Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) announces financial and operating
results for the three months ended March 31, 2023 (“Q1 2023”).
Consolidated Financial Statements and Management Discussion &
Analysis for the three months ending March 31, 2023 can be found at
www.sedar.com and the Company’s website, www.calibremining.com. All
figures are expressed in U.S. dollars unless otherwise stated.
Q1 2023 HIGHLIGHTS
- Record gold sales
of 65,770 ounces grossing $126.9 million in revenue at an average
realized gold price1 of $1,891/oz;
- Consolidated Total
Cash Costs (“TCC”)1 of $1,164/oz; Nicaragua $1,131/oz and Nevada
$1,331/oz;
- Consolidated All-In
Sustaining Costs (“AISC”)1 of $1,302/oz; Nicaragua $1,241/oz and
Nevada $1,363/oz;
- Generated $26.7
million in cash flow from operations;
- Cash on hand of
$60.8 million as at March 31, 20232;
- Net income of $16.4
million or $0.04 per share;
- Consolidated
Mineral Reserves increased 370% since acquisition in 2019, to
1,346,000 ounces gold (see press release dated February 14,
2023);
- The ore transport
team attained an average daily rate of 2,294 tonnes of ore per day
to the Libertad mill from the Pavon Norte, Pavon Central and Limon
mines, an 11% increase over the Q1 2022 average ore delivery
rate;
- Delivered
high-grade ore from Pavon Central mine ahead of schedule, averaging
1,000 tonnes per day at 7.39 g/t gold in February to the Libertad
mill (see press release dated March 15, 2023);
- Continued expansion
of the high-grade gold discovery at Panteon North and along the
VTEM Gold Corridor within the Limon Complex, intersecting 17.45 g/t
gold over 4.1 metres (see press release dated March 21, 2023);
- New discovery at
the Pan Mine in Nevada indicates the potential for resource
expansion to the south (see press release dated January 17,
2023)
- Phase 1 and 2 drill
results from the Golden Eagle Project in Washington State confirm
consistent gold mineralization over broad widths, reinforcing the
potential of this 2 million ounce Mineral Resource; Metallurgical
testing to explore for future gold extraction potential and
recovery methods has commenced (see press releases dated January
24, 2023 and April 12, 2023); and
- Commenced mining
from the Guapinol open pit at Eastern Borosi in April, utilising
surplus capacity at the Libertad mill for processing (see press
release dated April 18, 2023).
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “Calibre had an
excellent start to the year, responsibly delivering record gold
production of 65,750 ounces. During the quarter we continued to
solidify our position as a growing mid-tier gold producer,
expanding our hub and spoke operating strategy to include the new
high-grade open pit mine at Pavon Central. During Q2 we began
mining at our new Eastern Borosi open pit and expect initial
deliveries to Libertad in Q2. Cash generation is expected to
accelerate during the second half of the year with grade-driven
increased production achieving consolidated production guidance of
250,000 to 275,000 ounces and significantly increasing our cash
position by year end.”
CONSOLIDATED RESULTS SUMMARY – Q1 2023 |
|
Consolidated Financial Results |
|
|
|
|
$'000
(except per share and per ounce amounts) |
|
Q1 2023 |
|
|
Q1 2022 |
|
Revenue |
$ |
126,913 |
|
$ |
100,852 |
|
Cost of sales, including depreciation and amortization |
|
(94,660 |
) |
|
(69,317 |
) |
Mine operating income |
$ |
32,253 |
|
$ |
31,535 |
|
Net income |
$ |
16,409 |
|
$ |
11,701 |
|
Net income per share (basic) |
$ |
0.04 |
|
$ |
0.03 |
|
Net income per share (fully diluted) |
$ |
0.04 |
|
$ |
0.03 |
|
Adjusted net income3 |
$ |
16,198 |
|
$ |
16,441 |
|
Adjusted net income per share (basic) |
$ |
0.04 |
|
$ |
0.04 |
|
Cash provided by operating activities |
$ |
26,747 |
|
$ |
18,255 |
|
Capital investment in mine development and PPE |
$ |
21,040 |
|
$ |
14,101 |
|
Capital investment in exploration |
$ |
5,562 |
|
$ |
12,526 |
|
Gold ounces produced |
|
65,750 |
|
|
51,898 |
|
Gold ounces sold |
|
65,770 |
|
|
52,487 |
|
Average realized gold price ($/oz)1 |
$ |
1,891 |
|
$ |
1,897 |
|
Total Cash Costs ($/oz)1 |
$ |
1,164 |
|
$ |
1,060 |
|
AISC ($/oz)1 |
$ |
1,302 |
|
$ |
1,199 |
|
Operating Results |
|
|
|
|
|
NICARAGUA |
Q1 2023 |
Q1 2022 |
Ore
mined (t) |
483,260 |
352,266 |
Ore
milled (t) |
483,089 |
401,214 |
Grade
(g/t Au) |
3.63 |
3.81 |
Recovery (%) |
93.1 |
89.9 |
Gold
produced (ounces) |
54,997 |
42,897 |
Gold sold (ounces) |
54,995 |
42,918 |
Gold production in Nicaragua increased 28% in Q1
2023 vs Q1 2022 driven by higher tonnes milled, the Company expects
grades to increase through 2023 as high-grade ore sources come
online.
