Latest news with #SNC-Lavalin
Globe and Mail
24-05-2025
- Politics
- Globe and Mail
The Globe and Mail's Robert Fife to receive the Michener-Baxter Award for public service journalism
The Globe and Mail's Ottawa bureau chief, Robert Fife, is this year's recipient of the Michener-Baxter Award for exceptional service to Canadian public service journalism. Mr. Fife has covered Parliament Hill for nearly five decades, working in an array of newsrooms including The Canadian Press, the Sun Media chain, the National Post and CTV. He joined The Globe and Mail in 2016. Mr. Fife broke the SNC-Lavalin affair when he revealed allegations in 2019 that then-prime minister Justin Trudeau put pressure on his attorney-general, Jody Wilson-Raybould, to help SNC-Lavalin avoid criminal prosecution. More recently, his work has focused on allegations of foreign interference by China and other countries, including that China attempted to interfere with the 2021 federal election – coverage that pressed Ottawa to call a public inquiry. While at CTV, Mr. Fife broke the news that Nigel Wright, then the chief of staff to prime minister Stephen Harper, had given senator Mike Duffy a $90,000 personal cheque to repay questionable Senate expenses. The Michener-Baxter Award was established in 1983, though Mr. Fife is only the 10th journalist to receive it. 'Bob Fife's fearless tenacity has delivered countless moments of breakthrough journalism,' The Globe's editor-in-chief David Walmsley said. 'Bob's determination to prosecute brave independent journalism is an editor's dream and he inspires colleagues and competitors with his unusual mix of collegiality and tough-as-nails – but fair – approach.' Mr. Fife will receive the award during a ceremony at Rideau Hall on June 5, when Governor-General Mary Simon will also present the Michener Award for public service journalism. An announcement released Friday noted that Mr. Fife has used his career to 'shed light on issues and stories Canadians need to know' while acting as a mentor and a leader in newsrooms across the country. Mr. Fife is also the author of the books A Capital Scandal: Politics, Patronage and Payoff – Why Parliament Must Be Reformed and Kim Campbell: The Making of a Politician.
Globe and Mail
15-05-2025
- Business
- Globe and Mail
Nuclear deals power 52% profit surge at AtkinsRealis, prompt brighter forecast
Nuclear projects fuelled a big surge in revenue at AtkinsRealis Group Inc. ATRL-T last quarter, paving the way for better financial results in the year ahead, the engineering firm said. 'We cannot overstate our belief in the significant opportunity in front of AtkinsRealis in the nuclear sector,' chief executive Ian Edwards told analysts on a conference call Thursday. 'We continue to position extremely well to take advantage of the ongoing nuclear supercycle.' The Montreal-based company formerly known as SNC-Lavalin raised its 2025 nuclear revenue outlook to between $1.9-billion and $2-billion from the previous range of $1.6-billion to $1.7-billion. It also increased its projections for adjusted earnings. AtkinsRealis shares were up 14 per cent to $86.45 on the Toronto Stock Exchange as of midday. Edwards also brushed off any concerns about the impact of the global trade war set off by U.S. President Donald Trump, who has also tried to freeze hundreds of billions of dollars in federal grants and loans. 'We are not directly impacted by tariffs, and we are minimally exposed to federal agency contracts,' he said. During its latest quarter, AtkinsRealis boosted its backlog of nuclear work to a record $5.25-billion in a 185 per cent leap from a year earlier. Revenue in the segment grew organically by 77 per cent year-over-year to a quarterly record of $538-million, accounting for the vast majority of the company's total revenue increase and its 52 per cent jump in profits. Last quarter, Atkins subsidiary Candu Energy signed a multibillion-dollar contract for a life extension on four reactors at Ontario's Pickering nuclear power station. It also secured a contract to extend the life of a reactor at the Cernavoda nuclear plant in Romania, after winning a bid late last year to build two new multibillion-dollar reactors there. In March, the federal government announced a preliminary agreement to finance half the cost of Candu's proposed Monark reactor – AtkinsRealis' latest homegrown nuclear technology – with a $304-million loan. 'We're negotiating both for additional life extensions in Korea, additional phases of life extensions in Canada and obviously new builds (in Europe and Asia),' Edwards said Thursday. The one drain on the company's income statement remained three so-called lump-sum turnkey (LSTK) construction contracts: Toronto's Eglinton Crosstown light-rail transit system, Ottawa's Trillium Line and the greater Montreal area's REM light-rail network extension. But, the losses totalled far less than the $84.4-million from the previous quarter. The legacy segment yielded $14.9-million in adjusted losses before interest and taxes. The loss was owed mainly to 'overhead costs from the ongoing efforts to bring the remaining projects to completion' – particularly the REM in Montreal, where most of the construction backlog lies – the company said. The backlog for the costly LSTK division – its fixed-price contracts mean companies must pay for any cost overruns themselves – sat at $200-million last quarter, down from $299-million the year before. AtkinsRealis halted all bidding on new construction contracts in 2019. It also continues to hunt for a buyer for its money-losing joint venture with Hitachi Energy, Linxon, which focuses on electrical substations. On Thursday, the company reported a net income $70.6-million for the three months ended March 31 versus $46.6-million in the same period a year earlier. First-quarter revenues increased 12 per cent year-over-year to $2.55-billion from $2.26-billion. On an adjusted basis, AtkinsRealis' professional services and project management business earned 57 cents per diluted share in its latest quarter, up from an adjusted profit of 42 cents per diluted share a year ago.
