Calibre Reports Q3 and Year-To-Date 2024 Financial Results as the Multi-Million Ounce Valentine Gold Mine Progresses to Construction Completion in Canada
Calibre Mining reported Q3 2024 financial results, delivering 46,076 gold ounces in Q3 and 166,200 ounces year-to-date. The Valentine Gold Mine construction is 81% complete with C$197 million remaining cost, on track for first gold production in Q2 2025. The company holds approximately C$300 million in cash and secured an additional $55 million through a gold prepayment arrangement. Q3 consolidated revenue was $113.7 million with total cash costs of $1,580/oz and AISC of $1,946/oz. Q4 production is expected to be 70,000-80,000 ounces, with Nicaragua forecasting higher ore tonnes and a stockpile build of approximately 30,000 ounces for 2025 processing.
Calibre Mining ha riportato i risultati finanziari del terzo trimestre 2024, consegnando 46.076 once d'oro nel terzo trimestre e 166.200 once dall'inizio dell'anno. La costruzione della Valentine Gold Mine è completata all'81%, con un costo residuo di 197 milioni di dollari canadesi, e si prevede che la produzione di oro inizierà nel secondo trimestre del 2025. L'azienda detiene circa 300 milioni di dollari canadesi in contanti e ha assicurato ulteriori 55 milioni di dollari attraverso un accordo di prepagamento dell'oro. Le entrate consolidate del terzo trimestre ammontano a 113,7 milioni di dollari, con costi totali in contante di 1.580 dollari/oz e AISC di 1.946 dollari/oz. La produzione del quarto trimestre è prevista tra 70.000 e 80.000 once, con il Nicaragua che prevede una maggiore quantità di minerale e un accumulo di scorte di circa 30.000 once per l'elaborazione prevista nel 2025.
Calibre Mining informó sobre los resultados financieros del tercer trimestre de 2024, entregando 46,076 onzas de oro en el tercer trimestre y 166,200 onzas en lo que va del año. La construcción de la Valentine Gold Mine está completa en un 81%, con un costo restante de 197 millones de dólares canadienses, y se prevé que la producción de oro comience en el segundo trimestre de 2025. La empresa tiene aproximadamente 300 millones de dólares canadienses en efectivo y aseguró 55 millones adicionales a través de un acuerdo de prepago de oro. Los ingresos consolidados del tercer trimestre fueron de 113.7 millones de dólares, con costos totales en efectivo de 1,580 dólares/onza y AISC de 1,946 dólares/onza. Se espera que la producción del cuarto trimestre sea de 70,000 a 80,000 onzas, con Nicaragua pronosticando mayores toneladas de mineral y una acumulación de aproximadamente 30,000 onzas para el procesamiento en 2025.
Calibre Mining은 2024년 3분기 재무 결과를 보고하며, 3분기에 46,076 온스의 금을 생산하고 올해 누계로 166,200 온스를 제공했습니다. Valentine Gold Mine의 건설은 81% 완료되었으며, 남은 비용은 1억 9700만 캐나다 달러로, 2025년 2분기에 최초의 금 생산이 예정되어 있습니다. 회사는 약 3억 캐나다 달러의 현금을 보유하고 있으며, 금 선급 지급 계약을 통해 추가로 5천5백만 달러를 확보했습니다. 3분기 통합 수익은 1억 1천370만 달러였으며, 총 현금 비용은 온스당 1,580달러, AISC는 온스당 1,946달러입니다. 4분기 생산량은 70,000에서 80,000 온스가 예상되며, 니카라과는 더 많은 광석 톤수를 예측하고 있으며, 2025년 처리용으로 약 30,000 온스의 재고가 축적될 것으로 보입니다.
Calibre Mining a communiqué les résultats financiers du troisième trimestre de 2024, livrant 46 076 onces d'or au troisième trimestre et 166 200 onces depuis le début de l'année. La construction de la Valentine Gold Mine est complétée à 81 %, avec un coût restant de 197 millions de dollars canadiens, et la première production d'or est prévue pour le deuxième trimestre de 2025. L'entreprise possède environ 300 millions de dollars canadiens en liquidités et a sécurisé un montant supplémentaire de 55 millions de dollars grâce à un arrangement de prépaiement d'or. Les revenus consolidés du troisième trimestre s'élevaient à 113,7 millions de dollars, avec des coûts totaux en espèces de 1 580 dollars/oz et un AISC de 1 946 dollars/oz. La production du quatrième trimestre devrait être comprise entre 70 000 et 80 000 onces, le Nicaragua prévoyant un tonnage de minerai plus élevé et un stock d'environ 30 000 onces pour le traitement en 2025.
