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 KingSenior Vice President, Corporate
Development & IR T: 604.628.1010E: 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
Calibre Mining (TSX:CXB)
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