Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) announces financial and operating
results for the three months and year ended December 31, 2021.
Annual Consolidated Financial Statements and the corresponding
Management Discussion & Analysis for the year ended December
31, 2021 can be found at www.sedar.com and the Company’s website,
www.calibremining.com. All figures are expressed in U.S. dollars.
2021 HIGHLIGHTS
- Gold production of 182,755 ounces:
- Limon produced 67,352 ounces from 495,668 tonnes of ore at an
average grade of 4.69 g/t Au and average recoveries of 89.7%
- Libertad produced 115,403 ounces from 1,462,912 tonnes of ore
at an average grade of 2.68 g/t Au and average recoveries of
92.8%;
- Gold sales of 183,242 ounces (2020
- 135,357 ounces) grossing $328.1 million in revenue (2020 - $242.7
million), resulting in an average realized gold price1 of $1,791/oz
(2020 - $1,793/oz);
- Announced the acquisition of Fiore
Gold in Nevada, which closed in January 2022, creating a
diversified, Americas focused, growing, mid-tier gold
producer;
- Cash of $78.5 million as at
December 31, 2021 (pre-transaction); a 47% increase from December
31, 2020;
- Generated $105.6 million in cash
from operating activities (2020 - $81.3 million);
- Net income of $58.2 million, with
basic net income per share of $0.17 (2020 - $63.4 million, basic
net income per share of $0.19);
- Consolidated Total Cash Costs1 and
AISC1 of $1,013 and $1,136 per ounce respectively ($878 and $1,043
for 2020 respectively);
- Released the Company’s inaugural
Sustainability report, available on the Company’s website;
- Completed the Pavon Pre-Feasibility
study, demonstrating strong exploration potential, and an after-tax
NPV of $106 million (at $1,700 Au and a discount of 5%) (full
technical report is available on the Company’s website and on
www.sedar.com);
- Commenced open pit mining at Pavon
Norte, and increased daily ore haulage rates to the Libertad mill
during the year;
- Advanced technical drilling, land
purchases, social and environmental activities at the initial
resource zones at the Eastern Borosi Project (“EBP”) with
permitting commencing in Q1 2022 for open pit and underground
operations, leading to expected production growth in the second
half of 2023;
- Significant exploration results
have been announced throughout 2021 resulting from the multi-rig
exploration drill programs active across the mine sites and
satellite opportunities – most notably the high-grade EBP property,
and the high-grade Volcan zone located 5 kilometres from the
Libertad mill.
Q4 2021 HIGHLIGHTS
- Gold production of 49,218 ounces:
- Limon produced 19,599 ounces from 123,330 tonnes of ore at an
average grade of 5.59 g/t Au and average recoveries of 89.8%
- Libertad produced 29,619 ounces from 456,561 tonnes of ore at
an average grade of 2.29 g/t Au and average recoveries of
90.3%;
- Gold sales of 49,207 ounces (Q4
2020 – 42,335 ounces) grossing $88.1 million in revenue (Q4 2020 –
$79.7 million) which resulted in an average realized gold price1 of
$1,791/oz (Q4 2020 - $1,882/oz);
- Net income of $14.6 million (Q4
2020: $23.3 million); basic net income per share of $0.04 (Q4 2020:
$0.07);
- Consolidated Total Cash Costs1 and
AISC1 of $1,026 and $1,139 per ounce, respectively ($940 and $1,051
for Q4 2020, respectively);
Darren Hall, President and Chief Executive
Officer of Calibre, stated: “The Calibre team delivered another
strong quarter to beat the high end of our 2021 production
guidance. A solid contribution was delivered from our Pavon open
pit deposit, which we permitted, developed, and ramped up
production to 1,000 tonnes per day of ore to Libertad mill all
within 22 months. Calibre has a compelling value proposition in
that we have 2.7 million tonnes of installed processing capacity of
which approximately 70% is being utilized. I am very pleased with
the significant progress during the year at EBP which I expect to
be our next high-grade satellite deposit to feed into our existing
infrastructure resulting in 2023 and 2024 production
growth.
