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 

• Construction of the multi-million-ounce Valentine Gold Mine surpasses 81% construction with a remaining cost to complete on an incurred basis of C$197 million as at September 30, 2024 and remains on track for gold production in Q2 2025;
  • Tailings Management Facility is complete and ready to receive water;
  • CIL leaching area tanks construction is nearing completion;
  • Reclaim tunnel and coarse ore stockpile construction is progressing;
  • Primary crusher installation is well advanced and overland conveyor construction has commenced; and
  • Pre-commissioning is underway;
• With approximately C$300 million in cash (US$115.8-million and restricted cash US$100-million) at September 30, 2024, Valentine’s initial project capital remains fully financed;
• Bolstered cash position as part of our capital management program with $55 million to be received from an additional gold prepayment arrangement whereby Calibre will physically deliver an additional 20,000 ounces of gold (2,500 ounces of gold per month at $2,816 per ounce) from May 2025 to December 2025;
• Calibre Strengthens its Executive Leadership Team with the Appointment of Chief Operating Officer and Vice President of Technical Services, Nicaragua;
• Expanded the Valentine Gold Mine (“Valentine”) resource expansion and discovery drill program with a 100,000 metre drill program, in addition to the 60,000 metre program already in place at the Leprechaun and Marathon deposits;
• Received the Federal Environmental Assessment approval for the third open pit, the Berry Pit at Valentine scheduled to commence construction activities in Q4 2024;
• Ore control drilling results at the Marathon Pit at Valentine yielded 44% additional gold on 47% higher grades than modelled in the 2022 Mineral Reserve statement, increasing confidence of the deposit as the Company advances toward first gold in Q2 2025;
• New Discovery along the VTEM Gold Corridor and continued step out drilling intercepts high-grade gold mineralization at the Talavera deposit, both located within the Limon mine complex in Nicaragua, reinforcing Limon’s ability to continually deliver compelling results, leading to new discoveries and resource expansion:
  • 13.26 g/t gold over 4.9 metres ETW including 33.50 g/t gold over 1.2 metres ETW; and
  • 6.38 g/t gold over 10.5 metres ETW;
• Continued to intercept high grade gold mineralization from the resource conversion and expansion program within the Guapinol open pit area at the Eastern Borosi mine in Nicaragua, reinforcing the potential for mine life extension:
  • 13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold over 4.0 metres ETW; and
  • 9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over 3.1 metres ETW;
• Discovered additional near surface, above reserve grade gold mineralization at the Pan Mine (“Pan”) in Nevada, demonstrating the potential to increase resources, grade and mine life around Pan:
  • 0.45 g/t gold over 117.4 meres ETW; and
  • 0.56 g/t gold over 59.4 metres including 1.31 g/t gold over 9.1 metres ETW;
• Consolidated gold sales of 46,076 ounces; Nicaragua 36,427 ounces and Nevada 9,649 ounces;
• Consolidated TCC¹ of $1,580/oz; Nicaragua $1,615/oz and Nevada $1,451/oz;
• Consolidated AISC¹ of $1,946/oz; Nicaragua $1,880/oz and Nevada $1,813/oz; and
• Cash and restricted cash of $115.8 million and $100.0 million, respectively, as at September 30, 2024.

YTD 2024 Gold Sales and Cost Metrics

• Consolidated gold sales of 166,200 ounces grossing $374.9 million in revenue, at an average realized gold price¹ of $2,256/oz; Nicaragua 140,646 ounces and Nevada 25,554 ounces;
• Consolidated TCC¹ of $1,379/oz; Nicaragua $1,364/oz and Nevada $1,463/oz;
• Consolidated AISC¹ of $1,656/oz; Nicaragua $1,554/oz and Nevada $1,734/oz; and
• Cash provided by operating activities of $88.8 million.

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

Operating Results

2024 REVISED GUIDANCE 

*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.