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Cision Canada
05-05-2025
- Business
- Cision Canada
GALIANO GOLD ANNOUNCES DISCOVERY OF NEW HIGH-GRADE ZONE AT ABORE WITH INTERCEPT OF 50m @ 3.2 g/t Au & RESULTS OF INFILL DRILLING PROGRAM
VANCOUVER, BC, May 5, 2025 /CNW/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to provide an update on the 2025 drilling results at the Abore deposit, following the completion of a planned infill programme. Abore is one of the cornerstone deposits at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa, and is currently being mined by the Company. Highlights of the infill programme include the discovery of a new high-grade zone immediately below the designed Mineral Reserve pit shell at the Abore Main pit and multiple high-grade intercepts surrounding the known Abore South pit high-grade zone. The 2025 Abore infill drilling programme, consisting of 26 holes totalling 5,543 metres ("m"), had primary objectives to: increase confidence in the existing Mineral Reserve model, focusing on areas throughout the known high-grade zone at Abore South; and test for continuations of mineralization below the existing Mineral Reserve pit shell design. A newly discovered zone of high-grade mineralization, highlighted by hole ABPC25-346: 50m @ 3.2 grams per tonne ("g/t") gold ("Au") from 100m, was intercepted immediately below the current Mineral Reserve pit design at the southern end of the Abore Main pit. This result provides exciting new targets, along with critical geological and structural information, to guide future drilling aimed at proving further continuations of mineralization at depth. Drilling in and around the Abore South pit high-grade zone yielded multiple high-grade intervals matching or exceeding the predictions of the Mineral Resource model. These results strengthen confidence in this key portion of the Mineral Reserve, which hosts some of the highest-grade material throughout all of the AGM's tenements. The drilling program examined areas both within the existing Mineral Reserve pit design and directly beneath it, confirming that mineralization continues uninterrupted and extends beyond the current Mineral Reserve boundaries at Abore South. Highlights of intercepts at Abore South include (all diamond core samples): Hole ABPC25-315: 34 meters @ 12.0 g/t Au from 192m and 11 meters @ 7.2 g/t Au from 239m Hole ABPC25-316: 27 meters @ 6.7 g/t Au from 183m Hole ABPC25-317: 41 meters @ 3.0 g/t Au from 202m Hole ABPC25-324: 27 meters @ 2.9 g/t Au from 232m Hole ABPC25-325: 38 metres @ 6.7 g/t Au from 195m Hole ABPC25-328: 29 meters @ 3.8 g/t Au from 232m Hole ABPC25-329: 23 meters @ 3.1 g/t Au from 120m High-grade zones throughout the Abore deposit, including this newly discovered zone, display consistent characteristics, with mineralization hosted primarily within the Abore granite, characterized by significant hydrothermal alteration along with high density quartz veining, intense localized brecciation, disseminated arsenopyrite and visible gold. "The identification of a new high-grade zone beneath Abore Main and the extensions that have grown the Abore South high-grade zone from 90 meters to 180 meters long, underscore the substantial growth potential at Abore," said Chris Pettman, Galiano's Vice President of Exploration. "Mineralization remains open at depth throughout the entire 1,600m strike length, with these latest findings suggesting the Abore mineralizing system may be considerably more extensive than previously understood." Matt Badylak, Galiano's President and CEO stated, "These results at Abore validate the robust mineralization within our current open pit reserve, while demonstrating strong potential for transitioning to a higher-grade underground operation through ongoing exploration along strike and at depth. Establishing our first underground resource at the AGM is a strategic priority for 2025. These latest findings position Abore, alongside Nkran, as promising targets for underground mine life extension and a potential source of high-grade mill feed in the future." Background Abore is located approximately 13 kilometres north of the AGM's processing plant, directly along the haul road, and has current Measured and Indicated Resources of 638,000 ounces @ 1.24 g/t Au and Inferred Resources of 78,000 ounces @ 1.17 g/t Au, as published in the Company's most recent Mineral Reserve and Mineral Resource update effective December 31, 2024 (see press release " Galiano Gold Announces 2025 Guidance And Provides Mineral Reserve And Mineral Resource Update" dated January 28, 2025). The Abore deposit sits along the Esaase shear corridor, which also hosts the Esaase