Calibre Delivers 71,539 Ounces in Q1 2025, a Record First Quarter Production; Provides Valentine Gold Mine Update
Calibre Mining (CXBMF) reported strong Q1 2025 performance with 71,539 ounces of gold production, including 64,469 ounces from Nicaragua and 7,070 ounces from Nevada operations. The company maintains a robust financial position with $214.5 million in cash as of March 31, 2025.
The company's Valentine Gold Mine development in Newfoundland & Labrador is progressing, with first ore processing now expected in early Q3. The facility will have a nameplate capacity of 2.5 million tonnes, targeting approximately 200,000 ounces of annual gold production. A slight delay in processing reflects scope growth in electrical cabling and contractor performance.
Notably, Calibre announced a merger with Equinox Gold, forming a leading Americas-focused gold producer. The combined entity will become Canada's second-largest gold producer, with potential to exceed 1.2 million ounces of annual production when Greenstone and Valentine operate at full capacity.
Calibre Mining (CXBMF) ha riportato una forte performance nel primo trimestre del 2025 con 71.539 once di produzione d'oro, di cui 64.469 once provenienti dal Nicaragua e 7.070 once dalle operazioni in Nevada. L'azienda mantiene una solida posizione finanziaria con 214,5 milioni di dollari in contante al 31 marzo 2025.
Lo sviluppo della Valentine Gold Mine in Newfoundland & Labrador sta procedendo, con il primo trattamento del minerale previsto all'inizio del terzo trimestre. L'impianto avrà una capacità nominale di 2,5 milioni di tonnellate, puntando a circa 200.000 once di produzione annuale d'oro. Un leggero ritardo nel trattamento riflette la crescita delle esigenze in cablaggio elettrico e delle prestazioni dei contraenti.
È importante notare che Calibre ha annunciato una fusione con Equinox Gold, formando un produttore d'oro leader focalizzato sulle Americhe. L'entità combinata diventerà il secondo produttore d'oro più grande del Canada, con il potenziale di superare 1,2 milioni di once di produzione annuale quando Greenstone e Valentine opereranno a piena capacità.
Calibre Mining (CXBMF) reportó un sólido desempeño en el primer trimestre de 2025 con 71,539 onzas de producción de oro, incluyendo 64,469 onzas de Nicaragua y 7,070 onzas de las operaciones en Nevada. La compañía mantiene una posición financiera robusta con $214.5 millones en efectivo al 31 de marzo de 2025.
El desarrollo de la Valentine Gold Mine en Newfoundland y Labrador está avanzando, con el primer procesamiento de mineral ahora esperado a principios del tercer trimestre. La instalación tendrá una capacidad nominal de 2.5 millones de toneladas, con un objetivo de aproximadamente 200,000 onzas de producción anual de oro. Un ligero retraso en el procesamiento refleja el crecimiento del alcance en el cableado eléctrico y el rendimiento de los contratistas.
Notablemente, Calibre anunció una fusión con Equinox Gold, formando un productor de oro líder enfocado en las Américas. La entidad combinada se convertirá en el segundo productor de oro más grande de Canadá, con el potencial de superar 1.2 millones de onzas de producción anual cuando Greenstone y Valentine operen a plena capacidad.
칼리버 마이닝 (CXBMF)는 2025년 1분기 강력한 실적을 보고하며 71,539온스의 금 생산량을 기록했습니다. 이 중 64,469온스는 니카라과에서, 7,070온스는 네바다에서 발생했습니다. 회사는 2025년 3월 31일 기준으로 2억 1,450만 달러의 현금을 보유하며 견고한 재무 상태를 유지하고 있습니다.
뉴펀들랜드와 래브라도에 위치한 발렌타인 금광 개발이 진행 중이며, 첫 광석 가공은 이제 3분기 초로 예상됩니다. 이 시설은 연간 약 20만 온스의 금 생산을 목표로 하는 250만 톤의 정격 용량을 갖추게 됩니다. 가공의 약간의 지연은 전선 배선과 계약자의 성과에서의 범위 증가를 반영합니다.
특히, 칼리버는 이퀴녹스 골드와의 합병을 발표하여 아메리카에 중점을 둔 주요 금 생산업체를 형성했습니다. 결합된 기업은 캐나다에서 두 번째로 큰 금 생산업체가 되며, 그린스톤과 발렌타인이 최대 용량으로 운영될 경우 연간 120만 온스를 초과할 가능성이 있습니다.