Yahoo
07-05-2025
- Business
- Yahoo
Calibre Reports Q1 Financial and Production Results; Valentine Advances Toward Gold Production in Q3, Setting Up for Significant Growth; Calibre Mining & Equinox Gold Merger Anticipated to Close Durin
To ensure smooth commissioning and transition to operations, we have strengthened contractor oversight and enhanced the owner's team with the recent appointment of Pierre Légaré as Project Director for the process plant. Pierre is the Managing Director of Alvarez and Marsal INFRA Canada and has a proven track record over 30 years of project development across the mining and construction industries. His extensive career also includes over 20 years in senior roles at SNC-Lavalin, culminating in his position as Vice-President of Projects in the Mining & Metallurgy division. These actions position us for a safe, more controlled, and efficient ramp-up, with operations expected to reach nameplate capacity in Q1 2026. With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant. The primary crusher has been commissioned, with the coarse ore stockpile building well underway and ready to receive material by the end of May. At Valentine, construction continues to advance with first gold now expected by the end of Q3. The delay was due to lower than planned productivity, and minor scope growth, which has resulted in an $80 million (C$110 million) increase to the initial project capital since our October 2024 update of C$744 million. Approximately 75% of the capital increase is attributable to the schedule extension and 25% is related to scope growth and quantity. As at the end of April the initial project capital remains fully funded with $203 million (C$280 million) in cash and $73 million (C$101 million) remaining to be incurred. Darren Hall, President and Chief Executive Officer of Calibre, stated : 'I am proud of the teams operational performance across the portfolio, responsibly delivering 71,539 ounces in Q1, positioning the Company to meet, and potentially exceed, full-year production guidance of 230,000 – 280,000 ounces. I am also pleased with our continued focus on cost discipline, with the Company's consolidated all-in sustaining costs coming in below budget at $1,389/oz for the quarter. VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce financial and operating results for the three months ('Q1') ended March 31, 2025, and an update on the Valentine Gold Mine ('Valentine'), located in Newfoundland & Labrador, Canada. Consolidated Q1 2025 filings can be found at and on the Company's website at . All figures are expressed in U.S. dollars unless otherwise stated. Story Continues We have successfully completed Valentine mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles have commissioning experience which is critical to a smooth ramp up and long-term operational performance. As a long-life, low-cost cornerstone asset in Canada, Valentine is expected to produce approximately 200,000 ounces of gold annually. The asset also offers significant exploration upside, highlighted by our new discovery where drilling intercepted 172.8 metres grading 2.43 g/t gold. 2025 will mark the largest pure exploration program in the property's history. We greatly appreciate the support of our shareholders for approving the merger with Equinox Gold, which is expected to close by the end of Q2. Through enhanced scale, a diversified asset base, and new high quality Canadian production, this merger is positioned to deliver greater value than either company could achieve independently.' Q1 2025 Highlights Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces; The multi-million-ounce Valentine Gold Mine is set to achieve production in Q3; The largest pure exploration drill program is underway at Valentine totalling 100,000 metres ; recent Frank Zone discovery drilling highlights (see Calibre news releases dated November 25, 2024 , and February 11, 2025 ), southwest of the Leprechaun pit includes: 2.43 g/t Au over 172.8 metres ETW including 3.84 g/t Au over 90.9 metres ETW in Hole FZ-24-048; and 2.12 g/t Au over 95.4 metres ETW in Hole FZ-24-046, 2.26 g/t Au over 78.3 metres ETW in Hole FZ-24-040, 3.08 g/t Au over 48.2 metres ETW in Hole FZ-24-062. Equinox Gold and Calibre Combine to Create a Major Americas-Focused Gold Producer Announced the merger of Calibre and Equinox Gold to create a major Americas-focused gold producer with enhanced diversification, scale, financial strength, and operational expertise. The combined company will deliver long-term value to all stakeholders. Key highlights include: Strengthened combined leadership team with a proven track record of value creation; Immediate increase in production and substantial cash flow from a larger asset portfolio; Creation of the second largest gold producer in Canada; Significant re-rate