deposit, and forms part of the northeast striking Asankrangwa gold belt. The geology of Abore is characterized by a sedimentary sequence composed primarily of siltstones, shales and thickly bedded sandstones that has been intruded by a granite, which lies parallel to the shear and dipping steeply to the northwest. The majority of mineralization is constrained to the granite, hosted in west dipping quartz vein arrays developed primarily along the western margin of the granite/sediment contact. Table 1: 2025 Abore drilling intercepts table 1,2 Hole ID From (m) To (m) Width (m) Grade (g/t Au) Intercept Description ABPC23-224 191.0 236.0 45.0 12.44 45.0m @ 12.44 ABDD25-331 7.6 12.6 5.0 2.24 5.0m @ 2.24 g/t ABDD25-331 47.0 54.0 7.0 0.95 7.0m @ 0.95 g/t ABDD25-331 118.3 124.0 5.7 0.34 5.70m @ 0.34 g/t ABDD25-331 137.0 144.0 7.0 0.42 7.0m @ 0.42 g/t ABDD25-340 61 70 9 0.72 9.0m @ 0.72 g/t ABPC25-314 186.4 233 46.6 4.12 46.60m @ 4.12 g/t ABPC25-315 192 226 34 12 34.0m @ 12.0 g/t ABPC25-315 239.4 250.2 10.8 7.24 10.80m @ 7.24 g/t ABPC25-316 182.7 210 27.3 6.7 27.30m @ 6.70 g/t ABPC25-316 215 220 5 0.42 5.0m @ 0.42 g/t ABPC25-316 231.7 235.5 3.8 1.17 3.80m @ 1.17 g/t ABPC25-317 202.5 244 41.5 2.96 41.50m @ 2.96 g/t ABPC25-319 65 68.9 3.9 1.71 3.90m @ 1.71 g/t ABPC25-319 84 95 11 0.68 11.0m @ 0.68 g/t ABPC25-319 132 135 3 1.54 3.0m @ 1.54 g/t ABPC25-322 59 70 11 0.91 11.0m @ 0.91 g/t ABPC25-322 119 122.2 3.2 1.62 3.20m @ 1.62 g/t ABPC25-323 89 97.4 8.4 0.88 8.40m @ 0.88 g/t ABPC25-323 134 137 3 0.79 3.0m @ 0.79 g/t ABPC25-324 232.2 259.3 27.1 2.86 27.10m @ 2.86 g/t ABPC25-325 194.7 233 38.3 6.7 38.30m @ 6.70 g/t ABPC25-326 182.83 188 5.17 2.07 5.17m @ 2.07 g/t ABPC25-326 193.54 201 7.46 0.8 7.46m @ 0.80 g/t ABPC25-326 207 215 8 0.71 8.0m @ 0.71 g/t ABPC25-327 67 75 8 0.43 8.0m @ 0.43 g/t ABPC25-327 87 94 7 4.19 7.0m @ 4.19 g/t ABPC25-327 105 108 3 2.92 3.0m @ 2.92 g/t ABPC25-328 232 260.7 28.7 3.84 28.70m @ 3.84 g/t ABPC25-329 109.9 116 6.1 2.33 6.10m @ 2.33 g/t ABPC25-329 120 143 23 3.13 23.0m @ 3.13 g/t ABPC25-329 154 157 3 5.81 3.0m @ 5.81 g/t ABPC25-333 102 108 6 0.67 6.0m @ 0.67 g/t ABPC25-333 117 123 6 2.78 6.0m @ 2.78 g/t ABPC25-334 131.8 139.4 7.6 0.57 7.60m @ 0.57 g/t ABPC25-336 64 70 6 0.65 6.0m @ 0.65 g/t ABPC25-342 63 71 8 0.65 8.0m @ 0.65 g/t ABPC25-342 75 81 6 0.93 6.0m @ 0.93 g/t ABPC25-342 135.2 139 3.8 1.54 3.80m @ 1.54 g/t ABPC25-344 96.8 102 5.2 0.74 5.20m @ 0.74 g/t ABPC25-344 109 119 10 0.39 10.0m @ 0.39 g/t ABPC25-344 139 144 5 0.69 5.0m @ 0.69 g/t ABPC25-345 61.6 78.5 16.9 0.59 16.90m @ 0.59 g/t ABPC25-345 142.2 150 7.8 1.47 7.80m @ 1.47 g/t ABPC25-346 100 150 50 3.15 50.0m @ 3.15 g/t ABRC25-338 67 78 11 0.85 11.0m @ 0.85 g/t ABRC25-338 132 139 7 0.79 7.0m @ 0.79 g/t ABRC25-348 109 113 4 0.45 4.0m @ 0.45 g/t ABRC25-348 117 124 7 1.43 7.0m @ 1.43 g/t ABRC25-348 138 149 11 1.33 11.0m @ 1.33 g/t ABRC25-348 153 161 8 0.6 8.0m @ 0.60 g/t ABRC25-348 169 175 6 0.89 6.0m @ 0.89 g/t Notes: 1. Intervals reported are hole lengths with true width estimated to be 80%-95%, with the exception of those drilled at steeper angles which may be estimated at 65% – 80%. 2. Intervals are not top cut and are calculated with the assumptions of >0.5 g/t and <3m of internal waste. Qualified Person and QA/QC Chris Pettman, P. Geo, Vice President Exploration of Galiano, is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pettman is responsible for all aspects of the work, including the Data Verification and Quality Control/Quality Assurance programs and has verified the data disclosed, by reviewing all data and supervising its compilation. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date. Mr. Pettman is not independent of Galiano. Certified Reference Materials and Blanks are inserted by Galiano into the sample stream at the rate of 1:14 samples. Field duplicates are collected at the rate of 1:30 samples. All samples have been analysed by Intertek Minerals Ltd. ("Intertek") in Tarkwa, Ghana with standard preparation methods and 50g fire assay with atomic absorption finish. Intertek does its own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors. About Galiano Gold Inc. Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company operates and manages the Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities. For more information, please visit Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this news release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this news release include, but are not limited to statements regarding the Company's expectations and timing with respect to current and planned drilling programs at Abore, and the results thereof; the potential to optimize and/or expand the Abore Reserve pit and the resulting impact on mineral reserves and ore delivery; the Company's belief in the potential of Abore; and the Company's plans to update the mineral resources and mineral reserves and timing of release of production and cost guidance. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: development plans and capital expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to raise sufficient funds from future equity financings to support its operations, and general business and economic conditions; the global financial markets and general economic conditions will be stable and prosperous in the future; the ability of the Company to comply with applicable governmental regulations and standards; the mining laws, tax laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional exchange controls in Ghana; the success of the Company in implementing its development strategies and achieving its business objectives; the Company will have sufficient working capital necessary to sustain its operations on an ongoing basis and the Company will continue to have sufficient working capital to fund its operations; and the key personnel of the Company will continue their employment. The foregoing list of assumptions cannot be considered exhaustive. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: mineral reserve and mineral resource estimates may change and may prove to be inaccurate; metallurgical recoveries may not be economically viable; life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect; actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control; inflationary pressures and the effects thereof; the AGM has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the Company's mineral properties may experience a loss of ore due to illegal mining activities; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; outbreaks of COVID-19 and other infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial condition and results of operations and the market price of the common shares of the Company; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; recoveries may be lower in the future and have a negative impact on the Company's financial results; the lower recoveries may persist and be detrimental to the AGM and the Company; the Company's business is subject to risks associated with operating in a foreign country; risks related to the Company's use of contractors; the hazards and risks normally encountered in the exploration, development and production of gold; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency; the Company's operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration, development and mining interests can be uncertain and may be contested; geotechnical risks associated with the design and operation of a mine and related civil structures; the Company's properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; risks associated with establishing new mining operations; the Company's revenues are dependent on the market prices for gold, which have experienced significant recent fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company's shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; risks relating to credit rating downgrades; changes to taxation laws applicable to the Company may affect the Company's profitability and ability to repatriate funds; risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; risks related to information systems security threats; non-compliance with public disclosure obligations could have an adverse effect on the Company's stock price; the carrying value of the Company's assets may change and these assets may be subject to impairment charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; damage to the Company's reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on the business, results of operations and financial conditions of the Company and the Company's share price; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; the Company's growth, future profitability and ability to obtain financing may be impacted by global financial conditions; the Company's common shares may experience price and trading volume volatility; the Company has never paid dividends and does not expect to do so in the foreseeable future; the Company's shareholders may be unable to sell significant quantities of the Company's common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and the risk factors described under the heading "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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. Photos accompanying this announcement are available at in to access your portfolio
Associated Press
05-02-2025
