Metatek Orders New Instrument from Lockheed Martin and Granted Seven Year Global Exclusivity Ready to Announce with Confidence?
Calgary, Alberta--(Newsfile Corp. - October 6, 2026) - Metatek Group Ltd. (TSX: MTEK) ("Metatek" or the "Company"), the exclusive global provider of Enhanced Full Tensor Gravity Gradiometry ("eFTG") and Digital Full Tensor Gravity Gradiometry ("dFTG"), today announced the conclusion of an agreement with its long-standing technology supplier, Lockheed Martin Corporation ("Lockheed Martin"), for the manufacture and purchase of a new eFTG instrument, together with extended global exclusivity rights and additional purchase options.
The agreement provides Metatek with seven years of global exclusivity in relation to the purchase of new eFTG systems from Lockheed Martin.
The agreement also provides Metatek with preferential pricing for the purchase of an additional eFTG system. Should Metatek exercise this option, the Company has the potential to extend its global exclusivity relating to new eFTG systems by a further two years, to nine years.
Dr. Mark Davies, Chief Executive Officer of Metatek, commented:
"We are very pleased to have concluded this agreement with our long-standing technology supplier, Lockheed Martin, following concluding ongoing negotiations. The outcome secures the next two eFTG instruments for Metatek on attractive commercial terms and, importantly, provides global exclusivity for the best part of a decade.
"Since the deployment of the first eFTG just over five years ago, the instrument has demonstrated its capabilities across a wide range of projects and operating environments. The combination of rapid data acquisition with high-resolution subsurface imaging is delivering material benefits for our clients. Exploration and investment decisions can be made with greater confidence and in shorter timeframes, enabling governments and resource companies to pursue strategic exploration programmes more efficiently.
"With two instruments currently in operation and a third expected to enter service shortly, we already have significant capacity to support our growth over the short to medium term. As we expand our eFTG fleet further, our focus will be on substantially growing the business, while we maximise the utilisation of our existing asset base and respond to increasing demand for our products and services."
Highlights:
Metatek secures seven years of global exclusivity in relation to the purchase of new eFTG systems from Lockheed Martin
Agreement concluded with Lockheed Martin for the manufacture and purchase of a new eFTG instrument
Agreement includes preferential pricing for the purchase of an additional eFTG instrument
Purchase of an additional eFTG would extend Metatek's global exclusivity by a further two years, to nine years
Manufacture of new instrument expected to take approximately three years
New eFTG will further expand Metatek's fleet and future operational capacity to support growing demand for its products and services
About Metatek
Metatek ( www.metatek-group.com) is a global geophysical services company providing high-definition mapping of subsurface strategic and critical mineral natural resources, energy (including hydrocarbons), helium and hydrogen, for exploration and development. Unlike traditional exploration companies, Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land, and sea environments.
Metatek supports national energy security and helps accelerate the discovery of hydrocarbons, minerals essential for sustainable power, such as lithium, nickel, and copper, as well as identifying reservoirs for natural hydrogen and geothermal energy.
For further information:
Investor Relations
Dennis Fong
(416) 283-9930
investorrelations@metatek-group.com
Media Relations
Oliver Chesher or Hannah Martland
Phone: +44 161 302 0671
Email: oc@galibierpr.co.uk
Email: hannah.martland@galibierpr.co.uk
Forward-Looking Information
This press release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "seek", "potential", "estimate", "anticipate", "believe", "could", "would", "should", "continue", "plans", "target", "is/are likely to", or the negative of these terms, or similar expressions intended to identify forward-looking statements.
Forward-looking statements reflect the Company's current views with respect to future events and are subject to various known and unknown risks and uncertainties, which are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Metatek, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These factors may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the timing and execution of the Company's contracts; the ability to mobilize and operate in international jurisdictions; regulatory and permitting processes; the continuation of client relationships; and general economic, geopolitical and industry conditions.
The risks and assumptions outlined above should not be construed as exhaustive. For additional information with respect to certain of these risks or uncertainties and other factors that could affect Metatek's operations and financial results, reference should be made to the section entitled "Risks and Uncertainties" in the Company's MD&A for the fiscal year ended December 31, 2025 and to Metatek's continuous disclosure materials filed from time to time with the Canadian Securities Regulatory Authorities, including the Company's most recent Annual Information Form under the section entitled "Risk Factors", which are available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Forward-looking statements contained in this press release are made as of the date of this press release and the Company undertakes no obligation to update forward-looking statements except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317528
Source: Metatek-Group Ltd.
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