Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announces financial and operating results for the three months and nine months ended September 30, 2024. Consolidated Q3 and YTD 2024 filings can be found at www.sedarplus.ca and on the Company’s website at www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “As previously reported, the Company delivered 46,076 ounces in the quarter and 166,200 ounces year to date. Consolidated Q4 production is expected to be the strongest of the year, delivering 70,000 – 80,000 ounces, driven by Nicaragua’s Q4 mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.
The Valentine team continues to make significant progress with construction completion at 81% at the end of September and we remain on track to deliver first gold during Q2 2025. I am pleased with the increased focus, and we are confidently heading toward mechanical and electrical completion in early Q1, 2025.
The Valentine Gold Mine and surrounding property offers an impressive 5-million-ounce resource base and numerous discovery opportunities. Previously disclosed results at Valentine indicate robust growth potential below and adjacent to existing Mineral Resources. Our extensive, multi-rig drill program is focused on high priority targets beyond the originally explored 6 km section of defined reserves/resources of the 32 km long Valentine Lake Shear Zone to unlock the significant resource expansion and discovery potential across the property.”
YTD & Q3 2024 Highlights
YTD 2024 Gold Sales and Cost Metrics
Click here to learn more about the Valentine Gold Mine – Building Atlantic Canada’s Largest Open Pit Gold Mine
Installation of the Primary Crusher – September 2024
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6073327-6b82-4aaf-bf52-e1cb2221d7b4
CONSOLIDATED RESULTS: Q3 and Nine Months Ended 2024
Consolidated Results2
Three Months Ended | Nine Months Ended | |||||||||||||||
$’000 (except per share and per ounce amounts) | Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 | YTD 2023 | |||||||||||
Financial Results | ||||||||||||||||
Revenue | $ | 113,684 | $ | 137,325 | $ | 143,884 | $ | 382,897 | $ | 410,107 | ||||||
Cost of sales, including depreciation and amortization | $ | (97,437 | ) | $ | (94,685 | ) | $ | (101,128 | ) | $ | (294,753 | ) | $ | (281,556 | ) | |
Earnings from mine operations | $ | 16,247 | $ | 42,640 | $ | 42,756 | $ | 88,144 | $ | 128,551 | ||||||
EBITDA (3) | $ | 29,988 | $ | 52,886 | $ | 61,899 | $ | 109,352 | $ | 170,416 | ||||||
Adjusted EBITDA (3) | $ | 28,943 | $ | 54,022 | $ | 62,998 | $ | 122,694 | $ | 172,852 | ||||||
Net earnings | $ | 954 | $ | 20,762 | $ | 23,412 | $ | 18,079 | $ | 73,024 | ||||||
Adjusted net earnings (4) | $ | 2,199 | $ | 19,035 | $ | 24,530 | $ | 26,545 | $ | 74,361 | ||||||
Operating cash flows before working capital (5) | $ | 4,170 | $ | 68,618 | $ | 49,826 | $ | 125,170 | $ | 138,605 | ||||||
Operating cash flow | $ | (17,833 | ) | $ | 60,826 | $ | 54,226 | $ | 88,808 | $ | 140,776 | |||||
Capital expenditures (sustaining) | $ | 10,849 | $ | 10,358 | $ | 3,696 | $ | 28,916 | $ | 19,545 | ||||||
Capital expenditures (growth) | $ | 136,103 | $ | 97,581 | $ | 29,294 | $ | 301,833 | $ | 70,204 | ||||||
Capital expenditures (exploration) | $ | 12,387 | $ | 8,967 | $ | 7,705 | $ | 28,991 | $ | 21,448 | ||||||
Operating Results | ||||||||||||||||
Gold ounces produced | 45,697 | 58,754 | 73,485 | 166,218 | 208,011 | |||||||||||
Gold ounces sold | 46,076 | 58,345 | 73,241 | 166,200 | 208,020 | |||||||||||
Per Ounce Data | ||||||||||||||||
Average realized gold price1 ($/oz) | $ | 2,418 | $ | 2,302 | $ | 1,929 | $ | 2,256 | $ | 1,932 | ||||||
TCC ($/oz)1 | $ | 1,580 | $ | 1,264 | $ | 1,007 | $ | 1,379 | $ | 1,047 | ||||||
AISC ($/oz)1 | $ | 1,946 | $ | 1,533 | $ | 1,115 | $ | 1,656 | $ | 1,195 | ||||||
Per Share Data | ||||||||||||||||
Earnings per share – basic | $ | 0.00 | $ | 0.03 | $ | 0.05 | $ | 0.02 | $ | 0.16 | ||||||
Earnings per share – fully diluted | $ | 0.00 | $ | 0.03 | $ | 0.05 | $ | 0.02 | $ | 0.15 | ||||||
