Calibre Mining (CXB) Q3 2024 & Business Update earnings summary

Executive summary

• Q3 2024 gold sales reached 46,076 ounces, with Nicaragua contributing 36,427 ounces and Nevada 9,649 ounces; year-to-date sales totaled 166,200 ounces, impacted by mine sequencing and historical artisanal mining.

• Management implemented personnel changes and resource reallocations to address operational setbacks, expecting improved Q4 performance.

• Valentine Gold Mine construction is over 81% complete, remains fully funded, and targets first gold in Q2 2025 despite cost pressures and contractor performance issues.

• Significant exploration is underway at Valentine, with a 100,000–130,000 meter drill program and five deposits identified for a 5Moz resource.

Financial highlights

• Q3 2024 consolidated Total Cash Cost (TCC) was $1,580/oz and All-In Sustaining Cost (AISC) was $1,946/oz; year-to-date TCC was $1,379/oz and AISC $1,656/oz.

• Full-year production from Volcan is expected to be about 20,000 ounces below budget due to historical depletion.

• Q4 consolidated production is forecast at 70,000–80,000 ounces, with Nicaragua contributing 60,000–70,000 ounces.

• 2024 midpoint production guidance revised down by approximately 18%, now at 230,000–240,000 ounces.

• Year-to-date and forecasted total spend remain consistent with budget.

Outlook and guidance

• Q4 production improvement expected as mining returns to plan, with higher ore grades and increased haulage.

• Valentine Gold Mine remains on track for first gold in Q2 2025; 2025 production at Valentine expected to be about half of feasibility study's first-year estimate due to ramp-up.

• Full-year TCC guidance revised to $1,300–$1,350/oz; AISC to $1,550–$1,600/oz.

• No anticipated impact on timeline or cash requirements for potential mill expansion at Valentine.

• A 30,000-ounce stockpile build in Q4 will support 2025 production.