As the year progressed, our commitment to
growing the Company was enhanced with the announcement of the
acquisition of Fiore Gold which closed on January 12, 2022. This
transaction builds on our focus to continuously create value for
shareholders by bringing a diversified asset base, immediate
production and robust growth and exploration upside in Nevada.
With multi-rig exploration drill programs active
across all Calibre sites, and development opportunities advancing,
we remain committed to reinvesting into mine development and
exploration to increase resource confidence, expand resources, make
new discoveries, and grow production organically. With $78.5
million in cash pre-transaction, and no debt, we have commenced
2022 well positioned to enable Calibre to continue self-funding
growth, exploration, and mine development across all our
assets.”
CONSOLIDATED RESULTS SUMMARY: Q4 2021 AND FY
2021
Consolidated Financial
Results
$'000 (except per share and per ounce amounts, as noted) |
|
Q4 2021 |
|
|
Q4 2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
$ |
88,109 |
|
$ |
79,677 |
|
$ |
328,132 |
|
$ |
242,748 |
|
Cost of sales, including
depreciation and amortization |
$ |
(64,850 |
) |
$ |
(45,086 |
) |
$ |
(223,883 |
) |
|
(133,135 |
) |
Mine operating income |
$ |
23,259 |
|
$ |
34,591 |
|
$ |
104,249 |
|
$ |
109,613 |
|
Net income |
$ |
14,649 |
|
$ |
23,255 |
|
$ |
58,199 |
|
$ |
63,413 |
|
Net income per share
(basic) |
$ |
0.04 |
|
$ |
0.07 |
|
$ |
0.17 |
|
$ |
0.19 |
|
Net income per share (fully
diluted) |
$ |
0.04 |
|
$ |
0.06 |
|
$ |
0.16 |
|
$ |
0.18 |
|
Cash provided by operating
activities |
$ |
22,389 |
|
$ |
28,736 |
|
$ |
105,600 |
|
$ |
81,261 |
|
Capital investment in mine
development and PPE |
$ |
11,520 |
|
$ |
12,352 |
|
$ |
63,029 |
|
$ |
35,576 |
|
Capital investment in
exploration |
$ |
6,710 |
|
$ |
5,886 |
|
$ |
21,357 |
|
$ |
15,472 |
|
Capital
investment on acquisition of EBP |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
4,000 |
|
Average realized gold price
($/oz)1 |
$ |
1,791 |
|
$ |
1,882 |
|
$ |
1,791 |
|
$ |
1,793 |
|
Total Cash Costs ($/oz)1 |
$ |
1,026 |
|
$ |
940 |
|
$ |
1,013 |
|
$ |
878 |
|
AISC
($/oz)1 |
$ |
1,139 |
|
$ |
1,051 |
|
$ |
1,136 |
|
$ |
1,043 |
|
Consolidated Operating
Results
|
|
Q4 2021 |
|
Q4 2020 |
|
FY 2021 |
|
FY 2020 |
|
Ore Mined (tonnes) |
|
559,953 |
|
528,213 |
|
2,092,598 |
|
1,773,971 |
|
Ore Milled (tonnes) |
|
579,891 |
|
501,228 |
|
1,958,580 |
|
1,729,157 |
|
Ore Milled Grade (g/t Au) |
|
2.99 |
|
2.81 |
|
3.19 |
|
2.71 |
|
Au
Recovery (%) |
|
90.1 |
% |
90.9 |
% |
91.7 |
% |
91.4 |
% |
Gold Production (ounces) |
|
49,218 |
|
42,573 |
|
182,755 |
|
136,009 |
|
Gold
Sales (ounces) |
|
49,207 |
|
42,335 |
|
183,242 |
|
135,357 |
|
MINING OPERATING RESULTS
Open Pit Mining Operations
During Q4 2021, most of the open pit production
came from Limon Central totaling 193,077 tonnes at an average grade
of 4.46 g/t, with material from Pavon Norte contributing 70,440
tonnes at a grade of 2.52 g/t, 174,461 tonnes at 0.96 g/t of
previously processed “spent ore”, and 4,582 tonnes at 11.85 g/t
from artisanal small miners (“ASM”). By comparison, during Q4 2020,
open pit mining consisted of 173,651 tonnes at an average grade of
4.51 g/t from Limon Central, 100,434 tonnes at 3.31 g/t from the
Jabali open pit (currently not being mined), 172,159 tonnes grading
0.68 g/t from previously processed “spent ore”, and 10,939 tonnes
at 16.97 g/t from ASM and other sources.
