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Yahoo
20-05-2025
- Business
- Yahoo
Calibre Releases 2024 Sustainability Report, Reaffirming Commitment to Responsible Growth and Stakeholder Value
VANCOUVER, British Columbia, May 20, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the publication of its fifth annual Sustainability Report, highlighting another year of strong economic performance and continued leadership in responsible mining practices. Darren Hall, President and Chief Executive Officer of Calibre, stated: '2024 was a transformative year for Calibre. We continued to deliver strong results while laying the foundation for future growth through the development of the Valentine Gold Mine in Central Newfoundland, Canada and our upcoming merger with Equinox Gold. These milestones reflect our disciplined approach to growth, underpinning strong performance with sustainability as a strategic priority. Our ability to consistently deliver on our commitments is rooted in a disciplined, purpose-driven approach and a culture that embeds sustainability into every aspect of our business. Sustainability is core to our principles, guiding us in everything we do. As we continue to evolve, our focus remains clear: to create lasting value for all stakeholders through transparent engagement, ethical practices, and operational excellence. Our success is deeply connected to the well-being of the communities where we operate. Through partnerships with Indigenous groups, investments in local development, and our commitment to free, prior, and informed consent, we strive to be a trusted and respectful neighbor. The 2024 Sustainability Report captures this journey—our achievements, our challenges, and our continued commitment to mining with purpose.' Environmental Stewardship Published our first Climate Report, including scenario analysis for climate-related risks and opportunities. Produced 164,355 trees for reforestation and carbon sequestration in Nicaragua. Prevented the use of 7.42 tonnes of mercury through the Artisanal and Small-scale Miners (ASM) Ore Purchase Program. Reported one significant environmental incident; lessons learned informed enhancements to management systems. Social Responsibility Distributed US$897 million in economic value across sites, investing US$4.19 million in community development projects focusing on education, health, and infrastructure. Supported 1,133 direct jobs, with a 95% national workforce—82% of whom are from local communities. Reported zero fatalities and achieved a 22% reduction in the Lost Time Injury Frequency Rate, down to 0.21. Zero site shutdowns or project delays due to non-technical factors and no substantiated human rights concerns raised by communities, resolving 93% of community grievances, with a renewed focus on response times and stakeholder engagement. Governance and Ethics No significant instances of non-compliance with laws and regulations. Human Rights Impact Assessment conducted at the Eastern Borosi Mine, ensuring 100% of Calibre operations in Nicaragua assessed within the past 3 years. Fourth year of conformance with the World Gold Council's Responsible Gold Mining Principles. Improved ESG risk ratings: MSCI ESG upgraded to 'A'; Sustainalytics score improved to 29.0 ('Medium' risk). Enhanced procurement due diligence to strengthen ASM ore sourcing governance systems. Financial and Investor Performance Generated US$586 million in revenue, driven by strong operational performance across all sites. Delivered a 60% increase in share price, underscoring growing investor confidence and value creation. Advanced construction of Valentine Gold Mine, with first gold production expected in Q3 2025. Announced a transformational merger with Equinox Gold, creating Canada's second-largest gold producer with a diversified growth platform. The 2024 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, the GRI 14: Mining Sector 2024 Standard, the SASB 2023 Metals and Mining Standards, and the Mining Local Procurement Reporting Mechanism and includes the Company's operating mines. The Company will file its 2024 Bill S-211 Report on or before May 31, 2025, under Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act. A link to the Company's 2023 Bill S-211 Report can be found here. Click here to access the full 2024 Sustainability Report. For further details on Calibre's sustainability initiatives please visit the Company website at About Calibre Calibre (TSX:CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, 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. ON BEHALF OF THE BOARD 'Darren Hall' Darren Hall, President & Chief Executive Officer For further information, please contact: Ryan KingSVP Corporate Development & IRT: 604.628.1012E: calibre@ Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. YouTube / Instagram / LinkedIn / Facebook / X The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news 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. These include, without limitation, statements with respect to: Calibre and its business combination (the 'Arrangement') with Equinox Gold Corp. ('Equinox'), the combined company's plans and expectations with respect to the proposed Arrangement and the anticipated impact of the proposed Arrangement on the combined company's results of operations, financial position, growth opportunities and competitive position, the receipt of required approvals, and the expected timing of completion of the Arrangement. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that any other condition to closing of the Arrangement may not be satisfied; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that the either Calibre or Equinox may terminate the Arrangement Agreement and either Calibre or Equinox is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of Calibre or Equinox, including those resulting from the announcement or completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Calibre and Equinox; the effects of the business combination of Calibre and Equinox, including the combined company's future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk that Calibre or Equinox may not receive the required court, stock exchange and regulatory approvals to effect the Arrangement; the risk of any litigation relating to the proposed Arrangement; the risk of changes in laws, governmental regulations or enforcement practices; the effects of commodity prices, life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Arrangement; and other risks and uncertainties set out in Calibre's annual information form ('AIF') for the year ended December 31, 2024, its management discussion and analysis for the year ended December 31, 2024 and other disclosure documents of the Company filed on the Company's SEDAR+ profile at 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