NEVADA |
Q1 2023 |
Q1 2022 |
Ore
mined (t) |
1,288,593 |
974,305 |
Ore
placed on leach pad (t) |
1,303,832 |
1,006,540 |
Grade (g/t Au) |
0.38 |
0.47 |
Gold produced (ounces) |
10,753 |
9,001 |
Gold sold (ounces) |
10,775 |
9,569 |
CONSOLIDATED Q1 2023 FINANCIAL
REVIEW
Total Cash Costs and AISC for Q1 2023 were
$1,164 per ounce and $1,302 per ounce respectively, in line with
expectations for the period. The higher production cost quarter
over quarter was due to additional tonnes moved, milled, and
transported through the hub and spoke network.
Expenses and Net Income
For the three months ended March 31, 2023,
corporate G&A was $2.7 million compared to $3.1 million for the
same period in 2022. Corporate administration was slightly lower
than the comparable 2022 period due to less costs associated with
salaries and professional fees.
Share-based compensation for Q1 2023 was $1.7
million. The increase in expenses over the prior year quarter
relates to the revaluation of cash settled RSUs and PSUs.
Total finance expense for Q1 2023 was $1.0
million compared to $0.5 million the same period in 2022.
Current and deferred income tax expense was
$10.0 million during Q1 2023, compared to the same period of 2022
of $8.2 million. Q1 2023 saw an increase in current and deferred
tax expenses when compared to Q1 2022, from higher pre-tax income
partially offset by a lower overall tax rate. As a result of the
above, net income per share in Q1 2023 was $0.04 for both basic and
diluted.
2023 GUIDANCE
|
CONSOLIDATED |
NICARAGUA |
NEVADA |
Gold Production/Sales (ounces) |
250,000 – 275,000 |
210,000 – 230,000 |
40,000 – 45,000 |
Total Cash Costs ($/ounce)1 |
$1,000 - $1,100 |
$950 - $1,050 |
$1,300 - $1,400 |
AISC ($/ounce)1 |
$1,175 - $1,275 |
$1,100 - $1,200 |
$1,350 - $1,450 |
Growth Capital ($ million) |
$55 - $65 |
Exploration Capital ($ million) |
$25 - $30 |
Since acquiring the Nicaraguan assets from
B2Gold in October 2019 and Fiore Gold in 2022, the Company has
consistently re-invested into the business with demonstrated
results of strong production, reserve growth, discovery of new
deposits, and identification of new targets, which positions
Calibre to unlock additional mill feed sources and grow production
both in Nicaragua and Nevada. Calibre continues to invest in new
mine development including Pavon Central and Eastern Borosi and a
discovery and resource expansion 100,000 metre drilling program,
underway in Nevada and Nicaragua.
Calibre’s 2023 production guidance reflects
grade-drive production growth of approximately 20% over 2022 yet
2023 Total Cash Cost and All-in sustaining costs per ounce is
anticipated to be in-line or better than 2022 actuals. Calibre’s
2023 growth capital and exploration capital is budgeted to be 30%
and 40% less, respectively, than 2022, setting the Company up for a
strong free cash flow year.
Growth and sustaining capital are anticipated to
be higher throughout the first half of the year to unlock value at
the new high-grade Pavon Central and Eastern Borosi open pit mines.
Growth also includes underground development, Limon Norte and Tigra
waste stripping, and land acquisition.
Q1 2023 FINANCIAL RESULTS CONFERENCE
CALL DETAILS
First quarter financial results will be released
after market close on Monday, May 8, 2023, and management will be
hosting a conference call on Tuesday, May 9 to discuss the results
and outlook in more detail.
Date: |
Tuesday, May 9, 2023 |
Time: |
10:00 a.m. (ET) |
Webcast Link: |
https://edge.media-server.com/mmc/p/77jbhopx |
Instructions for obtaining conference call
dial-in numbers:
- All parties must register at the link below to participate in
Calibre’s Q1 2023 conference call.
- Register by clicking
https://register.vevent.com/register/BIcbb8f6f89d254adb83115fe6e956e5f3
and completing the online registration form.
- Once registered you will receive
the dial-in numbers and PIN number for input at the time of the
call.
The live webcast and registration link can be
accessed here and at www.calibremining.com under the Events and
Media section under the Investors tab. The live audio webcast will
be archived and available for replay for 12 months after the event
at www.calibremining.com. Presentation slides that will accompany
the conference call will be made available in the Investors section
of the Calibre website under Presentations prior to the conference
call.
Qualified Person
Darren Hall, MAusIMM President and Chief
Executive Officer of Calibre Mining Corp. is a “qualified person”
as set out under NI 43-101 and has reviewed and approved the
scientific and technical information in this news
release.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren HallPresident and Chief Executive Officer
For further information, please contact:
Ryan KingSenior Vice President, Corporate
Development & IRT: 604.628.1010E: calibre@calibremining.comW:
www.calibremining.comAbout Calibre Mining
Corp.