Calibre Mining hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und 46.076 Unzen Gold im 3. Quartal sowie insgesamt 166.200 Unzen in diesem Jahr geliefert. Der Bau der Valentine Gold Mine ist zu 81 % abgeschlossen, mit verbleibenden Kosten von 197 Millionen Kanadischen Dollar, und die erste Goldproduktion wird im 2. Quartal 2025 erwartet. Das Unternehmen verfügt über etwa 300 Millionen Kanadische Dollar in Barreserven und hat zusätzlich 55 Millionen Dollar durch eine Gold-Vorauszahlungsvereinbarung gesichert. Die konsolidierten Einnahmen im 3. Quartal betrugen 113,7 Millionen Dollar, mit Gesamtkosten von 1.580 Dollar/oz und AISC von 1.946 Dollar/oz. Für das 4. Quartal wird eine Produktion von 70.000 bis 80.000 Unzen erwartet, wobei Nicaragua höhere Erztonnen und einen Lageraufbau von etwa 30.000 Unzen für die Verarbeitung im Jahr 2025 prognostiziert.
- Valentine Gold Mine construction 81% complete and on track for Q2 2025 production
- Strong cash position of C$300 million with additional $55 million secured
- Expected Q4 production increase to 70,000-80,000 ounces
- 30,000 ounce stockpile build for 2025 processing
- Federal Environmental Assessment approval received for Berry Pit
- Q3 revenue decreased to $113.7M from $137.3M in Q2 2024
- Q3 gold production declined to 45,697 oz from 58,754 oz in Q2 2024
- Higher Q3 total cash costs of $1,580/oz vs $1,264/oz in Q2
- Increased AISC to $1,946/oz from $1,533/oz in Q2
- Negative operating cash flow of -$17.8M in Q3
VANCOUVER, British Columbia, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operating results for the three months (“Q3”) and nine months (“YTD”) ended September 30, 2024. Consolidated Q3 and YTD 2024 filings can be found at www.sedarplus.ca and on the Company’s website at www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “As previously reported, the Company delivered 46,076 ounces in the quarter and 166,200 ounces year to date. Consolidated Q4 production is expected to be the strongest of the year, delivering 70,000 - 80,000 ounces, driven by Nicaragua’s Q4 mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by
The Valentine team continues to make significant progress with construction completion at
The Valentine Gold Mine and surrounding property offers an impressive 5-million-ounce resource base and numerous discovery opportunities. Previously disclosed results at Valentine indicate robust growth potential below and adjacent to existing Mineral Resources. Our extensive, multi-rig drill program is focused on high priority targets beyond the originally explored 6 km section of defined reserves/resources of the 32 km long Valentine Lake Shear Zone to unlock the significant resource expansion and discovery potential across the property.”
