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Calibre Mining Corp. Announces Operating Results for the First Quarter

Calibre Mining Corp. released its operating results for the quarter that ended on the 31st March, 2022.

Calibre Mining Corp. Announces Operating Results for the First Quarter

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The amounts are given in United States dollars.

Q1 2022 Highlights

  • Successful completion of the possession of Fiore Gold on January 12th, 2022, generating a diversified, Americas focused, expanding, mid-tier gold producer;
  • Gold production totaled 51,900 ounces, with sales totaling 52,290 ounces
    • Nevada gold production of 9,003 ounces: 15,064 ounces placed, 1,006,540 tons at 0.48 g/t
    • Nicaragua gold production of 42,897 ounces: 401,215 tons milled, 3.79 g/t, 90.1% recovery
  • Nicaragua's Indicated Mineral Resources accelerated to 1,806,000 ounces of gold
  • Nicaragua's Mineral Reserves rose to 1,013,000 ounces of gold, at a record grade of 4.62 g/t gold
  • Drilling results from Nevada’s Pan Mine show resource expansion and higher-grade potential
  • Calibre began a 170,000 m drilling program across its assets, including an 85,000 m discovery and emerging resource program in Nicaragua and an 85,000 m resource growth and conversion program in Nevada
  • Calibre unveiled its multi-year sustainability strategy

The integration of our Nevada assets continues Calibre’s journey of creating shareholder value as the Company solidifies its position as a diversified, Americas focused, growing, mid-tier gold producer.

Darren Hall, President and Chief Executive Officer, Calibre Mining Corp. 

Darren Hall adds, “I am very pleased with the teams first quarter performance, delivering a record 51,900 ounces, positioning the company well to deliver full year consolidated guidance of 220,000—235,000 ounces. Q1 results included expected lower production from Pan resulting from fewer ounces placed in Q4 2021 and the shortened quarter due to the January 12, 2022 transaction closing date.” 

Additionally, we commenced leveraging the commercial strength of the consolidated entity with the successful negotiation of new Nevada drilling contracts which resulted in securing rigs for the full years program at approximately 20% favorable unit rates.

Darren Hall, President and Chief Executive Officer, Calibre Mining Corp. 

We are well positioned to continue self-funding growth, exploration, and mine development and with multi-rig exploration drill programs across each of our assets we remain committed to reinvesting to expand resources, make new discoveries and grow production organically,” concludes Darren Hall.

Operating Overview

On January 12th, 2022, Calibre completed the acquisition of Fiore Gold, transforming the company into a multi-asset, multi-jurisdictional gold producer. The company’s Q1 gold production of 51,900 ounces exceeded expectations, putting it on track to meet its full-year gold production guidance of 220,000–235,000 ounces.

Owing to enhanced grades and mine sequencing, Nicaraguan gold production is anticipated to increase quarter over quarter and be approximately 20% higher in the second half of the year. As a result, during the second half of the year, the Company expects lower Total Cash Costs and All-in Sustaining Costs (“AISC”). 

To get the most out of the integrated asset base, the Company will continue to optimize its consolidated mine and process plans.

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