Calibre Mining reports solid Q1 results; receives court approval for Equinox Gold merger

Calibre has been adhering to the World Gold Council's Responsible Gold Mining Principles for over 4 years. Photo: Calibre Mining

Gold

Calibre Mining reports solid Q1 results; receives court approval for Equinox Gold merger

Preparations are underway for production at the Valentine Gold Mine in Q3

Rowan Dunne

Published

15 hours ago

Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) performed well during the first quarter of 2025 and is on track to achieve its annual production guidance of approximately 255,000 gold ounces. The precious metal producer reported a 15.8 per cent year-over-year increase in its quarterly gold production at 71,539 ounces.

Revenue also shot up by over 56 per cent year-over-year to US$202.6 million while earnings from mine operations increased immensely, by 171 per cent, at US$79.3 million.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose tremendously to US$100.7 million — a 170 per cent year-over-year spike.

Additionally, operating profit skyrocketed by 577 per cent year-over-year to US$59.1 million, highlighting Calibre’s continual progress. Q1 numbers from the company are significantly superior in comparison to the first quarter of 2024, overall.

“I am also pleased with our continued focus on cost discipline, with the company’s consolidated all-in sustaining costs coming in below budget at US$1,389/oz for the quarter,” CEO Darren Hall said.

Calibre’s cash and cash equivalents balance has increased by over US$45 million since the end of 2024.

Equinox Gold merger closing by end of Q2; first gold at Valentine coming in Q3

Calibre’s consolidation with Equinox Gold Corp (TSE: EQX) (NYSEAMERICAN: EQX) (FRA: 1LRC) is on track to be finalized by the end of June. The combined company will become the second largest gold producer in Canada while benefitting from a portfolio of assets in Nicaragua, Brazil and the United States.

Calibre just obtained approval from the Supreme Court of British Columbia for the merger and received assent from securityholders at a meeting earlier this week.

The companies now only need authorization from the NYSE American Exchange and Mexican regulators. Equinox currently holds the Los Filos Gold Mine in the state of Guerrero, Mexico. As of Mar. 31, operations at the site have been suspended indefinitely.

Equinox produced more than twice as much gold as Calibre during Q1 at 145,290 ounces.

Aside from that upcoming collaboration milestone, Calibre is currently preparing for first ore processing and gold production at the Valentine Gold Mine next quarter. Construction and engineering work have been progressing smoothly.

“With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant,” Calibre specified in a news release regarding its Q1 results.

The largest exploration drill campaign to date is currently underway at the Newfoundland project, totalling 100,000 metres. Long intervals of substantial gold mineralization are continually being intercepted.