Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce operating
results for the three months ended March 31, 2022 (all amounts in
United States dollars).
Q1 2022 Highlights
- Successful completion of the
acquisition of Fiore Gold on January 12, 2022 creating a
diversified, Americas focused, growing, mid-tier gold
producer;
- Consolidated gold production of
51,900 ounces, and gold sales of 52,290
ounces;
- Nicaragua gold production of 42,897
ounces: 401,215 tonnes milled, 3.79 g/t, 90.1% recovery;
- Nevada gold production of 9,003
ounces: 15,064 ounces placed, 1,006,540 tonnes at 0.48 g/t1;
- Nicaragua Mineral Reserves
increased to 1,013,000 ounces of gold, at a record grade of 4.62
g/t gold2;
- Nicaragua Indicated Mineral
Resources increased to 1,806,000 ounces of gold2;
- Drill results from the Pan Mine in
Nevada demonstrate resource expansion and higher-grade
potential;
- Commenced a 170,000 metre drill
program across our assets including a 85,000 metre discovery and
emerging resource program in Nicaragua and a 85,000 metre resource
growth and conversion program in Nevada;
- Calibre launched its multi-year
sustainability strategy.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “The integration of
our Nevada assets continues Calibre’s journey of creating
shareholder value as the Company solidifies its position as a
diversified, Americas focused, growing, mid-tier gold producer. I
am very pleased with the teams first quarter performance,
delivering a record 51,900 ounces, positioning the company well to
deliver full year consolidated guidance of 220,000 – 235,000
ounces. Q1 results included expected lower production from Pan
resulting from fewer ounces placed in Q4 2021 and the shortened
quarter due to the January 12, 2022 transaction closing date.”
“Additionally, we commenced leveraging the
commercial strength of the consolidated entity with the successful
negotiation of new Nevada drilling contracts which resulted in
securing rigs for the full years program at approximately 20%
favorable unit rates.”
“We are well positioned to continue self-funding
growth, exploration and mine development and with multi-rig
exploration drill programs across each of our assets we remain
committed to reinvesting to expand resources, make new discoveries
and grow production organically.”
Operating Overview
Calibre completed the acquisition of Fiore Gold
on January 12, 2022, establishing the company as a multi-asset,
multi-jurisdictional gold producer. Our Q1 production of 51,900
ounces was higher than expectation, positioning the company well to
meet full year gold production guidance of 220,000 – 235,000
ounces. Nicaraguan gold production is forecasted to increase
quarter over quarter and is expected to be approximately 20% higher
in the second half of the year due to increased grades and mine
sequencing. As a result, the Company expects lower Total Cash
Costs3 and All-in Sustaining Costs (“AISC”3) during the second half
of the year.
The Company will continue to optimize its
consolidated mine and process plans to maximize value from our
integrated asset base.
Q1 2022 Financial Results and Conference
Call Details
First-quarter financial results will be released
after market close on Tuesday, May 3, 2022, and management will be
hosting a conference call to discuss the results and outlook in
more detail.
Date: |
|
Wednesday, May
4, 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/pmkzndus |
Conference ID: |
|
1776837 |
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 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 Person
Darren 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 HallPresident and 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) Q1 2022 includes
Nicaragua production plus 10 weeks of gold production from the Pan
mine effective on the transaction closing date of January 12, 2022
(see Calibre News Release dated January 12, 2022).
(2) TECHNICAL
REPORTS
Technical Report on
the New La Libertad Complex dated March 31, 2022 and effective
December 31, 2021 prepared by SLR Consulting (Canada) Ltd., in
accordance with NI 43-101 as filed on SEDAR at www.sedar.com and
available on the Company website at www.calibremining.com
Technical Report on
El Limon Complex, Leon and Chinandego Departments, Nicaragua dated
March 30, 2021 and effective December 31, 2020 prepared by SLR
Consulting (Canada) Ltd., in accordance with NI 43-101 as filed on
SEDAR at www.sedar.com and available on the Company website at
www.calibremining.com
Annual Information
Form (“AIF”) for year ended December 31, 2021 as filed on Sedar at
www.sedar.com and available on the Company website at
www.calibremining.com
(3) 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.
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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