Calibre Reports 2024 Financial Results; 2025 Set to be a
Transformational Year as the Multi-Million Ounce Valentine Gold
Mine, Canada Advances to First Gold During Q2, 2025
VANCOUVER, British Columbia, Feb. 19, 2025
(GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX:
CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial
and operating results for the three months (“Q4”) and full year
ended December 31, 2024 (“FY 2024”). Consolidated Q4 and FY 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 delivered a
record Q4 consolidated gold production of 76,269 ounces, and full
year 2024 production of 242,487 ounces, surpassing the revised 2024
annual production guidance. As of February 15, 2025, the year is
off to a strong start with consolidated production trending 15%
higher than budget and cash increased to $161 million, a 23%
increase over December 31, 2024.
2025 is set to be a transformative year for
Calibre, with the Valentine Gold Mine on track for first gold
during the second quarter. We hired a high quality, experienced
operating team through 2024 and are working with Reliable Controls
Corporation to conduct pre-commissioning and commissioning to
ensure operational readiness. In addition, all necessary equipment
and resources for timely production are on site. Based on the 2022
Feasibility Study*, Valentine’s life-of-mine average production is
expected to be approximately 195,000 ounces per year, with the
process plant expected to reach 2.5 Mpta by the end of 2025.
The exploration potential at Valentine is
incredibly exciting. We have seen continued success since the
discovery made southwest of the Leprechaun deposit in late 2024
with initial drill results returning grades more than 40% above
Mineral Reserve grade. As we progress during 2025, we are preparing
for the largest pure exploration program in Valentine’s history.
With tens of kilometres of the Valentine Lake Shear Zone and the
Parallel Northwest Contact still untested, we remain optimistic
about the significant upside potential as we advance efforts to
establish this district as a new gold camp.
With strong gold prices, consistent operating
performance, successful exploration results and Valentine on track
to enhance diversification and growth, I am confident that we will
continue delivering superior value for our shareholders.”
FY & Q4 2024 Highlights
- Construction of the multi-million-ounce Valentine Gold
Mine is on track for first gold during Q2 2025:
- Tailings Management Facility is complete and receiving
water;
- SAG and Ball Mill continue to advance towards
pre-commissioning;
- Structural, mechanical and piping activities advancing in the
Grinding, ADR, Reagents and Gold Room areas;
- CIL leaching tanks construction is complete and
mechanical/electrical work has commenced;
- Overland and coarse ore stockpile conveyor is progressing and
reclaim tunnel is preparing for apron feeders;
- Primary crusher installation is complete and commissioning is
well advanced;
- Pre-commissioning across the site is well underway; and
- Initial project capital costs, exclusive of sunk costs, remain
at approximately C$744 million.
- Record consolidated Q4 gold production of 76,269 ounces, 2025
off to a strong start;
- Consolidated FY 2024 gold production of 242,487 ounces,
exceeding updated 2024 guidance;
- Drill results from the expanded 100,000 metre drill program at
Valentine yield significant gold mineralization outside of the
known Mineral Resource estimate and up to 1,000 metres southwest of
the known Leprechaun open pit with grades more than 40% above
Mineral Reserve grade:
- 2.43 g/t Au over 172.8 metres including 3.84 g/t Au over 90.9
metres; and
- 2.12 g/t Au over 95.4 metres; 2.26 g/t Au over 78.3
metres;
- Ore control drilling results at the Marathon Pit at Valentine
yielded 44% additional gold on 47% higher grades than modelled in
the 2022 Mineral Reserve estimate, increasing confidence of the
deposit;
- Received the Federal Environmental Assessment approval for the
third open pit, the Berry Pit at Valentine, and commenced
construction activities at Berry in Q4 2024;
- Achieved one million ounces of gold production in Nicaragua
since becoming a producer in Q4 2019;
- Initial Inferred Mineral Resource estimate declared at the
Talavera Gold Deposit located 3 km from the Limon mill comprised of
3,847,000 tonnes averaging 5.09 g/t gold, yielding 630,000 ounces
of gold;
- High grade gold mineralization and new discoveries continue
across the Limon Mine Complex with quarterly drill results among
the best to-date at both Talavera and the VTEM Gold Corridor,
signaling the exceptional potential at Limon:
- 12.57 g/t Au over 7.1 metres including 26.65 g/t Au over 3.3
metres;
- 12.96 g/t Au over 19.9 metres; 10.59 g/t Au over 13.5 metres;
and
- 9.97 g/t Au over 6.9 metres; 14.64 g/t Au over 7.5 metres;
- Continued to intercept high grade gold mineralization from the
resource conversion and expansion program within the Guapinol open
pit area at the Eastern Borosi mine in Nicaragua, reinforcing the
potential for mine life extension:
- 13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold
over 4.0 metres ETW; and
- 9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over
3.1 metres ETW
FY 2024 Gold Sales and Cost Metrics
- Consolidated gold sales of 242,452 ounces, generating $574.4
million in gold revenue, at an average realized gold
price1 of $2,369/oz; Nicaragua 207,224 ounces and Nevada
35,228 ounces;
- Consolidated Total Cash Cost1 (“TCC”) of $1,336/oz;
Nicaragua $1,313/oz and Nevada $1,473/oz;
- Consolidated All-In Sustaining Cost1 (“AISC”) of
$1,583/oz; Nicaragua $1,480/oz and Nevada $1,683/oz; and
- Cash and restricted cash of $131.1 million and $54.6 million,
respectively, as at December 31, 2024.