For the full year 2021, open pit mine production
from Limon Central totaled 787,096 ore tonnes at an average grade
of 3.46 g/t, Pavon Norte totaled 304,911 tonnes at a grade of 3.34
g/t, 573,040 tonnes at a grade of 0.96 g/t of previously processed
“spent ore”, and 18,619 tonnes at 15.86 g/t from ASM. For
comparison, 2020 open pit production from Limon Central totaled
522,962 tonnes at a grade of 4.63 g/t, 367,543 tonnes from the
Jabali open pit grading 3.27 g/t, 697,169 tonnes grading 0.75 g/t
from previously processed “spent ore”, and 36,867 tonnes from ASM
and other sources grading 15.85 g/t.
Underground Mining
Operations
Underground mine production increased year over
year as the Veta Nueva underground mine reached commercial
production in January 2021, Panteon South underground mine reached
commercial production in July 2021, while the Jabalí West
underground mine was suspended until August 2020 which resulted in
higher comparative Jabalí production year over year.
Q4 2021 ore production was 56,406 tonnes at a
grade of 3.31 g/t from Jabalí West, 11,132 tonnes at a grade of
5.13 g/t from Santa Pancha, 33,049 tonnes at a grade of 8.66 g/t
from Panteon South, and 16,806 tonnes grading 3.95 g/t from Veta
Nueva. During Q4 2020, the Company mined 29,641 tonnes at a grade
of 3.11 g/t from Santa Pancha, 16,136 tonnes grading 3.59 g/t from
Veta Nueva, and 25,252 tonnes grading 3.85 g/t from Jabalí
West.
Full year ore production was 200,271 tonnes at a
grade of 3.42 g/t from Jabalí West, 60,176 tonnes at a grade of
3.73 g/t from Santa Pancha, 82,957 tonnes at a grade of 7.60 g/t
from Panteon South, and 65,528 tonnes grading 4.08 g/t from Veta
Nueva. In comparison during 2020 the Company mined 90,572 tonnes at
a grade of 3.59 g/t from Santa Pancha, 30,958 tonnes grading 4.08
g/t from Veta Nueva, and 27,900 tonnes grading 3.75 g/t from Jabalí
West.
Mining Operating Results |
Q4 2021 |
|
Q4 2020 |
|
FY 2021 |
|
FY 2020 |
|
Operating
Information |
|
|
|
|
|
|
|
|
Ore Mined – open pit (t) |
442,560 |
|
457,183 |
|
1,683,666 |
|
1,624,541 |
|
Ore Mined – open pit (t) – average grade (g/t Au) |
2.85 |
|
3.09 |
|
2.73 |
|
2.91 |
|
Waste Mined – open pit (t) |
2,591,783 |
|
3,767,127 |
|
14,854,381 |
|
15,672,471 |
|
Ore Mined – underground (t) |
117,393 |
|
71,029 |
|
408,932 |
|
149,430 |
|
Ore Mined – underground – average grade (g/t Au) |
5.08 |
|
3.57 |
|
4.42 |
|
3.73 |
|
Total Ore Mined (t) |
559,953 |
|
528,213 |
|
2,092,598 |
|
1,773,971 |
|
Total Ore Mined – average grade (g/t Au) |
3.32 |
|
3.16 |
|
3.06 |
|
2.98 |
|
PROCESSING OPERATING RESULTS
Processing at Limon
In Q4 2021, the Company benefited from higher
mined grades at Limon Central and Panteon South underground
compared to Q4 2020. Of note, the favourable mining sequence at
Limon Central and the mining of higher-grade ore at Santa Pancha,
Panteon South, and Veta Nueva in Q4 2021 were significant factors
in driving Limon’s mill grade during the quarter.
