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Calibre posts record annual gold production, exceeding 2023 guidance

Calibre Mining (TSX: CXB) received a boost Tuesday after the Canadian gold miner reported a record consolidated production for 2023 as well as a fifth consecutive record quarterly production.

Gold output across Calibre’s operations totalled 283,494 oz., exceeding the upper end of its 2023 production guidance. Its Nicaragua assets, led by the Limon mine complex, accounted for 242,109 oz., while the remaining 41,385 oz. came from Nevada.

Gold production in the fourth quarter was 75,482 oz., including 64,963 oz. from Nicaragua and 10,519 oz. from Nevada.

By Dec. 31, the company had cash of $86 million, for a 52% increase over end of year 2022. This is despite a C$40 million investment in Marathon Gold, which Calibre acquired in November 2023.

“The recently announced combination of Calibre and Marathon Gold is a transformational transaction for Calibre and puts the company in an exciting position,” Calibre’s CEO Darren Hall commented, adding that the merger would create an Americas-focused, high-growth mid-tier gold company.

The acquisition of Marathon adds the Valentine gold project in central Newfoundland to Calibre’s portfolio. The project represents an open pit mining and conventional milling operation with annual production of 195,000 oz. for 12 years within a 14.3-year mine life. Construction is already underway, with first pour targeted for 2025.

Looking ahead, the company is expecting its gold production to fall between 275,000 and 300,000 oz. in 2024. Of that, 235,000 to 255,000 oz. will come from Nicaragua.

By 11:45 a.m. ET, Calibre’s stock had gone up by 0.8% for a market capitalization of C$579.6 million ($432.8m).

Source: MINING.COM – Read More