Calibre Mining (CXB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 gold production of 76,269 ounces and full-year production of 242,487 ounces, surpassing guidance and supported by a strong cash position of $186 million at year-end and $161 million as of mid-February 2025.

• Valentine Gold Mine construction is on track for first gold in Q2 2025, with all major facilities nearing completion and project capital costs at C$744 million, and initial project capital fully funded.

• Largest exploration program in company history underway for 2025, targeting over 200,000 metres of drilling and significant upside at Leprechaun and Marathon pits.

• 2025 is positioned as a transformational year, targeting 230,000–280,000 ounces production (excluding Valentine), with ambitions to become a 400,000–500,000 ounce/year producer.

• Achieved one million ounces of gold production in Nicaragua since Q4 2019.

Financial highlights

• FY 2024 consolidated gold sales: 242,452 ounces, generating $574.4 million in revenue at an average realized price of $2,369/oz.

• Q4 2024 total cash cost (TCC) was $1,243/oz and all-in sustaining cost (AISC) was $1,423/oz; full-year TCC was $1,336/oz and AISC $1,583/oz.

• FY 2024 net earnings: $34.74 million; adjusted net earnings: $38.55 million; EBITDA: $182.81 million; adjusted EBITDA: $215.83 million.

• Cash and restricted cash at year-end: $131.1 million and $54.6 million, respectively; cash balance increased to $161 million by Feb 14, 2025.

• Strong financial position supports full funding of initial Valentine project capital.

Outlook and guidance

• 2025 production guidance: 230,000–280,000 ounces consolidated, with Nicaragua 200,000–250,000 ounces and Nevada 30,000–40,000 ounces; TCC guidance for 2025: $1,300–$1,400/oz; AISC: $1,500–$1,600/oz.

• Valentine Gold Mine expected to deliver first gold in Q2 2025; full-year guidance for Valentine to be provided post-commissioning.

• Over $50–$60 million allocated for exploration, with 200,000 metres of drilling planned in 2025.

• Valentine feasibility study forecasts 195,000 ounces/year for first 12 years.

• No expected seasonality in Nicaragua production for 2025.