The contracts with Perseus, a West African-based mining company with gold production and exploration activities in Ghana and Côte d'Ivoire, are for exploration drilling in those two regions and are to be completed by August 2023 utilising up to 15 drill rigs from the Geodrill's existing fleet.

The contracts are expected to generate revenue in excess of US$45 million over the term of the contracts.

Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.

"Geodrill continues to build meaningful relationships and revenue by expanding contracts with top-tier gold customers in our core geographic region. These contracts bring top-line growth, improving economies of scale and support our goal of delivering consistent earnings in 2022," said Dave Harper, CEO and president of Geodrill.