Calibre Mining – Q3 Financials And Operations Update In Nicaragua and Nevada, Valentine Gold Mine Development Progress And Upsized Exploration Program In Newfoundland
Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX:CXB – OTCQX:CXBMF), joins me to review the Q3 Financials and operations in Nicaragua and Nevada, and the development progress and expanded exploration program at the Valentine Gold Mine in Newfoundland.
The Company delivered 46,076 ounces in the 3rd quarter and 166,200 ounces year-to- date, grossing $374.9 million in revenue, at an average realized gold price of $2,256/oz. YTD consolidated All-In Sustaining Costs (AISC) of $1,656/oz, and cash provided by operating activities of $88.8 million. Consolidated Q4 production is expected to be the strongest of the year, delivering 70,000 - 80,000 ounces, driven by Nicaragua’s Q4 mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.
The Valentine team continues to make significant progress with construction completion on the mine at 81% at the end of September and the Project remains on track to deliver first gold during Q2 2025. The remaining cost to complete on an incurred basis is C$197 million as at September 30, 2024, and the ground team is continuing to advance the project to production readiness, heading toward mechanical and electrical completion in early Q1, 2025. The Tailings Management Facility is complete and ready to receive water; the CIL leaching area tanks construction is nearing completion; the reclaim tunnel and coarse ore stockpile construction is progressing; the primary crusher installation is well advanced and overland conveyor construction has commenced; and pre-commissioning is underway. With approximately C$300 million in cash (US$115.8-million and restricted cash US$100-million) at September 30, 2024, Valentine's initial project capital remains fully financed.
The Valentine Gold Mine and surrounding property offers an impressive 5-million-ounce resource base and numerous discovery opportunities. The management team has expanded the resource expansion and discovery drill program with a 100,000 meter drill program, in addition to the 60,000 meter program already in place at the Leprechaun and Marathon deposits. Previously disclosed results at Valentine indicate robust growth potential below and adjacent to existing Mineral Resources. The extensive, multi-rig drill program is focused on high priority targets beyond the originally explored 6 km section of defined reserves/resources of the 32 km long Valentine Lake Shear Zone to unlock the significant resource expansion and discovery potential across the property.
If you have any questions for Ryan regarding Calibre Mining, then please email me at Shad@kereport.com.
- In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.
