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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 444,330,158
Close 2022-05-03 C$ 1.33
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Calibre earns $11.7-million (U.S.) in Q1

2022-05-03 17:28 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released financial and operating results for the three months ended March 31, 2022. Consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2022, can be found at SEDAR and the company's website. All figures are expressed in U.S. dollars.

First quarter 2022 highlights:

  • Gold sales of 52,487 ounces grossing $99.6-million in revenue at an average realized gold price of $1,897 per ounce;
  • Consolidated total cash costs (TCC) and all-in sustaining costs (AISC) of $1,060 and $1,199 per ounce, respectively:
    • Nicaragua: TCC: $1,013 and AISC: $1,108 per ounce;
    • Nevada: TCC: $1,268 and AISC: $1,283 per ounce;
  • Successful completion of the acquisition of Fiore Gold on Jan. 12, 2022, creating a diversified, Americas-focused, growing, mid-tier gold producer;
  • Smooth integration of the Nevada assets, recognizing initial synergies and savings within the broader entity and stronger balance sheet despite the current inflationary environment;
  • Cash of $77.3-million as at March 31, 2022, after $19.0-million of Fiore Gold acquisition cash components;
  • Net income of $11.7-million; basic net income per share of three cents;
  • Adjusted net income of $16.4-million or four cents per basic share in first quarter 2022;
  • Nicaraguan mineral reserves increased to 1,013,000 ounces of gold at a record grade of 4.62 grams per tonne (see news release dated Feb. 23, 2022);
  • Nicaraguan indicated mineral resources increased to 1,806,000 ounces of gold (see news release dated Feb. 23, 2022);
  • Significant exploration developments include:
    • Drill results from the Pan mine in Nevada demonstrate resource expansion and higher-grade potential, including 1.02 grams per tonne gold over 50.3 metres, 0.83 g/t Au over 34.0 metres, 0.58 g/t Au over 41.2 metres and 0.68 g/t Au over 24.4 metres (see news releases dated March 8, 2022, and April 12, 2022);
    • 170,000-metre drill program under way, which includes resource delineation, infill and geotechnical drilling, as well as early-stage generative exploration drilling, to test numerous satellite targets around Libertad, the Eastern Borosi project and Nevada;
  • Launched the multiyear sustainability strategy (see news release dated March 15, 2022).

Darren Hall, president and chief executive officer of Calibre, stated: "Calibre had an excellent start to the year, responsibly delivering record gold production at a total cash cost of $1,060 per ounce and AISC of $1,199 per ounce, positioning the company well to deliver on full-year guidance, despite the current inflationary environment.

"During the quarter, we continued making excellent progress, advancing the higher-grade open-pit mines at Pavon Central (reserve grade of 6.5 g/t Au) and Eastern Borosi (reserve grade of 6.8 g/t Au), which will fuel grade-driven production growth in 2023 and 2024.

"The integration of the Nevada assets solidifies our position as a fiscally responsible and growing mid-tier gold producer with the ability to self-fund exploration and organic growth from operating cash flow."

2022 guidance

Calibre's 2022 guidance includes the Nevada assets which were acquired from Fiore Gold on Jan. 12, 2022. Calibre will continue its exploration activities across all assets as it continues to realize the prospective and underexplored potential the portfolio has to offer and will continue to reinvest in the business as exploration and resource delineation programs continue in Nicaragua and Nevada.

Nicaraguan 2022 gold production is forecast to increase through the year with second half production expected to be approximately 20 per cent higher than the first half due to a change in deposit-grade profiles and mine sequencing.

Nevada production is forecast to be relatively consistent through the year as is growth and exploration spend. Growth capital is primarily focused on advancing state permitting and technical studies on the 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. Cash costs and AISC for the Nevada assets have benefited from acquisition synergies such as the elimination of head office costs, reduced size of the executive team, reduction in insurance costs and group buying synergies.

Calibre continues to invest in its exploration programs, with a planned 170,000-metre drill program, which includes resource delineation, infill and geotechnical drilling, as well as early-stage generative exploration drilling, to test numerous satellite targets around Libertad, the Eastern Borosi project and Nevada.

Q1 2022 financial results conference call details

First quarter financial results will be released after market close on May 3, 2022, and management will be hosting a conference call to discuss the results and outlook in more detail.

Date:  May 4, 2022

Time:  10 a.m. EDT

Dial-in:  1-866-221-1882 or 1-470-495-9179 (international)

Conference ID:  1776837

The live webcast will be available at the Calibre website under the events and media section under the investors tab. The live audio webcast will be archived and made available for replay at the Calibre website. 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, is a qualified person as set out under National Instrument 43-101, and has reviewed and approved the scientific and technical information in this news release.

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 United States 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.

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