Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) had a productive start to 2024. The company’s acquisition of Marathon Gold and the Valentine mine was particularly noteworthy.
The international gold producer released its financial results for the quarter ending Mar. 31 on Tuesday.
“Calibre has had an exciting start to the year as we remain on track to achieve our fifth consecutive year of increased full year gold production guidance of 275,000 to 300,000 ounces,” chief executive Darren Hall said.
Following the recent takeover of Marathon, the value of Calibre’s assets increased by 78.5 per cent from the end of last year to C$1.99 billion. Construction at the project has been advancing smoothly and on schedule for first gold production mid-way through 2025.
“With construction at the mine 64 per cent complete and engineering 98 per cent complete, Valentine is fully funded, and on track to deliver Atlantic Canada’s largest open pit gold mine,” Hall added.
Calibre’s revenue rose by 3.9 per cent year-over-year last quarter to C$179.6 million.
Gold production and sales both decreased sequentially by around 18 per cent to 61,767 and 61,778 ounces, respectively. However, the average realized gold price rose by 6.25 per cent since January to C$2,848.91.
Operating profit and net income declined significantly year-over-year while expenses rose substantially. As of Apr. 30, the company had a cash balance of C$196.1 million.
Table: Calibre Mining
Read more: Calibre Mining Valentine Gold Mine construction nearly complete
Read more: Calibre Mining honoured for outstanding safety practices at Valentine gold mine
Favourable operational results and core samples
Calibre intercepted a bonanza-grade core containing 111.9 grams per tonne gold over 4.1 metres in Nicaragua during Q1. This indicates that the Limon Mine Complex remains open for expansion and discovery going forward.
The company also intercepted a high-grade silver intercept consisting of 1,431.6 g/t Ag in a 2.9-metre interval at Eastern Borosi.
Calibre recently observed a 36 per cent increase in mineral reserves at Limon’s VTEM Gold Corridor. The company now has an aggregate 4.1 million ounces in gold reserves across its international operations.
Calibre just received an award from the Canadian Institute for Mining, Metallurgy and Petroleum. It was bestowed for outstanding safety practices at the gold miner’s new project in Newfoundland.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