- Business
- Associated Press
Leprechaun Open Pit Ore Control Drilling Increases Confidence and adds 30% Contained Gold versus the 2022 Reserve Model At the Valentine Gold Mine in Newfoundland and Labrador, Canada
VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Calibre (TSX: CXB; OTCQX: CXBMF) ('Calibre' or the 'Company') is pleased to announce additional ore control reverse circulation ('RC') drill results from its Leprechaun open pit ('Leprechaun') at Valentine Gold Mine ('Valentine') in Newfoundland and Labrador, Canada. The Company has completed 21,500 metres of RC drilling on a 9 x 9 metre spacing. The results of this drilling demonstrate 29% more ore tonnes at a 1% higher grade for 30% more gold than the comparable area in the 2022 Mineral Reserve model at an ore-waste cut-off of 0.38 g/t gold. Darren Hall, President and Chief Executive Officer of Calibre, stated: 'I am very encouraged to report that Calibre's Leprechaun open pit ore control drilling confirms grade and adds tonnage resulting in a 30% increase in contained gold compared to the Mineral Reserve. Importantly, the grade distribution as seen in Table 1 indicates that applying a higher cut-off grade will result in processing higher grade material. At a 0.70 g/t cutoff, the reserve model estimated 660kt at 2.02 g/t whereas the ore control model, for a similar tonnage, results in 18% higher grade by increasing the cutoff to 1.0 g/t. This is an extremely positive result which could result in increased metal production while simultaneously extending mine life. I am also pleased to report that Valentine construction is going well, with strong progress on structural, mechanical, and piping activities in the grinding, reagents and gold room areas. Additionally, we have advanced pre commissioning at the crusher and various e-rooms. There are no changes to Valentine's fully funded initial project capital cost of C$744 million and we remain on track to deliver first gold during Q2 2025.' Table 1 Ore Control Block Model vs 2022 Mineral Reserve by Grade (For benches 386 – 350) Ore Control Block Model 2022 Mineral Reserve Percent Difference Cut-off (g/t Au) Tonnes Grade (g/t Au) Ounces Cut-off (g/t Au) Tonnes Grade (g/t Au) Ounces Tonnes Grade (g/t Au) Ounces > 1.50 407,259 3.20 41,855 > 1.50 207,205 3.46 30,055 40 % -8 % 33 % 1.00 – 1.49 258,199 1.21 10,078 1.00 – 1.49 200,451 1.21 7,798 25 % 0 % 26 % 0.70 – 0.99 266,690 0.84 7,244 0.70 – 0.99 188,857 0.83 5,050 34 % 2 % 36 % 0.38 – 0.69 483,982 0.52 8,154 0.38 – 0.69 395,729 0.53 6.691 20 % 0 % 20 % > 0.38 1,416,129 1.48 67,330 > 0.38 1,055,242 1.46 49,593 29 % 1 % 30 % >1.00 665,458 2.43 51,933 >0.70 659,513 2.02 42,902 1 % 18 % 19 % Table 2 Ore Control Block Model vs 2022 Mineral Reserve by Bench (above 0.38 g/t, i.e. the ore / waste cutoff) Bench Ore Control Block Model 2022 Mineral Reserve Percent Difference Tonnes Grade (g/t Au) Ounces Tonnes Grade (g/t Au) Ounces Tonnes Grade (g/t Au) Ounces 386 42,639 1.32 1,812 35,162 1.14 1,293 19 % 14 % 33 % 380 161,570 1.41 7,345 131,876 1.27 5,372 20 % 11 % 31 % 374 329,331 1.50 15,864 231,801 1.34 10,002 35 % 11 % 45 % 368 289,817 1.49 13,904 221,084 1.68 11,968 27 % -12 % 15 % 362 261,075 1.61 13,553 203,766 1.79 11,758 25 % -11 % 14 % 356 159,771 1.50 7,692 111,145 1.56 5,563 36 % -4 % 32 % 350 171,927 1.30 7,160 120,407 0.94 3,637 35 % 32 % 65 % Total 1,416,129 1.48 67,330 1,055,242 1.46 49,593 29 % 1 % 30 % The tables above demonstrate the correlation between the ore control block model, supported by the closer spaced 9 x 9 metre drilling, and the 2022 Mineral Reserve Block Model from the Feasibility Study1. The comparison was carried out on 7.9 million tonnes of material extending from the current topography to bench 350 on blocks within 9 metres of RC drilling using 6 x 6 x 6 metre block sizes. For the 2022 Mineral Reserve Block Model, blocks flagged as Proven & Probable are reported. For the Ore Control Block Model, a similar method was used to delineate ore vs. waste, respecting a minimum mining width of six metres and a minimum grade of 0.38 g/t gold. The RC drilling is a component of the Company's standard mining approach. Footnotes: 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 . Quality Assurance/Quality Control QA/QC protocols followed at the Valentine Gold Mine for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drillhole cuttings are cone split at the rig to nominally 2.5 kg samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to 1 kg, and then shipped to SGS Burnaby, BC. for gold analysis by the LeachWELL method. Since the construction of the onsite lab, samples collected at the RC rig are sent to this lab. Once received, samples are dried in the oven and riffle split down to 1 kg after 3 recombination's in the riffle splitter. The 1 kg sample is then pulverized and undergoes the LeachWELL procedure before being analyzed using ICP-OES. Qualified Person The scientific and technical information contained in this news release was approved by David Schonfeldt Calibre 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 King SVP Corporate Development & IR T: 604.628.1012 Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. 