Calibre Reports Q1 Financial and Production Results; Valentine Advances Toward Gold Production in Q3, Setting Up for Significant Growth; Calibre Mining & Equinox Gold Merger Anticipated to Close Durin
To ensure smooth commissioning and transition to operations, we have strengthened contractor oversight and enhanced the owner's team with the recent appointment of Pierre Légaré as Project Director for the process plant. Pierre is the Managing Director of Alvarez and Marsal INFRA Canada and has a proven track record over 30 years of project development across the mining and construction industries. His extensive career also includes over 20 years in senior roles at SNC-Lavalin, culminating in his position as Vice-President of Projects in the Mining & Metallurgy division. These actions position us for a safe, more controlled, and efficient ramp-up, with operations expected to reach nameplate capacity in Q1 2026. With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant. The primary crusher has been commissioned, with the coarse ore stockpile building well underway and ready to receive material by the end of May. At Valentine, construction continues to advance with first gold now expected by the end of Q3. The delay was due to lower than planned productivity, and minor scope growth, which has resulted in an $80 million (C$110 million) increase to the initial project capital since our October 2024 update of C$744 million. Approximately 75% of the capital increase is attributable to the schedule extension and 25% is related to scope growth and quantity. As at the end of April the initial project capital remains fully funded with $203 million (C$280 million) in cash and $73 million (C$101 million) remaining to be incurred. Darren Hall, President and Chief Executive Officer of Calibre, stated : 'I am proud of the teams operational performance across the portfolio, responsibly delivering 71,539 ounces in Q1, positioning the Company to meet, and potentially exceed, full-year production guidance of 230,000 – 280,000 ounces. I am also pleased with our continued focus on cost discipline, with the Company's consolidated all-in sustaining costs coming in below budget at $1,389/oz for the quarter. VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce financial and operating results for the three months ('Q1') ended March 31, 2025, and an update on the Valentine Gold Mine ('Valentine'), located in Newfoundland & Labrador, Canada. Consolidated Q1 2025 filings can be found at and on the Company's website at . All figures are expressed in U.S. dollars unless otherwise stated. Story Continues We have successfully completed Valentine mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles have commissioning experience which is critical to a smooth ramp up and long-term operational performance. As a long-life, low-cost cornerstone asset in Canada, Valentine is expected to produce approximately 200,000 ounces of gold annually. The asset also offers significant exploration upside, highlighted by our new discovery where drilling intercepted 172.8 metres grading 2.43 g/t gold. 2025 will mark the largest pure exploration program in the property's history. We greatly appreciate the support of our shareholders for approving the merger with Equinox Gold, which is expected to close by the end of Q2. Through enhanced scale, a diversified asset base, and new high quality Canadian production, this merger is positioned to deliver greater value than either company could achieve independently.' Q1 2025 Highlights Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces; The multi-million-ounce Valentine Gold Mine is set to achieve production in Q3; The largest pure exploration drill program is underway at Valentine totalling 100,000 metres ; recent Frank Zone discovery drilling highlights (see Calibre news releases dated November 25, 2024 , and February 11, 2025 ), southwest of the Leprechaun pit includes: 2.43 g/t Au over 172.8 metres ETW including 3.84 g/t Au over 90.9 metres ETW in Hole FZ-24-048; and 2.12 g/t Au over 95.4 metres ETW in Hole FZ-24-046, 2.26 g/t Au over 78.3 metres ETW in Hole FZ-24-040, 3.08 g/t Au over 48.2 metres ETW in Hole FZ-24-062. Equinox Gold and Calibre Combine to Create a Major Americas-Focused Gold Producer Announced the merger of Calibre and Equinox Gold to create a major Americas-focused gold producer with enhanced diversification, scale, financial strength, and operational expertise. The combined company will deliver long-term value to all stakeholders. Key highlights include: Strengthened combined leadership team with a proven track record of value creation; Immediate increase in production and substantial cash flow from a larger asset portfolio; Creation of the second largest gold producer in Canada; Significant re-rate potential based on valuation of peers; A major diversified gold producer in the Americas; Exceptional growth profile with a pipeline of development and expansion projects; and Strong balance sheet with ability to rapidly deleverage and return capital to shareholders. Gold Sales and Cost Metrics Consolidated gold sales of 71,545 ounces, generating $200.0 million in gold revenue (Q1 2024 - $129.2 million), at an average realized gold price of $2,796/oz; Nicaragua 64,469 ounces and Nevada 7,076 ounces; Consolidated Total Cash Cost 1 ('TCC') of $1,221/oz; Nicaragua $1,173/oz and Nevada $1,654/oz; Consolidated All-In Sustaining Cost 1 ('AISC') of $1,389/oz; Nicaragua $1,255/oz and Nevada $1,748/oz; and Cash and restricted cash of $177.4 million and $36.6 million, respectively, as at March 31, 2025, with the final $25.0 million of restricted cash released to the Company in April 2025. Valentine Update Tailings Management Facility is complete; Structural steel is complete; Mass construction nearing completion; project has transitioned to system/sub-system completion; Primary crusher installation and commissioning complete; Mills motors and mill liners are installed, and pre-commissioning is underway; Conveyors are complete and commissioned; CIL tanks piping and electrical continue, and pre-commissioning to follow; Coarse ore stockpile building, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning; ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning; Cable tray, cable installation, and terminations progressing; Commencement of ore processing expected during Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance; Updated initial project capital cost is now estimated at approximately C$854 million (excluding sunk costs). At April 30, 2025, initial project capital costs on an incurred basis totalled C$753 million (excluding sunk costs); Initial project capital cost is fully funded with over $203 million (C$280 million) in cash at April 30, 2025; and Phase 2 technical studies progressing, targeting an increase in the plant throughput from 2.5 Mtpa to >5 Mtpa. Valentine Construction Progress Photos Pebble Crusher and Recirculating Conveyors – April 2025 