Calibre Mining Corp.’s (TSX: CXB) (OTCQX: CXBMF) consolidated Q3 gold production and strong cash position indicates that its production could surpass the upper-end of guidance, according to a report from the Bank of Nova Scotia’s (TSX: BNS) Global Equity Research.
Ovais Habib, a Scotiabank equity research analyst, gave Calibre mining’s Q3 performance a positive grade in a report issued on Tuesday.

Chart via Scotiabank.
The company produced 72.8 kilo-ounces (koz), which was in line with the estimate Scotiabank put forward of 72.8 koz, with the 63.8 koz coming from Nicaragua supplemented by 9.7 koz from Calibre’s Pan Mine holdings in Nevada.
Calibre also ended Q3 with $97 million in cash, which was up 26 per cent over its $77 million position in Q2. The report also noted its fiscal year 2023 production guidance of 250-275 koz Au, having already produced 208 koz, and representing approximately 79 per cent of the midpoint of its production guidance for the year to date.
The report indicated that it anticipates that Calibre could reach its guidance, and surpass it, with an anticipated production of 280 koz, which would be above the company’s own projections.
“We view the results as positive for CXB shares as gold production was in line with our expectations, both in Nicaragua and in Nevada,” said the report.
“We expect the company to end the year on a strong note and potentially beat the annual guidance. We look forward to further exploration results from Cerro Volcan in Nicaragua and the broader Nevada exploration program in Q4.”
The analysts gave Calibre a Sector Perform rating with a share price target of $2.00 when Calibre’s shares were trading for $1.47 on the Toronto Stock Exchange in October.
Calibre has the potential to increase resources, grade and confidence around our sites. #Mining #growth #CalibreMining #goldmining #MiningNews #production #resources #Sustainability #SafetyFirst #Gold pic.twitter.com/dEdzN43xyn
— Calibre Mining Corp. (@CalibreMiningCo) October 18, 2023
Read more: Calibre Mining remains an excellent operator with ample exploration targets: Cormark Securities
Read more: Calibre Mining reports record breaking sales and increased net income in Q2
Q3 production values exceed Pi Financial’s expectations
Quarterly production at the Nicaraguan operations exceeded the estimates provided by Pi Financial, while production at Pan met its projected figures.
The analysis firm has a favorable view of these production results. This marks the fourth consecutive record production quarter for the Nicaraguan operations, primarily fueled by the extraction of high-grade material as part of the production increase at the Eastern Borosi open pit project (with a reserve grade of 6.87 g/t Au). Additionally, production was supported by the ongoing delivery of ore from the Pavon mine.
Pi Financial anticipates that the company will sustain its growth in resource and reserve holdings through a consistent flow of positive exploration outcomes. This growth is expected to coincide with an increase in production. The primary driver for this production growth will be the utilization of the remaining milling capacity at the Libertad mill. Furthermore, there is potential for additional production expansion at the Pan operation in the coming years, contingent upon the success of exploration efforts and potential expansion of leaching facilities.
A previous report published by Global Equity Research on May 17 indicated that the company’s open-pit operations in Nicaragua would accelerate its gold production and cash flow for the remainder of 2023.
In June, analysts from Haywood Securities Inc, Geordie Mark and Nicholas Lobo, reported being gobsmacked by the high grade mineralization coming out of the Palomino target on the Eureka trend in Nevada.
These results are being hailed as the best ever seen at Pan, not only due to their exceptional grade and grade-thickness characteristics but also because of the remarkable continuity of mineralization within the system and its relatively shallow depth.

Chart via Stockwatch.com
Presently, Calibre’s shares are trading at $1.47 on the Toronto Stock Exchange, which represents a 19.5 per cent increase from its September low of $1.28, and a six month increase of 6.5 per cent over its $1.38 share price in May.
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