Calibre Reports 2024 Financial Results; 2025 Set to be a Transformational Year as the Multi-Million Ounce Valentine Gold Mine, Canada Advances to First Gold During Q2, 2025 | CXBMF Stock News

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    Calibre Mining reported strong financial results for Q4 and FY 2024, achieving record Q4 gold production of 76,269 ounces and full-year production of 242,487 ounces, exceeding revised guidance. The company’s Valentine Gold Mine is on track for first gold production in Q2 2025, with construction progressing well and initial project capital costs remaining at C$744 million.

    As of February 15, 2025, consolidated production is trending 15% above budget, with cash increasing to $161 million, up 23% from December 31, 2024. FY 2024 gold sales reached 242,452 ounces, generating $574.4 million in revenue at an average realized gold price of $2,369/oz. The company reported Total Cash Costs of $1,336/oz and All-In Sustaining Costs of $1,583/oz.

    Significant exploration success continues at Valentine, with drill results showing grades 40% above Mineral Reserve grade. The company also declared an initial Inferred Mineral Resource at the Talavera Gold Deposit near the Limon mill, comprising 3.847 million tonnes at 5.09 g/t gold for 630,000 ounces.

    Calibre Mining ha riportato risultati finanziari solidi per il Q4 e l’anno fiscale 2024, raggiungendo una produzione record di oro nel Q4 di 76.269 once e una produzione totale per l’anno di 242.487 once, superando le previsioni riviste. La miniera d’oro Valentine è in programma per la prima produzione d’oro nel Q2 2025, con i lavori di costruzione che procedono bene e i costi iniziali del progetto che rimangono a C$744 milioni.

    Al 15 febbraio 2025, la produzione consolidata è in crescita del 15% rispetto al budget, con la liquidità che aumenta a $161 milioni, in aumento del 23% rispetto al 31 dicembre 2024. Le vendite di oro per l’anno fiscale 2024 hanno raggiunto 242.452 once, generando $574,4 milioni di entrate a un prezzo medio realizzato dell’oro di $2.369/oz. L’azienda ha riportato Costi Totali di Liquidità di $1.336/oz e Costi Totali Sostenibili di $1.583/oz.

    Il successo significativo nell’esplorazione continua a Valentine, con risultati di perforazione che mostrano gradi superiori del 40% rispetto al grado delle riserve minerarie. L’azienda ha anche dichiarato una riserva mineraria iniziale inferita presso il deposito d’oro Talavera vicino al mulino di Limon, comprendente 3.847 milioni di tonnellate a 5,09 g/t d’oro per 630.000 once.

    Calibre Mining reportó resultados financieros sólidos para el Q4 y el año fiscal 2024, logrando una producción récord de oro en el Q4 de 76,269 onzas y una producción total anual de 242,487 onzas, superando las guías revisadas. La mina de oro Valentine está programada para la primera producción de oro en el Q2 de 2025, con la construcción avanzando bien y los costos de capital iniciales del proyecto manteniéndose en C$744 millones.

    Al 15 de febrero de 2025, la producción consolidada está en tendencia un 15% por encima del presupuesto, con el efectivo aumentando a $161 millones, un 23% más que el 31 de diciembre de 2024. Las ventas de oro para el año fiscal 2024 alcanzaron 242,452 onzas, generando $574.4 millones en ingresos a un precio promedio realizado de $2,369/oz. La empresa reportó Costos Totales de Efectivo de $1,336/oz y Costos Totales Sostenibles de $1,583/oz.

    El éxito significativo en la exploración continúa en Valentine, con resultados de perforación que muestran grados un 40% superiores al grado de la Reserva Mineral. La empresa también declaró un recurso mineral inferido inicial en el depósito de oro Talavera cerca del molino de Limon, comprendiendo 3.847 millones de toneladas a 5.09 g/t de oro para 630,000 onzas.

    칼리버 마이닝은 2024년 4분기 및 전체 회계연도에 대한 강력한 재무 실적을 보고하며, 4분기 금 생산량이 76,269온스로 기록을 세우고 전체 연간 생산량이 242,487온스로 수정된 가이던스를 초과했습니다. 회사의 발렌타인 금광은 2025년 2분기에 첫 금 생산을 목표로 하고 있으며, 건설이 순조롭게 진행되고 초기 프로젝트 자본 비용은 C$744백만으로 유지되고 있습니다.

    2025년 2월 15일 기준으로 통합 생산량이 예산보다 15% 높은 추세를 보이고 있으며, 현금은 $161백만으로 증가하여 2024년 12월 31일 대비 23% 증가했습니다. 2024 회계연도 금 판매량은 242,452온스에 달하며, 평균 실현 금 가격이 $2,369/온스인 가운데 $574.4백만의 수익을 창출했습니다. 회사는 총 현금 비용이 $1,336/온스, 전부 포함 지속 비용이 $1,583/온스라고 보고했습니다.

    발렌타인에서의 중요한 탐사 성공이 계속되고 있으며, 시추 결과는 광물 매장량 등급보다 40% 높은 등급을 보여주고 있습니다. 회사는 또한 리몬 밀 근처의 탈라베라 금 매장지에서 초기 추정 광물 자원을 선언했으며, 3.847백만 톤에서 5.09 g/t 금으로 630,000온스를 포함합니다.

