Orbit Garant Drilling Inc. announced that it was forced to suspend all its surface and underground drilling projects in Quebec and one project in Ontario as a result of the recent forest fires in Quebec. The suspension of the Company's drilling operations in Quebec started from May 29, 2023 on certain projects and then expanded from there as the fires spread. The Company currently expects that its drilling activity in Quebec will start ramping up again at the beginning of July 2023, conditions permitting.

The Company restarted operations on the suspended project in Ontario earlier this week. Orbit Garant expects that the suspension of these drilling projects will result in a revenue reduction of approximately $6 million for its Fiscal 2023 fourth quarter and will also negatively impact net earnings. The Company will incur unexpected costs in having to de-mobilize its personnel on these drilling projects for this period and will also incur additional costs in re-mobilizing personnel when these projects are safe to resume.