Valentine Grinding Building - February 2025
Overview of Process Plant - February 2025
CONSOLIDATED RESULTS: Q4 and FY 2024
Consolidated Results(1)
$'000 (except per share and per ounce amounts) |
Three Months Ended
|
Full Year Ended |
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
|
2024 |
|
|
2023 |
|
|
Financial Results |
|
Revenue |
$ |
202,966 |
|
$ |
113,684 |
|
$ |
151,595 |
|
$ |
585,863 |
|
$ |
561,702 |
|
|
Cost of sales, including depreciation and amortization |
$ |
(138,607 |
) |
$ |
(97,437 |
) |
$ |
(109,742 |
) |
$ |
(433,360 |
) |
$ |
(391,299 |
) |
|
Earnings from mine operations |
$ |
64,359 |
|
$ |
16,247 |
|
$ |
41,853 |
|
$ |
152,503 |
|
$ |
170,403 |
|
|
EBITDA (2) |
$ |
73,456 |
|
$ |
29,988 |
|
$ |
43,659 |
|
$ |
182,808 |
|
$ |
214,075 |
|
|
Adjusted EBITDA (2) |
$ |
95,573 |
|
$ |
28,943 |
|
$ |
59,195 |
|
$ |
215,827 |
|
$ |
232,046 |
|
|
Net earnings |
$ |
16,661 |
|
$ |
954 |
|
$ |
12,001 |
|
$ |
34,740 |
|
$ |
85,025 |
|
|
Adjusted net earnings (2) |
$ |
38,550 |
|
$ |
2,199 |
|
$ |
22,305 |
|
$ |
66,264 |
|
$ |
96,667 |
|
|
Operating cash flows before working capital (2) |
$ |
127,587 |
|
$ |
4,170 |
|
$ |
40,441 |
|
$ |
251,510 |
|
$ |
178,158 |
|
|
Operating cash flow |
$ |
91,404 |
|
$ |
(17,833 |
) |
$ |
60,330 |
|
$ |
181,053 |
|
$ |
201,106 |
|
|
Capital expenditures (sustaining) |
$ |
6,940 |
|
$ |
10,849 |
|
$ |
9,225 |
|
$ |
35,856 |
|
$ |
28,770 |
|
|
Capital expenditures (growth) |
$ |
125,485 |
|
$ |
136,103 |
|
$ |
32,077 |
|
$ |
427,318 |
|
$ |
102,281 |
|
|
Capital expenditures (exploration) |
$ |
13,985 |
|
$ |
12,387 |
|
$ |
7,845 |
|
$ |
42,976 |
|
$ |
29,293 |
|
|
Operating Results |
|
|
|
|
|
|
Gold ounces produced |
|
76,269 |
|
|
45,697 |
|
|
75,482 |
|
|
242,487 |
|
|
283,494 |
|
|
Gold ounces sold |
|
76,252 |
|
|
46,076 |
|
|
75,505 |
|
|
242,452 |
|
|
283,525 |
|
|
Per Ounce Data |
|
|
|
|
|
|
Average realized gold price(2) ($/oz) |
$ |
2,616 |
|
$ |
2,418 |
|
$ |
1,969 |
|
$ |
2,369 |
|
$ |
1,942 |
|
|
TCC ($/oz)(2) |
$ |
1,243 |
|
$ |
1,580 |
|
$ |
1,136 |
|
$ |
1,336 |
|
$ |
1,071 |
|
|
AISC ($/oz)(2) |
$ |
1,423 |
|
$ |
1,946 |
|
$ |
1,317 |
|
$ |
1,583 |
|
$ |
1,228 |
|
$'000 (except per share and per ounce amounts) |
Three Months Ended
|
Full Year Ended |
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
|
2024 |
|
2023 |
|
|
Financial Results |
|
Weighted Avg. Numbers of Shares Outstanding |
|
|
|
|
|
|
Basic (in thousands) |
|
838,038 |
|
796,103 |
|
|
458,094 |
|
|
766,477 |
|
456,347 |
|
|
Diluted (in thousands) |
|
869,947 |
|
828,006 |
|
|
475,292 |
|
|
794,844 |
|
473,925 |
|
|
Per Share Data |
|
|
|
|
|
|
Earnings per share – basic |
$ |
0.02 |
$ |
0.00 |
|
$ |
0.03 |
|
$ |
0.05 |
$ |
0.19 |
|
|
Earnings per share – fully diluted |
$ |
0.02 |
$ |
0.00 |
|
$ |
0.03 |
|
$ |
0.04 |
$ |
0.18 |
|
|
Adjusted net earnings per share – basic (2) |
$ |
0.05 |
$ |
0.00 |
|
$ |
0.05 |
|
$ |
0.09 |
$ |
0.21 |
|
|
Operating cash flows before working capital/share(2) |
$ |
0.15 |
$ |
0.01 |
|
$ |
0.09 |
|
$ |
0.33 |
$ |
0.39 |
|
|
Operating cash flow per share |
$ |
0.11 |
$ |
(0.02 |
) |
$ |
0.13 |
|
$ |
0.23 |
$ |
0.44 |
|
|
Balance Sheet Data (in thousands, except for
ratio) |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
131,093 |
$ |
115,800 |
|
$ |
86,160 |
|
$ |
131,093 |
$ |
86,160 |
|
|
Adjusted net debt (2) |
$ |
165,201 |
$ |
178,345 |
|
$ |
(66,054 |
) |
$ |
165,201 |
$ |
(66,054 |
) |
|
Adj. Net debt/Adj. EBITDA (LTM) ratio (2. 3) |
$ |
0.77 |
$ |
0.91 |
|
$ |
(0.28 |
) |
$ |
0.77 |
$ |
(0.28 |
) |
- Consolidated financial and operational results for 2024
include the results from Marathon since its acquisition from the
period of January 25, 2024, to December 31, 2024.
