Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce operating
results for the three months ended March 31, 2023 (all financial
amounts are expressed in U.S. dollars).
Q1 2023 Highlights
- Consolidated quarterly gold
production of 65,750 ounces and gold sales of 65,770 ounces:
- 27% increase in gold production
compared to Q1 2022 (51,898 ounces);
- Nicaragua gold production of 54,997
ounces and Nevada gold production of 10,753 ounces;
- Consolidated 2022 Mineral Reserves
increased 370%, since acquisition in 2019, to 1,346,000 ounces gold
(see press release dated February 14, 2023):
- Nicaragua Mineral Reserve grade
increased 16%, 1,082,000 ounces at a grade of 5.37 g/t gold;
- Nevada Mineral Reserves increased
23% to 264,000 ounces at a grade of 0.37 g/t gold;
- Consolidated 2022 M&I Mineral
Resources increased to 4,603,000 ounces gold (see press release
dated February 14, 2023);
- High-grade mining commenced ahead
of schedule at Pavon Central open pit averaging a delivery rate
1,000 tonnes per day to the Libertad mill (see press release dated
March 15, 2023);
- Continued expansion of the
high-grade gold discovery at Panteon North and along the VTEM Gold
Corridor within the Limon Complex (see press release dated March
21, 2023):
- 17.45 g/t Au over 4.1 metres
Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 metres
ETW;
- 29.68 g/t Au over 4.3 metres
ETW;
- The Panteon North maiden Reserve
estimate added 244,000 ounces at 9.4 g/t gold to the Company’s 2022
Mineral Reserve statement (see press release dated February 14,
2023);
- New “Coyote” discovery at the Pan
Mine in Nevada indicates the potential for resource expansion to
the south (see press release dated January 17, 2023):
- 1.36 g/t Au over 13.7 metres
including 2.78 g/t Au over 4.6 metres;
- Phase 1 drill results from the
Golden Eagle Project, located in Washington State, confirm a robust
mineral system with consistent gold grades over broad widths (see
press release dated January 24, 2023) :
- 4.30 g/t Au over 92.42 metres
including 7.80 g/t Au over 17.3 metres, and 2.90 g/t Au over 195.1
metres;
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “I am very pleased
with the teams’ first quarter performance, delivering a record
65,750 ounces. Being above budget at the end of the quarter, with
Pavon Central ahead of schedule and Eastern Borosi on track for
production in Q2 we are well positioned to deliver our full year
production guidance of 250,000 – 275,000 ounces.
With numerous drill rigs turning across our
entire asset portfolio, our exploration investment continues to
yield exciting results as we expand the high-grade gold discovery
at Panteon North and the VTEM Gold Corridor and make new
discoveries at Pan where drilling indicates the strong potential
for resource expansion.
2023 will be a transformational year, driven by
an organic 20% increase in production, strong free cash flow, and
significant exploration to expand recent high-grade gold
discoveries not included in our multi-year, grade driven production
increase strategy.”
Q1 2023 Financial Results and Conference
Call Details
First quarter financial results will be released
after market close on Monday, May 8, 2023, and management will be
hosting a conference call on Tuesday, May 9 to discuss the results
and outlook in more detail.
Date: |
Tuesday, May
9, 2023 |
Time: |
10:00 a.m. (ET) |
Webcast Link: |
https://edge.media-server.com/mmc/p/77jbhopx |
|
|
Instructions for obtaining conference call
dial-in numbers:
- All parties must register at the link below to participate in
Calibres’ Q1 2023 conference call.
- Register by clicking
https://register.vevent.com/register/BIcbb8f6f89d254adb83115fe6e956e5f3
and completing the online registration form.
- Once registered you will receive
the dial-in numbers and PIN number for input at the time of the
call.
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.
Qualified PersonDarren 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.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President, and Chief Executive
Officer
For further information, please
contact:
Ryan KingSenior Vice President, Corporate
Development & IRT: 604.628.1010E: calibre@calibremining.comW:
www.calibremining.com
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.
Notes:
(1) NON-IFRS FINANCIAL
MEASURESThe Company believes that investors use certain non-IFRS
measures as indicators to assess gold mining companies,
specifically Total Cash Costs per Ounce and All-In Sustaining Costs
per Ounce. In the gold mining industry, these are common
performance measures but do not have any standardized meaning. The
Company believes that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this
information to evaluate the Company’s performance and ability to
generate cash flow. Accordingly, it is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS.
Total Cash Costs per
Ounce of Gold: Total cash costs include mine site operating costs
such as mining, processing, and local administrative costs
(including stock-based compensation related to mine operations),
royalties, production taxes, mine standby costs and current
inventory write downs, if any. Production costs are exclusive of
depreciation and depletion, reclamation, capital, and exploration
costs. Total cash costs per gold ounce are net of by-product silver
sales and are divided by gold ounces sold to arrive at a per ounce
figure.All-In Sustaining Costs per Ounce of Gold: A performance
measure that reflects all of the expenditures that are required to
produce an ounce of gold from current operations. While there is no
standardized meaning of the measure across the industry, the
Company’s definition is derived from the AISC definition as set out
by the World Gold Council in its guidance dated June 27, 2013 and
November 16, 2018. The World Gold Council is a non-regulatory,
non-profit organization established in 1987 whose members include
global senior mining companies. The Company believes that this
measure will be useful to external users in assessing operating
performance and the ability to generate free cash flow from current
operations. The Company defines AISC as the sum of total cash costs
(per above), sustaining capital (capital required to maintain
current operations at existing levels), capital lease repayments,
corporate general and administrative expenses, exploration
expenditures designed to increase resource confidence at producing
mines, amortization of asset retirement costs and rehabilitation
accretion related to current operations. AISC excludes capital
expenditures for significant improvements at existing operations
deemed to be expansionary in nature, exploration and evaluation
related to resource growth, rehabilitation accretion and
amortization not related to current operations, financing costs,
debt repayments, and taxes. Total all-in sustaining costs are
divided by gold ounces sold to arrive at a per ounce figure.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian securities legislation. All statements in this
news release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. Forward-looking
statements necessarily involve assumptions, risks, and
uncertainties, certain of which are beyond Calibre’s control. For a
listing of risk factors applicable to the Company, please refer to
Calibre’s annual information form for the year ended December 31,
2022, and its management discussion and analysis (“MD&A”) for
the year ended December 31, 2022 all available on The Company’s
SEDAR profile at www.sedar.com. This list is not exhaustive of the
factors that may affect Calibre’s forward-looking statements such
as potential sanctions implemented as a result of the United States
Executive Order 13851 dated October 24, 2022.
Calibre’s forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. Calibre does not assume any
obligation to update forward-looking statements if circumstances or
management’s beliefs, expectations or opinions should change other
than as required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be
accurate, and actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, undue reliance should not
be placed on forward-looking statements.
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Apr 2024 to May 2024
Calibre Mining (TSX:CXB)
Historical Stock Chart
From May 2023 to May 2024