Calibre Mng - CXBMF STOCK NEWS

Calibre Mining released its fourth Annual Sustainability Report, detailing significant achievements in environmental, social, and governance (ESG) performance. The report highlights a 28% compounded annual production growth and a 370% increase in mineral reserves since becoming a gold producer in 2019. Financially, the company reported $144 million in cash reserves. Key ESG milestones include a 20% reduction in greenhouse gas emissions from 2020 to 2023, a 14% increase in workforce, and zero high-risk environmental incidents. Additionally, the company distributed $489 million in economic value and paid $48 million in taxes and royalties in 2023.

Calibre Mining announced key updates to its board and senior management. Douglas Hurst and Raymond Threlkeld will not seek re-election to the board at the June 12, 2024, annual meeting. Hurst and Threlkeld have served since 2016 and 2018, respectively, contributing significantly to various committees. Calibre nominates Omaya Elguindi, a seasoned tech executive, for board election. Concurrently, CFO David Splett will resign effective July 31, 2024, with Korn Ferry leading the replacement search. These changes aim to bring fresh perspectives and expertise as the company navigates new technological landscapes.

Calibre Mining Corp. (CXBMF) announced significant progress at its Valentine Gold Mine in Newfoundland and Labrador. The construction is 64% complete, and detailed engineering is 98% finished. The first gold pour is scheduled for Q2 2025. The project's initial capital cost is now estimated at C$653 million, up C$145 million from Marathon Gold's previous estimate. Despite the cost increase, the project remains fully funded with approximately C$400 million in cash and substantial operational cash flows. Key milestones include the completion of the Tailings Management Facility starter dam, connection to permanent power, and employment of the operations leadership team. Exploration activities show promising results, with substantial district-scale potential and ongoing drilling campaigns.

Calibre Mining Corp. (CXBMF) announced its Q1 2024 financial and operating results, highlighting significant progress in various projects. The acquisition of Marathon Gold added the Valentine Gold Mine with substantial reserves and resources. Construction at Valentine advanced to 64% completion, aiming for first gold production in Q2 2025.

Calibre reported Q1 2024 revenue of $131.9 million, a slight increase from Q1 2023. Gold sales were 61,778 ounces at an average price of $2,092/oz. Total cash costs rose to $1,337/oz and AISC to $1,555/oz. Cash flow from operations was $45.8 million, with $144 million in cash on hand as of April 30, 2024. However, Calibre posted a net loss of $3.6 million, or $0.01 per share.

Exploration and resource expansion activities continued in Nicaragua and Nevada, with high-grade mineralization reported. Calibre remains on track to meet its full-year gold production guidance of 275,000 to 300,000 ounces.

Calibre Mining (TSX: CXB; OTCQX: CXBMF) announced that its Valentine Gold Mine was awarded the 2023 John T. Ryan National Safety Trophy by The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) on May 13, 2024. This accolade recognizes the mine's zero reportable injury rate for the 2023 calendar year. The award reflects Calibre's commitment to stringent safety protocols, training programs, and a culture of health and safety. Other recipients include Mosaic Potash Belle Plaine Operations and North American Construction Group, Syncrude Aurora Mine site. Darren Hall, President and CEO, praised the team for their exceptional safety performance, emphasizing the role of communication and empowerment in fostering a safe working environment.

Calibre will provide an update on its Valentine Gold Mine in Newfoundland & Labrador, Canada on May 15, 2024. The mine remains on track for production in H1, 2025. The company will also release its first quarter 2024 financial results on May 14, 2024, with a conference call on May 15, 2024 to discuss results and outlook.