Geodrill Limited says it has been awarded significant multi-rig long-term drilling contracts with Perseus Mining Ltd to carry out exploration work at its projects in Ghana and Côte d’Ivoire.

The contracts with Perseus are to be completed by August 2023 using up to 15 drill rigs from the company’s existing fleet, generating revenue in excess of $45 million over the contract term.

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,” Dave Harper, CEO and President of Geodrill, said. “These contracts bring top-line growth, improving economies of scale and support our goal of delivering consistent earnings in 2022.”

Perseus currently has three producing gold mines, one in Ghana and two in Côte d’Ivoire, including the recently commissioned Yaouré Gold Mine (pictured) which achieved commercial production in March 2021. It is on track to produce more than 500,000 oz/y of gold with three mines in operation, generating a cash margin of more than $400/oz from financial year 2022.