8 million, an increase of 32.7% compared to Q4 a year ago, reflecting increased drilling activity in both Chile and Guyana.

Gross profit was $4.6 million or 8.2% of revenue, compared to $7.6 million, or 16.0% of revenue in Q4 last year. Adjusted gross margin, excluding depreciation expenses and a gain on disposal of property, plant and equipment, was 13.6% in the quarter compared to 20.2% in Q4 last year.

The decrease in gross profit, gross margin, and adjusted gross margin was attributable to lower drilling efficiency in Canada due to a higher number of trainee drillers, lower revenue per meter on certain legacy drilling contracts in Canada and inflation in production costs and drilling consumables, and investments in workforce training and development. Our increased depreciation expenses of $0.7 million due to increased capital expenditures incurred in fiscal 2026 and fiscal 2025 in Canada and South America negatively impacted gross profit and margin.

Adjusted EBITDA totaled $3.6 million compared to $5.5 million in Q4 last year. The decrease was primarily attributable to the factors already discussed, partially offset by a favorable foreign exchange variation of $0.7 million in the quarter.

Our net loss for the quarter was $1.9 million, or $0.05 per share diluted, compared to net earnings of $2.2 million or $0.06 per share diluted, in Q4 last year. Our net loss reflects the factors already discussed as well as a $1.4 million expected credit loss, net of interest revenue on the long-term receivable related to the sale of our assets in West Africa, partially offset by the favorable variation in foreign exchange.

For fiscal 2026, we generated record annual revenue of $203.2 million, an increase of 7.5% compared to fiscal 2025. International revenue totaled $143.2 million, an increase of 5.3% compared to fiscal 2025, reflecting slightly higher revenue per meter drilled and increased drilling activity, partially offset by client-initiated project delays and project completions during Q1, a ramp-up of new drilling projects in both Q1 and Q3, and a negative impact of more severe winter weather conditions in Q3 this year.

International revenue for fiscal 2026 totaled to $60.0 million, an increase of 13.2% compared to fiscal 2025, reflecting increased drilling activity in both Chile and Guyana, partially offset by modifications to a certain drilling program in Chile during the first 9 months of fiscal 2026 and customer decisions to temporarily delay certain drilling programs during the first half of fiscal 2026. Gross profit for fiscal 2026 was $19.7 million, or 9.7% of revenue, compared to $28.3 million, or 15.0% of revenue in fiscal 2025.

Adjusted gross margin, excluding depreciation expenses and a gain on disposal of property, plant and equipment was 14.7% in fiscal 2026 compared to 19.5% in fiscal 2025. The decline in gross profit, gross margin, and adjusted gross margin reflects the mobilization of several major long-term drilling contracts during fiscal 2026.

These contracts typically generate lower margins during their initial ramp-up phase before reaching normalized productivity levels. Inflation in production costs, drilling consumables, and investments in workforce training and development also impacted gross profit and margins.

The more severe winter weather conditions in Canada during Q3 this year also negatively impacted productivity on surface drilling projects. Continuing modifications to a drilling program and a decline in certain specialized drilling activities in South America also negatively impacted profitability.

Additionally, increased depreciation expenses of $1.4 million due to increased capital expenditures incurred in fiscal 2026 and fiscal 2025 negatively impacted gross profit and margins. Adjusted EBITDA totaled $13.7 million in fiscal 2026 compared to $21.7 million in fiscal 2025.

The decline was attributable to the factors already discussed, partially offset by a $0.5 million favorable foreign exchange gain. Net loss for fiscal 2026 was $1.5 million, or $0.04 per share diluted, compared to net earnings of $7.5 million, or $0.20 per share diluted, in fiscal 2025.

