Press Release
VANCOUVER, British Columbia, Oct. 18, 2024 — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) announces operating results for the three months (“Q3”) and nine months (“year to date” or “YTD”) ended September 30, 2024, updated 2024 guidance and an update on the Valentine Gold Mine (“Valentine”), located in Newfoundland & Labrador, Canada. Calibre will host a conference call to discuss its Q3 operating results, revised full year guidance, and Valentine update this morning, October 18, 2024 at 10 am ET. To view the live webcast of the conference call, please click here . All figures are expressed in U.S. dollars unless otherwise stated.
Q3 & YTD 2024 Production and Preliminary Cost Results
Full Year 2024 Guidance Revision
Valentine Construction & Capital Cost Update
Darren Hall, President and Chief Executive Officer of Calibre, stated : “Q3 Production was lower than expected primarily due to higher-than-expected historical artisanal mining activity on the initial benches of the Volcan open pit and mine sequencing at Limon. Ore tonnes and grade from Volcan are now aligning with expectations and the deposit model has been confirmed by infill drilling.
Consolidated Q4 production is expected to be 70,000-80,000 ounces driven by Nicaragua’s Q4 mine plans which indicate significantly higher ore tonnes mined. It’s important to note that after increasing ore haulage to Libertad by 30% over Q3, to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.
We are guiding to finish 2024 approximately 18% below the midpoint of our original production guidance, the 30,000 ounce stockpile positions us well for a strong close to the year and a solid start to 2025. TCC and AISC guidance has been revised reflecting the revised production, with total spend for the year consistent with budget.
Construction of the multi-million-ounce Valentine Gold Mine is progressing well, reaching 81% completion at the end of September. Cost pressures have emerged primarily due to contractor performance versus plan, which have resulted in increased manpower and associated costs. The performance issues have been addressed, and we are confidently tracking towards mechanical and electrical completion in early Q1, 2025. With approximately C$300 million in cash and C$197 million cost to complete, the Valentine build remains fully funded and on track for first gold during Q2, 2025, representing a significant milestone in Calibre’s strategy to diversify and grow its production in Canada.”
Updated Full Year 2024 Guidance
CONSOLIDATED | NICARAGUA | NEVADA | |
Gold Production/Sales (ounces) | 230,000 – 240,000 | 200,000 – 210,000 | 34,000 – 36,000 |
Total Cash Costs ($/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 – $1,700 |
Growth Capital ($ million) * | $60 – $70 | ||
Exploration Capital ($ million) | $40 – $45 |
*Initial project capital at the Valentine Gold Mine not included
Original Full Year 2024 Guidance
CONSOLIDATED | NICARAGUA | NEVADA | |
Gold Production/Sales (ounces) | 275,000 – 300,000 | 235,000 – 255,000 | 40,000 – 45,000 |
Total Cash Costs ($/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 |
Valentine Gold Mine Construction Progress
Primary Crusher
Tailings Management Facility
Marathon Pit
Plant Site
SAG and Ball Mill
Q3 2024 Production and Valentine Gold Mine Update Conference Call
Date: | Friday, October 18, 2024 |
Time: | 10:00 am ET |
Webcast link: | https://edge.media-server.com/mmc/p/mtkdxi6o |
Instructions for obtaining conference call dial-in number:
The live webcast and registration link can be accessed here and at www.calibremining.com under the Events and Media section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at www.calibremining.com . Presentation slides that will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations prior to the conference call.
The Company’s unrestricted cash position at September 30, 2024 was $115.8 million and $100 million in restricted cash remained in its debt proceeds account. Based on current forecasted production plans and the continuance of a strong gold price environment, the Company should have sufficient liquidity to implement its near-term operational plans and complete the development of Valentine. The Company will continue to monitor liquidity and commodity risks, capital markets, foreign exchange rates, ongoing operational and financial performance and progress of its capital projects including Valentine. The Company may take advantage of certain opportunities to manage its cost of capital, capital structure, liquidity, including cash flow variability during the remaining construction period and ramp up to design capacity, and flexibility considering capital markets and economic conditions. Accordingly, the Company may take additional measures to manage and/or increase liquidity and capital resources and/or make certain adjustments to its capital structure. Please see also Forward Looking Statements.
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 (TSX: CXB) 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.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
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