- This is a non-IFRS measure, for further information refer
to the Non-IFRS Measures section in the Notes below.
- LTM is defined as the last twelve months.
Operating Results
|
|
Three Months Ended |
Full Year Ended |
|
NICARAGUA |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
|
Ore mined (t) |
796,789 |
574,878 |
521,325 |
2,265,749 |
2,109,956 |
|
Ore milled (t) |
617,415 |
557,635 |
527,753 |
2,161,677 |
2,072,875 |
|
Grade (g/t Au) |
3.97 |
2.30 |
3.64 |
3.28 |
3.93 |
|
Recovery (%) |
89.1 |
88.9 |
93.2 |
90.5 |
92.4 |
|
Gold produced (ounces) |
66,578 |
36,427 |
64,963 |
207,220 |
242,109 |
|
Gold sold (ounces) |
66,578 |
36,427 |
65,026 |
207,224 |
242,126 |
|
|
|
NEVADA |
Three Months Ended |
Full Year Ended |
|
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
|
Ore mined (t) |
1,116,192 |
1,187,591 |
1,138,653 |
4,372,719 |
4,652,600 |
|
Ore placed on leach pad (t) |
1,136,772 |
1,158,381 |
1,139,889 |
4,332,507 |
4,592,642 |
|
Grade (g/t Au) |
0.36 |
0.44 |
0.33 |
0.40 |
0.36 |
|
Gold produced (ounces) |
9,691 |
9,270 |
10,519 |
35,267 |
41,385 |
|
Gold sold (ounces) |
9,674 |
9,649 |
10,479 |
35,228 |
41,399 |
2025 GUIDANCE
|
|
CONSOLIDATED |
NICARAGUA |
NEWFOUNDLAND |
NEVADA |
|
Gold Production/Sales (ounces) |
230,000 - 280,000 |
200,000 - 250,000 |
N/A |
30,000 - 40,000 |
|
TCC ($/ounce)1 |
$1,300 - $1,400 |
$1,200 - $1,300 |
N/A |
$1,600 - $1,700 |
|
AISC ($/ounce)1 |
$1,500 - $1,600 |
$1,400 - $1,500 |
N/A |
$1,600 - $1,700 |
|
Growth Capital ($ million) |
$70 - $80 |
$60 - $70 |
N/A |
$5 - $10 |
|
Exploration ($ million) |
$50 - $60 |
$25 - $30 |
$15 - $20 |
$5 - $10 |
The 2025 guidance currently covers gold production, TCC, AISC, and
growth capital for operations in Nicaragua and Nevada. The
consolidated exploration guidance includes drilling activities at
the Valentine gold mine. Guidance for Valentine, including
production, TCC, AISC, growth and full-year consolidated details,
will be provided after first gold is produced from Valentine,
expected during Q2 this year.
Calibre is nearing completion of construction at
its Valentine Gold Mine in Newfoundland & Labrador, which is
set to become Atlantic Canada’s largest gold mine. This milestone
marks a significant transformation for the Company from a junior
gold miner to a diversified, mid-tier gold producer.
Calibre will continue to reinvest in exploration
and growth, with approximately 200,000 metres of drilling planned
and the development of new satellite deposits across its asset
portfolio.
Exploration activities in 2025 include multi-rig
diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua
alongside several geoscience initiatives. Growth capital
investments include underground and open pit mine development,
waste stripping and strategic land acquisitions.
Q4 and Full Year 2024 Conference
Call
| Date: |
Thursday,
February 20, 2025 |
| Time: |
10:00 am ET |
| Webcast link: |
https://edge.media-server.com/mmc/p/4zd24xmm |
Instructions for obtaining conference call dial-in number:
- All parties must register at the link below to participate
in Calibre’s Q4 and Full Year 2024 Conference Call.
- To register click
https://dpregister.com/sreg/10191038/fd1cb8c35e and complete the
online registration form.
- 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 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
The scientific and technical information contained in this news
release was approved by David Schonfeldt P.GEO,
Calibre Mining’s Corporate Chief Geologist and a "Qualified Person"
under National Instrument 43-101.
About Calibre
Calibre is a Canadian-listed, Americas focused,
growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Newfoundland &
Labrador in Canada, 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.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
Senior Vice President, Corporate Development & IR
T: 604.628.1010
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St.,
Vancouver, British Columbia, V6C 3L6.
X / Facebook / LinkedIn / YouTube
The Toronto Stock
Exchange has neither reviewed
nor accepts responsibility for
the adequacy or accuracy
of this news release.
Notes
* Refer to the “Valentine Gold Project NI
43-101 Technical Report and Feasibility Study, Newfoundland &
Labrador, Canada” dated November 30, 2022 and found on the Calibre
website at www.calibremining.com and on
SEDAR+ at www.sedarplus.ca.
(1) NON-IFRS
FINANCIAL MEASURES
Calibre has included certain non-IFRS
measures as discussed below. The Company believes that these
measures, in addition to conventional measures prepared in
accordance with IFRS, provide investors with an improved ability to
evaluate the underlying performance of the Company. These non-IFRS
measures are 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. These measures do not
have any standardized meaning
prescribed under IFRS, and
therefore may not be comparable to other issuers.