potential based on valuation of peers; A major diversified gold producer in the Americas; Exceptional growth profile with a pipeline of development and expansion projects; and Strong balance sheet with ability to rapidly deleverage and return capital to shareholders. Gold Sales and Cost Metrics Consolidated gold sales of 71,545 ounces, generating $200.0 million in gold revenue (Q1 2024 - $129.2 million), at an average realized gold price of $2,796/oz; Nicaragua 64,469 ounces and Nevada 7,076 ounces; Consolidated Total Cash Cost 1 ('TCC') of $1,221/oz; Nicaragua $1,173/oz and Nevada $1,654/oz; Consolidated All-In Sustaining Cost 1 ('AISC') of $1,389/oz; Nicaragua $1,255/oz and Nevada $1,748/oz; and Cash and restricted cash of $177.4 million and $36.6 million, respectively, as at March 31, 2025, with the final $25.0 million of restricted cash released to the Company in April 2025. Valentine Update Tailings Management Facility is complete; Structural steel is complete; Mass construction nearing completion; project has transitioned to system/sub-system completion; Primary crusher installation and commissioning complete; Mills motors and mill liners are installed, and pre-commissioning is underway; Conveyors are complete and commissioned; CIL tanks piping and electrical continue, and pre-commissioning to follow; Coarse ore stockpile building, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning; ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning; Cable tray, cable installation, and terminations progressing; Commencement of ore processing expected during Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance; Updated initial project capital cost is now estimated at approximately C$854 million (excluding sunk costs). At April 30, 2025, initial project capital costs on an incurred basis totalled C$753 million (excluding sunk costs); Initial project capital cost is fully funded with over $203 million (C$280 million) in cash at April 30, 2025; and Phase 2 technical studies progressing, targeting an increase in the plant throughput from 2.5 Mtpa to >5 Mtpa. Valentine Construction Progress Photos Pebble Crusher and Recirculating Conveyors – April 2025 Image 1 SAG and Ball Mill - April 2025 Image 2 CONSOLIDATED RESULTS Q1 2025 Consolidated Results (1) $'000 (except per share and per ounce amounts) Three Months Ended Q1 2025 Q4 2024 Q1 2024 Revenue $ 202,622 $ 202,966 $ 131,888 Cost of sales, including depreciation and amortization $ (123,322 ) $ (138,607 ) $ (102,631 ) Earnings from mine operations $ 79,300 $ 64,359 $ 29,257 EBITDA(2) $ 83,226 $ 73,456 $ 26,479 Adjusted EBITDA(2) $ 100,764 $ 95,573 $ 37,320 Net earnings $ 22,599 $ 16,661 $ (3,636 ) Adjusted net earnings(2) $ 40,137 $ 38,550 $ 5,587 Operating cash flows before working capital(2) $ 55,074 $ 127,587 $ 62,862 Operating cash flow $ 53,476 $ 91,404 $ 45,815 Capital expenditures (sustaining)(2) $ 4,605 $ 6,940 $ 7,708 Capital expenditures (growth)(2) $ 121,206 $ 125,485 $ 68,149 Capital expenditures (exploration) $ 13,494 $ 13,985 $ 7,707 Operating Results Gold ounces produced 71,539 76,269 61,767 Gold ounces sold 71,545 76,252 61,778 Per Ounce Data Average realized gold price(2) ($/oz) $ 2,796 $ 2,616 $ 2,092 TCC ($/oz) (2) $ 1,221 $ 1,243 $ 1,337 AISC ($/oz) (2) $ 1,389 $ 1,423 $ 1,555 Weighted Avg. Numbers of Shares Outstanding Basic (in thousands) 848,747 838,038 653,855 Diluted (in thousands) 905,293 869,947 681,420 Per Share Data Earnings per share – basic $ 0.03 $ 0.02 $ (0.01 ) Earnings per share – fully diluted $ 0.02 $ 0.02 $ (0.01 ) Adjusted net earnings per share – basic(2) $ 0.05 $ 0.05 $ 0.01 Operating cash flows before working capital/share(2) $ 0.06 $ 0.15 $ 0.10 Operating cash flow per share $ 0.06 $ 0.11 $ 0.07 Balance Sheet Data (in thousands, except for ratio) Cash and cash equivalents $ 177,385 $ 131,093 $ 54,385 Adjusted net debt(2) $ 164,670 $ 165,201 $ 241,454 Adj. Net debt/Adj. EBITDA (LTM) ratio(2, 3) $ 0.63 $ 0.77 $ 1.07 Consolidated financial and operational results for Q1 2024 include the results from Marathon since its acquisition from the period of January 25, 2024, to March 31, 2024. This is a non-IFRS measure, for further information refer to the Non-IFRS Measures section in the Notes below. LTM is defined as the last twelve months. Operating Results Three Months Ended NICARAGUA Q1 2025 Q4 2024 Q1 2024 Ore mined (t) 522,710 796,789 534,788 Ore milled (t) 585,576 617,415 531,011 Grade (g/t Au) 4.14 3.97 3.32 Recovery (%) 90.6 89.1 91.6 Gold produced (ounces) 64,469 66,578 55,007 Gold sold (ounces) 64,469 66,578 55,007 Three Months Ended NEVADA Q1 2025 Q4 2024 Q1 2024 Ore mined (t) 1,174,281 1,116,192 988,694 Ore placed on leach pad (t) 1,162,180 1,136,772 975,354 Grade (g/t Au) 0.31 0.36 0.37 Gold produced (ounces) 7,070 9,691 6,760 Gold sold (ounces) 7,076 9,674 