Calibre Mining (CXBMF) a signalé une forte performance au premier trimestre 2025 avec 71 539 onces de production d'or, dont 64 469 onces provenant du Nicaragua et 7 070 onces des opérations au Nevada. L'entreprise maintient une solide position financière avec 214,5 millions de dollars en liquidités au 31 mars 2025.
Le développement de la Valentine Gold Mine à Terre-Neuve-et-Labrador progresse, avec un premier traitement du minerai désormais prévu au début du troisième trimestre. L'installation aura une capacité nominale de 2,5 millions de tonnes, visant environ 200 000 onces de production d'or annuelle. Un léger retard dans le traitement reflète la croissance du périmètre dans le câblage électrique et la performance des entrepreneurs.
Il est à noter que Calibre a annoncé une fusion avec Equinox Gold, formant un producteur d'or majeur axé sur les Amériques. L'entité combinée deviendra le deuxième plus grand producteur d'or du Canada, avec un potentiel de dépasser 1,2 million d'onces de production annuelle lorsque Greenstone et Valentine fonctionneront à pleine capacité.
Calibre Mining (CXBMF) berichtete über eine starke Leistung im ersten Quartal 2025 mit 71.539 Unzen Goldproduktion, darunter 64.469 Unzen aus Nicaragua und 7.070 Unzen aus den Nevada-Betrieben. Das Unternehmen hat zum 31. März 2025 eine robuste finanzielle Position mit 214,5 Millionen Dollar in bar.
Die Entwicklung der Valentine Gold Mine in Neufundland und Labrador schreitet voran, wobei die erste Erzverarbeitung nun für Anfang des dritten Quartals erwartet wird. Die Anlage wird eine Nennkapazität von 2,5 Millionen Tonnen haben und zielt auf etwa 200.000 Unzen jährliche Goldproduktion ab. Eine leichte Verzögerung bei der Verarbeitung spiegelt das Wachstum des Umfangs in der elektrischen Verkabelung und die Leistung der Auftragnehmer wider.
Bemerkenswert ist, dass Calibre eine Fusion mit Equinox Gold angekündigt hat, die einen führenden Goldproduzenten mit Fokus auf die Amerikas bildet. Die kombinierte Einheit wird der zweitgrößte Goldproduzent Kanadas werden, mit dem Potenzial, über 1,2 Millionen Unzen jährliche Produktion zu überschreiten, wenn Greenstone und Valentine mit voller Kapazität arbeiten.
- Record Q1 gold production of 71,539 ounces
- Strong cash position of $214.5 million as of March 31, 2025
- Valentine Gold Mine construction nearing completion with major components installed
- Strategic merger with Equinox Gold to create Canada's second-largest gold producer
- Delay in Valentine Gold Mine ore processing to early Q3 due to scope growth and contractor performance issues
VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce operating results for the three months (“Q1”) ended March 31, 2025, and an update on the Valentine Gold Mine (“Valentine”), located in Newfoundland & Labrador, Canada. All figures are expressed in U.S. dollars unless otherwise stated.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am extremely proud of our operations team for delivering another strong quarter, producing 71,539 ounces of gold in Q1 2025. Valentine Gold Mine continues to advance, with first ore processed now expected in early Q3, followed by a steady ramp up to nameplate capacity of 2.5 million tonnes. The delay in ore processing reflects scope growth in certain areas such as electrical cabling and actual contractor performance. Valentine is positioned to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside.
In February, we announced a merger with Equinox Gold to form a leading, Americas-focused gold producer. This merger marks a transformative milestone for both companies and will result in a diversified portfolio of operating mines across five countries anchored by Greenstone and Valentine, two high-quality, long life, low-cost, Canadian gold mines. Together, we will become Canada’s second largest gold producer. At nameplate capacity, these Canadian assets are expected to produce approximately 590,000 gold ounces annually, creating significant value for Calibre shareholders and presenting a compelling re-rating opportunity.
Calibre has built a solid track record of delivering on our commitments and driving shareholder value. I see a tremendous opportunity to integrate the two companies, build on this success, and strengthen trust and confidence across both shareholder bases. New Equinox Gold has the potential to exceed 1.2 million ounces of annual gold production with Greenstone and Valentine operating at capacity. Additionally, the combined company will benefit from a large gold endowment of Mineral Reserves and Mineral Resources, along with a robust pipeline of development, expansion, and exploration projects. This strong foundation supports low-risk sustainable growth and long-term value for shareholders.”