YTD & Q3 2024 Highlights
- Construction of the multi-million-ounce Valentine Gold Mine surpasses
81% construction with a remaining cost to complete on an incurred basis of C$197 million as at September 30, 2024 and remains on track for gold production in Q2 2025;- Tailings Management Facility is complete and ready to receive water;
- CIL leaching area tanks construction is nearing completion;
- Reclaim tunnel and coarse ore stockpile construction is progressing;
- Primary crusher installation is well advanced and overland conveyor construction has commenced; and
- Pre-commissioning is underway;
- With approximately C
$300 million in cash (US$115.8 -million and restricted cash US$100 -million) at September 30, 2024, Valentine's initial project capital remains fully financed; - Bolstered cash position as part of our capital management program with
$55 million to be received from an additional gold prepayment arrangement whereby Calibre will physically deliver an additional 20,000 ounces of gold (2,500 ounces of gold per month at$2,816 per ounce) from May 2025 to December 2025; - Calibre Strengthens its Executive Leadership Team with the Appointment of Chief Operating Officer and Vice President of Technical Services, Nicaragua;
- Expanded the Valentine Gold Mine (“Valentine”) resource expansion and discovery drill program with a 100,000 metre drill program, in addition to the 60,000 metre program already in place at the Leprechaun and Marathon deposits;
- Received the Federal Environmental Assessment approval for the third open pit, the Berry Pit at Valentine scheduled to commence construction activities in Q4 2024;
- Ore control drilling results at the Marathon Pit at Valentine yielded
44% additional gold on47% higher grades than modelled in the 2022 Mineral Reserve statement, increasing confidence of the deposit as the Company advances toward first gold in Q2 2025; - New Discovery along the VTEM Gold Corridor and continued step out drilling intercepts high-grade gold mineralization at the Talavera deposit, both located within the Limon mine complex in Nicaragua, reinforcing Limon’s ability to continually deliver compelling results, leading to new discoveries and resource expansion:
- 13.26 g/t gold over 4.9 metres ETW including 33.50 g/t gold over 1.2 metres ETW; and
- 6.38 g/t gold over 10.5 metres ETW;
- Continued to intercept high grade gold mineralization from the resource conversion and expansion program within the Guapinol open pit area at the Eastern Borosi mine in Nicaragua, reinforcing the potential for mine life extension:
- 13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold over 4.0 metres ETW; and
- 9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over 3.1 metres ETW;
- Discovered additional near surface, above reserve grade gold mineralization at the Pan Mine (“Pan”) in Nevada, demonstrating the potential to increase resources, grade and mine life around Pan:
- 0.45 g/t gold over 117.4 meres ETW; and
- 0.56 g/t gold over 59.4 metres including 1.31 g/t gold over 9.1 metres ETW;
- Consolidated gold sales of 46,076 ounces; Nicaragua 36,427 ounces and Nevada 9,649 ounces;
- Consolidated TCC1 of
$1,580 /oz; Nicaragua$1,615 /oz and Nevada$1,451 /oz; - Consolidated AISC1 of
$1,946 /oz; Nicaragua$1,880 /oz and Nevada$1,813 /oz; and - Cash and restricted cash of
$115.8 million and$100.0 million , respectively, as at September 30, 2024.
YTD 2024 Gold Sales and Cost Metrics
- Consolidated gold sales of 166,200 ounces grossing
$374.9 million in revenue, at an average realized gold price1 of$2,256 /oz; Nicaragua 140,646 ounces and Nevada 25,554 ounces; - Consolidated TCC1 of
$1,379 /oz; Nicaragua$1,364 /oz and Nevada$1,463 /oz; - Consolidated AISC1 of
$1,656 /oz; Nicaragua$1,554 /oz and Nevada$1,734 /oz; and - Cash provided by operating activities of
$88.8 million .
Click here to learn more about the Valentine Gold Mine – Building Atlantic Canada’s Largest Open Pit Gold Mine
Installation of the Primary Crusher – September 2024
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6073327-6b82-4aaf-bf52-e1cb2221d7b4
CONSOLIDATED RESULTS: Q3 and Nine Months Ended 2024
Consolidated Results2
| Three Months Ended | Nine Months Ended | ||||||||||||||
| $'000 (except per share and per ounce amounts) | Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 | YTD 2023 | ||||||||||