6,771 2025 GUIDANCE Q1 ACTUALS CONSOLIDATED NICARAGUA NEWFOUNDLAND NEVADA Gold Production/Sales (ounces) 71,539 230,000 - 280,000 200,000 - 250,000 N/A 30,000 - 40,000 TCC ($/ounce)1 $1,221 $1,300 - $1,400 $1,200 - $1,300 N/A $1,600 - $1,700 AISC ($/ounce)1 $1,389 $1,500 - $1,600 $1,400 - $1,500 N/A $1,600 - $1,700 Growth Capital ($ million) $19 $70 - $80 $60 - $70 N/A $5 - $10 Exploration ($ million) $13 $50 - $60 $25 - $30 $15 - $20 $5 - $10 The 2025 guidance currently covers gold production, TCC, AISC, and growth capital for operations in Nicaragua and Nevada. The consolidated exploration guidance includes drilling activities at the Valentine gold mine. Guidance for Valentine, including production, TCC, AISC, growth and full-year consolidated details, will be provided after first gold is produced from Valentine, expected in Q3 of this year. Calibre continues to reinvest in exploration and growth, with approximately 200,000 metres of diamond, RC and RAB drilling and the development of new satellite deposits across its entire asset portfolio. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions. Q1 2025 Conference Call Details Date: Thursday, May 8, 2025 Time: 10:00 am ET Webcast link: Instructions for obtaining conference call dial-in number: All parties must register at the link below to participate in Calibre's Q1 2025 Conference Call. To register click and complete the online registration form. Once registered, registered participants will receive the dial-in numbers and PIN number for input at the time of the call. The live webcast and registration link can also be accessed at under the Events section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at . Presentation slides that will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations prior to the conference call. Qualified Person The scientific and technical information contained in this news release was approved by David Schonfeldt Calibre's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101. About Calibre Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for Securityholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value. ON BEHALF OF THE BOARD 'Darren Hall' Darren Hall, President & Chief Executive Officer For further information, please contact: Ryan King SVP Corporate Development & IR T: 604.628.1012 E: calibre@ W: Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6. YouTube / Instagram / LinkedIn / Facebook / X The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. NOTES * Refer to the 'Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland & Labrador, Canada' dated November 30, 2022 and found on the Calibre website at and on SEDAR+ at . (1) NON-IFRS FINANCIAL MEASURES Calibre has included certain non-IFRS measures as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. TCC per Ounce of Gold : TCC include production costs, royalties, production taxes, refinery charges, and transportation charges. Production costs consist of mine site operating costs such as mining, processing, local administrative costs (including stock-based compensation related to mine operations) and current inventory write-downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and exploration costs. TCC are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure. AISC per Ounce of Gold : AISC is a performance measure that reflects the total expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition is derived from the definition as set out by the World Gold Council in its guidance dated June 27, 2013, and November 16, 2018, respectively. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating performance and the ability to generate free cash flow from operations. Calibre defines AISC as the sum of TCC, corporate general and administrative expenses (excluding one-time charges), reclamation accretion related to current operations and amortization of asset retirement obligations ('ARO'), sustaining capital (capital required to maintain current operations at existing production levels), lease repayments, and exploration expenditures designed to increase resource confidence at producing mines. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure Average Realized Price per Ounce Sold: Average Realized Gold Price Per Ounce Sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-produce credits, which in the Company's case are not significant, and to enable investors to understand the Company's financial performance based on the average realized proceeds of selling gold production in the reporting period. Average Realized Gold Price Per Ounce Sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales. Adjusted Net Earnings : Adjusted Net Earnings and Adjusted Net Earnings Per Share - Basic exclude a number of temporary or one-time items considered exceptional in nature and not related to the Company's core operation of mining assets or reflective of recurring operating performance. Management believes Adjusted Net Earnings may assist investors and analysts to better understand the current and future operating performance of the Company's core mining business. Adjusted Net Earnings and Adjusted Net Earnings Per Share do not have a standard meaning under IFRS. They should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of earnings from mine operations, earnings, or cash flow from operations as determined under IFRS. Cash From Operating Activities Before Changes in Working Capital : Cash from Operating Activities before Changes in Working Capital is a non-IFRS measure with no standard meaning under IFRS, which is calculated by the Company as net cash from operating activities less working capital items. The Company believes that Net Cash from Operating Activities before Changes in Working Capital, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company. Net Debt and Adjusted Net Debt : The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company's performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of loans and borrowings, net of the cash and cash equivalent balance as at the balance sheet date. Adjusted Net Debt is calculated as Net Debt less fair value and other non-cash adjustments that will not result in a cash outflow to the Company. The Company believes that Adjusted Net Debt provides a better understanding of the Company's liquidity. EBITDA and Adjusted EBITDA : The Company believes that certain investors use the EBITDA and the adjusted EBITDA ('Adjusted EBITDA') measures to evaluate the Company's performance and ability to generate operating cash flows to service debt and fund capital expenditures. EBITDA and Adjusted EBITDA do not have a standardized meaning as prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company calculates EBITDA as earnings or loss before taxes for the period excluding depreciation and depletion and finance costs. EBITDA excludes the impact of cash costs of financing activities and taxes and the effects of changes in working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Adjusted EBITDA is calculated by excluding one-off costs or credits relating to non-routine transactions from EBITDA that are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash and cash amounts that are not indicative of the recurring performance of the underlying operations for the reporting periods. Adjusted Net Debt to Adjusted EBITDA : The Adjusted Net Debt to Adjusted EBITDA measures provide investors and analysts with additional transparency about the Company's liquidity position, specifically, the Company's ability to generate sufficient operating cash flows to meet its mandatory interest obligations and pay down its outstanding debt balance in full at maturity. This measure is a Non-IFRS measure and it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of Adjusted Net Debt is shown above. TCC and AISC per Ounce of Gold Sold Reconciliations The tables below reconcile TCC and AISC for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024: Q1 2025 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 70,669 $ 10,900 $ - $ 81,569 Less: silver by-product revenue (2,595 ) (0 ) - (2,595 ) Royalties and production taxes 7,578 805 - 8,383 Total cash costs $ 75,652 $ 11,705 $ - $ 87,357 Corporate and general administration - - 6,073 6,093 Reclamation accretion and amortization of ARO 730 525 - 1,255 Sustaining capital(1) 4,465 140 - 4,605 Sustaining exploration 82 - - 82 Total AISC $ 80,930 $ 12,370 $ 6,073 $ 99,372 Gold ounces sold 64,469 7,076 - 71,545 Total Cash Costs $ 1,173 $ 1,654 $ - $ 1,221 AISC $ 1,255 $ 1,748 $ - $ 1,389 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. Q4 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 77,823 $ 13,325 $ - $ 91,148 Less: silver by-product revenue (3,465 ) (28 ) - (3,493 ) Royalties and production taxes 5,924 1,211 - 7,135 Total cash costs $ 80,282 $ 14,508 $ - $ 94,790 Corporate and general administration - - 5,394 5,394 Reclamation accretion and amortization of ARO 1,093 148 - 1,241 Sustaining capital(1) 6,634 306 - 6,940 Sustaining exploration 167 - - 167 Total AISC $ 88,176 $ 14,962 $ 5,394 $ 108,532 Gold ounces sold 66,578 9,674 - 76,252 Total Cash Costs $ 1,206 $ 1,500 $ - $ 1,243 AISC $ 1,324 $ 1,547 $ - $ 1,423 1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. Q1 2024 (in thousands - except per ounce amounts) Nicaragua Nevada Corporate Consolidated Production costs $ 70,501 $ 9,646 $ - $ 80,147 Less: silver by-product revenue (2,671 ) (7 ) - (2,678 ) Royalties and production taxes 4,193 560 - 4,753 Refinery, transportation and other 366 37 - 403 Total cash costs $ 72,389 $ 10,236 $ - $ 82,625 Corporate and general administration - - 4,525 