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Calibre Delivers Record Full Year 2023 Gold Production of 283,494 Ounces, Exceeding the High End of Guidance; Setting Up for Stronger 2024 With Production Guidance of 275,000 – 300,000 Ounces

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Calibre Delivers Record Full Year 2023 Gold Production of 283,494 Ounces, Exceeding the High End of Guidance; Setting Up for Stronger 2024 With Production Guidance of 275,000 – 300,000 Ounces






Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months and year ended December 31, 2023, and 2024 production, sales, and cost guidance (all financial amounts are expressed in U.S. dollars unless otherwise indicated).


Record Q4 and Full Year 2023 Highlights

  • Cash $86 million, a 52% increase over end of year 2022, after a C$40 million investment in Marathon Gold;
  • 5th Consecutive record consolidated quarterly gold production of 75,482 ounces:
    • Nicaragua Q4 gold production of 64,963 ounces and Nevada gold production of 10,519 ounces;
  • Record consolidated full year production of 283,494 ounces, exceeding 2023 production guidance:
    • Nicaragua full year gold production of 242,109 ounces and Nevada gold production of 41,385 ounces;
  • Achieved another successful year on many fronts including exploration success and milestones across all assets, reaffirming the Company’s multi-year, grade-driven, socially, and environmentally sustainable production growth strategy;
  • Announced the combination of Calibre and Marathon Gold to create a high-growth, cash flow focused, mid-tier gold producer in the Americas with expected annual production of 500,000 ounces and completed the C$40 million financing to become Marathon’s largest shareholder;
  • Announced a normal course issuer bid demonstrating a responsible potential use of available cash, reflecting the best interests of Calibre;
  • 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; and
  • Published our 2022 sustainability report, affirming our commitment to transparency and accountability, and joined the Mining Association of Canada, strengthening our commitment to responsible mining.


2024 Consolidated Gold Production and Cost Guidance

  • Consolidated gold production and sales of between 275,000 and 300,000 ounces;
  • Consolidated Total Cash Costs1 between $1,075 and $1,175 per ounce of gold;
  • Consolidated All-in Sustaining Costs1 between $1,275 and $1,375 per ounce of gold;
  • Growth Capital of between $45 and $55 million; and
  • Exploration Capital of between $25 and $30 million.


Darren Hall, President & Chief Executive Officer of Calibre, stated: “I am proud of the Calibre team for achieving a fourth consecutive year of record production, and exceeding the high end of our 2023 production guidance, boosting our cash on hand by 52% to $86 million after a C$40 million investment into Marathon Gold. Looking ahead to 2024, we foresee another robust year demonstrated by an increase in annual gold production guidance. Throughout 2023, we accomplished numerous milestones as we continue to execute our corporate strategy of transitioning into a mid-tier gold producer.


The recently announced combination of Calibre and Marathon Gold is a transformational transaction for Calibre and puts the Company in an exciting position as we complete the construction of the Valentine Gold Project in Central Newfoundland & Labrador to create an Americas focused, high-margin, high-growth, mid-tier gold company. With a healthy balance sheet, strong operating cash flow and available debt, the combined company expects to facilitate seamless construction of the Valentine gold project with a continuous flow of exciting discovery and resource-building drill results from Newfoundland & Labrador, Nevada and Nicaragua.


With multiple drill rigs turning across our asset portfolio, our exploration investment continues to yield exciting results in many areas including the discovery of a potential high-grade gold source below the operating Jabali mine and three new target areas located near the Libertad mill. This demonstrates significant upside at depth and strong potential for resource expansion and the expansion of existing high-grade gold discoveries across our Limon property providing further opportunity to leverage the available surplus processing capacity at our Libertad mill.


We continue to integrate our responsible and sustainable mining practices throughout our operations, made evident in the publication of our 2022 Sustainability Report and affiliation with the Mining Association of Canada. These actions underline our commitment to transparency, accountability, and adherence to the highest standards of environmental and social responsibility.


I look forward to 2024 as we work to expand our business in Newfoundland & Labrador transitioning to a mid-tier gold producer in 2025. Given our track record of delivery, production growth, significant high-grade gold discoveries and exploration success, strong cash flow and exciting large scale open pit development underway with Marathon, I believe Calibre continues to present a compelling gold equity investment opportunity.”




Gold Production/Sales (ounces) 275,000 – 300,000 235,000 – 255,000 40,000 – 45,000
Total Cash Costs ($/ounce)1 $1,075 – $1,175 $1,000 – $1,100 $1,400 – $1,500
AISC ($/ounce)1 $1,275 – $1,375 $1,175 – $1,275 $1,650 – $1,750
Growth Capital ($ million)             $45 – $55
Exploration Capital ($ million)             $25 – $30

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 January 9, 2024

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