MILL ROAD CAPITAL III, L.P. DECREASES ITS POSITION IN MAJOR DRILLING GROUP INTERNATIONAL INC.

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

GREENWICH, Conn., March 3, 2023 /CNW/ - Mill Road Capital III, L.P. ("MRC"), a Cayman Islands limited partnership, announces that it has disposed of a total of 525,000 common shares (the "Shares") of Major Drilling Group International Inc. (the "Company"). MRC disposed of 390,000 Shares on March 2, 2023 and 135,000 Shares on March 3, 2023, in each case through the facilities of the Toronto Stock Exchange at a price equal to $11.1008 per Share, for aggregate consideration received that is equal to $5,827,910.

Immediately prior to the dispositions of the Shares, MRC owned a total of 8,810,340 common shares of the Company, representing approximately 10.62%% of the Company's issued and outstanding common shares. As a result of the dispositions of the Shares, MRC now owns a total of 8,285,340 common shares of the Company, representing approximately 9.98% of the Company's issued and outstanding common shares (the calculations of the foregoing percentages are based on 82,991,929 common shares of the Company issued and outstanding as of March 2, 2023, as reported in the Management's Discussion and Analysis for the Third Quarter Fiscal 2023 of the Company filed with Canadian securities regulatory authorities).

The common shares of the Company owned by MRC, were acquired, or in the case of the Shares, disposed of, in the ordinary course of business for investment purposes.

Depending on the evolution of the Company's business, financial condition, the market for the Company's securities, general economic conditions and other factors, MRC may in the future increase its ownership of common shares of the Company, from time to time, or sell some or all of the common shares of the Company it holds, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions, applicable securities laws and other relevant factors

MRC intends to continuously review its options but, except as set forth above, does not have at this time any other specific plans that relate to or that would result in any of the transactions or other matters specified in clauses (a) through (k) of Item 5 of Form 62-103F1; provided, that MRC may, from time to time, review, reconsider or modify its present intention.

The business address of MRC is located at 382 Greenwich Avenue, Suite One, Greenwich, Connecticut 06830 c/o Mill Road Capital Management LLC.

The head office of the Company is located at 111 St. George Street, Suite 100, Moncton, New Brunswick, E1C 1T7.

A copy of the early warning report required to be filed under applicable Canadian securities laws will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

SOURCE Mill Road Capital III, L.P.

For further information or to obtain a copy of the related early warning report, please contact: Thomas E. Lynch, Tel: [phone]