Image 1 SAG and Ball Mill - April 2025 Image 2 CONSOLIDATED RESULTS Q1 2025 Consolidated Results (1) $'000 (except per share and per ounce amounts) Three Months Ended Q1 2025 Q4 2024 Q1 2024 Revenue $ 202,622 $ 202,966 $ 131,888 Cost of sales, including depreciation and amortization $ (123,322 ) $ (138,607 ) $ (102,631 ) Earnings from mine operations $ 79,300 $ 64,359 $ 29,257 EBITDA(2) $ 83,226 $ 73,456 $ 26,479 Adjusted EBITDA(2) $ 100,764 $ 95,573 $ 37,320 Net earnings $ 22,599 $ 16,661 $ (3,636 ) Adjusted net earnings(2) $ 40,137 $ 38,550 $ 5,587 Operating cash flows before working capital(2) $ 55,074 $ 127,587 $ 62,862 Operating cash flow $ 53,476 $ 91,404 $ 45,815 Capital expenditures (sustaining)(2) $ 4,605 $ 6,940 $ 7,708 Capital expenditures (growth)(2) $ 121,206 $ 125,485 $ 68,149 Capital expenditures (exploration) $ 13,494 $ 13,985 $ 7,707 Operating Results Gold ounces produced 71,539 76,269 61,767 Gold ounces sold 71,545 76,252 61,778 Per Ounce Data Average realized gold price(2) ($/oz) $ 2,796 $ 2,616 $ 2,092 TCC ($/oz) (2) $ 1,221 $ 1,243 $ 1,337 AISC ($/oz) (2) $ 1,389 $ 1,423 $ 1,555 Weighted Avg. Numbers of Shares Outstanding Basic (in thousands) 848,747 838,038 653,855 Diluted (in thousands) 905,293 869,947 681,420 Per Share Data Earnings per share – basic $ 0.03 $ 0.02 $ (0.01 ) Earnings per share – fully diluted $ 0.02 $ 0.02 $ (0.01 ) Adjusted net earnings per share – basic(2) $ 0.05 $ 0.05 $ 0.01 Operating cash flows before working capital/share(2) $ 0.06 $ 0.15 $ 0.10 Operating cash flow per share $ 0.06 $ 0.11 $ 0.07 Balance Sheet Data (in thousands, except for ratio) Cash and cash equivalents $ 177,385 $ 131,093 $ 54,385 Adjusted net debt(2) $ 164,670 $ 165,201 $ 241,454 Adj. Net debt/Adj. EBITDA (LTM) ratio(2, 3) $ 0.63 $ 0.77 $ 1.07 Consolidated financial and operational results for Q1 2024 include the results from Marathon since its acquisition from the period of January 25, 2024, to March 31, 2024. This is a non-IFRS measure, for further information refer to the Non-IFRS Measures section in the Notes below. LTM is defined as the last twelve months. Operating Results Three Months Ended NICARAGUA Q1 2025 Q4 2024 Q1 2024 Ore mined (t) 522,710 796,789 534,788 Ore milled (t) 585,576 617,415 531,011 Grade (g/t Au) 4.14 3.97 3.32 Recovery (%) 90.6 89.1 91.6 Gold produced (ounces) 64,469 66,578 55,007 Gold sold (ounces) 64,469 66,578 55,007 Three Months Ended NEVADA Q1 2025 Q4 2024 Q1 2024 Ore mined (t) 1,174,281 1,116,192 988,694 Ore placed on leach pad (t) 1,162,180 1,136,772 975,354 Grade (g/t Au) 0.31 0.36 0.37 Gold produced (ounces) 7,070 9,691 6,760 Gold sold (ounces) 7,076 9,674 6,771 2025 GUIDANCE Q1 ACTUALS CONSOLIDATED NICARAGUA NEWFOUNDLAND NEVADA Gold Production/Sales (ounces) 71,539 230,000 - 280,000 200,000 - 250,000 N/A 30,000 - 40,000 TCC ($/ounce)1 $1,221 $1,300 - $1,400 $1,200 - $1,300 N/A $1,600 - $1,700 AISC ($/ounce)1 $1,389 $1,500 - $1,600 $1,400 - $1,500 N/A $1,600 - $1,700 Growth Capital ($ million) $19 $70 - $80 $60 - $70 N/A $5 - $10 Exploration ($ million) $13 $50 - $60 $25 - $30 $15 - $20 $5 - $10 The 2025 guidance currently covers gold production, TCC, AISC, and growth capital for operations in Nicaragua and Nevada. The consolidated exploration guidance includes drilling activities at the Valentine gold mine. Guidance for Valentine, including production, TCC, AISC, growth and full-year consolidated details, will be provided after first gold is produced from Valentine, expected in Q3 of this year. Calibre continues to reinvest in exploration and growth, with approximately 200,000 metres of diamond, RC and RAB drilling and the development of new satellite deposits across its entire asset portfolio. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions. Q1 2025 Conference Call Details Date: Thursday, May 8, 2025 Time: 10:00 am ET Webcast link: Instructions for obtaining conference call dial-in number: All parties must register at the link below to participate in Calibre's Q1 2025 Conference Call. To register click and complete the online registration form. Once registered, registered participants will receive the dial-in numbers and PIN number for input at the time of the call. The live webcast and registration link can also be accessed at under the Events section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at . 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 The scientific and technical information contained in this news release was approved by David Schonfeldt Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. About Calibre Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for Securityholders, 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. ON BEHALF OF THE BOARD 'Darren Hall' Darren Hall, President & Chief Executive Officer For further information, please contact: Ryan King SVP Corporate Development & IR T: 604.628.1012 E: calibre@ W: Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. YouTube / Instagram / LinkedIn / Facebook / X The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. NOTES * Refer to the 'Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland & Labrador, Canada' dated November 30, 2022 and found on the Calibre website at and on SEDAR+ at . (1) NON-IFRS FINANCIAL MEASURES Calibre has included certain non-IFRS measures as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are 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. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. TCC per Ounce of Gold : TCC include production costs, royalties, production taxes, refinery charges, and transportation charges. Production costs consist of mine site operating costs such as mining, processing, local administrative costs (including stock-based compensation related to mine operations) and current inventory write-downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and exploration costs. TCC are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure. AISC per Ounce of Gold : AISC is a performance measure that reflects the total 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 definition as set out by the World Gold Council in its guidance dated June 27, 2013, and November 16, 2018, respectively. 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 is useful to external users in assessing operating performance and the ability to generate free cash flow from operations. Calibre defines AISC as the sum of TCC, corporate general and administrative expenses (excluding one-time charges), reclamation accretion related to current operations and amortization of asset retirement obligations ('ARO'), sustaining capital (capital required to maintain current operations at existing production levels), lease repayments, and exploration expenditures designed to increase resource confidence at producing mines. 