4,525 Reclamation accretion and amortization of ARO 1,094 137 - 1,231 Sustaining capital(1) 7,411 297 - 7,708 Total AISC $ 80,894 $ 10,670 $ 4,525 $ 96,089 Gold ounces sold 55,007 6,771 - 61,778 Total Cash Costs $ 1,316 $ 1,512 $ - $ 1,337 AISC $ 1,471 $ 1,576 $ - $ 1,555 Sustaining capital expenditures are shown in the Growth and Sustaining Capital table in the Q1 2025 MD&A. (2) AVERAGE REALIZED GOLD PRICE PER OUNCE SOLD The following table provides a reconciliation of Average Realized Gold Price Per Ounce Sold to gold revenue per the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Gold revenue (in thousands) $ 200,027 $ 199,473 $ 129,210 Ounces of gold sold 71,545 76,252 61,778 Average realized price per ounce sold (1) $ 2,796 $ 2,616 $ 2,092 Average realized gold price per ounce sold includes 6,900 ounces in Q1 2025 (6,900 ounces in Q4, 2024 and nil ounces in Q1 2024) at $2,239 per ounce as delivered in accordance with the Prepay I Agreement. (3) ADJUSTED NET EARNINGS The following table provides a reconciliation of Adjusted Net Earnings and Adjusted Net Earnings Per Share to the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended (in thousands – except per share) March 31, 2025 December 31, 2024 March 31, 2024 Net earnings $ 22,599 $ 16,661 $ (3,636 ) Adjusting items: Foreign exchange (378 ) 16,516 - Loss on financial instruments 10,108 115 - Project assessment costs 6,299 885 8,933 Nicaragua one-time expenses - 1,209 - Non-recurring finance expenses 1,509 - - Mineral property write-off - 3,164 290 Adjusted net earnings $ 40,137 $ 38,550 $ 5,587 Weighted average number of shares outstanding 848,747 838,038 653,855 Adjusted net earnings per share - basic $ 0.05 $ 0.05 $ 0.01 Adjusted from net earnings to derive Adjusted Net Earnings are one-time transaction costs primarily related to the Equinox Transaction and the acquisition of Marathon, foreign exchange impacts resulting from the translation of the Sprott Loan from US dollars to Canadian dollars, which is the functional currency of Marathon and the non-cash change in fair value of the Company's gold derivative contracts. Notes Warrants and the derivative conversion option in the CAD Convertible Notes. See Note 18 in the Company's Q1 2025 Financial Statements. (4) CASH FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL The following table provides a reconciliation of Cash from Operating Activities before Changes in Working Capital to the consolidated statement of cash flows for the reporting periods: Three Months Ended (in thousands) March 31, 2025 December 31 2024 March 31, 2024 Net cash provided by operating activities $ 53,476 $ 91,404 $ 45,815 Working capital adjustments (1,599 ) (36,183 ) (17,047 ) Cash from operating activities before working capital $ 55,074 $ 127,587 $ 62,862 (5) NET DEBT and ADJUSTED NET DEBT The following table provides a reconciliation of Net Debt and Adjusted Net Debt to the consolidated statement of financial position for the reporting periods: (in thousands of dollars) March 31, 2025 December 31, 2024 March 31, 2024 Current portion of debt $ 68,376 $ 42,860 $ 11,915 Non-current portion of debt 313,801 293,556 319,032 Total Debt $ 382,177 $ 336,416 $ 330,947 Less: Cash and cash equivalents (unrestricted) (177,385 ) (131,093 ) (54,385 ) Net Debt $ 204,792 $ 205,323 $ 276,562 Less: Fair value adjustment of Sprott Loan (40,122 ) (40,122 ) (35,108 ) Adjusted Net Debt $ 164,670 $ 165,201 $ 241,454 (6) EBITDA and ADJUSTED EBITDA The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated statement of operations and comprehensive income for the reporting periods: Three Months Ended (in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Earnings before taxes $ 46,337 $ 34,015 $ 7,465 Add back: Depreciation and amortization 33,370 40,324 17,328 Add back: Finance expense 3,519 (883 ) 1,686 EBITDA $ 83,226 $ 73,456 26,479 Add back: Non-cash and other adjustments (378 ) 16,423 1,618 Add back: Net loss on financial instruments 10,108 115 - Add back: Project assessment costs 6,299 885 8,933 Add back: Nicaragua one-time expenses - 4,694 - Add back: Non-recurring finance expenses 1,509 - - Add back: Mineral property write-off - - 290 Adjusted EBITDA $ 100,764 $ 95,573 $ 37,320 Adjusted from net earnings to derive adjusted net earnings are one-time transaction costs primarily related to the Equinox Transaction and the acquisition of Marathon, foreign exchange impacts resulting from the translation of the Sprott Loan from US dollars to Canadian dollars, which is the functional currency of Marathon and the non-cash change in fair value of the Company's gold derivative contracts. Notes Warrants and the derivative conversion option in the CAD Convertible Notes. See Note 18 in the Company's Q1 2025 Financial Statements. (7) ADJUSTED NET DEBT TO ADJUSTED EBITDA The following table