Calibre Mining – Record Q4 Gold Production, Beats Annual Guidance With 283,494 Ounces In 2023

Shad Marquitz
January 15, 2024

Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX.V:CXB – OTCQX:CXBMF), joins me to review the announcement from January 9th, on the Q4 and year-end operations and production.  We also get into some of the synergies and rerating value drivers with the new pro-forma company, with the definitive arrangement agreement whereby Calibre will acquire all of the issued and outstanding common shares of Marathon Gold (TSX: MOZ – OTC: MGDPF ) pursuant to a court-approved plan of arrangement.


Record Q4 and Full Year 2023 Highlights


  • Cash $86 million, a 52% increase over end of year 2022, after a C$40 million investment in Marathon Gold;
  • 5th Consecutive record consolidated quarterly gold production of 75,482 ounces:
    • Nicaragua Q4 gold production of 64,963 ounces and Nevada gold production of 10,519 ounces;
  • Record consolidated full year production of 283,494 ounces, exceeding 2023 production guidance:
    • Nicaragua full year gold production of 242,109 ounces and Nevada gold production of 41,385 ounces;
  • Achieved another successful year on many fronts including exploration success and milestones across all assets, reaffirming the Company’s multi-year, grade-driven, socially, and environmentally sustainable production growth strategy;
  • Announced the combination of Calibre Mining and Marathon Gold to create a high-growth, cash flow focused, mid-tier gold producer in the Americas with expected annual production of 500,000 ounces and completed the C$40 million financing to become Marathon’s largest shareholder;


Ryan provides a nice snapshot of where future production growth will be coming from, with 2024 guidance in the 275,000 – 300,000 ounces of gold targeted.   We also discuss some of the development plans in Nicaragua and Nevada projects, as well the main value drivers of the pro-forma company, with regards to the development project and exploration upside in Newfoundland at and around the Valentine Gold Project.


The merger creates a high-margin, cash flow focused, mid-tier gold producer in the Americas with estimated annual production of 400koz – 500 koz Au per year (2025 – 2026E average. That will give the combined Company approximately 60% NAV in tier-1 mining jurisdictions with pro-forma market capitalization of approximately US$750 million, providing scale, enhanced trading liquidity, and a strong re-rating potential as a mid-tier gold producer. Valentine  is expected to add an average annual gold production of 195,000 oz at low projected All-in Sustaining Costs (AISC) of US$1,007 per ounce through the first 12 years of production beginning in 2025.


If you have any questions for Ryan regarding Calibre Mining, then please email me at


  • In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.




Click here to see the Calibre Mining news section

    Jan 15, 2024 15:26 PM

    Calibre…again. Okay it’s a good company

      Jan 15, 2024 15:06 PM

      Yep. It’s a good company and a sponsor of the KE Report. We have on sponsor companies when they put out key news, and the record Q4 and year-end operations update was key news.

    Jan 16, 2024 16:51 PM

    (CXB) (CXBMF) Calibre Mining Shareholders Approve Marathon Gold Acquisition

    16 Jan 2024