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 not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure Average Realized Price per Ounce Sold: Average Realized Gold Price Per Ounce Sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-produce credits, which in the Company's case are not significant, and to enable investors to understand the Company's financial performance based on the average realized proceeds of selling gold production in the reporting period. Average Realized Gold 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. Adjusted Net Earnings : Adjusted Net Earnings and Adjusted Net Earnings Per Share - Basic exclude a number of temporary or one-time items considered exceptional in nature and not related to the Company's core operation of mining assets or reflective of recurring operating performance. Management believes Adjusted Net Earnings may assist investors and analysts to better understand the current and future operating performance of the Company's core mining business. Adjusted Net Earnings and Adjusted Net Earnings Per Share do not have a standard meaning under IFRS. They should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of earnings from mine operations, earnings, or cash flow from operations as determined under IFRS. Cash From Operating Activities Before Changes in Working Capital : Cash from Operating Activities before Changes in Working Capital is a non-IFRS measure with no standard meaning under IFRS, which is calculated by the Company as net cash from operating activities less working capital items. The Company believes that Net Cash from Operating Activities before Changes in Working Capital, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company. Net Debt and Adjusted Net Debt : The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company's performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of loans and borrowings, net of the cash and cash equivalent balance as at the balance sheet date. Adjusted Net Debt is calculated as Net Debt less fair value and other non-cash adjustments that will not result in a cash outflow to the Company. The Company believes that Adjusted Net Debt provides a better understanding of the Company's liquidity. EBITDA and Adjusted EBITDA : The Company believes that certain investors use the EBITDA and the adjusted EBITDA ('Adjusted EBITDA') measures to evaluate the Company's performance and ability to generate operating cash flows to service debt and fund capital expenditures. EBITDA and Adjusted EBITDA do not have a standardized meaning as prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company calculates EBITDA as earnings or loss before taxes for the period excluding depreciation and depletion and finance costs. EBITDA excludes the impact of cash costs of financing activities and taxes and the effects of changes in working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Adjusted EBITDA is calculated by excluding one-off costs or credits relating to non-routine transactions from EBITDA that are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash and cash amounts that are not indicative of the recurring performance of the underlying operations for the reporting periods. Adjusted Net Debt to Adjusted EBITDA : The Adjusted Net Debt to Adjusted EBITDA measures provide investors and analysts with additional transparency about the Company's liquidity position, specifically, the Company's ability to generate sufficient operating cash flows to meet its mandatory interest obligations and pay down its outstanding debt balance in full at maturity. This measure is a Non-IFRS measure and 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. The calculation of Adjusted Net Debt is shown above. TCC and AISC per Ounce of Gold Sold Reconciliations The tables below reconcile TCC and AISC for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024: Q1 2025 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 70,669 $ 10,900 $ - $ 81,569 Less: silver by-product revenue (2,595 ) (0 ) - (2,595 ) Royalties and production taxes 7,578 805 - 8,383 Total cash costs $ 75,652 $ 11,705 $ - $ 87,357 Corporate and general administration - - 6,073 6,093 Reclamation accretion and amortization of ARO 730 525 - 1,255 Sustaining capital(1) 4,465 140 - 4,605 Sustaining exploration 82 - - 82 Total AISC $ 80,930 $ 12,370 $ 6,073 $ 99,372 Gold ounces sold 64,469 7,076 - 71,545 Total Cash Costs $ 1,173 $ 1,654 $ - $ 1,221 AISC $ 1,255 $ 1,748 $ - $ 1,389 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. Q4 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 77,823 $ 13,325 $ - $ 91,148 Less: silver by-product revenue (3,465 ) (28 ) - (3,493 ) Royalties and production taxes 5,924 1,211 - 7,135 Total cash costs $ 80,282 $ 14,508 $ - $ 94,790 Corporate and general administration - - 5,394 5,394 Reclamation accretion and amortization of ARO 1,093 148 - 1,241 Sustaining capital(1) 6,634 306 - 6,940 Sustaining exploration 167 - - 167 Total AISC $ 88,176 $ 14,962 $ 5,394 $ 108,532 Gold ounces sold 66,578 9,674 - 76,252 Total Cash Costs $ 1,206 $ 1,500 $ - $ 1,243 AISC $ 1,324 $ 1,547 $ - $ 1,423 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. Q1 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 70,501 $ 9,646 $ - $ 80,147 Less: silver by-product revenue (2,671 ) (7 ) - (2,678 ) Royalties and production taxes 4,193 560 - 4,753 Refinery, transportation and other 366 37 - 403 Total cash costs $ 72,389 $ 10,236 $ - $ 82,625 Corporate and general administration - - 4,525 4,525 Reclamation accretion and amortization of ARO 1,094 137 - 1,231 Sustaining capital(1) 7,411 297 - 7,708 Total AISC $ 80,894 $ 10,670 $ 4,525 $ 96,089 Gold ounces sold 55,007 6,771 - 61,778 Total Cash Costs $ 1,316 $ 1,512 $ - $ 1,337 AISC $ 1,471 $ 1,576 $ - $ 1,555 Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. (2) AVERAGE REALIZED GOLD PRICE PER OUNCE SOLD The following table provides a reconciliation of Average Realized Gold Price Per Ounce Sold to gold revenue per the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Gold revenue (in thousands) $ 200,027 $ 199,473 $ 129,210 Ounces of gold sold 71,545 76,252 61,778 Average realized price per ounce sold (1) $ 2,796 $ 2,616 $ 2,092 Average realized gold price per ounce sold includes 6,900 ounces in Q1 2025 (6,900 ounces in Q4, 2024 and nil ounces in Q1 2024) at $2,239 per ounce as delivered in accordance with the Prepay I Agreement. (3) ADJUSTED NET EARNINGS The following table provides a reconciliation of Adjusted Net Earnings and Adjusted Net Earnings Per Share to the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended (in thousands – except per share) March 31, 2025 December 31, 2024 March 31, 2024 Net earnings $ 22,599 $ 16,661 $ (3,636 ) Adjusting items: Foreign exchange (378 ) 16,516 - Loss on financial instruments 10,108 115 - Project assessment costs 6,299 885 8,933 Nicaragua one-time expenses - 1,209 - Non-recurring finance expenses 1,509 - - Mineral property write-off - 3,164 290 Adjusted net earnings $ 