Calibre, the mining company, has reached a new milestone by achieving an exceptional gold production figure that surpassed its 2023 guidance. In the fourth quarter alone, the company’s gold production amounted to an impressive 75,482 oz. This includes 64,963 oz. from its operations in Nicaragua and an additional 10,519 oz. from Nevada.
Despite a hefty C$40 million investment in Marathon Gold, which Calibre acquired in November 2023, the company’s financial position is robust with a cash reserve of $86 million as of December 31. This represented a staggering 52% increase compared to the end of the previous year.
Calibre’s CEO, Darren Hall, expressed great enthusiasm about the recent acquisition of Marathon Gold, referring to it as a “transformational transaction” that places the company in an exciting position. Hall added that the merger would not only transform Calibre but also create a high-growth, Americas-focused mid-tier gold company.
The acquisition of Marathon Gold also brought the Valentine gold project in central Newfoundland into Calibre’s possession. This project is expected to operate as an open pit mining and conventional milling operation with an annual gold production of 195,000 oz. for 12 years, within a mine life of 14.3 years. With construction already underway, the company is aiming for the first pour in 2025.
Looking towards the future, Calibre anticipates its gold production to range between 275,000 and 300,000 oz. in 2024, with 235,000 to 255,000 oz. originating from Nicaragua. The company’s stock demonstrated a 0.8% increase, resulting in a market capitalization of C$579.6 million ($432.8m) by 11:45 a.m. ET.