| Financial Results | |||||||||||||||
| Revenue | $ | 113,684 | $ | 137,325 | $ | 143,884 | $ | 382,897 | $ | 410,107 | |||||
| Cost of sales, including depreciation and amortization | $ | (97,437 | ) | $ | (94,685 | ) | $ | (101,128 | ) | $ | (294,753 | ) | $ | (281,556 | ) |
| Earnings from mine operations | $ | 16,247 | $ | 42,640 | $ | 42,756 | $ | 88,144 | $ | 128,551 | |||||
| EBITDA (3) | $ | 29,988 | $ | 52,886 | $ | 61,899 | $ | 109,352 | $ | 170,416 | |||||
| Adjusted EBITDA (3) | $ | 28,943 | $ | 54,022 | $ | 62,998 | $ | 122,694 | $ | 172,852 | |||||
| Net earnings | $ | 954 | $ | 20,762 | $ | 23,412 | $ | 18,079 | $ | 73,024 | |||||
| Adjusted net earnings (4) | $ | 2,199 | $ | 19,035 | $ | 24,530 | $ | 26,545 | $ | 74,361 | |||||
| Operating cash flows before working capital (5) | $ | 4,170 | $ | 68,618 | $ | 49,826 | $ | 125,170 | $ | 138,605 | |||||
| Operating cash flow | $ | (17,833 | ) | $ | 60,826 | $ | 54,226 | $ | 88,808 | $ | 140,776 | ||||
| Capital expenditures (sustaining) | $ | 10,849 | $ | 10,358 | $ | 3,696 | $ | 28,916 | $ | 19,545 | |||||
| Capital expenditures (growth) | $ | 136,103 | $ | 97,581 | $ | 29,294 | $ | 301,833 | $ | 70,204 | |||||
| Capital expenditures (exploration) | $ | 12,387 | $ | 8,967 | $ | 7,705 | $ | 28,991 | $ | 21,448 | |||||
| Operating Results | |||||||||||||||
| Gold ounces produced | 45,697 | 58,754 | 73,485 | 166,218 | 208,011 | ||||||||||
| Gold ounces sold | 46,076 | 58,345 | 73,241 | 166,200 | 208,020 | ||||||||||
| Per Ounce Data | |||||||||||||||
| Average realized gold price1 ($/oz) | $ | 2,418 | $ | 2,302 | $ | 1,929 | $ | 2,256 | $ | 1,932 | |||||
| TCC ($/oz)1 | $ | 1,580 | $ | 1,264 | $ | 1,007 | $ | 1,379 | $ | 1,047 | |||||
| AISC ($/oz)1 | $ | 1,946 | $ | 1,533 | $ | 1,115 | $ | 1,656 | $ | 1,195 | |||||
| Per Share Data | |||||||||||||||
| Earnings per share – basic | $ | 0.00 | $ | 0.03 | $ | 0.05 | $ | 0.02 | $ | 0.16 | |||||
| Earnings per share – fully diluted | $ | 0.00 | $ | 0.03 | $ | 0.05 | $ | 0.02 | $ | 0.15 | |||||
| Adjusted net earnings per share – basic (3) | $ | 0.00 | $ | 0.02 | $ | 0.05 | $ | 0.04 | $ | 0.16 | |||||
| Operating cash flows before working capital per share | $ | 0.01 | $ | 0.09 | $ | 0.11 | $ | 0.17 | $ | 0.31 | |||||
| Operating cash flow per share | $ | (0.02 | ) | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 0.31 | ||||
| Balance Sheet Data | |||||||||||||||
| Cash | $ | 115,800 | $ | 127,582 | $ | 97,293 | $ | 115,800 | $ | 97,293 | |||||
| Net debt (6) | $ | 178,345 | $ | 164,809 | $ | (77,927 | ) | $ | 178,345 | $ | (77,927 | ) | |||
| Adj. Net debt/Adj. EBITDA (LTM) ratio (7) | $ | 0.91 | $ | 0.72 | $ | (0.37 | ) | $ | 0.91 | $ | (0.37 | ) | |||
Operating Results
| Three Months Ended | Nine Months Ended | ||||
| NICARAGUA | Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
| Ore mined (t) | 574,878 | 359,295 | 491,835 | 1,468,960 | 1,588,631 |
| Ore milled (t) | 557,635 | 455,616 | 546,555 | 1,544,261 | 1,545,123 |
| Grade (g/t Au) | 2.30 | 3.48 | 4.35 | 3.00 | 4.03 |
| Recovery (%) | 88.9 | 92.5 | 91.6 | 91.2 | 92.3 |
| Gold produced (ounces) | 36,427 | 49,208 | 63,756 | 140,642 | 177,145 |
| Gold sold (ounces) | 36,427 | 49,210 | 63,517 | 140,646 | 177,100 |
| NEVADA | Three Months Ended | Nine Months Ended | |||
| Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 20243,256,527 | YTD 2023 | |
| Ore mined (t) | 1,187,591 | 1,080,242 | 1,129,042 | 3,256,527 | 3,513,948 |
| Ore placed on leach pad (t) | 1,158,381 | 1,062,001 | 1,076,876 | 3,195,736 | 3,452,753 |
| Grade (g/t Au) | 0.44 | 0.44 | 0.34 | 0.42 | 0.37 |
| Gold produced (ounces) | 9,270 | 9,546 | 9,729 | 25,576 | 30,866 |
| Gold sold (ounces) | 9,649 | 9,135 | 9,724 | 25,554 | 30,920 |
2024 REVISED GUIDANCE
| CONSOLIDATED | NICARAGUA | NEVADA | |
| Gold Production/Sales (ounces) | 230,000 – 240,000 | 200,000 - 210,000 | 34,000 - 36,000 |
| TCC ($/ounce)1 | |||
| AISC ($/ounce)1 | |||
| Growth Capital ($ million)* | |||
| Updated Exploration Capital ($ million) | |||
*Initial project capital at the Valentine Gold Mine not included
Given Calibre’s proven track record, the Company will continue to reinvest into exploration and growth with over 160,000 metres of drilling and development of new satellite deposits across its asset portfolio.