Our net loss for the year was attributable to the factors already discussed and also reflects an expected credit loss of $1.2 million, net of interest revenue, on the long-term receivable related to our sale of assets in West Africa, partially offset by an income tax recovery of $0.3 million and a favorable foreign exchange gain of $0.5 million in fiscal 2026. Turning to our balance sheet, we withdrew a net amount of $9.7 million on our credit facility in fiscal 2026, mostly related to net capital expenditures of $17.5 million compared to a repayment of $7.5 million in fiscal 2025.

Our long-term debt under the credit facility, including the current portion, was $23.7 million at fiscal year-end compared to $14.0 million as at our fiscal 2025 year-end. During the year, pursuant to our Normal Course Issuer Bid, we repurchased and canceled approximately 162,000 shares at an average weighted price of $1.36 per share.

Our working capital was $48.7 million at year-end compared to $50.4 million at the end of fiscal 2025. I'll turn the call back to Daniel for closing comments.

Daniel?

Thank you, Pier-Luc. The demand for our drilling services in both Canada and South America remains strong, supported by historically high gold and copper prices and a robust financing environment for mining company.

In the first 8 months of 2026, mining company listed on the TSX and TSX Venture completed aggregate equity financing totaling more than $11.4 billion, an increase of approximately 78% compared to the same period in 2025. Most of our customers are increasing their spending on mining exploration and development, and this is an industry-wide trend.

While we are experiencing favorable industry fundamentals and strong customer demand, we faced both challenges this year, many of which were out of our control, including an unusually high level of project delay due to the customer decision, particularly in the first half of our fiscal year. Severe winter weather in Q3 that impact productivity on surface drilling in Canada, prolonged customer modification to a drilling program in Chile, pricing pressure in the first half of our fiscal year, and cost inflation.

We were also ramping up operations on several new projects during fiscal 2026. While we expect our profitability to improve more in our fourth quarter, this did not materialize to the extent we expected due to an expected credit loss of $1.4 million, net of interest revenue in the quarter.

However, we believe we are positioned to return to profitability in fiscal '27 as a result of improving pricing on new and existing contracts, the continued advancement of several projects that were in their ramp-up phase during fiscal 2026, improved productivity from our drilling crews to meet strong customer demand. That concludes our formal remarks this morning.

We will now welcome any questions.

I had a couple of questions, if it's okay. So Daniel, in the release, you mentioned that you renegotiated your contracts in the first half of the calendar year.

I was wondering, what's the timing of that flowing through to the business? Do you expect to see benefits in the second half of calendar year '26?

Or do you think it could maybe take a little longer?

Kerem, yes, we renegotiate some of these contracts and that progressively came in Q1 and Q2 of fiscal 2027, yes. By the end of December, almost all contract will be with the new price, each of them.

Okay. That makes sense.

That's great. And then so sequentially, in fiscal year '27, do you expect adjusted gross margins to increase in aggregate?

We don't provide guidance like that. But for sure, our target is to -- with the new contract renewal and price adjustment, we expect to have an increase of our margin.

If we compare this year with 2025, which the margin are around 19% of gross -- adjusted gross margin, we think this year with 15%, we have place to increase for sure, but we can't provide any guidance about that.

Got you. But then I mean, do you think it's realistic to get back to fiscal year '25 to 20% gross margins?

Or is there some reason you wouldn't be able to get back to those numbers?

That's exactly where we want to go, and we focus on first, on the price adjustment to cover the cost inflation, but also we will focus on control of our cost. And definitely, the target is to increase our margin, and we expect the actual market with the demand we have.

And also, don't forget, we renew -- we have a new contract in Northern Canada, which is progressively start. We have 2 rigs there right now working.

And eventually, until, let's say, June 2027, these 2 rigs, we will add 6 extra rigs on this contract, and that should help us to increase our gross margin for sure.

No, that makes sense. And maybe just a question on the contract.

I think you mentioned that maybe there's a lot of ramp-up costs and start-up costs associated with it. In the next 12 months, do you think that will be loss-making in the first year?

I was wondering if you can kind of quantify like what that might -- the impact of that might be in the next fiscal year? Or how we should think about that contract and the profitability of it over time?

