Calibre Mining (CXB) Q1 2025 earnings summary

Executive summary

• Q1 2025 gold production reached 71,539 ounces, with strong operational execution and cash flow focus, positioning for the upper end of annual guidance of 230,000–280,000 ounces, excluding Valentine Mine contributions.

• Merger with Equinox Gold approved and expected to close by end of Q2 2025, creating Canada's second-largest gold producer with a diversified Americas portfolio and potential for over 1.2 million ounces annual production at full capacity.

• Valentine Gold Mine construction advancing, with first gold expected by end of Q3 2025 and full ramp-up to nameplate capacity in Q1 2026; largest exploration drill program underway with significant upside potential.

• No significant community or environmental issues reported; lost-time injury frequency rate below 0.65 per million exposure hours.

Financial highlights

• Q1 2025 revenue was $202.6 million, up from $129.2 million in Q1 2024, with net earnings of $22.6 million and adjusted net earnings of $40.1 million.

• Q1 gold production was 71,539 ounces, with consolidated TCC of $1,221/oz and AISC of $1,389/oz, both improved year-over-year.

• Cash and restricted cash totaled $214 million as of March 31, 2025, with $203 million in cash as of April 2025 and $101 million left to be incurred for Valentine.

• Valentine project capital increased by CAD 110 million since October 2024, now totaling CAD 854 million, due to productivity issues and minor scope growth.

• Adjusted earnings per share for Q1 2025 was $0.05.

Outlook and guidance

• On track to achieve upper end of 2025 production guidance (230,000–280,000 ounces), excluding Valentine.

• Valentine Gold Mine expected to deliver first gold by end of Q3 2025; nameplate production anticipated in Q1 2026, with annual output of 200,000 ounces once operational.

• 2025 TCC guidance: $1,300–$1,400/oz; AISC guidance: $1,500–$1,600/oz.

• Guidance for post-first gold operating costs and additional capital to be provided closer to production start.

• $50–$60 million budgeted for exploration, targeting over 200,000 metres of drilling.