40,137 $ 38,550 $ 5,587 Weighted average number of shares outstanding 848,747 838,038 653,855 Adjusted net earnings per share - basic $ 0.05 $ 0.05 $ 0.01 Adjusted from net earnings to derive Adjusted Net Earnings are one-time transaction costs primarily related to the Equinox Transaction and the acquisition of Marathon, foreign exchange impacts resulting from the translation of the Sprott Loan from US dollars to Canadian dollars, which is the functional currency of Marathon and the non-cash change in fair value of the Company's gold derivative contracts. Notes Warrants and the derivative conversion option in the CAD Convertible Notes. See Note 18 in the Company's Q1 2025 Financial Statements. (4) CASH FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL The following table provides a reconciliation of Cash from Operating Activities before Changes in Working Capital to the consolidated statement of cash flows for the reporting periods: Three Months Ended (in thousands) March 31, 2025 December 31 2024 March 31, 2024 Net cash provided by operating activities $ 53,476 $ 91,404 $ 45,815 Working capital adjustments (1,599 ) (36,183 ) (17,047 ) Cash from operating activities before working capital $ 55,074 $ 127,587 $ 62,862 (5) NET DEBT and ADJUSTED NET DEBT The following table provides a reconciliation of Net Debt and Adjusted Net Debt to the consolidated statement of financial position for the reporting periods: (in thousands of dollars) March 31, 2025 December 31, 2024 March 31, 2024 Current portion of debt $ 68,376 $ 42,860 $ 11,915 Non-current portion of debt 313,801 293,556 319,032 Total Debt $ 382,177 $ 336,416 $ 330,947 Less: Cash and cash equivalents (unrestricted) (177,385 ) (131,093 ) (54,385 ) Net Debt $ 204,792 $ 205,323 $ 276,562 Less: Fair value adjustment of Sprott Loan (40,122 ) (40,122 ) (35,108 ) Adjusted Net Debt $ 164,670 $ 165,201 $ 241,454 (6) EBITDA and ADJUSTED EBITDA The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended (in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Earnings before taxes $ 46,337 $ 34,015 $ 7,465 Add back: Depreciation and amortization 33,370 40,324 17,328 Add back: Finance expense 3,519 (883 ) 1,686 EBITDA $ 83,226 $ 73,456 26,479 Add back: Non-cash and other adjustments (378 ) 16,423 1,618 Add back: Net loss on financial instruments 10,108 115 - Add back: Project assessment costs 6,299 885 8,933 Add back: Nicaragua one-time expenses - 4,694 - Add back: Non-recurring finance expenses 1,509 - - Add back: Mineral property write-off - - 290 Adjusted EBITDA $ 100,764 $ 95,573 $ 37,320 Adjusted from net earnings to derive adjusted net earnings are one-time transaction costs primarily related to the Equinox Transaction and the acquisition of Marathon, foreign exchange impacts resulting from the translation of the Sprott Loan from US dollars to Canadian dollars, which is the functional currency of Marathon and the non-cash change in fair value of the Company's gold derivative contracts. Notes Warrants and the derivative conversion option in the CAD Convertible Notes. See Note 18 in the Company's Q1 2025 Financial Statements. (7) ADJUSTED NET DEBT TO ADJUSTED EBITDA The following table provides the reconciliation of Adjusted Net Debt to Adjusted EBITDA using the last twelve months of Adjusted EBITDA for the reporting periods: (in thousands of dollars, except ratio) March 31, 2025 December 31, 2024 March 31, 2024 Adjusted Net Debt $ 164,670 $ 165,201 $ 241,454 Adjusted EBITDA (LTM) 262,569 215,827 225,330 Adjusted Net Debt to Adjusted EBITDA (LTM) ratio 0.63 0.77 1.07 Cautionary Note Regarding Forward Looking Information This new release contains 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'assume', 'intend', 'strategy', 'goal', 'objective', 'possible' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include, but are not limited to, the Company's ability to achieve gold production, cost, development and exploration expectations for its operations and projects; the success and timing of completing construction of the Valentine Gold Mine ('Valentine'), its production and operating capabilities and the upside potential of Valentine; additional exploration success at Valentine; the initial project costs to complete Valentine; the phase two expansion project at Valentine proceeding in accordance with current expectations; the Company's reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company's priority resource expansion opportunities; statements regarding expectations for the combined entity ("New Equinox Gold") resulting from the business combination (the 'Transaction') of Calibre and Equinox Gold Corp. ('Equinox') post-closing; the consummation and timing of the Transaction; the strategic vision for New Equinox Gold following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Transaction; the success of the new management team; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the potential of New Equinox Gold to meet production guidance, industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. 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, its audited consolidated financial statements and its management discussion and analysis for the year ended December 31, 2024, and other disclosure documents of the Company filed on the Company's SEDAR+ profile at . Calibre's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. 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, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities Calibre will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. Photos accompanying this announcement are available at:
Yahoo
06-05-2025
- Business
- Yahoo
Why Equinox Gold Corp. (EQX) Soared on Monday
We recently published a list of Why These 10 Firms Soared on Monday. In this article, we are going to take a look at where Equinox Gold Corp. (NYSEAmerican:EQX) stands against other Monday's best performers. The stock market kicked off the trading week on a negative note as investors sold off on a new round of uncertainties from President Donald Trump's tariff policies. The Nasdaq fell by 0.74 percent, while the S&P 500 dropped 0.64 percent and the Dow Jones was down by 0.24 percent. Over the weekend, Trump told reporters that the US was negotiating with many countries, 'but at the end of this, I'll set my own deals — because I set the deal, they don't set the deal.' He added that he had no intentions to talk with Chinese President Xi Jinping, dampening hopes of a potential negotiation between the two of the world's largest economies. Beyond the major indices, 10 companies stood out with strong gains amid a flurry of fresh developments. In this article, we name Monday's 10 best performers and detail the reasons behind their gains. To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume. Why Equinox Gold Corp. (EQX) Soared on Monday Aerial view of a large-scale gold mine, showing the extent of the company's