TCC per
Ounce of Gold: TCC include production
costs, royalties, production taxes, refinery charges, and
transportation charges. Production costs consist of mine site
operating costs such as mining, processing, local administrative
costs (including stock-based compensation related to mine
operations) and current inventory write-downs, if any. Production
costs are exclusive of depreciation and depletion, reclamation,
capital and exploration costs. TCC are net of by-product silver
sales and are divided by gold ounces sold to arrive at a per ounce
figure.
AISC per
Ounce of Gold: AISC is a performance
measure that reflects the total 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 definition as set out by
the World Gold Council in its guidance dated June 27, 2013, and
November 16, 2018, respectively. 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 is useful to external users in assessing
operating performance and the ability to generate free cash flow
from operations.
Calibre
defines AISC as the
sum of TCC, corporate
general and administrative
expenses (excluding one-time charges),
reclamation accretion related to current operations and
amortization of asset retirement obligations (“ARO”), sustaining
capital (capital required to maintain current operations at
existing production levels), lease repayments, and exploration
expenditures designed to increase resource confidence at
producing mines. 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 not
related to current operations,
financing costs, debt
repayments, and taxes. Total AISC is
divided by gold ounces sold to arrive at a per ounce
figure
Average
Realized Price per Ounce Sold: Average Realized
Gold Price Per Ounce Sold is intended to enable management
to understand the average
realized price of gold
sold in each reporting
period after removing the impact of non-gold
revenues and by-produce credits, which in the Company’s case are
not significant, and to enable investors
to understand the Company’s financial performance
based on the average realized proceeds
of selling gold production
in the reporting period.
Average Realized Gold 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.
Adjusted Net
Earnings: Adjusted Net
Earnings and Adjusted Net
Earnings Per Share -
Basic exclude a number of temporary
or one-time items considered exceptional in nature and not related
to the Company’s core operation of mining
assets or reflective of
recurring operating performance.
Management believes Adjusted Net Earnings may
assist investors and analysts to better understand the current and
future operating performance of the
Company’s core mining business.
Adjusted Net Earnings and
Adjusted Net Earnings Per Share do
not have a standard meaning under IFRS. They should not be
considered in isolation, or as a substitute for
measures of performance
prepared in accordance with
IFRS and are not
necessarily indicative of earnings from mine
operations, earnings, or cash flow from operations as determined
under IFRS.
Cash
From Operating Activities
Before Changes in Working
Capital: Cash from
Operating Activities before Changes
in Working Capital is
a non-IFRS measure with
no standard meaning under
IFRS, which is calculated by
the Company as net
cash from operating activities
less working capital items.
The Company believes that Net
Cash from Operating Activities
before Changes in Working
Capital, which excludes these
non-cash items, provides investors
with the ability to
better evaluate the operating
cash flow performance of
the Company.
Net
Debt and Adjusted Net
Debt: The Company
believes that in addition
to conventional measures prepared in
accordance with IFRS, the Company and certain investors and
analysts use net debt to evaluate the Company’s performance. Net
debt does not have any standardized meaning prescribed under IFRS,
and therefore it may not be comparable to similar measures employed
by other companies. This measure is intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performances
prepared in accordance with
IFRS. Net debt is
calculated as the sum
of the current and non-current portions of
loans and borrowings, net of the cash and cash equivalent balance
as at the balance sheet date. Adjusted Net Debt is calculated as
Net Debt less fair value and other non-cash adjustments
that will not result
in a cash outflow to
the Company. The Company
believes that Adjusted Net Debt
provides a better understanding of the Company’s
liquidity.
EBITDA and Adjusted
EBITDA: The Company
believes that certain investors
use the EBITDA and the
adjusted EBITDA (“Adjusted EBITDA”) measures to evaluate the
Company’s performance and ability to generate operating
cash flows to service
debt and fund capital
expenditures. EBITDA and
Adjusted EBITDA do not have a
standardized meaning as prescribed under IFRS and should not be
considered in isolation or as a substitute for
measures of performance
prepared in accordance with
IFRS. The Company calculates
EBITDA as earnings or loss before taxes for the period
excluding depreciation and depletion and finance costs. EBITDA
excludes the impact of cash costs of financing activities and taxes
and the effects of changes in working capital balances and
therefore is not necessarily indicative of operating profit or cash
flow from operations as determined under IFRS. Adjusted EBITDA is
calculated by excluding one-off costs or credits relating
to non-routine transactions
from EBITDA that are
not indicative of recurring
operating performance. Management believes this
additional information is useful to investors in understanding the
Company’s ability to generate
operating cash flow by
excluding from the calculation
these non-cash and cash
amounts that are not indicative of the recurring
performance of the underlying operations for
the reporting periods.
Adjusted
Net Debt to Adjusted EBITDA: The Adjusted Net
Debt to Adjusted EBITDA measures provide investors
and analysts with additional
transparency about the
Company’s liquidity position,
specifically, the Company’s ability
to generate sufficient
operating cash flows to
meet its mandatory interest
obligations and pay down its outstanding debt balance
in full at maturity. This measure is a Non-IFRS measure and 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.
The calculation of Adjusted Net
Debt is shown above.