Tonnes milled for full year 2021 was 67,587
tonnes higher than 2020 due to the temporary pandemic suspension in
Q2 of 2020, while the lower grade year over year was due to mine
sequencing at the Limon Central ore body, which is the primary
source of ore milled at Limon.
Processing Operating Results at Limon |
Q4 2021 |
|
Q4 2020 |
|
FY 2021 |
|
FY 2020 |
|
Ore Milled (t) |
123,330 |
|
120,109 |
|
495,668 |
|
428,081 |
|
Grade (g/t Au) |
5.59 |
|
5.48 |
|
4.69 |
|
5.25 |
|
Recovery (%) |
89.8 |
|
89.5 |
|
89.7 |
|
89.8 |
|
Gold Produced |
19,599 |
|
19,006 |
|
67,352 |
|
64,558 |
|
Gold
Sold |
19,578 |
|
18,872 |
|
67,620 |
|
64,255 |
|
Processing at Libertad
During Q4 2021, the Libertad mill produced
29,619 ounces of gold from 456,561 tonnes at an average grade of
2.29 g/t. Tonnes milled increased 75,443 versus Q4 2020 due to the
success of the Company’s hub and spoke strategy to transport ore
from Limon and Pavon to the Libertad mill, and due to the
consumption of spent ore. Processed grade increased due to
higher-grade ores delivered from Limon and from 123% more tonnes
from Jabalí West.
Libertad mill produced 115,403 ounces during
2021, which was 43,952 ounces higher than 2020, due to
significantly higher ore deliveries from Limon, with 372,898 tonnes
of ore delivered in 2021 at an average grade of 3.09 g/t compared
to 220,623 tonnes at an average grade of 2.80 g/t in 2020. Ore
delivery from Pavon Norte to Libertad totalled 245,594 tonnes in
2021.
Processing Operating Results at Libertad |
Q4 2021 |
|
Q4 2020 |
|
FY 2021 |
|
FY 2020 |
|
Ore Milled (t) |
456,561 |
|
381,118 |
|
1,462,912 |
|
1,301,076 |
|
Grade (g/t Au) |
2.29 |
|
1.97 |
|
2.68 |
|
1.88 |
|
Recovery (%) |
90.3 |
|
92.2 |
|
92.8 |
|
92.9 |
|
Gold Produced |
29,619 |
|
23,567 |
|
115,403 |
|
71,451 |
|
Gold
Sold |
29,629 |
|
23,462 |
|
115,622 |
|
71,102 |
|
CONSOLIDATED Q4 2021 AND FY 2021 FINANCIAL
REVIEW
Mining Operations
During Q4 2021, the Company generated $88.1
million of revenue on sales of 49,207 gold ounces, at an average
realized price1 of $1,791/oz, compared to Q4 2020 revenue of $79.7
million from the sale of 42,335 ounces at an average realized
price1 of $1,882/oz. The increased sales volume generated an extra
$12.9 million over Q4 2020, which was partially offset by a $4.5
million decrease due to a $91/oz lower price.
For the full year 2021, the Company generated
$328.1 million on 183,242 gold ounces, at an average realized
price1 of $1,791/oz, compared to 2020 revenue of $242.7 million
from 135,357 gold ounces at an average realized price1 of
$1,793/oz. Significantly higher revenue in 2021 over 2020 was a
result of the pandemic-related suspension of operations in Q2 2020
that was previously noted.