provides the reconciliation of Adjusted Net Debt to Adjusted EBITDA using the last twelve months of Adjusted EBITDA for the reporting periods: (in thousands of dollars, except ratio) March 31, 2025 December 31, 2024 March 31, 2024 Adjusted Net Debt $ 164,670 $ 165,201 $ 241,454 Adjusted EBITDA (LTM) 262,569 215,827 225,330 Adjusted Net Debt to Adjusted EBITDA (LTM) ratio 0.63 0.77 1.07 Cautionary Note Regarding Forward Looking Information This new release contains 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'assume', 'intend', 'strategy', 'goal', 'objective', 'possible' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include, but are not limited to, the Company's ability to achieve gold production, cost, development and exploration expectations for its operations and projects; the success and timing of completing construction of the Valentine Gold Mine ('Valentine'), its production and operating capabilities and the upside potential of Valentine; additional exploration success at Valentine; the initial project costs to complete Valentine; the phase two expansion project at Valentine proceeding in accordance with current expectations; the Company's reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company's priority resource expansion opportunities; statements regarding expectations for the combined entity ("New Equinox Gold") resulting from the business combination (the 'Transaction') of Calibre and Equinox Gold Corp. ('Equinox') post-closing; the consummation and timing of the Transaction; the strategic vision for New Equinox Gold following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Transaction; the success of the new management team; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the potential of New Equinox Gold to meet production guidance, industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form, its audited consolidated financial statements and its management discussion and analysis for the year ended December 31, 2024, and other disclosure documents of the Company filed on the Company's SEDAR+ profile at . Calibre's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities Calibre will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. Photos accompanying this announcement are available at:
NDTV
29-04-2025
- Politics
- NDTV
10 Years Of Justin Trudeau: How Canada's Former Prime Minister Fell
New Delhi: Canada's Liberal Party has won the federal snap election held on Monday, handing Prime Minister Mark Carney a fresh mandate weeks after he replaced Justin Trudeau. The election, called after Trudeau's January resignation, closed the curtain on his decade-long rule marked by early optimism and a rocky finish. Trudeau's departure marked the end of a chapter that once began with soaring hope but closed amid voter fatigue, growing anger, and a series of political setbacks. His leadership journey saw many highs and lows, from historic Liberal wins to strained diplomatic ties, including a fallout with India over the killing of Khalistani terrorist Hardeep Singh Nijjar. 10 Years Of Justin Trudeau Justin Trudeau, the son of former Prime Minister Pierre Trudeau, entered politics in 2007 by seeking the Liberal Party's nomination for the Papineau riding in Montreal. He won the nomination and was elected as a Member of Parliament in 2008. Within a year, he was appointed as the party's critic for youth and multiculturalism. 2013 In April 2013, Justin Trudeau was elected leader of the Liberal Party. At the time, the Liberals were relegated to third place in the House of Commons, having been out of power for over seven years. 2015 Under Trudeau's leadership, the Liberals achieved a remarkable comeback in the 2015 federal election, moving from third place to forming a majority government. This marked the first time in Canadian history that a party had made such a leap. At the age of 43, he became the second-youngest prime minister in Canadian history. 2017 Two years into his tenure, Trudeau was found guilty of violating Canada's conflict-of-interest rules after it was revealed he and his family had accepted vacations, including a trip to a private island, from the Aga Khan, a billionaire spiritual leader. Since the Aga Khan Foundation had dealings with the Canadian government, accepting such gifts without proper clearance was seen as a serious lapse in judgment. This marked Trudeau's first major ethics scandal as prime minister. 2019 In 2019, Trudeau faced two major scandals: SNC-Lavalin Affair: Trudeau was found guilty of pressuring his Attorney General to help a big company, SNC-Lavalin, avoid a criminal trial for corruption charges. Blackface Photos: During his election campaign, old photos and videos surfaced showing Trudeau in blackface and brownface costumes, actions widely considered racist. Both scandals damaged Trudeau's reputation. Even though he apologised for the blackface incident and took responsibility for SNC-Lavalin, public trust in him started waning. Despite this, his party won the 2019 election but lost their majority and had to work with other parties to stay in power. 