Consolidated Q4 production is expected to be 70,000 – 80,000 ounces, while TCC and AISC are forecast to be lower. The stronger Q4 outlook is driven by Nicaragua’s mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by
Exploration activities include multi-rig diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua along with several geo-science initiatives through the exploration pipeline. Growth capital includes new underground development and open pit mine development, leach pad expansion, waste stripping and land acquisition.
Since acquiring the Nicaraguan assets in October 2019, the Nevada assets in 2022, and the Newfoundland & Labrador assets in 2024, Calibre has consistently reinvested in mine development and exploration programs. These investments have led to the discovery of new deposits and growth in both production and Mineral Reserves. This progress positions Calibre well to diversify its portfolio and enhance profitability as it expands its operations into Canada with the Valentine Gold Mine anticipated to deliver first gold during Q2 2025.
The Company's mineral endowment includes 4.1 million ounces of Reserves, 8.6 million ounces of Measured and Indicated Resources (inclusive of Mineral Reserves), and 3.6 million ounces of Inferred Resources, as detailed in the press release dated March 12, 2024.
Calibre held a Q3 and YTD 2024 Production and Valentine Gold Mine Construction update conference call on October 18, 2024, please visit the Calibre Mining website here, to access the replay of the conference call.
Qualified Person
The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.
About Calibre
Calibre 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
Senior Vice President, Corporate Development & IR
T: 604.628.1010
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.
X / Facebook / LinkedIn / YouTube
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Notes
(1) NON-IFRS FINANCIAL MEASURES
Calibre has included certain non-IFRS measures as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
TCC per Ounce of Gold: TCC include production costs, royalties, production taxes, refinery charges, and transportation charges. Production costs consist of mine site operating costs such as mining, processing, local administrative costs (including stock-based compensation related to mine operations) and current inventory write-downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and exploration costs. TCC are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.
AISC per Ounce of Gold: AISC is a performance measure that reflects the total expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition is derived from the definition as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018, respectively. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating performance and the ability to generate free cash flow from operations.
Calibre defines AISC as the sum of TCC, corporate general and administrative expenses (excluding one-time charges), reclamation accretion related to current operations and amortization of asset retirement obligations (“ARO”), sustaining capital (capital required to maintain current operations at existing production levels), lease repayments, and exploration expenditures designed to increase resource confidence at producing mines. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure
Average Realized Price per Ounce Sold: Average Realized Gold Price Per Ounce Sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-produce credits, which in the Company’s case are not significant, and to enable investors to understand the Company’s financial performance based on the average realized proceeds of selling gold production in the reporting period. Average Realized Gold Price Per Ounce Sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales.
Adjusted Net Earnings: Adjusted Net Earnings and Adjusted Net Earnings Per Share - Basic exclude a number of temporary or one-time items considered exceptional in nature and not related to the Company’s core operation of mining assets or reflective of recurring operating performance. Management believes Adjusted Net Earnings may assist investors and analysts to better understand the current and future operating performance of the Company’s core mining business. Adjusted Net Earnings and Adjusted Net Earnings Per Share do not have a standard meaning under IFRS. They should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of earnings from mine operations, earnings, or cash flow from operations as determined under IFRS.
Cash From Operating Activities Before Changes in Working Capital: Cash from Operating Activities before Changes in Working Capital is a non-IFRS measure with no standard meaning under IFRS, which is calculated by the Company as net cash from operating activities less working capital items. The Company believes that Net Cash from Operating Activities before Changes in Working Capital, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.