TCC and AISC per
Ounce of Gold Sold
Reconciliations
The tables below reconcile TCC and AISC for the three months
ended December 31, 2024, September 30, 2024, and December 31,
2023:
|
|
Q4 2024 |
|
(in thousands - except per ounce amounts) |
Nicaragua |
Nevada |
Corporate |
Consolidated |
|
Production costs |
$ |
77,823 |
|
$ |
13,325 |
|
$ |
- |
$ |
91,148 |
|
|
Less: silver by-product revenue |
|
(3,465 |
) |
|
(28 |
) |
|
- |
|
(3,493 |
) |
|
Royalties and production taxes |
|
5,924 |
|
|
1,211 |
|
|
- |
|
7,135 |
|
|
Total cash costs |
$ |
80,282 |
|
$ |
14,508 |
|
$ |
- |
$ |
94,790 |
|
|
Corporate and general administration |
|
- |
|
|
- |
|
|
5,394 |
|
5,394 |
|
|
Reclamation accretion and amortization of ARO |
|
1,093 |
|
|
148 |
|
|
- |
|
1,241 |
|
|
Sustaining capital(1) |
|
6,634 |
|
|
306 |
|
|
- |
|
6,940 |
|
|
Sustaining exploration |
|
167 |
|
|
- |
|
|
- |
|
167 |
|
|
Total AISC |
$ |
88,176 |
|
$ |
14,962 |
|
$ |
5,394 |
$ |
108,532 |
|
|
|
|
|
|
|
|
Gold ounces sold |
|
66,578 |
|
|
9,674 |
|
|
- |
|
76,252 |
|
|
Total Cash Costs |
$ |
1,206 |
|
$ |
1,500 |
|
$ |
- |
$ |
1,243 |
|
|
AISC |
$ |
1,324 |
|
$ |
1,547 |
|
$ |
- |
$ |
1,423 |
|
1. Sustaining capital expenditures are shown in the Growth
and Sustaining Capital table in the Q4 and Full Year 2024 MD&A
dated December 31, 2024.
