Latest news with #CalibreMiningCorp
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
Bloomberg
24-04-2025
- Business
- Bloomberg
Calibre Mining Shares Hit 13-Year High After Equinox Sweetens Takeover Offer
Calibre Mining Corp. shares jumped to their highest price in 13 years after Equinox Gold Corp. sweetened its takeover offer for the Canadian gold producer hours before investors were to vote on the deal. Shares of the Vancouver-based firm rose as much as 7.4% to C$3.36 in Toronto on Thursday, edging past the value of Equinox Gold's revised all-stock offer that was announced in a Wednesday evening statement. Equinox Gold rose as much as 2.8%.
Bloomberg
18-03-2025
- Business
- Bloomberg
Top Calibre Investor Opposes Equinox's $1.8 Billion Takeover
Industries Van Eck see no synergies among assets in different regions Biggest gold-mining combination of 2025 announced last month By Updated on Save Calibre Mining Corp. 's top shareholder has come out against Equinox Gold Corp.'s $1.8 billion bid for the gold miner, casting uncertainty on the biggest bullion deal so far this year. The combination of the two Canadian companies 'dilutes the quality and potential' of Calibre, Imaru Casanova, a portfolio manager at Van Eck Associates Corp. who oversees the firm's International Investors Gold Fund, wrote in an email Tuesday.
Yahoo
20-02-2025
- Business
- Yahoo
Calibre Reports 2024 Financial Results; 2025 Set to be a Transformational Year as the Multi-Million Ounce Valentine Gold Mine, Canada Advances to First Gold During Q2, 2025
VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ('Calibre' or the 'Company') announces financial and operating results for the three months ('Q4') and full year ended December 31, 2024 ('FY 2024'). Consolidated Q4 and FY 2024 filings can be found at and on the Company's website at All figures are expressed in U.S. dollars unless otherwise stated. Darren Hall, President and Chief Executive Officer of Calibre, stated: 'Calibre delivered a record Q4 consolidated gold production of 76,269 ounces, and full year 2024 production of 242,487 ounces, surpassing the revised 2024 annual production guidance. As of February 15, 2025, the year is off to a strong start with consolidated production trending 15% higher than budget and cash increased to $161 million, a 23% increase over December 31, 2024. 2025 is set to be a transformative year for Calibre, with the Valentine Gold Mine on track for first gold during the second quarter. We hired a high quality, experienced operating team through 2024 and are working with Reliable Controls Corporation to conduct pre-commissioning and commissioning to ensure operational readiness. In addition, all necessary equipment and resources for timely production are on site. Based on the 2022 Feasibility Study*, Valentine's life-of-mine average production is expected to be approximately 195,000 ounces per year, with the process plant expected to reach 2.5 Mpta by the end of 2025. The exploration potential at Valentine is incredibly exciting. We have seen continued success since the discovery made southwest of the Leprechaun deposit in late 2024 with initial drill results returning grades more than 40% above Mineral Reserve grade. As we progress during 2025, we are preparing for the largest pure exploration program in Valentine's history. With tens of kilometres of the Valentine Lake Shear Zone and the Parallel Northwest Contact still untested, we remain optimistic about the significant upside potential as we advance efforts to establish this district as a new gold camp. With strong gold prices, consistent operating performance, successful exploration results and Valentine on track to enhance diversification and growth, I am confident that we will continue delivering superior value for our shareholders.' FY & Q4 2024 Highlights Construction of the multi-million-ounce Valentine Gold Mine is on track