Calibre Mining – H1 2022 Operations Report And Successful Self-Funded 170,000 Meter Exploration Program On 15 Drill Rigs In Nevada and Nicaragua
Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to review the H1 2022 financial and production metrics, as well as an overview of the 15 drill rigs turning at both the Nevada and Nicaragua operations, continuing to make new discoveries and grow resources. Year-to-date for the first half of 2022 the Company has had gold sales of 112,270 ounces grossing $210.8 million in revenue, at an average realized gold price of $1,878/oz; with a consolidated All-In Sustaining Costs (“AISC”) of $1,244, cash on hand of $92.3 million, and cash flow from operations of $61.5 million.
We discuss how the Company has continued to grow the resources with a 254% increase in Nicaragua Mineral Reserves to 1,013,000 ounces gold since Q4, 2019 and also grown the associated metals grades over the last few years. This ties into the hub and spoke model of bringing more satellite deposits into production utilizing their excess mill capacity, and also continuing to ramp up production from higher grade zones giving further production upside potential over the next 2 years.
Ryan provides a well-rounded overview of all the drilling success the company is having in Nevada around the operating Pan Mine, and the Gold Rock development project, with over 50,000 meters of drilling expected to be completed in 2022 and leading to an updated resource and reserves statement in Q1 of 2023. We also discuss a number of get growth targets in Nicaragua at Limon, Pavon Norte, and around Libertad with many more drill results to be released over the balance of the year. Calibre Mining has an ongoing 170,000 meter exploration program at multiple properties in both Nicaragua and Nevada, with over 15 drill rigs turning.
If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.