Hard to quantify, but that's clear that in fiscal 2026, we have a lot of ramp-up, maybe 5, 6 large contracts and -- we still have one big contract in Northern Canada to ramp up progressively until Q3 of '27, but it's clear we have less cost of ramp-up. And that's why we think the actual contract we get in 2026 would be more profitable in 2027 because all these costs are now behind us.

Got you. So in this year, there's some costs in the first half of next financial fiscal year, there'll be some costs.

And then maybe Q3, it sounds like those costs will be behind you, the ramp-up costs?

Yes, exactly.

And then is there any way you could maybe like help us think about that or quantify it at all just so we can think about the impact on the business?

Like Daniel said, it's difficult to evaluate the entirety of the impact because there's a lot to go on -- there's a lot going on with these contracts. It's a specialized drilling contract in remote locations.

So that means a lot of investment, and that means a lot of hiring as well because staffing 8 drills is 8 additional drills is a challenge in and of itself. So the timing of how everything is going to work out is difficult to figure out.

But we know we expect typically that the first, I don't know, 10 to 12 months of the contract is going to generate lower margins than anticipated or that is typical of a specialized drilling contract.

Okay. I appreciate the color.

That's helpful. And then maybe just one last question.

As you look at the next fiscal year, I know that in Q4, CapEx is elevated. What are you guys expecting for total CapEx in fiscal year '27, maybe total CapEx and then working capital as well, a source or a use?

The amount was in our AIF was around $19.3 million CapEx with about -- with an expected $6.3 million dedicated to the new long-term contract.

I'm sorry, I missed that. So in the next year, in 2027 -- fiscal year '27, CapEx will be $19 million?

Correct. With $6.3 million dedicated to the new long-term contract.

Okay. So total CapEx in fiscal year '27 will be $19 million and $6.3 million of that is related to the contract.

And then do you expect working capital to be positive or negative?

We expect working capital to go up with the amount of inventory that we're going to need to service all of those -- all of our projects, including that one.

And then is there any kind of early thoughts you have on what that might look like for the whole year in terms of the cash use in working capital?

We expect to use about another -- probably another $10 million on that or something along those lines.

I just have a question about -- yes, about your South American contracts that were sort of needed some delay or some sort of technical modifications. Has the company already worked through that?

Is that now sort of on stream sort of coming through?

There's 2 things that occurred in that one. One of them was these projects had resumed by the end of fiscal year 2026.

And another one that's a factor that occurs in our industry is that we are at the mercy of the client's drilling program. And if the client decides to change the number of drills or how they want to drill about a certain drilling program, we basically have to follow the drilling program of the client.

And that resulted in lower drill -- number of drills on a certain program.

Okay. And the second question I had, in your last conference call, you mentioned the utilization rate target of above 70%.

Can you tell me what the utilization rate for the last quarter was?

Yes, we achieved that. So actually, we have exactly at 70% and also in South America.

So that's the target we put at the beginning of fiscal 2026, and exactly where we are because at Q1 this year, we have approximately 56%. We came to 62% of drilling utilization at Q2 and 67% at Q3.

So now we are at 70%. And this is a kind of, let's say, high level of utilization for our rigs.

And also, we have a lot of challenge with the manpower to fill these, especially in Canada. In South America, it's less a problem.

But in Canada, we have to get manpower for this increase of drill utilization. So that's exactly where we are.

And for fiscal 2027, our main focus will to keep this rate of utilization and fulfill all these contracts. And eventually, if the market is still strong like this, we will look for any other new opportunity.

But technically, we want to focus on this high level of income. And with the new contract that we get in Northern Canada for 8 new rigs, that will be a great challenge for us, and this is exactly where we want to be.

Yes. Just saying that as a longer-term investor, keep on going, I understand you have to spend money to make money.

Thank you very much. We appreciate that.

Thank you, Jim. Thank you to everyone for participating today.

We look forward to speak with you again soon. Thank you.