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Calibre Continues to Deliver Strong Free Cash Flow; Cash Position Increased 26% to US$97 Million From a Record Quarter, Producing 73,537 Ounces of Gold

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Calibre Continues to Deliver Strong Free Cash Flow; Cash Position Increased 26% to US$97 Million From a Record Quarter, Producing 73,537 Ounces of Gold






Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three and nine months ended September 30, 2023 (all amounts are expressed in U.S. dollars).


Q3 and Year to Date 2023 Highlights

  • Q3 cash increased to $97 million, a 26% increase over Q2 2023 and 72% since the start of 2023
  • 4th Consecutive record consolidated quarterly gold production, 73,485 ounces
    • 50% increase in gold production compared to Q3 2022 (49,081 ounces)
    • Nicaragua gold production of 63,756 ounces and Nevada gold production of 9,729 ounces
  • Record consolidated YTD gold production of 208,011 ounces
    • 30% increase in gold production compared to YTD 2022 (160,704 ounces)
    • Remain well on track to deliver full year guidance of 250,000 – 275,000 ounces
  • Exploration success at Libertad yielded an Initial Mineral Resource Estimate at the Volcan Gold Deposit and identified additional gold trends proximal to the mill, providing further opportunity to leverage the available surplus processing capacity;
  • Continued to expand zones of high-grade gold mineralization within the Limon Mine Complex, at Atravesada and along the VTEM Corridor, demonstrating the expansion and discovery potential across the property; and
  • Potential to increase resources, grade and confidence around the Pan mine was reaffirmed with high-grade, near surface drill results immediately south and north of the operating mine.


Darren Hall, President & Chief Executive Officer of Calibre, stated: “During the quarter Calibre increased cash, after exploration and growth investments, to $97 million from gold production of 73,485 ounces, the company’s fourth consecutive record quarter. The Company is in an excellent position to deliver the high end of full year production guidance of 250,000 – 275,000 ounces while continuing to generate strong free cash flow.


October 15 marks the fourth anniversary of our Nicaragua operating complex acquisition which transformed the Company to a growth focused gold producer. Four years on we have built a strong foundation, consistently delivering on our commitments while self funding investments and growth, including;

  • Joined the World Gold Council, committing to their Responsible Gold Mining Principles, and integrated sustainability into all aspects and phases of our operations;
  • Permitted and developed five new mines, each self funded through cash flow;
  • Increased annual gold production 93% to 250,000 – 275,000 ounces (2020: 136,000 ounces);
  • Grown Reserves 370%, net of production depletion; and
  • Increased cash from $4 million to $97 million.


I am excited about the future. Calibre presents a compelling investment opportunity with its consistent delivery of strong free cash flow, ongoing reinvestment in exploration and growth, and commitment to conducting operations in a responsible, sustainable, and transparent manner.”


Qualified Person


Darren Hall, MAusIMM, President and Chief Executive Officer, of Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 and has reviewed and approved the scientific and technical information in this press release.


About Calibre Mining Corp.


Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.


Posted October 10, 2023

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