Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce operating
results for the three months and year ended December 31, 2022, and
2023 production, sales, and cost guidance (all financial amounts
are expressed in U.S. dollars).
Record Q4 and Full Year 2022
Production
- Consolidated full year gold
production of 221,999 ounces:
- Nicaragua full year gold production
of 180,490 ounces and Nevada gold production of 41,509 ounces
- Consolidated Q4 gold production of
61,294 ounces:
- Nicaragua Q4 gold production of
49,854 ounces and Nevada gold production of 11,440 ounces
Full Year 2022 Highlights
- Excellent drill results and
milestones achieved across numerous assets, reaffirming the
Company’s multi-year, grade-driven production growth strategy;
- Pavon Central open pit mining
permit approved Q2, 2022, on track for production Q1, 2023;
- Substantial progress made at the
Eastern Borosi Project (“EBP”), with production on track for Q2,
2023:
- Receipt of mining permits in Q4
2022 (see news release dated October 28, 2022)
- Advancement of road upgrades, site
development and purchase of new mining fleet;
- High-grade gold discovery at
Panteon North within the Limon Complex (see news releases dated
September 7 and December 6, 2022):
- 52.59 g/t Au over 3.8 m Estimated
True Width (“ETW”); 43.09 g/t Au over 3.3 m ETW;
- 22.47 g/t Au over 4.9 m ETW; 17.80
g/t Au over 7.9 m ETW;
- High-grade mineralization over 400
metres will contribute positively to the 2022 Resource and Reserve
statement expected in Q1 2023;
- New high-grade gold zone discovered
2.5 km north along the Panteon/VTEM geophysical corridor (see news
release dated December 8, 2022), remains open for expansion:
- 11.61 g/t Au over 9.3 m ETW
including 23.93 g/t Au over 1.7 m ETW and 15.34 g/t Au over 3.9 m
ETW
- Pan Mine drill results demonstrate
strong expansion potential (see news release dated August 17,
2022):
- 3.35 g/t Au over 18.3 m; 0.82 g/t
Au over 10.7 m; 0.80 g/t Au over 47.2 m;
- Excellent opportunities for growth
and, in some cases shallow, higher-grade zones are open for
expansion
- Drilling indicates the potential
for a new, high-grade, Carlin-type feeder system at depth at the
Gold Rock Project (see news release dated November 22, 2022)
- 6.8 g/t Au over 4.6 m and 6.6 g/t
Au over 5.8 m;
- Launched the Company’s five-year
sustainability strategy, ensuring responsible and sustainable
mining practices.
2023 Consolidated Gold Production and
Cost Guidance
- Consolidated gold production and
sales of between 250,000 and 275,000 ounces;
- Consolidated Total Cash Costs1
(“TCC”) between $1,000 and $1,100 per ounce of gold;
- Consolidated All-in Sustaining
Costs1 (“AISC”) between $1,175 and $1,275 per ounce of gold;
- Growth Capital of between $55 and
$65 million; and
- Exploration Capital of between $25
and $30 million.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “The team delivered
record production in 2022, for the third consecutive year,
positioning us well for a further 20% production growth in 2023.
Strong cash flows continue to drive Calibre’s organic growth
strategy as we progressed development at Pavon Central and Eastern
Borosi for production in 2023, setting ourselves up for another
grade-driven production increase.
With multiple drill rigs turning across our
asset portfolio, our exploration investment continues to yield
exciting results as we expand the high-grade gold discovery at
Panteon North and the VTEM geophysical corridor that runs north of
Panteon at the Limon Complex. Drilling also continues to
demonstrate the strong expansion potential at the Pan mine in
Nevada as well as at the Gold Rock project where drilling indicates
the potential of a high-grade, Carlin-type feeder system at
depth.
We continue to integrate our sustainability
initiatives across the business, publishing our 2021 Sustainability
Report and launching the Company’s five-year strategy, enabling
Calibre the social license to operate as we remain committed to
delivering positive and sustainable benefits to all
stakeholders.
I believe 2023 will be a transformational year,
driven by an organic 20% increase in production, strong free cash
flow, and significant exploration to expand recent high-grade gold
discoveries not included in our multi-year, grade driven production
increase strategy. Calibre has a solid, clear, and sustainable path
to profitable growth.”
2023 GUIDANCE
|
CONSOLIDATED |
NICARAGUA |
NEVADA |
Gold Production/Sales (ounces) |
250,000 - 275,000 |
210,000 - 230,000 |
40,000 - 45,000 |
Total Cash Costs ($/ounce)1 |
$1,000 - $1,100 |
$950 - $1,050 |
$1,300 - $1,400 |
AISC ($/ounce)1 |
$1,175 - $1,275 |
$1,100 - $1,200 |
$1,350 - $1,450 |
Growth Capital ($ million) |
$55 - $65 |
Exploration Capital ($ million) |
$25 - $30 |
Q4 and Full Year 2022 Financial Results
and Conference Call Details
The fourth quarter and full year 2022 financial
results will be released after market close on Wednesday, February
22, 2023, and management will be hosting a conference call to
discuss the results and outlook in more detail.
Date: |
Thursday,
February 23, 2023 |
Time: |
10:00 a.m. (ET) |
Webcast Link: |
https://edge.media-server.com/mmc/p/5qjci7oa |
Instructions for obtaining conference call
dial-in numbers:
- All parties must register at the link below to participate in
Calibres’ Q4 and full year 2022 conference call.
- Register by clicking
https://register.vevent.com/register/BI868e1e65f2574b20a557a2de7726fd1b
- 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 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 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,
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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