for first gold during Q2 2025: Tailings Management Facility is complete and receiving water; SAG and Ball Mill continue to advance towards pre-commissioning; Structural, mechanical and piping activities advancing in the Grinding, ADR, Reagents and Gold Room areas; CIL leaching tanks construction is complete and mechanical/electrical work has commenced; Overland and coarse ore stockpile conveyor is progressing and reclaim tunnel is preparing for apron feeders; Primary crusher installation is complete and commissioning is well advanced; Pre-commissioning across the site is well underway; and Initial project capital costs, exclusive of sunk costs, remain at approximately C$744 million. Record consolidated Q4 gold production of 76,269 ounces, 2025 off to a strong start; Consolidated FY 2024 gold production of 242,487 ounces, exceeding updated 2024 guidance; Drill results from the expanded 100,000 metre drill program at Valentine yield significant gold mineralization outside of the known Mineral Resource estimate and up to 1,000 metres southwest of the known Leprechaun open pit with grades more than 40% above Mineral Reserve grade: 2.43 g/t Au over 172.8 metres including 3.84 g/t Au over 90.9 metres; and 2.12 g/t Au over 95.4 metres; 2.26 g/t Au over 78.3 metres; Ore control drilling results at the Marathon Pit at Valentine yielded 44% additional gold on 47% higher grades than modelled in the 2022 Mineral Reserve estimate, increasing confidence of the deposit; Received the Federal Environmental Assessment approval for the third open pit, the Berry Pit at Valentine, and commenced construction activities at Berry in Q4 2024; Achieved one million ounces of gold production in Nicaragua since becoming a producer in Q4 2019; Initial Inferred Mineral Resource estimate declared at the Talavera Gold Deposit located 3 km from the Limon mill comprised of 3,847,000 tonnes averaging 5.09 g/t gold, yielding 630,000 ounces of gold; High grade gold mineralization and new discoveries continue across the Limon Mine Complex with quarterly drill results among the best to-date at both Talavera and the VTEM Gold Corridor, signaling the exceptional potential at Limon: 12.57 g/t Au over 7.1 metres including 26.65 g/t Au over 3.3 metres; 12.96 g/t Au over 19.9 metres; 10.59 g/t Au over 13.5 metres; and 9.97 g/t Au over 6.9 metres; 14.64 g/t Au over 7.5 metres; Continued to intercept high grade gold mineralization from the resource conversion and expansion program within the Guapinol open pit area at the Eastern Borosi mine in Nicaragua, reinforcing the potential for mine life extension: 13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold over 4.0 metres ETW; and 9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over 3.1 metres ETW FY 2024 Gold Sales and Cost Metrics Consolidated gold sales of 242,452 ounces, generating $574.4 million in gold revenue, at an average realized gold price1 of $2,369/oz; Nicaragua 207,224 ounces and Nevada 35,228 ounces; Consolidated Total Cash Cost1 ('TCC') of $1,336/oz; Nicaragua $1,313/oz and Nevada $1,473/oz; Consolidated All-In Sustaining Cost1 ('AISC') of $1,583/oz; Nicaragua $1,480/oz and Nevada $1,683/oz; and Cash and restricted cash of $131.1 million and $54.6 million, respectively, as at December 31, 2024. Valentine Grinding Building - February 2025Overview of Process Plant - February 2025CONSOLIDATED RESULTS: Q4 and FY 2024 Consolidated Results(1) $'000 (except per share and per ounce amounts) Three Months Ended Full Year Ended Q4 2024 Q3 2024 Q4 2023 2024 2023 Financial Results Revenue $ 202,966 $ 113,684 $ 151,595 $ 585,863 $ 561,702 Cost of sales, including depreciation and amortization $ (138,607 ) $ (97,437 ) $ (109,742 ) $ (433,360 ) $ (391,299 ) Earnings from mine operations $ 64,359 $ 16,247 $ 41,853 $ 152,503 $ 170,403 EBITDA (2) $ 73,456 $ 29,988 $ 43,659 $ 182,808 $ 214,075 Adjusted EBITDA (2) $ 95,573 $ 28,943 $ 59,195 $ 215,827 $ 232,046 Net earnings $ 16,661 $ 954 $ 12,001 $ 34,740 $ 85,025 Adjusted net earnings (2) $ 38,550 $ 2,199 $ 22,305 $ 66,264 $ 96,667 Operating cash flows before working capital (2) $ 127,587 $ 4,170 $ 40,441 $ 251,510 $ 178,158 Operating cash flow $ 91,404 $ (17,833 ) $ 60,330 $ 181,053 $ 201,106 Capital expenditures (sustaining) $ 6,940 $ 10,849 $ 9,225 $ 35,856 $ 28,770 Capital expenditures (growth) $ 125,485 $ 136,103 $ 32,077 $ 427,318 $ 102,281 Capital expenditures (exploration) $ 13,985 $ 12,387 $ 7,845 $ 42,976 $ 29,293 Operating Results Gold ounces produced 76,269 45,697 75,482 242,487 283,494 Gold ounces sold 76,252 46,076 75,505 242,452 283,525 Per Ounce Data Average realized gold price(2) ($/oz) $ 2,616 $ 2,418 $ 1,969 $ 2,369 $ 1,942 TCC ($/oz)(2) $ 1,243 $ 1,580 $ 1,136 $ 1,336 $ 1,071 AISC ($/oz)(2) $ 1,423 $ 1,946 $ 1,317 $ 1,583 $ 1,228 $'000 (except per share and per ounce amounts) Three Months Ended Full Year Ended Q4 2024 Q3 2024 Q4 2023 2024 2023 Financial Results Weighted Avg. Numbers of Shares Outstanding Basic (in thousands) 838,038 796,103 458,094 766,477 456,347 Diluted (in thousands) 869,947 828,006 475,292 794,844 473,925 Per Share Data Earnings per share – basic $ 0.02 $ 0.00 $ 0.03 $ 0.05 $ 0.19 Earnings per share – fully diluted $ 0.02 $ 0.00 $ 0.03 $ 0.04 $ 0.18 Adjusted net earnings per share – basic (2) $ 0.05 $ 0.00 $ 0.05 $ 0.09 $ 0.21 Operating cash flows before working capital/share(2) $ 0.15 $ 0.01 $ 0.09 $ 0.33 $ 0.39 Operating cash flow per share $ 0.11 $ (0.02 ) $ 0.13 $ 0.23 $ 0.44 Balance Sheet Data (in thousands, except for ratio) Cash and cash equivalents $ 131,093 $ 115,800 $ 86,160 $ 131,093 $ 86,160 Adjusted net debt (2) $ 165,201 $ 178,345 $ (66,054 ) $ 165,201 $ (66,054 ) Adj. Net debt/Adj. EBITDA (LTM) ratio (2. 3) $ 0.77 $ 0.91 $ (0.28 ) $ 0.77 $ (0.28 ) Consolidated financial and operational results for 2024 include the results from Marathon since its acquisition from the period of January 25, 2024, to December 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 Full Year Ended NICARAGUA Q4 2024 Q3 2024 Q4 2023 2024 2023 Ore mined (t) 796,789 574,878 521,325 2,265,749 2,109,956 Ore milled (t) 617,415 557,635 527,753 2,161,677 2,072,875 Grade (g/t Au) 3.97 2.30 3.64 3.28 3.93 Recovery (%) 89.1 88.9 93.2 90.5 92.4 Gold produced (ounces) 66,578 36,427 64,963 207,220 242,109 Gold sold (ounces) 66,578 36,427 65,026 207,224 242,126 NEVADA Three Months Ended Full Year Ended Q4 2024 Q3 2024 Q4 2023 2024 2023 Ore mined (t) 1,116,192 1,187,591 1,138,653 4,372,719 4,652,600 Ore placed on leach pad (t) 1,136,772 1,158,381 1,139,889 4,332,507 4,592,642 Grade (g/t Au) 0.36 0.44 0.33 0.40 0.36 Gold produced (ounces) 9,691 9,270 10,519 35,267 41,385 Gold sold (ounces) 9,674 9,649 10,479 35,228 41,399 2025 GUIDANCE CONSOLIDATED NICARAGUA NEWFOUNDLAND NEVADA Gold Production/Sales (ounces) 230,000 - 280,000 200,000 - 250,000 N/A 30,000 - 40,000 TCC ($/ounce)1 $1,300 - $1,400 $1,200 - $1,300 N/A $1,600 - $1,700 AISC ($/ounce)1 $1,500 - $1,600 $1,400 - $1,500 N/A $1,600 - $1,700 Growth Capital ($ million) $70 - $80 $60 - $70 N/A $5 - $10 Exploration ($ million) $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 during Q2 this year. Calibre is nearing completion of construction at its Valentine Gold Mine in Newfoundland & Labrador, which is set to become Atlantic Canada's largest gold mine. This milestone marks a significant transformation for the Company from a junior gold miner to a diversified, mid-tier gold producer. Calibre will continue to reinvest in exploration and growth, with approximately 200,000 metres of drilling planned and the development of new satellite deposits across its asset portfolio. Exploration activities in 2025 include multi-rig diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua alongside several geoscience initiatives. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions. Q4 and Full Year 2024 Conference Call Date: Thursday, February 20, 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 Q4 and Full Year 2024 Conference Call. To register click and complete 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 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 Mining's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. About Calibre Calibre 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 KingSenior Vice President, Corporate Development & IR T: 604.628.1010E: calibre@ W: Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. X / Facebook / LinkedIn / YouTube The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.* 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 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 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 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 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 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 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. : 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. : 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. : 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. The tables below reconcile TCC and AISC for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023: 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 Q4 and Full Year 2024 MD&A dated December 31, 2024. Q3 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 57,466 $ 12,866 $ - $ 70,332 Less: silver by-product revenue (2,272 ) (1 ) - (2,273 ) Royalties and production taxes 3,286 1,084 - 4,370 Refinery, transportation and other 332 51 - 383 Total cash costs $ 58,811 $ 14,001 $ - $ 72,812 Corporate and general administration - - 3,702 3,702 Reclamation accretion and amortization of ARO 1,093 137 - 1,230 Sustaining capital(1) 7,499 3,351 - 10,849 Sustaining exploration 1,064 - - 1,064 Total AISC $ 68,467 $ 17,488 $ 3,702 $ 89,658 Gold ounces sold 36,427 9,649 - 46,076 Total Cash Costs $ 1,615 $ 1,451 $ - $ 1,580 AISC $ 1,880 $ 1,813 $ - $ 1,946 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q4 and Full Year 2024 MD&A dated December 31, 2024. Q4 2023 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 68,902 $ 14,541 $ - $ 83,443 Less: silver by-product revenue (2,866 ) (26 ) - (2,892 ) Royalties and production taxes 4,267 986 - 5,253 Total cash costs $ 70,303 $ 15,501 $ - $ 85,804 Corporate and general administration - - 3,642 3,642 Reclamation accretion and amortization of ARO 602 182 - 784 Sustaining capital(1) 8,701 524 - 9,225 Sustaining exploration - - - - Total AISC $ 79,606 $ 16,207 $ 3,642 $ 99,455 Gold ounces sold 65,026 10,479 - 75,505 Total Cash Costs $ 1,081 $ 1,479 $ - $ 1,136 AISC $ 1,224 $ 1,547 $ - $ 1,317 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q4 and Full Year 2024 MD&A dated December 31, 2024. The tables below reconcile TCC and AISC for the years ended December 31, 2024 and 2023: 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 265,475 $ 48,064 $ - $ 313,539 Less: silver by-product revenue (11,432 ) (36 ) - (11,468 ) Royalties and production taxes 18,030 3,861 - 21,891 Total cash costs $ 272,073 $ 51,889 $ - $ 323,962 Corporate and general administration - - 17,702 17,702 Reclamation accretion and amortization of ARO 4,374 559 - 4,933 Sustaining capital(1) 29,019 6,837 - 35,856 Sustaining exploration 1,276 - - 1,276 Total AISC $ 306,742 $ 59,285 $ 17,702 $ 383,729 Gold ounces sold 207,224 35,228 - 242,452 Total Cash Costs $ 1,313 $ 1,473 $ - $ 1,336 AISC $ 1,480 $ 1,683 $ - $ 1,583 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q4 and Full Year 2024 MD&A dated December 31, 2024. 