Total Cash Costs1 for Q4 2021 were $1,026/oz,
and AISC1 of $1,139/oz compared to $940/oz and $1,051/oz
respectively for Q4 2020. The $86/oz increase in Cash Costs1 was
primarily a result of price escalations for diesel, grinding media,
and chemicals, followed by additional tonnes transported from Limon
and Pavon to Libertad (Q4/21 - 176,000 tonnes vs. Q4/20 - 101,000
tonnes). The $88/oz increase in AISC1 is a result of the $86/oz
higher Cash Costs1 noted above, and slightly higher expenditures in
Q4 2021 for sustaining capital, reclamation, and corporate
administration.
Total cost of sales for Q4 2021 was $64.9
million which included production costs of $47.0 million, royalties
and production taxes of $3.5 million, and depreciation of $14.3
million. Q4 2020 total cost of sales was $45.1 million was
comprised of $36.0 million in production costs, royalties, and
production taxes of $3.8 million, and depreciation of $5.3 million.
Production costs rose by $11.0 million due to price escalations for
diesel, grinding media, and chemicals, a 74% increase in tonnes
transported to Libertad from Pavon and Limon under the hub and
spoke strategy (176,000 tonnes vs. 101,000 tonnes), and processing
20% more ore at Libertad (456,561 tonnes vs. 381,118 tonnes).
Depreciation costs rose $9.0 million due to amortization of
underground development costs at each of Panteon and Veta Nueva and
amortizing deferred/capitalized stripping at Limon during 2020 and
2021.
Total Cash Costs1 for 2021 were $1,013/oz and
AISC1 were $1,136/oz compared to $878/oz and $1,043/oz respectively
for 2020. The $135/oz increase in Cash Costs1 was result of a
suspension of operations in Q2 2020, transporting an additional
398,000 tonnes from Limon and Pavon to Libertad under the hub and
spoke strategy (619,000 tonnes in 2021 vs. 221,000 tonnes in 2020),
commodity price inflation for diesel, grinding media, and
chemicals, and processing an extra 161,836 tonnes of material at
Libertad. AISC1 increased by $93/oz, despite the $135/oz increase
in Cash Costs1, as total expenditures for sustaining capital,
sustaining exploration, and corporate administration were similar
year over year, while 2021 had substantially higher gold sales as a
denominator.
Total cost of sales for 2021 were $223.9 million
which included production costs of $172.0 million, royalties and
production taxes of $13.6 million, and depreciation of $38.3
million. In comparison, 2020 cost of sales were $133.1 million,
driven by production costs of $107.9 million, royalty and
production taxes of $10.9 million, and depreciation of $14.3
million. The $64.1 million increase in production costs was a
result of the suspension of operations due to Covid in Q2 2020,
transporting 619,000 tonnes of material from Limon and Pavon to
Libertad in 2021 (221,000 tonnes in 2020), processing an additional
161,836 tonnes at Libertad mill, and commodity price inflation.
Depreciation and amortization in 2021 of $38.3 million was $24.0
million higher than that of 2020 related to suspension of
operations for the majority of Q2 2020, higher mine production and
associated depletion and depreciation rates, production as it
relates to the updated reserve and resource estimate as of December
31, 2020, amortizing deferred stripping at Limon, and the
commencement of production achieved at Panteon South and Veta Nueva
in 2021.
Expenses and Net Income
For Q4 2021 and the year 2021, corporate G&A
was $2.1 million and $7.6 million compared to $1.6 million and $7.7
million for the same periods in 2020. Corporate administration for
2021 was slightly lower as reduced costs associated with lower
administrative staff levels, reduced salaries, and a reduction of
costs due to the COVID-19 pandemic, including reduced travel and
marketing, were partially offset by higher costs associated with
management departures and related severances.