|
|
Q3 2024 |
|
(in thousands - except per ounce amounts) |
Nicaragua |
Nevada |
Corporate |
Consolidated |
|
Production costs |
$ |
57,466 |
|
$ |
12,866 |
|
$ |
- |
$ |
70,332 |
|
|
Less: silver by-product revenue |
|
(2,272 |
) |
|
(1 |
) |
|
- |
|
(2,273 |
) |
|
Royalties and production taxes |
|
3,286 |
|
|
1,084 |
|
|
- |
|
4,370 |
|
|
Refinery, transportation and other |
|
332 |
|
|
51 |
|
|
- |
|
383 |
|
|
Total cash costs |
$ |
58,811 |
|
$ |
14,001 |
|
$ |
- |
$ |
72,812 |
|
|
Corporate and general administration |
|
- |
|
|
- |
|
|
3,702 |
|
3,702 |
|
|
Reclamation accretion and amortization of ARO |
|
1,093 |
|
|
137 |
|
|
- |
|
1,230 |
|
|
Sustaining capital(1) |
|
7,499 |
|
|
3,351 |
|
|
- |
|
10,849 |
|
|
Sustaining exploration |
|
1,064 |
|
|
- |
|
|
- |
|
1,064 |
|
|
Total AISC |
$ |
68,467 |
|
$ |
17,488 |
|
$ |
3,702 |
$ |
89,658 |
|
|
Gold ounces sold |
|
36,427 |
|
9,649 |
|
- |
|
46,076 |
|
Total Cash Costs |
$ |
1,615 |
$ |
1,451 |
$ |
- |
$ |
1,580 |
|
AISC |
$ |
1,880 |
$ |
1,813 |
$ |
- |
$ |
1,946 |
1. Sustaining capital expenditures are shown
in the Growth and Sustaining Capital table in the Q4 and Full Year
2024 MD&A dated December 31, 2024.
|
|
Q4 2023 |
|
(in thousands - except per ounce amounts) |
Nicaragua |
Nevada |
Corporate |
Consolidated |
|
Production costs |
$ |
68,902 |
|
$ |
14,541 |
|
$ |
- |
$ |
83,443 |
|
|
Less: silver by-product revenue |
|
(2,866 |
) |
|
(26 |
) |
|
- |
|
(2,892 |
) |
|
Royalties and production taxes |
|
4,267 |
|
|
986 |
|
|
- |
|
5,253 |
|
|
Total cash costs |
$ |
70,303 |
|
$ |
15,501 |
|
$ |
- |
$ |
85,804 |
|
|
Corporate and general administration |
|
- |
|
|
- |
|
|
3,642 |
|
3,642 |
|
|
Reclamation accretion and amortization of ARO |
|
602 |
|
|
182 |
|
|
- |
|
784 |
|
|
Sustaining capital(1) |
|
8,701 |
|
|
524 |
|
|
- |
|
9,225 |
|
|
Sustaining exploration |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
Total AISC |
$ |
79,606 |
|
$ |
16,207 |
|
$ |
3,642 |
$ |
99,455 |
|
|
|
|
|
|
|
|
Gold ounces sold |
|
65,026 |
|
|
10,479 |
|
|
- |
|
75,505 |
|
|
Total Cash Costs |
$ |
1,081 |
|
$ |
1,479 |
|
$ |
- |
$ |
1,136 |
|
|
AISC |
$ |
1,224 |
|
$ |
1,547 |
|
$ |
- |
$ |
1,317 |
|
1. Sustaining capital expenditures are shown
in the Growth and Sustaining Capital table in the Q4 and Full Year
2024 MD&A dated December 31, 2024.
The tables below reconcile
TCC and AISC for the
years ended December 31,
2024 and 2023:
|
|
|
2024 |
|
|
(in thousands - except per ounce amounts) |
Nicaragua |
Nevada |
Corporate |
Consolidated |
|
Production costs |
$ |
265,475 |
|
$ |
48,064 |
|
$ |
- |
$ |
313,539 |
|
|
Less: silver by-product revenue |
|
(11,432 |
) |
|
(36 |
) |
|
- |
|
(11,468 |
) |
|
Royalties and production taxes |
|
18,030 |
|
|
3,861 |
|
|
- |
|
21,891 |
|
|
Total cash costs |
$ |
272,073 |
|
$ |
51,889 |
|
$ |
- |
$ |
323,962 |
|
|
Corporate and general administration |
|
- |
|
|
- |
|
|
17,702 |
|
17,702 |
|
|
Reclamation accretion and amortization of ARO |
|
4,374 |
|
|
559 |
|
|
- |
|
4,933 |
|
|
Sustaining capital(1) |
|
29,019 |
|
|
6,837 |
|
|
- |
|
35,856 |
|
|
Sustaining exploration |
|
1,276 |
|
|
- |
|
|
- |
|
1,276 |
|
|
Total AISC |
$ |
306,742 |
|
$ |
59,285 |
|
$ |
17,702 |
$ |
383,729 |
|
|
|
|
|
|
|
|
Gold ounces sold |
|
207,224 |
|
|
35,228 |
|
|
- |
|
242,452 |
|
|
Total Cash Costs |
$ |
1,313 |
|
$ |
1,473 |
|
$ |
- |
$ |
1,336 |
|
|
AISC |
$ |
1,480 |
|
$ |
1,683 |
|
$ |
- |
$ |
1,583 |
|
1. Sustaining capital expenditures are shown
in the Growth and Sustaining Capital table in the Q4 and Full Year
2024 MD&A dated December 31, 2024.
|
|
|
2023 |
|
|
(in thousands - except per ounce amounts) |
Nicaragua |
Nevada |
Corporate |
Consolidated |
|
Production costs(1) |
$ |
238,620 |
|
$ |
55,542 |
|
$ |
- |
$ |
294,162 |
|
|
Less: silver by-product revenue |
|
(11,136 |
) |
|
(40 |
) |
|
- |
|
(11,176 |
) |
|
Royalties and production taxes |
|
16,876 |
|
|
3,667 |
|
|
- |
|
20,543 |
|
|
Total cash costs |
$ |
244,360 |
|
$ |
59,169 |
|
$ |
- |
$ |
303,529 |
|
|
Corporate and general administration |
|
- |
|
|
- |
|
|
12,284 |
|
12,284 |
|
|
Reclamation accretion and amortization of ARO |
|
2,509 |
|
|
727 |
|
|
- |
|
3,236 |
|
|
Sustaining capital(2) |
|
27,438 |
|
|
1,332 |
|
|
- |
|
28,770 |
|
|
Sustaining exploration |
|
233 |
|
|
- |
|
|
- |
|
233 |
|
|
Total AISC |
$ |
274,540 |
|
$ |
61,228 |
|
$ |
12,284 |
$ |
348,052 |
|
|
|
|
|
|
|
|
Gold ounces sold |
|
242,126 |
|
|
41,399 |
|
|
- |
|
283,525 |
|
|
Total Cash Costs |
$ |
1,009 |
|
$ |
1,429 |
|
$ |
- |
$ |
1,071 |
|
|
AISC |
$ |
1,134 |
|
$ |
1,479 |
|
$ |
- |
$ |
1,228 |
|
- Production costs include a $0.7 million net realizable
value reversal for the Pan mine.
- Sustaining capital expenditures are shown in the Growth and
Sustaining Capital table in the Q4 and Full Year 2024 MD&A
dated December 31, 2024.
(2) AVERAGE
REALIZED GOLD PRICE PER
OUNCE SOLD
The following table provides a reconciliation of Average
Realized Gold Price Per Ounce Sold to gold revenue per the
consolidated statement of operations and comprehensive income for
the reporting periods:
|
|
Three Months Ended |
Year Ended |
|
|
December 31,
2024 |
September 30,
2024 |
December 31,
2023 |
December 31,
2024 |
December 31,
2023 |
|
Gold revenue (in thousands) |
$ |
199,473 |
$ |
111,411 |
$ |
148,703 |
$ |
574,395 |
$ |
550,526 |
|
Ounces of gold sold |
|
76,252 |
|
46,076 |
|
75,505 |
|
242,452 |
|
283,525 |
|
Average realized price per ounce sold(1) |
$ |
2,616 |
$ |
2,418 |
$ |
1,969 |
$ |
2,369 |
$ |
1,942 |
1. Average realized gold price
per ounce sold includes 6,900 ounces in Q4 2024 (6,900 ounces in
Q3, 2024 and 18,400 ounces in 2024) at $2,239 per ounce as
delivered in accordance with the Prepayment Agreement.