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 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. 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 ('AIF') for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 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.
Associated Press
27-01-2025
- Business
- Associated Press
M2i Global, Inc. Comments on Critical Minerals Aspects in Executive Order 'Unleashing American Energy'
Focus on Bolstering the U.S. Mineral Supply Chain RENO, NV / ACCESS Newswire / January 27, 2025 / M2i Global, Inc. ('M2i,' the 'Company,' 'we,' 'our' or 'us') (OTCQB:MTWO), a company specializing in the development and execution of a complete global value supply chain for critical minerals, is pleased to provide the following comments on the Executive Order 'Unleashing American Energy' signed by U.S. President Donald Trump on January 20, 2025. M2i Global applauds the swift implementation of President Trump's Executive Order, which accelerates M2i's efforts to maximize Joint Venture arrangements and ramp up its pipeline of critical mineral partnerships across the U.S. defense sector. The Company is already collaborating closely with federal facilities and lands to develop a Strategic Mineral Reserve (SMR), aligning with the mandate to enhance domestic production and bolster national resilience. M2i's ecosystem of partners provides access to turnkey solutions, facilitating expanded business opportunities, securing offtake agreements, influencing strategic government policy, engaging with aligned NGOs, and trusted laboratories. Major General (Ret) Alberto Rosende, Chief Executive Officer of M2i, highlighted M2i's ongoing efforts: 'This wide-ranging policy move, aimed at solidifying the U.S. energy landscape, aligns with M2i's mission. Our vision to secure reliable access to critical minerals for the U.S. and its allies is strongly validated by this Executive Order. Through our partnerships with federal and state governments, universities, and specialized mining companies, we are enabling the U.S. to lead in critical minerals processing. The focus on strengthening the U.S. mineral supply chain aligns with our strategy of promoting economic self-sufficiency and national security through domestic processing.' Rosende, continued, 'M2i's robust international business model ensures minerals are ethically sourced, adheres to global environmental and labor standards, and works exclusively with authorized trading countries, aligning with President Trump's vision. This framework is further strengthened by our collaboration with America's allies, including Australia, which leverages world-first technologies to create a strategic reserve for the U.S. defense sector.' M2i's dedication to ethical practices is further bolstered by its partnership with Not For Sale, a global leader in combating forced labor. Together, they ensure the Company's ecosystem prioritizes ethical sourcing practices, advancing the Executive Order's goal to protect human rights and national security. This collaboration also aligns with the Executive Order's directive for the Department of Homeland Security to assess and address the inflow of minerals linked to forced labor, reinforcing M2i's commitment to ethical and sustainable supply chains. Doug Cole, Executive Chairman of M2i Global, added: 'The Strategic Mineral Reserve we are developing represents a transformative step toward securing our nation's energy independence and resilience. By building a model that prioritizes environmental stewardship and ethical labor practices, we are creating a benchmark for global minerals processing.' Background America is blessed with an abundance of energy and natural resources that have historically powered our Nation's economic prosperity. In recent years, increasing restrictive and burdensome regulations have impeded the development of these resources, limited the generation of reliable and affordable electricity, reduced job creation, and inflicted high energy costs upon our citizens. These high energy costs devastate American consumers by driving up the cost of transportation, heating, utilities, farming, and manufacturing, while