2022 GUIDANCE
|
CONSOLIDATED2022 GUIDANCE |
NICARAGUA2022 GUIDANCE |
NEVADA2022 GUIDANCE |
Gold Production/Sales (ounces) |
220,000 - 235,000 |
180,000 - 190,000 |
40,000 – 45,000 |
Total Cash Costs ($/ounce)1 |
$1,075 - $1,150 |
$1,000 - $1,100 |
$1,400 - $1,500 |
AISC ($/ounce)1 |
$1,200 - $1,275 |
$1,100 - $1,200 |
$1,450 - $1,550 |
Growth Capital ($ million) |
$55 - $60 |
$45 - $50 |
$5 - $10 |
Exploration Capital ($ million) |
$40 - $42 |
$20 - $22 |
$18 - $20 |
Calibre will continue its significant
exploration activities across all its assets as we continue to
realize the prospective and under-explored potential its portfolio
has to offer and will continue to re-invest in the business as
exploration and resource delineation programs continue in
Nicaragua, and now, Nevada. Calibre’s goal of becoming a
growth-oriented, Americas-focused, mid-tier gold producer continues
to advance with the recent agreement to acquire Fiore, which
provides a logical step to building a robust and jurisdictionally
diverse gold producer with three established operations,
significant exploration potential and a path to future growth.
Nevada production is forecasted to be relatively
flat with consistent growth and exploration spend quarter over
quarter. Growth capital is largely spent on advancing state
permitting and technical studies to better understand the
production growth opportunity at Gold Rock. Calibre continues to
see strong exploration potential at Gold Rock but in 2022 the
Company will significantly increase drilling activities at the Pan
heap leach operation. The Company currently has 2 rigs operating at
Gold Rock and 3 at Pan.
Nicaraguan 2022 gold production is forecasted to
increase quarter over quarter with a significant increase in Q4
2022. Production in the second half of 2022 is expected to be
approximately 20% higher than that of the first half due to change
in deposit grade profiles and mine sequencing. As a result, the
Company expects lower Total Cash Costs1 and AISC1 during
the second half of the year.
In 2022, Total Cash Costs1 are forecasted
to be slightly higher than 2021 as a result of incorporating the
Nevada assets into the Calibre portfolio, and due to inflation
impacts on fuel, consumables, and labour costs. Growth capital is
anticipated to be relatively consistent throughout the year to
unlock value at new deposits including the high-grade Pavon Central
and EBP – both expected to increase production and reduce costs
commencing in 2023.
Nicaragua growth capital outside
AISC1 includes underground development at Panteon Norte and
Atravesada to advance additional mill feed sources, new open pit
mine development at Pavon Central, Limon Norte and La Tigra waste
stripping, land acquisition, and early construction activity at the
EBP, which is expected to be the next “spoke” for the Libertad
complex.
Fourth Quarter and Full Year 2021
Financial Results and Conference Call Details
The fourth quarter and full-year 2021 financial
results will be released after market close on Wednesday, February
23, 2022 and management will be hosting a conference call to
discuss the results and outlook in more detail.
Date: |
Thursday, February 24, 2022 |
Time: |
10:00 a.m. (EDT) |
Dial-in: |
+1 (866) 221-1882 or +1 (470) 495-9179 (International) |
Webcast Link: |
https://edge.media-server.com/mmc/p/uvz5o2nb |
Conference ID: |
8699318 |
The live webcast can be accessed here or at
www.calibremining.com under the Events and Media section under the
Investors tab. The live audio webcast will be archived and made
available for replay at www.calibremining.com. Presentation slides
which 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 Person
Darren Hall, MAusIMM, President & Chief
Executive Officer, of Calibre Mining Corp. is a “qualified person”
as set out under NI 43-101 has reviewed and approved the scientific
and technical information in this news release.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan KingVice President, Corporate Development
& IRT: 604.628.1010E: calibre@calibremining.comW:
www.calibremining.com
About Calibre Mining
Corp.Calibre 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, no
debt, 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 MEASURES
The 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.
Average Realized
Price per Ounce SoldAverage realized price per ounce sold is a
common performance measure that does not have any standardized
meaning. The most directly comparable measure prepared in
accordance with IFRS is revenue from gold sales.
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,
2021, available on www.sedar.com. This list is not exhaustive of
the factors that may affect Calibre’s forward-looking
statements.
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.
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