Calibre posts record gold production ahead of merger with Marathon

Limon mine and mill in western Nicaragua. Credit: Calibre Mining

Calibre Mining (TSX: CXB; US-OTC: CXBMF) reported record production for 2023 as it plans for further growth from its all-share merger with gold developer Marathon Gold (TSX: MOZ), announced in November.

Gold output across Calibre’s operations totalled 283,494 oz., exceeding the upper end of its 2023 production guidance of 275,000 oz. Its Nicaragua assets, led by the Limon mine complex, accounted for 242,109 oz., while the remaining 41,385 oz. came from its Pan heap-leach mine in Nevada.

Gold production in the fourth quarter was 75,482 oz., including 64,963 oz. from Nicaragua and 10,519 oz. from Nevada. The figure set its fifth consecutive record for quarterly production.

At the end of 2023, Calibre had cash of US$86 million, for a 52% increase over end of year 2022. This is despite a $40-million investment in Marathon Gold in November. Marathon shareholders are expected to vote on Calibre’s related all-share offer for the company on Jan. 16.

“The recently announced combination of Calibre and Marathon Gold is a transformational transaction for Calibre and puts the company in an exciting position,” Calibre’s CEO Darren Hall said.

The acquisition of Marathon adds the Valentine gold project in central Newfoundland to Calibre’s portfolio. The project represents an open pit mining and conventional milling operation with annual production of 195,000 oz. for 12 years within a 14.3-year mine life. Construction is already underway, with first pour targeted for 2025.

Looking ahead, the company is expecting its gold production to fall between 275,000 and 300,000 oz. in 2024. Of that, 235,000 to 255,000 oz. will come from Nicaragua.

Before noon in Toronto, Calibre’s stock traded 0.8% higher at $1.25 per share for a market capitalization of $579.6 million.

Print

Be the first to comment on "Calibre posts record gold production ahead of merger with Marathon"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close