Calibre Mining: Reported Q1 gold production, starting the year strong with output of 45.45k oz. This is the highest quarterly production since Q3 2016, back when B2Gold owned and operated these assets. Production includes the first ore delivery from the Pavon Norte mine to the Libertad mill, which demonstrated the company’s ability to advance new satellite deposits from permit to plan in less than 18-months. This illustrates the efficiency of Calibre’s Hub and Spoke model and provides investors with a rough idea of what to expect when new “spokes” are incorporated into the mine plan. Eastern Borosi is one "spoke" to watch.
Calibre’s free cash flow is lower than it otherwise would be as growth and exploration capital costs are more heavily weighted to the first half of the year. Nonetheless, Calibre’s cash position increased $5.1m to $58.2m. In Q1, the company also announced a 200% increase in reserves to 864k oz. Au, which is the largest reserve base since 2010 with the highest grade on record, 4.49 g/t Au. High-grade drill results at Limon reported during Q1 include (in addition to the ongoing 60,000m exploration and resource growth drill program):
- 6.8m @ 7.98 g/t Au (Atravesada underground).
- 9.8m @ 8.92 g/t Au (Atravesada underground).
- 1.0m @ 251.90 g/t Au (Limon Norte open-pit); and
- 6.1m @ 6.97 g/t Au (Panteon Underground)
Full Press Release:
Disclosure: Myself and Other Goldseek Employees own stock of Calibre