Adjusted net earnings per share – basic (3) | $ | 0.00 | $ | 0.02 | $ | 0.05 | $ | 0.04 | $ | 0.16 | ||||||
Operating cash flows before working capital per share | $ | 0.01 | $ | 0.09 | $ | 0.11 | $ | 0.17 | $ | 0.31 | ||||||
Operating cash flow per share | $ | (0.02 | ) | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 0.31 | |||||
Balance Sheet Data | ||||||||||||||||
Cash | $ | 115,800 | $ | 127,582 | $ | 97,293 | $ | 115,800 | $ | 97,293 | ||||||
Net debt (6) | $ | 178,345 | $ | 164,809 | $ | (77,927 | ) | $ | 178,345 | $ | (77,927 | ) | ||||
Adj. Net debt/Adj. EBITDA (LTM) ratio (7) | $ | 0.91 | $ | 0.72 | $ | (0.37 | ) | $ | 0.91 | $ | (0.37 | ) | ||||
Operating Results
Three Months Ended | Nine Months Ended | ||||
NICARAGUA | Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
Ore mined (t) | 574,878 | 359,295 | 491,835 | 1,468,960 | 1,588,631 |
Ore milled (t) | 557,635 | 455,616 | 546,555 | 1,544,261 | 1,545,123 |
Grade (g/t Au) | 2.30 | 3.48 | 4.35 | 3.00 | 4.03 |
Recovery (%) | 88.9 | 92.5 | 91.6 | 91.2 | 92.3 |
Gold produced (ounces) | 36,427 | 49,208 | 63,756 | 140,642 | 177,145 |
Gold sold (ounces) | 36,427 | 49,210 | 63,517 | 140,646 | 177,100 |
NEVADA | Three Months Ended | Nine Months Ended | |||
Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 20243,256,527 | YTD 2023 | |
Ore mined (t) | 1,187,591 | 1,080,242 | 1,129,042 | 3,256,527 | 3,513,948 |
Ore placed on leach pad (t) | 1,158,381 | 1,062,001 | 1,076,876 | 3,195,736 | 3,452,753 |
Grade (g/t Au) | 0.44 | 0.44 | 0.34 | 0.42 | 0.37 |
Gold produced (ounces) | 9,270 | 9,546 | 9,729 | 25,576 | 30,866 |
Gold sold (ounces) | 9,649 | 9,135 | 9,724 | 25,554 | 30,920 |
2024 REVISED GUIDANCE
CONSOLIDATED | NICARAGUA | NEVADA | |
Gold Production/Sales (ounces) | 230,000 – 240,000 | 200,000 – 210,000 | 34,000 – 36,000 |
TCC ($/ounce)1 | $1,300 – $1,350 | $1,300 – $1,350 | $1,450 – $1,500 |
AISC ($/ounce)1 | $1,550 – $1,600 | $1,450 – $1,500 | $1,650 – $1,750 |
Growth Capital ($ million)* | $60 – $70 | ||
Updated Exploration Capital ($ million) | $40 – $45 |
*Initial project capital at the Valentine Gold Mine not included
Given Calibre’s proven track record, the Company will continue to reinvest into exploration and growth with over 160,000 metres of drilling and development of new satellite deposits across its asset portfolio.
Consolidated Q4 production is expected to be 70,000 – 80,000 ounces, while TCC and AISC are forecast to be lower. The stronger Q4 outlook is driven by Nicaragua’s mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.
Exploration activities include multi-rig diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua along with several geo-science initiatives through the exploration pipeline. Growth capital includes new underground development and open pit mine development, leach pad expansion, waste stripping and land acquisition.
Since acquiring the Nicaraguan assets in October 2019, the Nevada assets in 2022, and the Newfoundland & Labrador assets in 2024, Calibre has consistently reinvested in mine development and exploration programs. These investments have led to the discovery of new deposits and growth in both production and Mineral Reserves. This progress positions Calibre well to diversify its portfolio and enhance profitability as it expands its operations into Canada with the Valentine Gold Mine anticipated to deliver first gold during Q2 2025.
The Company’s mineral endowment includes 4.1 million ounces of Reserves, 8.6 million ounces of Measured and Indicated Resources (inclusive of Mineral Reserves), and 3.6 million ounces of Inferred Resources, as detailed in the press release dated March 12, 2024.
Calibre held a Q3 and YTD 2024 Production and Valentine Gold Mine Construction update conference call on October 18, 2024, please visit the Calibre Mining website here, to access the replay of the conference call.
Qualified Person
The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.
About Calibre
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, 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.
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