2023 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs(1) $ 238,620 $ 55,542 $ - $ 294,162 Less: silver by-product revenue (11,136 ) (40 ) - (11,176 ) Royalties and production taxes 16,876 3,667 - 20,543 Total cash costs $ 244,360 $ 59,169 $ - $ 303,529 Corporate and general administration - - 12,284 12,284 Reclamation accretion and amortization of ARO 2,509 727 - 3,236 Sustaining capital(2) 27,438 1,332 - 28,770 Sustaining exploration 233 - - 233 Total AISC $ 274,540 $ 61,228 $ 12,284 $ 348,052 Gold ounces sold 242,126 41,399 - 283,525 Total Cash Costs $ 1,009 $ 1,429 $ - $ 1,071 AISC $ 1,134 $ 1,479 $ - $ 1,228 Production costs include a $0.7 million net realizable value reversal for the Pan mine. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q4 and Full Year 2024 MD&A dated December 31, 2024. 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 Year Ended December 31,2024 September 30,2024 December 31,2023 December 31,2024 December 31,2023 Gold revenue (in thousands) $ 199,473 $ 111,411 $ 148,703 $ 574,395 $ 550,526 Ounces of gold sold 76,252 46,076 75,505 242,452 283,525 Average realized price per ounce sold(1) $ 2,616 $ 2,418 $ 1,969 $ 2,369 $ 1,942 1. Average realized gold price per ounce sold includes 6,900 ounces in Q4 2024 (6,900 ounces in Q3, 2024 and 18,400 ounces in 2024) at $2,239 per ounce as delivered in accordance with the Prepayment Agreement. 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 Year Ended (in thousands – except per share) December 31,2024 September 30,2024 December 31,2023 December 31,2024 December 31,2023 Net earnings $ 16,661 $ 954 $ 12,001 $ 34,740 $ 82,025 Adjusting items (net of tax): Foreign exchange 16,516 - - 16,947 - Loss on financial instruments 115 - - 853 - Project assessment costs 885 86 1,868 8,177 3,499 Nicaragua one-time expenses 1,209 1,160 - 2,369 - Pan Mine impairment & inventory write down - - 6,158 - 5,542 Mineral property write-off 3,164 - 2,278 3,178 2,601 Adjusted net earnings $ 38,550 $ 2,199 $ 22,305 $ 66,264 $ 96,667 Weighted average number of shares outstanding 838,038 796,103 458,094 766,477 456,347 Adjusted net earnings per share - basic $ 0.05 $ 0.00 $ 0.05 $ 0.09 $ 0.21 1. Adjusted from net earnings to derive Adjusted net earnings are one-time transaction costs primarily from the acquisition of Marathon, a write- off of a receivable from a contractor in Nicaragua, a write-off of certain exploration expenditures and the foreign exchange loss resulting from the translation of the Sprott Loan from US dollars to Canadian dollars which is the functional currency of Marathon. 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 Year Ended December 31,2024 September 30,2024 December 31,2023 December 31,2024 December 31,2023 Net cash (used in) provided by operating activities $ 91,404 $ (17,833 ) $ 60,330 $ 181,053 $ 201,106 Working capital adjustments (36,183 ) (22,003 ) 19,889 (70,457 ) 22,948 Cash from operating activities before working capital $ 127,587 $ 4,170 $ 40,441 $ 251,510 $ 178,158 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, except ratio) December 31,2024 September 30,2024 June 30,2024 December 31,2023 Current portion of debt $ 42,860 $ 11,966 $ 10,571 $ 9,597 Non-current portion of debt 293,556 317,287 316,744 10,509 Total Debt $ 336,416 $ 329,253 $ 327,315 $ 20,106 Less: Cash and cash equivalents (unrestricted) (131,093 ) (115,800 ) (127,582 ) (86,160 ) Net Debt $ 205,323 $ 213,453 $ 199,733 $ (66,054 ) Less: Fair value adjustment of Sprott Loan (40,122 ) (35,108 ) (34,924 ) - Adjusted Net Debt $ 165,201 $ 178,345 $ 164,809 $ (66,054 ) 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 Year Ended (in thousands) December 31,2024 September 30,2024 December 31,2023 December 31,2024 December 31,2023 Earnings before taxes $ 34,015 $ 5,716 $ 21,515 $ 77,863 $ 133,091 Add back: Depreciation 40,324 22,352 21,046 97,930 76,594 Add back: Finance costs, net (883 ) 1,920 1,098 7,015 4,390 EBITDA $ 73,456 $ 29,988 43,659 $ 182,808 $ 214,075 Add back: Net loss/(gain) on financial instruments 115 738 - 853 - Add back: Project assessment