(3) ADJUSTED
NET EARNINGS
The following table provides a reconciliation of Adjusted
Net Earnings and Adjusted Net Earnings Per Share to the
consolidated statement of operations and comprehensive income for
the reporting periods:
|
|
Three Months Ended |
Year Ended |
|
(in thousands – except per share) |
December 31,
2024 |
September 30,
2024 |
December 31,
2023 |
December 31,
2024 |
December 31,
2023 |
|
Net earnings |
$ |
16,661 |
$ |
954 |
$ |
12,001 |
$ |
34,740 |
$ |
82,025 |
|
Adjusting items (net of tax): |
|
|
|
|
|
|
Foreign exchange |
|
16,516 |
|
- |
|
- |
|
16,947 |
|
- |
|
Loss on financial instruments |
|
115 |
|
- |
|
- |
|
853 |
|
- |
|
Project assessment costs |
|
885 |
|
86 |
|
1,868 |
|
8,177 |
|
3,499 |
|
Nicaragua one-time expenses |
|
1,209 |
|
1,160 |
|
- |
|
2,369 |
|
- |
|
Pan Mine impairment & inventory write down |
|
- |
|
- |
|
6,158 |
|
- |
|
5,542 |
|
Mineral property write-off |
|
3,164 |
|
- |
|
2,278 |
|
3,178 |
|
2,601 |
|
Adjusted net earnings |
$ |
38,550 |
$ |
2,199 |
$ |
22,305 |
$ |
66,264 |
$ |
96,667 |
|
Weighted average number of shares outstanding |
|
838,038 |
|
796,103 |
|
458,094 |
|
766,477 |
|
456,347 |
|
Adjusted net earnings per share - basic |
$ |
0.05 |
$ |
0.00 |
$ |
0.05 |
$ |
0.09 |
$ |
0.21 |
1. Adjusted from net earnings to
derive Adjusted net earnings are one-time transaction costs
primarily from the acquisition of Marathon, a write- off of a
receivable from a contractor in Nicaragua, a write-off of certain
exploration expenditures and the foreign exchange loss resulting
from the translation of the Sprott Loan from US dollars to Canadian
dollars which is the functional currency of Marathon.
(4) CASH FROM
OPERATING ACTIVITIES BEFORE
CHANGES IN WORKING
CAPITAL
The following table provides
a reconciliation of Cash
from Operating Activities
before Changes in Working
Capital to the consolidated statement of cash flows for the
reporting periods:
|
|
Three Months Ended |
Year Ended |
|
|
December 31,
2024 |
September 30,
2024 |
December 31,
2023 |
December 31,
2024 |
December 31,
2023
|
|
Net cash (used in) provided by operating activities |
$ |
91,404 |
|
$ |
(17,833 |
) |
$ |
60,330 |
$ |
181,053 |
|
$ |
201,106 |
|
Working capital adjustments |
|
(36,183 |
) |
|
(22,003 |
) |
|
19,889 |
|
(70,457 |
) |
|
22,948 |
|
Cash from operating activities before working
capital |
$ |
127,587 |
|
$ |
4,170 |
|
$ |
40,441 |
$ |
251,510 |
|
$ |
178,158 |
(5) NET DEBT and
ADJUSTED NET DEBT
The following table provides
a reconciliation of Net
Debt and Adjusted Net
Debt to the consolidated
statement of financial position for the reporting
periods:
|
(in thousands, except ratio) |
December 31,
2024 |
September 30,
2024 |
June 30,
2024 |
December 31,
2023 |
|
Current portion of debt |
$ |
42,860 |
|
$ |
11,966 |
|
$ |
10,571 |
|
$ |
9,597 |
|
|
Non-current portion of debt |
|
293,556 |
|
|
317,287 |
|
|
316,744 |
|
|
10,509 |
|
|
Total Debt |
$ |
336,416 |
|
$ |
329,253 |
|
$ |
327,315 |
|
$ |
20,106 |
|
|
Less: Cash and cash equivalents (unrestricted) |
|
(131,093 |
) |
|
(115,800 |
) |
|
(127,582 |
) |
|
(86,160 |
) |
|
Net Debt |
$ |
205,323 |
|
$ |
213,453 |
|
$ |
199,733 |
|
$ |
(66,054 |
) |
|
Less: Fair value adjustment of Sprott Loan |
|
(40,122 |
) |
|
(35,108 |
) |
|
(34,924 |
) |
|
- |
|
|
Adjusted Net Debt |
$ |
165,201 |
|
$ |
178,345 |
|
$ |
164,809 |
|
$ |
(66,054 |
) |
(6) EBITDA and
ADJUSTED EBITDA
The following table provides
a reconciliation of EBITDA
and Adjusted EBITDA to
the consolidated statement of
operations and comprehensive income for the reporting
periods:
|
|
Three Months Ended |
Year Ended |
|
(in thousands) |
December 31,
2024 |
September 30,
2024 |
December 31,
2023 |
December 31,
2024 |
December 31,
2023 |
|
Earnings before taxes |
$ |
34,015 |
|
$ |
5,716 |
|
$ |
21,515 |
|
$ |
77,863 |
$ |
133,091 |
|
|
Add back: Depreciation |
|
40,324 |
|
|
22,352 |
|
|
21,046 |
|
|
97,930 |
|
76,594 |
|
|
Add back: Finance costs, net |
|
(883 |
) |
|
1,920 |
|
|
1,098 |
|
|
7,015 |
|
4,390 |
|
|
EBITDA |
$ |
73,456 |
|
$ |
29,988 |
|
|
43,659 |
|
$ |
182,808 |
$ |
214,075 |
|
|
Add back: Net loss/(gain) on financial instruments |
|
115 |
|
|
738 |
|
|
- |
|
|
853 |
|
- |
|
|
Add back: Project assessment costs |
|
885 |
|
|
86 |
|
|
1,868 |
|
|
8,177 |
|
3,498 |
|
|
Add back: Other expenses |
|
4,694 |
|
|
1,994 |
|
|
5,499 |
|
|
7,252 |
|
6,410 |
|
|
Add back: Pan impairment & inventory write down |
|
- |
|
|
- |
|
|
8,211 |
|
|
- |
|
8,211 |
|
|
Add back: Non-cash and other adjustments |
|
16,423 |
|
|
(3,862 |
) |
|
(42 |
) |
|
16,737 |
|
(148 |
) |
|
Adjusted EBITDA |
$ |
95,573 |
|
$ |
28,943 |
|
$ |
59,195 |
|
$ |
215,827 |
$ |
232,046 |
|
1. Adjusted from EBITDA to derive Adjusted
EBITDA are one-time transaction costs primarily from the
acquisition of Marathon, a write-off of a receivable from a
contractor in Nicaragua, a write-off of certain exploration
expenditures and the foreign exchange loss resulting from the
translation of the Sprott Loan from US dollars to Canadian dollars
which is the functional currency of Marathon.