Calibre is a Canadian-listed, Americas focused,
growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Nevada and
Washington in the USA, and Nicaragua. Calibre is focused on
delivering sustainable value for shareholders, local communities
and all stakeholders through responsible operations and a
disciplined approach to growth. With a strong balance sheet, a
proven management team, strong operating cash flow, accretive
development projects and district-scale exploration opportunities
Calibre will unlock significant value.
Notes:
(1) NON-IFRS FINANCIAL
MEASURESThe Company believes that investors use certain
non-IFRS measures as indicators to assess gold mining companies,
specifically Total Cash Costs per Ounce and All-In Sustaining Costs
per Ounce. In the gold mining industry, these are common
performance measures but do not have any standardized meaning. The
Company believes that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this
information to evaluate the Company’s performance and ability to
generate cash flow. Accordingly, it is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS.
Total Cash
Costs per Ounce of Gold: Total cash costs include mine
site operating costs such as mining, processing, and local
administrative costs (including stock-based compensation related to
mine operations), royalties, production taxes, mine standby costs
and current inventory write downs, if any. Production costs are
exclusive of depreciation and depletion, reclamation, capital, and
exploration costs. Total cash costs per gold ounce are net of
by-product silver sales and are divided by gold ounces sold to
arrive at a per ounce figure.
All-In
Sustaining Costs per Ounce of Gold: A performance measure
that reflects all the expenditures that are required to produce an
ounce of gold from current operations. While there is no
standardized meaning of the measure across the industry, the
Company’s definition is derived from the AISC definition as set out
by the World Gold Council in its guidance dated June 27, 2013 and
November 16, 2018. The World Gold Council is a non-regulatory,
non-profit organization established in 1987 whose members include
global senior mining companies. The Company believes that this
measure will be useful to external users in assessing operating
performance and the ability to generate free cash flow from current
operations. The Company defines AISC as the sum of total cash costs
(per above), sustaining capital (capital required to maintain
current operations at existing levels), capital lease repayments,
corporate general and administrative expenses, exploration
expenditures designed to increase resource confidence at producing
mines, amortization of asset retirement costs and rehabilitation
accretion related to current operations. AISC excludes capital
expenditures for significant improvements at existing operations
deemed to be expansionary in nature, exploration and evaluation
related to resource growth, rehabilitation accretion and
amortization not related to current operations, financing costs,
debt repayments, and taxes. Total all-in sustaining costs are
divided by gold ounces sold to arrive at a per ounce figure.
Average
Realized Price per Ounce Sold: Average realized price per
ounce sold is a common performance measure that does not have any
standardized meaning. The most directly comparable measure prepared
in accordance with IFRS is revenue from gold sales.
(2) MARCH 31, 2023 CASH
POSITIONIncludes restricted cash of $2.5 million see note
13 in the Condensed Interim Financial Statements for the Three
Months Ended March 31, 2023 and 2022.
(3) ADJUSTED NET
INCOMEAdjusted net income and adjusted earnings per share
– basic exclude a number of temporary or one-time items described
in the following table, which provides a reconciliation of adjusted
net income to the consolidated financial statements:
(in
thousands – except per share amounts) |
|
Q1 2023 |
|
|
Q1 2022 |
Net income |
$ |
16,409 |
|
$ |
11,701 |
Addbacks (net of tax impacts): |
|
|
Transaction costs |
|
82 |
|
|
4,470 |
Nevada inventory write down |
|
(616 |
) |
|
- |
Mineral property write-off |
|
323 |
|
|
- |
Adjusted net income |
$ |
16,198 |
|
$ |
16,441 |
Weighted average number of shares outstanding |
|
452,067 |
|
|
444,599 |
Adjusted net income (loss) per share - basic |
$ |
0.04 |
|
$ |
0.04 |
Cautionary Note Regarding Forward
Looking Information
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian securities legislation. All statements in this
news release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. Forward-looking
statements necessarily involve assumptions, risks, and
uncertainties, certain of which are beyond Calibre’s control. For a
listing of risk factors applicable to the Company, please refer to
Calibre’s annual information form for the year ended December 31,
2022, and its management discussion and analysis (“MD&A”) for
the year ended December 31, 2022 all available on the Company’s
SEDAR profile at www.sedar.com. This list is not exhaustive of the
factors that may affect Calibre’s forward-looking statements such
as potential sanctions implemented as a result of the United States
Executive Order 13851 dated October 24, 2022.
Calibre’s forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. Calibre does not assume any
obligation to update forward-looking statements if circumstances or
management’s beliefs, expectations or opinions should change other
than as required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be
accurate, and actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, undue reliance should not
be placed on forward-looking statements.
Grafico Azioni Calibre Mining (TSX:CXB)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Calibre Mining (TSX:CXB)
Storico
Da Mag 2023 a Mag 2024