Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) has increased its cash flow by 72 per cent since the beginning of the year and 26 per cent in the last quarter.
The gold miner released its operating results for the three and nine months ended Sept. 30, reporting an increase in its cash to USD$97 million since the last quarter and a fourth consecutive record of gold production.
The company achieved its fourth consecutive record in consolidated quarterly gold production, reaching an impressive 73,485 ounces. This represented a substantial 50 per cent increase in gold production compared to the same period in 2022, when production stood at 49,081 ounces.
The company’s gold production was bolstered by strong performances in Nicaragua, where 63,756 ounces of gold were produced, and in Nevada, where production reached 9,729 ounces.
Calibre saw its stocks rise onTuesday by 6.2 per cent to $1.37 on the Toronto Stock Exchange.
Calibre is a multi-asset producer with excellent near mine discovery and organic growth potential.#news #Mining #growth #CalibreMining #goldmining #MiningNews #production #sustainable #resources #Sustainability pic.twitter.com/Sbb0pHgiMe
— Calibre Mining Corp. (@CalibreMiningCo) October 9, 2023
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Calibre Mining achieved a record gold production YTD
For the YTD period, the company achieved a record consolidated gold production of 208,011 ounces, reflecting a substantial 30 per cent increase compared to YTD 2022, when production was at 160,704 ounces. Moreover, the company remains on track to meet its full-year guidance of 250,000-275,000 ounces.
The company’s exploration efforts have also yielded significant results, particularly at Libertad, where an Initial Mineral Resource Estimate at the Volcan Gold Deposit was established. Additionally, further gold trends were identified near the mill, providing opportunities to leverage surplus processing capacity.
In addition, the company expanded zones of high-grade gold mineralization within the Limon Mine Complex, at Atravesada and along the VTEM Corridor.
Read more: Calibre Mining reports record breaking sales and increased net income in Q2
Read more: Calibre Mining expands resources from open pit at Nevada’s Pan Gold Mine
Calibre Mining commemorates 4 years since acquiring Nicaragua’s assets
“I am excited about the future. Calibre presents a compelling investment opportunity with its consistent delivery of strong free cash flow, ongoing reinvestment in exploration and growth, and commitment to conducting operations in a responsible, sustainable, and transparent manner,” CEO Darren Hall said.
Hall added that on October 15, the company will commemorate the fourth anniversary of its acquisition of the Nicaragua operating complex, a momentous event that reshaped the organization into a growth-focused gold producer.
Over the course of four years, the company diligently laid a robust foundation, consistently meeting its commitments, and financing investments and expansion from internal cash flows. Notably, it became a member of the World Gold Council, embracing the Responsible Gold Mining Principles and weaving sustainability into every aspect of its operations.
During this period, the company successfully obtained permits and developed five new mines, all self-funded through operational cash flows. The strategic effort resulted in an impressive 93 per cent surge in annual gold production, elevating the output to a range of 250,000 to 275,000 ounces, compared to the 2020 figure of 136,000 ounces.
Moreover, the company witnessed an extraordinary 370 per cent increase in reserves, net of production depletion. Finally, its financial position has flourished, with cash reserves expanding from $4 million to a substantial USD$97 million.
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