weakening our national security. It is thus in the national interest to unleash America's affordable and reliable energy and natural resources. This will restore American prosperity -- including for those men and women who have been forgotten by our economy in recent years. It will also rebuild our Nation's economic and military security, which will deliver peace through strength. Key actions in the Order related to critical minerals include: Restoring America's Mineral Dominance. (a) The Secretary of the Interior, Secretary of Agriculture, Administrator of the EPA, Chairman of CEQ, and the heads of any other relevant agencies, as appropriate, shall identify all agency actions that impose undue burdens on the domestic mining and processing of non-fuel minerals and undertake steps to revise or rescind such actions. The Secretary of the Interior shall instruct the Director of the U.S. Geological Survey to consider updating the Survey's list of critical minerals, including for the potential of including uranium. The Secretary of the Interior shall prioritize efforts to accelerate the ongoing, detailed geologic mapping of the United States, with a focus on locating previously unknown deposits of critical minerals. The Secretary of Energy shall ensure that critical mineral projects, including the processing of critical minerals, receive consideration for Federal support, contingent on the availability of appropriated funds. The United States Trade Representative shall assess whether exploitative practices and state-assisted mineral projects abroad are unlawful or unduly burden or restrict United States commerce. The Secretary of Commerce shall assess the national security implications of the Nation's mineral reliance and the potential for trade action. The Secretary of Homeland Security shall assess the quantity and inflow of minerals that are likely the product of forced labor into the United States and whether such inflows pose a threat to national security and, within 90 days of the date of this order, shall provide this assessment to the Director of the NEC. The Secretary of Defense shall consider the needs of the United States in supplying and maintaining the National Defense Stockpile, review the legal authorities and obligations in managing the National Defense Stockpile, and take all appropriate steps to ensure that the National Defense Stockpile will provide a robust supply of critical minerals in event of future shortfall. Within 60 days of the date of this order, the Secretary of State, Secretary of Commerce, Secretary of Labor, the United States Trade Representative, and the heads of any other relevant agencies, shall submit a report to the Assistant to the President for Economic Policy that includes policy recommendations to enhance the competitiveness of American mining and refining companies in other mineral-wealthy nations. The Secretary of State shall consider opportunities to advance the mining and processing of minerals within the United States through the Quadrilateral Security Dialogue. While the Order encompasses a broad spectrum of energy initiatives, it specifically prioritizes the domestic production and processing of critical minerals, including rare earth elements. If successfully executed, this strategy could drive job creation, enhance supply chain resilience, and reduce reliance on adversarial states. About M2i Global, Inc. (OTCQB: MTWO): M2i Global, Inc., through its subsidiary U.S. Minerals and Metals Corp., provides engineering, research, and services that integrate people, technology, and solutions from across sectors to ensure access to critical minerals and metals for national defense and economic security. The Company aims to establish a Strategic Mineral Reserve in partnership with the U.S. Federal Government, creating a resilient supply chain that addresses the global shortage of essential minerals and metals. About Not For Sale: Not For Sale is a global NGO dedicated to ending forced labor and extreme environmental degradation. Working in collaboration with local communities and innovative businesses, Not For Sale helps craft new futures for at-risk people through social enterprises, community empowerment, and sustainable development. For more information, please visit and FORWARD-LOOKING STATEMENTS: This press release contains 'forward-looking statements.' Such statements may be preceded by the words 'intends,' 'may,' 'will,' 'plans,' 'expects,' 'anticipates,' 'projects,' 'predicts,' 'estimates,' 'aims,' 'believes,' 'hopes,' 'potential,' or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ('SEC'), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws. Investor Contacts:
