Calibre Mining – Another Record Quarter Of Revenues And Strong Operational Performance, With Ongoing Exploration And Expansion
Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to recap the financial and operating results for the three months ended March 31, 2023, paired with the organically-funded exploration strategy, and continuing grade-driven growth of the resources in both Nicaragua And Nevada.
There was consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces, which was 27% increase in gold production compared to Q1 2022. Total operations had consolidated All-In Sustaining Costs (“AISC”) of $1,302/oz, and $26.7 million in cash flow was generated from operations. Cash on hand as at March 31, 2023 was $60.8 million, and the Company saw a net income of $16.4 million or $0.04 per share. Additionally, the consolidated 2022 Mineral Reserves increased 370%, since acquisition in 2019, to 1,346,000 ounces gold, and the consolidated 2022 M&I Mineral Resources increased to 4,603,000 ounces gold.
We discussed the high-grade mining has now commenced at both the Pavon Central open pit and from Eastern Borosi. Both of these 2 new mining areas will continue adding in much higher grade ore through the Libertad Mill, for grade driven growth. There is also all of the ongoing exploration focused at Eastern Borosi, and on prior high-grade drill results from Panteon North, as well as new exploration targets at Buena Vista and La Fortuna, and know resources at the Primavera and Cerro Aeropuerto deposits.
Next we transition over to the Nevada assets, and all the ongoing exploration work the company has underway around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. There are also some targets on drilling some deeper ‘Carlin Style’, sulfide mineralization at Gold Rock Deep, and studies underway to determine the past path forward in developing Gold Rock.
If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Calibre Mining.
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