Calibre announces Gold performance in Q3 and year-to-date 2024

VANCOUVER, British Columbia, Oct. 18, 2024 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) announces operating results for the three months (“Q3”) and nine months (“year to date” or “YTD”) ended September 30, 2024, updated 2024 guidance, and an update on the Valentine Gold Mine (“Valentine”), located in Newfoundland & Labrador, Canada. Calibre will host a conference call to discuss its Q3 operating results, revised full-year guidance, and Valentine update on October 18, 2024, at 10 am ET. To view the live webcast of the conference call, please click here. All figures are expressed in U.S. dollars unless otherwise stated.

Q3 & YTD 2024 Production and Preliminary Cost Results

• Consolidated Q3 gold sales of 46,076 ounces; Nicaragua 36,427 ounces and Nevada 9,649 ounces:
  • Consolidated Q3 Total Cash Cost¹ (“TCC”) of $1,580/oz: Nicaragua $1,615/oz and Nevada $1,451/oz; and
  • Consolidated Q3 All-In Sustaining Cost¹ (“AISC”) of $1,946/oz: Nicaragua $1,880/oz and Nevada $1,813/oz.

Full Year 2024 Guidance Revision

• Consolidated 2024 production guidance revised to 230,000-240,000 ounces.
• Nicaragua’s Q4 mine plans deliver significantly higher ore tonnes mined, with production expected to be 60,000-70,000 ounces. Despite increasing ore haulage to Libertad by 30% to 3,000 tonnes per day in Q4, the Company forecasts an approximate 30,000 ounce increase in stockpiles by year end, available for processing in 2025.

Valentine Construction & Capital Cost Update

• Construction at Valentine surpasses 81% completion as of September 30, 2024:
  • 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.

Insight: Increasing construction costs due to underperformance

• Through September 30, 2024, Calibre has incurred costs of C$547 million. Estimated initial project capital has increased and is now forecast to be approximately C$744 million, resulting in a remaining cost to complete of C$197 million, inclusive of approximately C$20 million in contingency.
• With approximately C$300 million in cash (US$115.8 million) and restricted cash (US$100 million) at September 30, Valentine’s initial project capital remains fully funded, and the project remains on track to deliver first gold in Q2 2025.
• The majority of the increase in capital is attributable to underperformance versus plan from certain contractors, resulting in additional manpower, temporary camp accommodation, and extended time for certain contractor activities. Approximately 30% of the increase is a result of an underestimation in construction materials and scope of site infrastructure. Calibre had time contingencies; therefore, remains confident that first gold will be delivered during Q2, 2025.

Further Insight: Q3 Production Challenges

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Q3 Production was lower than expected primarily due to higher-than-expected historical artisanal mining activity on the initial benches of the Volcan open pit and mine sequencing at Limon. Ore tonnes and grade from Volcan are now aligning with expectations, and the deposit model has been confirmed by infill drilling.” He emphasized the company’s focus on overcoming challenges and aligning operations with the defined expectations.

Updated Full Year 2024 Guidance

Original Full Year 2024 Guidance

Valentine Gold Mine Construction Progress

Primary Crusher

Q3 2024 Production and Valentine Gold Mine Update Conference Call

Instructions for obtaining conference call dial-in number:

1. All parties must register at the link below to participate in Calibre’s Q3 2024 Production and Valentine Gold Mine Update conference call.
2. To register click and complete the online registration form.
3. Once registered, you will receive the dial-in numbers and PIN number for input at the time of the call.