operations. Equinox Gold Corp. (NYSEAmerican:EQX) Equinox Gold rallied by 3.99 percent on Monday to end at $6.52 each in line with the surge in gold prices and ahead of the release of its earnings performance on Wednesday, May 7. According to the company, it is scheduled to announce the results of its operations after market close on Wednesday, followed by a conference call to elaborate on the highlights at 10:30 AM ET on Thursday, May 8. Meanwhile, Equinox Gold Corp. (NYSEAmerican:EQX) surged in line with higher gold prices, which as of this writing were up by 2.76 percent at $3,329.86 per ounce. In recent news, shareholders of Calibre Mining Corp. gave their green light for the company's planned $1.8-billion merger with Equinox Gold Corp. (NYSEAmerican:EQX). Under the transaction, Equinox Gold Corp. (NYSEAmerican:EQX) will acquire all of Calibre's issued and outstanding shares. Following the approval, Calibre will now seek a final order from the Supreme Court of British Columbia to approve the arrangement at a hearing expected to be held on Wednesday, May 6. Overall, EQX ranks 6th on our list of Monday's best performers. While we acknowledge the potential of EQX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EQX but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
Yahoo
14-04-2025
- Business
- Yahoo
Calibre Delivers 71,539 Ounces in Q1 2025, a Record First Quarter Production; Provides Valentine Gold Mine Update
VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce operating results for the three months ('Q1') ended March 31, 2025, and an update on the Valentine Gold Mine ('Valentine'), located in Newfoundland & Labrador, Canada. All figures are expressed in U.S. dollars unless otherwise stated. Darren Hall, President and Chief Executive Officer of Calibre, stated: 'I am extremely proud of our operations team for delivering another strong quarter, producing 71,539 ounces of gold in Q1 2025. Valentine Gold Mine continues to advance, with first ore processed now expected in early Q3, followed by a steady ramp up to nameplate capacity of 2.5 million tonnes. The delay in ore processing reflects scope growth in certain areas such as electrical cabling and actual contractor performance. Valentine is positioned to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside. In February, we announced a merger with Equinox Gold to form a leading, Americas-focused gold producer. This merger marks a transformative milestone for both companies and will result in a diversified portfolio of operating mines across five countries anchored by Greenstone and Valentine, two high-quality, long life, low-cost, Canadian gold mines. Together, we will become Canada's second largest gold producer. At nameplate capacity, these Canadian assets are expected to produce approximately 590,000 gold ounces annually, creating significant value for Calibre shareholders and presenting a compelling re-rating opportunity. Calibre has built a solid track record of delivering on our commitments and driving shareholder value. I see a tremendous opportunity to integrate the two companies, build on this success, and strengthen trust and confidence across both shareholder bases. New Equinox Gold has the potential to exceed 1.2 million ounces of annual gold production with Greenstone and Valentine operating at capacity. Additionally, the combined company will benefit from a large gold endowment of Mineral Reserves and Mineral Resources, along with a robust pipeline of development, expansion, and exploration projects. This strong foundation supports low-risk sustainable growth and long-term value for shareholders.' Q1 2025 Highlights Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces, setting a solid foundation for the remainder of 2025; Cash of $214.5 million at March 31, 2025 ($177.4 million in cash and $37.1 million in restricted cash with the last $25 million restricted cash released from our debt proceeds account following quarter end); and Announced the merger of Calibre and Equinox Gold creating a major Americas-focused gold producer, with the combination enhancing diversification, scale, financial strength, and operational expertise positioning the combined company for long-term value creation. Key highlights include: Creation of a Canadian gold powerhouse with complimentary mines throughout the Americas, Enhanced critical mass and capital markets profile with improved significance for shareholders, Immediate increase in production and cash flow from a larger asset portfolio, Strengthened combined leadership team with a proven track record of value creation, Undervalued relative to peers with significant share price re-rate potential, and Strong balance sheet with ability to rapidly deleverage. Valentine Gold Mine Update Tailings Management Facility is complete; Structural steel is complete; Mass construction nearing completion; project is in process of transitioning to system/subsystem completion; Primary crusher installation complete and its commissioning is nearly complete; Mills motors and mill liners are installed, and pre-commissioning is underway; Conveyors are nearing completion, belting has been completed, and progressing toward pre-commissioning; CIL leaching tanks piping and electrical continue with scheduled completion at the end of Q2, and pre-commissioning to follow; Overland, coarse ore stockpile conveyor, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning; ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning; Cable tray, cable installation, and terminations progressing; Commencement of ore processing now expected in early Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance; Initial project capital remains fully funded; and Program management contract awarded in February 2025 for Phase 2 expansion targeting an increase in the process plant throughput to >5 Mtpa. Valentine Gold Mine Construction Progress Photos Stockpile Feed Conveyor – March 2025 Main Plant/Grinding Building – February 2025 SAG and Ball Mill - April 2025 Q1 2025 Conference Call Details Date: Thursday, May 8, 2025 Time: 10:00 am ET Webcast link: Instructions for obtaining conference call dial-in number: All parties must register at the link below to participate in Calibre's Q1 2025 Conference Call. To register click and complete the online registration form. Once registered, registered participants will receive the dial-in numbers and PIN number for input at the time of the call. The live webcast and registration link can also be accessed at under the Events section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at 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 PersonThe scientific and technical information contained in this news release was approved by David Schonfeldt Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. About CalibreCalibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, 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. ON BEHALF OF THE BOARD 'Darren Hall' Darren Hall, President & Chief Executive Officer For further information, please contact: Ryan KingSVP Corporate Development & IRT: 604.628.1012E: calibre@ Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. YouTube / Instagram / LinkedIn / Facebook / X The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. 