Net Debt and Adjusted Net Debt: The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company’s performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of loans and borrowings, net of the cash and cash equivalent balance as at the balance sheet date. Adjusted Net Debt is calculated as Net Debt less fair value and other non-cash adjustments that will not result in a cash outflow to the Company. The Company believes that Adjusted Net Debt provides a better understanding of the Company’s liquidity.
EBITDA and Adjusted EBITDA: The Company believes that certain investors use the EBITDA and the adjusted EBITDA (“Adjusted EBITDA”) measures to evaluate the Company’s performance and ability to generate operating cash flows to service debt and fund capital expenditures. EBITDA and Adjusted EBITDA do not have a standardised meaning as prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company calculates EBITDA as earnings or loss before taxes for the period excluding depreciation and depletion and finance costs. EBITDA excludes the impact of cash costs of financing activities and taxes and the effects of changes in working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Adjusted EBITDA is calculated by excluding one-off costs or credits relating to non-routine transactions from EBITDA that are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company’s ability to generate operating cash flow by excluding from the calculation these non-cash and cash amounts that are not indicative of the recurring performance of the underlying operations for the reporting periods.
Adjusted Net Debt to Adjusted EBITDA: The Adjusted Net Debt to Adjusted EBITDA measures provide investors and analysts with additional transparency about the Company’s liquidity position, specifically, the Company’s ability to generate sufficient operating cash flows to meet its mandatory interest obligations and pay down its outstanding debt balance in full at maturity. This measure is a Non-IFRS measure and it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of Adjusted Net Debt is shown above.
TCC and AISC per Ounce of Gold Sold Reconciliations
The tables below reconcile TCC and AISC for the three months ended September 30, 2024 and 2023.
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12f215d3-2509-46eb-8dbe-d3166260c70f
1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d032d456-8d54-4969-91bb-1cedb6c0a415
1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6eadfabd-7ebe-4772-a9c0-bb103c6d62a3
The tables below reconcile TCC and AISC for the nine months ended September 30, 2024 and 2023.
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e42dd70-f465-4c40-8f33-021e71eb9de9
1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3a5e547-636e-41f1-b295-99c31a0076b6
1. Production costs include a
2. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.
(2) CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS FOR 2024 INCLUDE THE RESULTS FROM MARATHON SINCE ITS ACQUISITION ON JANUARY 25, 2024
(3) EBITDA and ADJUSTED EBITDA
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated statement of operations and comprehensive income for the reporting periods:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0b9e7a2-f6ab-48e7-abde-7a8a896fb66d
(4) ADJUSTED NET EARNINGS
The following table provides a reconciliation of Adjusted Net Earnings and Adjusted Net Earnings Per Share to the consolidated statement of operations and comprehensive income for the reporting periods:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80deddcb-61d2-4a9b-b3b3-1f783bfed7f9
(5) CASH FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL
The following table provides a reconciliation of Cash from Operating Activities before Changes in Working Capital to the consolidated statement of cash flows for the reporting periods:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/28fecac3-ade3-4e70-beed-31a76462e586
(6) NET DEBT and ADJUSTED NET DEBT
The following table provides a reconciliation of Net Debt and Adjusted Net Debt to the consolidated statement of financial position for the reporting periods:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e1f17bfe-6ac1-4b5f-9f13-2c415f78e8b6
(7) ADJUSTED NET DEBT TO ADJUSTED EBITDA
The following table provides the reconciliation of Adjusted Net Debt to Adjusted EBITDA using the last twelve months of Adjusted EBITDA for the reporting periods:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8b7ab19-8c17-4d0c-ada3-3aff5ef03df3
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 we expect 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", “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 expectations of gold production and production growth; the upside potential of the Valentine Gold Mine; the Valentine Gold Mine achieving first gold production during the second quarter of 2025; the Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s 2024 priority resource expansion opportunities; the Company’s metal price and cut-off grade assumptions. 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 (“AIF”) for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 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.
FAQ
What was Calibre Mining's (CXBMF) gold production in Q3 2024?
What is the construction progress of Calibre's Valentine Gold Mine as of September 2024?
What are Calibre Mining's (CXBMF) revised gold production guidance figures for 2024?
What was Calibre Mining's (CXBMF) cash position as of September 30, 2024?