Q1 2025 Highlights
- Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces, setting a solid foundation for the remainder of 2025;
- Cash of
$214.5 million at March 31, 2025 ($177.4 million in cash and$37.1 million in restricted cash with the last$25 million restricted cash released from our debt proceeds account following quarter end); and - Announced the merger of Calibre and Equinox Gold creating a major Americas-focused gold producer, with the combination enhancing diversification, scale, financial strength, and operational expertise positioning the combined company for long-term value creation. Key highlights include:
- Creation of a Canadian gold powerhouse with complimentary mines throughout the Americas,
- Enhanced critical mass and capital markets profile with improved significance for shareholders,
- Immediate increase in production and cash flow from a larger asset portfolio,
- Strengthened combined leadership team with a proven track record of value creation,
- Undervalued relative to peers with significant share price re-rate potential, and
- Strong balance sheet with ability to rapidly deleverage.
Valentine Gold Mine Update
- Tailings Management Facility is complete;
- Structural steel is complete;
- Mass construction nearing completion; project is in process of transitioning to system/subsystem completion;
- Primary crusher installation complete and its commissioning is nearly complete;
- Mills motors and mill liners are installed, and pre-commissioning is underway;
- Conveyors are nearing completion, belting has been completed, and progressing toward pre-commissioning;
- CIL leaching tanks piping and electrical continue with scheduled completion at the end of Q2, and pre-commissioning to follow;
- Overland, coarse ore stockpile conveyor, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning;
- ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning;
- Cable tray, cable installation, and terminations progressing;
- Commencement of ore processing now expected in early Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance;
- Initial project capital remains fully funded; and
- Program management contract awarded in February 2025 for Phase 2 expansion targeting an increase in the process plant throughput to >5 Mtpa.
Valentine Gold Mine Construction Progress Photos
Stockpile Feed Conveyor – March 2025
Main Plant/Grinding Building – February 2025
SAG and Ball Mill - April 2025
Q1 2025 Conference Call Details
| Date: | Thursday, May 8, 2025 | |
| Time: | 10:00 am ET | |
| Webcast link: | https://edge.media-server.com/mmc/p/owjabixj | |
Instructions for obtaining conference call dial-in number:
- All parties must register at the link below to participate in Calibre’s Q1 2025 Conference Call.
- To register click https://dpregister.com/sreg/10197889/febb10ad93 and complete the online registration form.
- Once registered, registered participants will receive the dial-in numbers and PIN number for input at the time of the call.
The live webcast and registration link can also be accessed 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’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.
About Calibre
Calibre (TSX: CXB) 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
SVP Corporate Development & IR
T: 604.628.1012
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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that Calibre Mining Corp. (“Calibre”) expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", “create”, “enhance”, “improve”, “upside”, “growth”, “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.
Forward-looking statements in this news release include, but are not limited to, the Company’s ability to achieve gold production, cost, development and exploration expectations for its operations and projects; the success and timing of completing construction of the Valentine Gold Mine (“Valentine”), its production and operating capabilities and the upside potential of Valentine; additional exploration success at Valentine; the initial project costs to complete Valentine; the phase two expansion project at Valentine proceeding in accordance with current expectations; the Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s priority resource expansion opportunities; statements regarding expectations for the combined entity ("New Equinox Gold") resulting from the business combination (the “Transaction”) of Calibre and Equinox Gold Corp. (“Equinox”) post-closing; the consummation and timing of the Transaction; the strategic vision for New Equinox Gold following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Transaction; the success of the new management team; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the potential of New Equinox Gold to meet production guidance, industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form, its audited consolidated financial statements and its management discussion and analysis for the year ended December 31, 2024, and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at www.sedarplus.ca.
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. 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, undue reliance should not be placed on forward-looking statements.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1cd4ed47-812c-408f-bdb3-070aab595530
https://www.globenewswire.com/NewsRoom/AttachmentNg/a8140c62-50d8-43ba-a144-89c69bbe90eb
https://www.globenewswire.com/NewsRoom/AttachmentNg/e61664f7-5d0e-4c4d-87de-c9b455de9ec0
FAQ
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