CALGARY, Alberta – May 29, 2026 – High Arctic Overseas Holdings Corp. (TSXV: HOH) (“High Arctic” or the “Corporation”) has released its first quarter financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2026, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States Dollars (“USD”), unless otherwise indicated.
The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.
Mike Maguire, Chief Executive Officer, commented on the Corporation’s first quarter of 2026 financial and operating results and outlook:
“High Arctic’s Q1 2026 results reflect low activity levels in PNG and expenditures related to our diversification strategy. I believe that High Arctic is approaching an inflection point. We expect the notice to commence mobilisation of Drilling Rig 103 will mark the beginning of a renewed focus on PNG as a secure and stable source of energy and critical minerals. The Papua-LNG project’s community development forum will be held in June / July, one of the last significant steps towards a Final Investment Decision this year. Papua-LNG is a significant drilling opportunity that are we competitively placed for. Further, the project is expected to stimulate other drilling activity including exploration which is High Arctic’s core specialty.
Progress has been made on expanding our customer base for Equipment Rentals and building out the new Fire Services business, predominantly in adjacent industries such as mining and industrial construction. Our appointment as the authorised distributor of Atlas Copco Power Technique products for Papua New Guinea contributes to our diversification strategy and is perfectly timed for maximizing potential participation in future major PNG projects.
Our strong working capital and debt-free balance sheet position us well for all of these organic growth opportunities, exploring potential acquisitions and maximising shareholder value.”
2026 First Quarter Highlights
•Notice received subsequent to the quarter-end to remobilise and reactivate Rig103 as of July 1, 2026;
•Agreement signed with Atlas Copco as authorised distributor of the Atlas Copco Power Technique product range throughout PNG;
•Final stages of negotiation on a number of minor services agreements across the Rentals and Fire Services divisions broadening our customer base and exposure to the mining sector in PNG;
•Compared to Q1 2025, revenue dropped by 33% and operating margin reduced from 28.4% to 10.5% as a result of manpower services activities continuing to wind down upon completion of the customer’s project which was partly offset by the introduction of the Fire Services activities which continued its ramp up in Q4 2025;
•Drilling rigs 115 and 116 remain cold-stacked; and
•Strong working capital position of $16.9 million to support the continued ramp up of new activities and other strategic objectives.
In the above results discussion, the three months ended March 31, 2026 may be referred to as the “quarter” or “Q1 2026” and the comparative three months ended December 31, 2025 may be referred to as “Q4 2025”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.
Business Strategy
Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:
•Leveraging our core PNG planning and logistics capability to diversify our service offerings;
•Deploying idle assets into profitable operations;
•Strengthening local content & participation in the PNG finance and investment communities;
•An established and efficient corporate structure; and
•Seeking opportunities to expand and root the business in the Australasian region.
2026 Strategic Objectives
•Relentless focus on safety excellence and quality service delivery;
•Grow the Equipment Rentals and Fire Services business offerings;
•Pursue pathways to return idle drilling assets into service;
•Maximize potential participation in future major Papua New Guinea projects; and
•Pursue expansionary transactions that increase shareholder value