Calibre Mining (CXB) Q2 2024 earnings summary

Executive summary

• Q2 2024 gold production was 58,754 ounces, keeping on track for full-year guidance of 275,000–300,000 ounces, with production expected to increase and costs to decrease in H2 2024.

• Valentine Gold Mine construction surpassed 77% completion, targeting first gold in Q2 2025, and is fully funded.

• Major safety milestones achieved, including three years without a lost time injury in Nevada and 2 million hours at Valentine.

• Strong exploration and resource expansion across all regions, with a 100,000-meter drill program underway at Valentine.

• Welcomed new SVP and CFO, Daniela Dimitrov, in June.

Financial highlights

• Q2 2024 revenue was $137.3M, net income $20.8M, and adjusted net income $19.0M; YTD revenue $269.2M, net income $17.1M, adjusted net income $24.3M.

• Q2 2024 operating cash flow was $60.8M; YTD $106.6M.

• Q2 2024 total cash costs were $1,264/oz and AISC $1,533/oz; YTD TCC $1,302/oz and AISC $1,545/oz.

• Cash and restricted cash at June 30, 2024, were $127.6M and $125.0M, respectively.

• Q2 2024 average realized gold price was $2,302/oz; YTD $2,194/oz.

Outlook and guidance

• 2024 gold production guidance reaffirmed at 275,000–300,000 ounces, with higher H2 production and lower AISC expected.

• Valentine Gold Mine remains on schedule for Q2 2025 first gold.

• 2024 TCC guidance is $1,075–$1,175/oz and AISC $1,275–$1,375/oz.

• Growth capital (excluding Valentine) is $45–$55M; exploration capital is $40–$45M.