2021 Amid the COVID-19 pandemic, Trudeau called a snap election in 2021, seeking a majority mandate. The electorate returned another minority government, forcing the Liberals to rely on support from the New Democratic Party (NDP) led by Jagmeet Singh through a supply-and-confidence agreement. 2023 By 2023, Trudeau's popularity nosedived due to rising housing costs and immigration challenges. In September, he accused the Indian government of involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar, leading to a diplomatic rift. India responded by suspending visas and reducing diplomatic staff. 2024 The Liberals suffered a significant blow by losing a traditionally safe seat in Toronto during a special election. Subsequently, the NDP withdrew its support, collapsing the supply-and-confidence agreement. Jagmeet Singh, once an ally, became his rival. Further straining international relations, Canada expelled six Indian diplomats, including the High Commissioner, over the Nijjar case. India reciprocated by expelling Canadian diplomats, deepening the diplomatic crisis. In December that year, Chrystia Freeland resigned as Canada's Deputy Prime Minister and Finance Minister, following significant policy disagreements with Justin Trudeau. 2025 Facing mounting internal pressure and declining public support, Trudeau announced his resignation on January 6, saying he would remain in office until the Liberal Party selected a new leader. Mark Carney, former governor of the Bank of Canada and the Bank of England, was elected as the new Liberal leader in March. Carney called a snap election and led the Liberals to their fourth consecutive term in power.
National Post
29-04-2025
- Business
- National Post
Jesse Kline: Liberals prove they're the 'natural governing party' after all
Article content Carney never planned on balancing the capital budget, because, as he said, 'We're not spending that amount of money. We're investing that amount of money.' Except when businesses and individuals invest money, they expect a return on their investment; when government 'invests' in a bridge, it doesn't get any money from it, just the added cost of maintaining it. Article content And given that these 'investments' with no rate of return are all being financed through debt that's already costing us $54 billion a year to service and that will have to be paid by our children and grandchildren, one doesn't need to be Warren Buffett to see that the analogy doesn't hold up — or that we'll pay for these reckless decisions in the long run. Article content But Canada's Liberals are not the type of people who consider long-term consequences or plan for the future. For them, it's all about the here and now — what policies will give them an edge among niche segments of the electorate or make them look good in the eyes of their progressive base. Article content Article content To be fair, the same could be said of most politicians in democracies like Canada — our system encourages the pursuit of short-term political gain over long-term strategic planning. Article content But the Liberals have taken this to the extreme over the past decade, enacting a host of measures that clearly worked against our national interests, in the hopes of remaking Canada into some sort of progressive utopia. Only instead of following them into Zion, we wound up falling into the pits of hell. Article content We're now living in Trudeau's 'post-national state,' and rather than peace and harmony, it's characterized by antisemitic protests and the Kristallnacht-style destruction of Jewish businesses and synagogues. Article content We've seen his fabled green jobs, but it's costing us $44 billion in taxpayer money in order to bribe electric vehicle battery plants to set up shop in Canada. Article content Indeed, despite the best efforts of Carney and Trudeau, global CO2 emissions have increased around eight per cent since the Liberals took office. And all we got for all the carbon taxes and paper straws was an increased dependency on the United States for our energy exports and a sputtering economy that's ill-suited to withstand the economic punishment Trump is bringing upon us. Article content Somehow, despite all this baggage — not to mention SNC-Lavalin, Blackface, We Charity, foreign interference and the myriad other scandals and failed policies the Liberals are responsible for — the party managed to convince enough voters that it was the best choice to revitalize the economy and deal with Trump to secure another mandate. Article content Article content