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 Calibre Mining Corp. ('Calibre') expects 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", 'create', 'enhance', 'improve', 'upside', 'growth', 'assume', "intend", 'strategy', 'goal', 'objective', 'possible', 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 in this news release include, but are not limited to, the Company's ability to achieve gold production, cost, development and exploration expectations for its operations and projects; the success and timing of completing construction of the Valentine Gold Mine ('Valentine'), its production and operating capabilities and the upside potential of Valentine; additional exploration success at Valentine; the initial project costs to complete Valentine; the phase two expansion project at Valentine proceeding in accordance with current expectations; the Company's reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company's priority resource expansion opportunities; statements regarding expectations for the combined entity ("New Equinox Gold") resulting from the business combination (the 'Transaction') of Calibre and Equinox Gold Corp. ('Equinox') post-closing; the consummation and timing of the Transaction; the strategic vision for New Equinox Gold following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Transaction; the success of the new management team; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the potential of New Equinox Gold to meet production guidance, industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. 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, its audited consolidated financial statements and its management discussion and analysis for the year ended December 31, 2024, and other disclosure documents of the Company filed on the Company's SEDAR+ profile at 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. Photos accompanying this announcement are available at: in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Calibre Mining Announces Receipt of Interim Order and Filing and Mailing of Meeting Materials for Special Meeting of Securityholders in Connection With the Business Combination With Equinox Gold
Your vote is important no matter how many Calibre shares and stock options you hold. The Board of Directors of Calibre recommends that Calibre Securityholders vote FOR the Arrangement Resolution. For assistance in voting, please contact Laurel Hill Advisory Group by phone at 1-877-452-7184 (toll-free in North America) or 1-416-304-0211 (collect, international), or by email at assistance@ VANCOUVER, British Columbia, March 28, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ('Calibre' or the 'Company') is pleased to announce that in connection with the previously announced business combination (the 'Arrangement') with Equinox Gold Corp. (TSX: EQX; NYSE:EQX) ('Equinox'), Calibre has filed and commenced mailing of its management information circular (the 'Circular') and related materials (collectively, the 'Meeting Materials') for the upcoming special meeting (the 'Meeting') of holders of Calibre common shares (the 'Calibre Shareholders') and holders of options issued under Calibre's amended and restated long-term incentive plan (the 'Calibre Optionholders', and together with the Calibre Shareholders, the 'Calibre Securityholders'). The Meeting Materials are now available under Calibre's profile on SEDAR+ at and on the Company's website at Calibre Mining - April 24, 2025 Special Meeting of Calibre Securityholders. Calibre Securityholders of record as of the close of business on March 18, 2025, will receive the Meeting Materials by mail and are encouraged to review them carefully. Meeting Details The Meeting will be held on Thursday, April 24, 2025, at 10:00 a.m. (Vancouver time) at the offices of Cassels Brock & Blackwell LLP, Suite 2200, RBC Place, 885 West Georgia Street, Vancouver, British Columbia. The Meeting will be held in-person, although Calibre Securityholders can also access the Meeting via live webcast at Only Calibre Securityholders who are present in person and entitled to vote at the Meeting are able to vote during the Meeting. Any Calibre Securityholder attending the Meeting via the live webcast will not be able to vote at the Meeting. At the Meeting, Calibre Securityholders will be asked to consider, and if deemed advisable, to pass a special resolution (the 'Arrangement Resolution') to approve the Arrangement under Part 9, Division 5 of the Business Corporations Act (British Columbia), whereby Equinox will (among other things) acquire all of the issued and outstanding common shares of Calibre in accordance with the arrangement agreement dated February 23, 2025 (the 'Arrangement Agreement'). Under the terms of the Arrangement, each Calibre share will be exchanged for 0.31 of an Equinox common share. If the Arrangement is completed, existing Equinox and former Calibre shareholders (including former holders of restricted share units and performance share units of Calibre) will own approximately 63% and 37%, respectively, of the combined company. Interim Order & Advance Ruling Certificate The Company is pleased to announce that the Supreme Court of British Columbia (the 'Court') has issued an interim order (the 'Interim Order') regarding the Arrangement which authorizes Calibre to proceed with the Meeting and addresses other Meeting related matters. A copy of the Interim Order is included in the Circular. Subject to receipt of the requisite approvals by Calibre Securityholders at the Meeting, it is expected that Calibre will apply for a final order of the Court approving the Arrangement on April 29, 2025. In addition, on March 25, 2025, an advance ruling certificate ('ARC') was received from the Commission of Competition pursuant to section 102 of the Competition Act whereby the Commission does not intend to make an application with respect to the Transaction. This ARC satisfies the Canadian Competition Approval closing condition to the Arrangement. Assuming the satisfaction or waiver of all of the conditions to the completion of the Arrangement, the Arrangement is anticipated to close by the end of Q2 2025. Strategic Rationale Combining Calibre and Equinox will create: A major diversified gold producer in the Americas: Potential for more than 1.2 million ounces of annual gold production1 from a portfolio of mines in five countries in the Americas. The second largest gold producer in Canada: Greenstone Gold Mine and Valentine Gold Mine, two new long-life, low-cost, open-pit gold