costs 885 86 1,868 8,177 3,498 Add back: Other expenses 4,694 1,994 5,499 7,252 6,410 Add back: Pan impairment & inventory write down - - 8,211 - 8,211 Add back: Non-cash and other adjustments 16,423 (3,862 ) (42 ) 16,737 (148 ) Adjusted EBITDA $ 95,573 $ 28,943 $ 59,195 $ 215,827 $ 232,046 1. Adjusted from EBITDA to derive Adjusted EBITDA are one-time transaction costs primarily from the acquisition of Marathon, a write-off of a receivable from a contractor in Nicaragua, a write-off of certain exploration expenditures and the foreign exchange loss resulting from the translation of the Sprott Loan from US dollars to Canadian dollars which is the functional currency of Marathon. 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, except ratio) December 31, September 30, June 30, December 31, 2024 2024 2024 2023 Adjusted Net Debt $ 165,201 $ 178,345 $ 164,809 $ (66,054 ) Adjusted EBITDA (LTM) 215,827 196,182 230,237 232,046 Adjusted Net Debt to Adjusted EBITDA (LTM) ratio 0.77 0.91 0.72 (0.28 ) This new release contains 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. Except for statements of historical fact relating to Calibre, forward-looking information includes, but is not limited to, information with respect to the Company's expected production from, and the further potential of, the Company's properties; expected timing for the Company to complete its gold delivery obligations; expected timing for the first gold production from the Valentine mine; planned exploration and development programs at Valentine, El Limon, La Libertad and Pan Mine and the costs to conduct those programs; the results of any preliminary feasibility study, including, without limitation, life of mine, expected costs, production and net present value estimates; the results of any preliminary economic assessment; the Company's ability to raise additional funds, as required; the future price of minerals, particularly gold; the estimation of mineral resources and mineral reserves; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production, general and administrative and other costs; capital expenditures; success of exploration activities; mining or processing issues; currency rates; government regulation of mining operations; environmental risks; and outlook, guidance, and other forecasts. 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 necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control, including risks associated with or related to: the volatility of metal prices; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; cost or other estimates; actual production, development plans and costs differing materially from the Company's expectations; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; the current ongoing instability in Nicaragua and the ramifications thereof; environmental regulations or hazards and compliance with complex regulations associated with mining activities; the availability of financing and debt activities, including potential restrictions imposed on Calibre's operations as a result thereof and the ability to generate sufficient cash flows; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; the reliance upon contractors, third parties and joint venture partners; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for Calibre's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; compliance with anti-corruption laws, sanctions or other similar measures; and those risk factors identified in the Risk Factors section found at the end of the Q4 and Full Year 2024 Management's Discussion and Analysis. 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. These assumptions and factors include, but are not limited to, assumptions and factors related to Calibre's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. 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. 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