    Calibre Mining a rapporté des résultats financiers solides pour le 4ème trimestre et l’exercice 2024, atteignant une production record d’or au 4ème trimestre de 76 269 onces et une production totale annuelle de 242 487 onces, dépassant les prévisions révisées. La mine d’or Valentine est en bonne voie pour une première production d’or au 2ème trimestre 2025, la construction progressant bien et les coûts de capital initiaux restant à 744 millions de CAD.

    Au 15 février 2025, la production consolidée est en tendance 15 % au-dessus du budget, avec des liquidités atteignant 161 millions de dollars, en hausse de 23 % par rapport au 31 décembre 2024. Les ventes d’or pour l’exercice 2024 ont atteint 242 452 onces, générant 574,4 millions de dollars de revenus à un prix moyen réalisé de 2 369 $/once. L’entreprise a rapporté des coûts totaux de liquidité de 1 336 $/once et des coûts totaux de maintien de 1 583 $/once.

    Un succès d’exploration significatif se poursuit à Valentine, les résultats de forage montrant des teneurs 40 % au-dessus de la teneur des réserves minérales. L’entreprise a également déclaré une ressource minérale initiale inférée au dépôt d’or Talavera près du moulin de Limon, comprenant 3,847 millions de tonnes à 5,09 g/t d’or pour 630 000 onces.

    Calibre Mining hat starke Finanzergebnisse für das 4. Quartal und das Geschäftsjahr 2024 gemeldet, mit einer Rekordgoldproduktion im 4. Quartal von 76.269 Unzen und einer Gesamtjahresproduktion von 242.487 Unzen, die die überarbeiteten Prognosen übertrifft. Die Valentine-Goldmine ist auf Kurs für die erste Goldproduktion im 2. Quartal 2025, wobei der Bau gut voranschreitet und die anfänglichen Projektkosten bei 744 Millionen CAD bleiben.

    Am 15. Februar 2025 liegt die konsolidierte Produktion 15 % über dem Budget, während die liquiden Mittel auf 161 Millionen USD gestiegen sind, was einem Anstieg von 23 % seit dem 31. Dezember 2024 entspricht. Im Geschäftsjahr 2024 erreichten die Goldverkäufe 242.452 Unzen und generierten Einnahmen von 574,4 Millionen USD bei einem durchschnittlichen realisierten Goldpreis von 2.369 USD/Unze. Das Unternehmen berichtete von Gesamtkosten für Bargeld von 1.336 USD/Unze und Gesamtkosten für nachhaltige Betriebe von 1.583 USD/Unze.

    Wesentliche Erfolge bei der Exploration setzen sich in Valentine fort, wobei die Bohrergebnisse Gehalte zeigen, die 40 % über dem Mineralreservengehalt liegen. Das Unternehmen erklärte auch eine anfängliche abgeleitete Mineralressource im Talavera-Goldlager nahe der Limon-Mühle, die aus 3,847 Millionen Tonnen mit 5,09 g/t Gold für 630.000 Unzen besteht.

    Positive

    • Record Q4 gold production of 76,269 ounces, exceeding guidance
    • Strong cash position of $161 million, up 23% from December 2024
    • Valentine Gold Mine construction on track for Q2 2025 production
    • Drill results at Valentine showing grades 40% above Mineral Reserve grade
    • New Talavera Gold Deposit resource of 630,000 ounces at 5.09 g/t gold

    Negative

    • High AISC of $1,583/oz
    • Significant capital expenditure of C$744 million for Valentine project

    VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) — 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.
    • 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

    Valentine Grinding Building - February 2025

    Overview of Process Plant – 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 )
    1. 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.
    2. This is a non-IFRS measure, for further information refer to the Non-IFRS Measures section in the Notes below.
    3. 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

    Instructions for obtaining conference call dial-in number:

    1. All parties must register at the link below to participate in Calibre’s Q4 and Full Year 2024 Conference Call.
    2. To register  click https://dpregister.com/sreg/10191038/fd1cb8c35e and complete the online registration form.
    3. 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 King
    Senior Vice President, Corporate Development & IR
    T: 604.628.1010
    E: calibre@calibremining.com
    W: www.calibremining.com

    Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.

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    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  
    1. Production costs include a $0.7 million net realizable value reversal for the Pan mine.
    2. 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


    FAQ

    What was Calibre Mining’s (CXBMF) gold production in Q4 2024?

    Calibre Mining achieved record Q4 2024 gold production of 76,269 ounces.

    When is the Valentine Gold Mine expected to begin production?

    The Valentine Gold Mine is expected to begin production with first gold pour during Q2 2025.

    What was CXBMF’s total gold revenue for FY 2024?

    Calibre Mining generated $574.4 million in gold revenue for FY 2024, at an average realized gold price of $2,369/oz.

    What is the expected annual production from the Valentine Gold Mine?

    Based on the 2022 Feasibility Study, Valentine’s life-of-mine average production is expected to be approximately 195,000 ounces per year.

    What was Calibre Mining’s (CXBMF) AISC for FY 2024?

    Calibre Mining reported a consolidated All-In Sustaining Cost (AISC) of $1,583/oz for FY 2024.

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