Calibre Reports Q2, 2024 and Year-To-Date Financial Results and Remains on Track to Deliver into Full Year Production Guidance While the Multi-Million Ounce Valentine Gold Mine Progresses to Construction Completion in Canada

Calibre Mining Corp.
Calibre Mining Corp.
Calibre Mining Corp.
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VANCOUVER, British Columbia, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operating results for the three (“Q2 2024”) and six months (“YTD 2024”) ended June 30, 2024. Consolidated Q2 and YTD 2024 filings can be found at www.sedarplus.ca and on the Company’s website at www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre continues to generate strong operating cash flow, while the fully funded Valentine Gold Mine progresses to construction completion. With the recent approvals for the Volcan open pit and subsequent ore deliveries into the Libertad mill we, as planned, expect a stronger H2 and remain on track to deliver into our 2024 gold production guidance of 275,000 - 300,000 ounces.

During the quarter we made excellent progress advancing the construction of the Valentine Gold Mine with SAG mill, ball mill and primary crusher installation well underway. Pleasingly the team have recently surpassed 2 million hours worked without a lost time injury. A key development recently announced was the receipt of the Federal Environment approval and issuance of Provincial mine and surface leases for development of the Berry deposit and associated infrastructure. With this approval we now have all the major approvals for the current life of mine plan, providing certainty as well as flexibility to optimize for near term cash flow.

We have extensive exploration drilling underway across all our assets. Previously disclosed results at the Valentine Gold Mine indicate robust growth potential below and adjacent to existing Mineral Resources. Consequently, we have expanded the current drill program with 100,000 metres of additional drilling as we begin to unlock the incredible opportunity of resource expansion and discovery potential across the 32 kilometre long Valentine Lake Shear Zone.”

Q2 2024 Highlights

  • Construction of the multi-million-ounce Valentine Gold Mine surpasses 77% construction as of July 31, 2024, with a cost to complete of C$211 million and remains on track for gold production in Q2 2025;

    • Operations leadership team employed;

    • Onsite assay lab construction completed and operating;

    • Primary crusher installation underway;

    • Primary conveyor from crusher to grinding building onsite;

    • Reclaim tunnel and coarse ore stockpile construction progressing;

    • SAG mill and ball mill installation underway;

    • CIL leaching tanks construction well underway; and

    • Tailings Management Facility progressing, embankment liner at 96%;

  • Received Federal Environmental approval for the development of the Berry open pit at the Valentine Gold Mine, with this, the major approvals are in place for the three-pit mine plan;

  • Continuous gold mineralization discovery at the Valentine Gold Mine reinforces the vast upside potential;

  • Commenced the largest pure exploration drilling campaign in Valentine’s history following up on recent results and providing new discovery opportunities along multiple kilometres of identified shear zones;

  • Valentine Gold Mine achieves 2 million hours worked with no lost time injury a significant milestone;

  • Achieved another significant milestone with receipt of the Environmental approval for operation of the Volcan Gold deposit in Nicaragua and within a month delivered first ore to the Libertad mill located 5km away, demonstrating the value of the Company’s hub and spoke operating strategy as it organically grows gold production;

  • Consolidated production is expected to be weighted to the second half of 2024 with Q4 2024 anticipated to be the strongest quarter of the year while Total Cash Cost (“TCC”) and All-In Sustaining Costs (“AISC”) are forecast to be lower;

  • Gold and silver drill results from Eastern Borosi (“EBP”) reinforce the significant mineral endowment and potential for discovery and resource expansion within the 176 km2 EBP land package;

  • Included in the S&P/TSX Composite Index, reflecting Calibre’s growth and value generation for shareholders;

  • Consolidated gold sales of 58,345 ounces grossing $137.3 million in revenue at an average realized gold price1 of $2,302/oz;

  • Consolidated TCC1 of $1,264/oz; Nicaragua $1,232/oz and Nevada $1,435/oz;

  • Consolidated AISC1 of $1,533/oz; Nicaragua $1,407/oz and Nevada $1,766/oz; and

  • Cash and restricted cash of $127.6 million and $125.0 million, respectively, as at June 30, 2024.

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