mines, are expected to produce collectively 590,000 ounces of gold per year2 when at capacity. Substantial free cash flow: Immediate increase in production at record high gold prices is expected to drive superior free cash flow to enable the combined company to quickly deleverage. Exceptional growth profile: Additional production growth from the ramp-up of Valentine Gold Mine and a pipeline of development and expansion projects. Significant re-rate potential based on valuation of peers: Greater scale, lower risk, near-term production growth, and superior free cash flow relative to peers, providing significant revaluation potential. An industry-leading team: Proven track record of delivery and shareholder value creation led by Ross Beaty, and Blayne Johnson and Doug Forster of Featherstone Capital, who will all serve on the board of directors of the combined company. In total, four directors of Calibre will serve on the board of directors of the combined company, and Darren Hall, the President and Chief Executive Officer of Calibre, will serve as the President and Chief Operating Officer of the combined company with full responsibility of the combined operations going forward. Board Recommendation The board of directors of Calibre (the 'Board') have unanimously determined that the Arrangement is in the best interests of Calibre and recommend that Calibre Securityholders vote FOR the Arrangement Resolution. Calibre Securityholders are encouraged to carefully read the Circular in its entirety and vote as soon as possible in accordance with the instructions accompanying the applicable form of proxy or voting instruction form mailed to Calibre Securityholders together with the Circular. The deadline for voting by proxy is 10:00 a.m. (Vancouver time) on April 22, 2025. How to Vote Registered Securityholders Non-Registered Shareholders Calibre Shares and/or Calibre Options held in own name and represented by a physical certificate or DRS. Calibre Shares held with a broker, bank or other intermediary. Internet Telephone 1-866-732-8683 Dial the applicable number listed on the voting instruction form. Mail Return the proxy form in the enclosed postage paid envelope. Return the voting instruction form in the enclosed postage paid envelope. Shareholder Questions and Voting Assistance If you have any questions or need assistance voting your shares, please contact Calibre's proxy solicitation agent: Laurel Hill Advisory GroupToll-Free (North America): 1-877-452-7185Collect (International): 1-416-304-0211Email: assistance@ _________________________________________ 1 Mid-point of Equinox Gold's 2025 guidance plus mid-point of Calibre's 2025 guidance, on a full-year basis, plus an additional 65,000 ounces with Greenstone at capacity and 200,000 ounces with Valentine at capacity. Does not include any production from Equinox's Los Filos Gold Mine or either company's expansion projects.2 Average annual production as estimated in the most recent technical reports for each project, which are available for download on each company's website and on SEDAR+. Qualified Person The scientific and technical information contained in this news release was approved by David Schonfeldt Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. About Calibre Calibre (TSX:CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, 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. Non-IFRS Financial Measures Calibre has included certain non-IFRS measures as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are 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. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Free Cash Flow Free cash flow subtracts sustaining capital expenditures from net cash provided by operating activities, serving as an indicator of the capacity to generate cash from operations post-sustaining capital investments. ON BEHALF OF THE BOARD 'Darren Hall' Darren Hall, President & Chief Executive Officer For further information, please contact: Ryan KingSVP Corporate Development & IRT: 604.628.1012E: calibre@ Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. X / Facebook / LinkedIn / Instagram / YouTube The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. 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 and United States 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", 'assume', "intend", 'strategy', 'goal', 'objective', 'possible' or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. These include, without limitation, statements with respect to: the Meeting, the mailing and filing of the Meeting Materials; the approval of the Arrangement by the Calibre Securityholders; application for a final order of the Court approving the Arrangement; timing for closing the Arrangement; Calibre and the combined company's plans and expectations with respect to the proposed Arrangement, the expectations regarding exploration potential and production capabilities of the combined company; the potential valuation of the combined company following completion of the Arrangement; the accuracy of the pro forma financial position and outlook of the combined company following completion of the Arrangement; the expected benefits of the new board and management team of the combined company; and the anticipated impact of the proposed Arrangement on the combined company's results of operations, financial position, growth opportunities and competitive position. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that Calibre Securityholders may not approve the Arrangement or shareholders of Equinox may not approve the share issuance; the risk that any other condition to closing of the Arrangement may not be satisfied; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that the either Calibre or Equinox may terminate the Arrangement Agreement and either Calibre or Equinox is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of Calibre or Equinox, including those resulting from the announcement or completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Calibre and Equinox; the effects of the business combination of Calibre and Equinox, including the combined company's future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk that Calibre or Equinox may not receive the required Court, stock exchange and regulatory approvals to effect the Arrangement; the risk of any litigation relating to the proposed Arrangement; the risk of changes in laws, governmental regulations or enforcement practices; the effects of commodity prices, life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Arrangement; and other risks and uncertainties set out in Calibre's annual information form ('AIF') for the year ended December 31, 2024, its management discussion and analysis for the year ended December 31, 2024 and other disclosure documents of the Company filed on the Company's SEDAR+ profile at 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.