(7) ADJUSTED
NET DEBT TO ADJUSTED
EBITDA
The following table provides
the reconciliation of Adjusted
Net Debt to Adjusted
EBITDA using the last
twelve months of Adjusted EBITDA for the reporting
periods:
|
(in thousands, except ratio) |
December 31,
|
September 30, |
June 30, |
December 31,
|
|
2024 |
2024 |
2024 |
2023 |
|
Adjusted Net Debt |
$ |
165,201 |
$ |
178,345 |
$ |
164,809 |
$ |
(66,054 |
) |
|
Adjusted EBITDA (LTM) |
|
215,827 |
|
196,182 |
|
230,237 |
|
232,046 |
|
|
Adjusted Net Debt to Adjusted EBITDA (LTM)
ratio |
|
0.77 |
|
0.91 |
|
0.72 |
|
(0.28 |
) |
Cautionary Note Regarding Forward
Looking Information
This new release contains “forward-looking
information” and “forward-looking statements” (collectively
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. Except for statements of
historical fact relating to Calibre, forward-looking information
includes, but is not limited to, information with respect to the
Company’s expected production from, and the further potential of,
the Company’s properties; expected timing for the Company to
complete its gold delivery obligations; expected timing for the
first gold production from the Valentine mine; planned exploration
and development programs at Valentine, El Limon, La Libertad and
Pan Mine and the costs to conduct those programs; the results of
any preliminary feasibility study, including, without limitation,
life of mine, expected costs, production and net present value
estimates; the results of any preliminary economic assessment; the
Company’s ability to raise additional funds, as required; the
future price of minerals, particularly gold; the estimation of
mineral resources and mineral reserves; conclusions of economic
evaluations; the realization of mineral reserve estimates; the
timing and amount of estimated future production; costs of
production, general and administrative and other costs; capital
expenditures; success of exploration activities; mining or
processing issues; currency rates; government regulation of mining
operations; environmental risks; and outlook, guidance, and other
forecasts.
Forward-looking statements are statements
that are not historical facts and are generally, although not
always, identified by words such as “expect”, “plan”, “anticipate”,
“project”, “target”, “potential”, “schedule”, “forecast”, “budget”,
“estimate”, “assume”, “intend”, “strategy”, “goal”, “objective”,
“possible” or “believe” and similar expressions or their negative
connotations, or that events or conditions “will”, “would”, “may”,
“could”, “should” or “might” occur. All such forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made.
Forward-looking statements necessarily
involve assumptions, risks and uncertainties, certain of which are
beyond Calibre’s control, including risks associated with or
related to: the volatility of metal prices; changes in tax
laws; the dangers inherent in exploration, development and mining
activities; the uncertainty of reserve and resource estimates; cost
or other estimates; actual production, development plans and costs
differing materially from the Company’s expectations; the ability
to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; the current ongoing
instability in Nicaragua and the ramifications thereof;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; the availability of
financing and debt activities, including potential restrictions
imposed on Calibre’s operations as a result thereof and the ability
to generate sufficient cash flows; remote operations and the
availability of adequate infrastructure; fluctuations in price and
availability of energy and other inputs necessary for mining
operations; shortages or cost increases in necessary equipment,
supplies and labour; the reliance upon contractors, third parties
and joint venture partners; the dependence on key personnel and the
ability to attract and retain skilled personnel; the risk of an
uninsurable or uninsured loss; adverse climate and weather
conditions; litigation risk; competition with other mining
companies; community support for Calibre’s operations, including
risks related to strikes and the halting of such operations from
time to time; conflicts with small scale miners; failures of
information systems or information security threats; compliance
with anti-corruption laws, sanctions or other similar measures; and
those risk factors identified in the Risk Factors
section found at the end of the Q4 and Full Year 2024
Management’s Discussion and Analysis.
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. These assumptions
and factors include, but are not limited to, assumptions and
factors related to Calibre’s ability to carry on current and future
operations, including: development and exploration activities; the
timing, extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; the availability and cost of inputs; the
price and market for outputs, including gold; the timely receipt of
necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social,
economic and political conditions; and other assumptions and
factors generally associated with the mining industry.
Calibre’s forward-looking statements are
based on the opinions and estimates of management and reflect their
current expectations regarding future events and operating
performance and speak only as of the date hereof. 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, no
assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what benefits or liabilities Calibre will derive
therefrom. For the reasons set forth above, undue reliance should
not be placed on forward-looking statements.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c18bf787-819a-443f-b625-edde9d1c79bd
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e8c4788-18d0-4298-9fdb-7b96949d5196
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