Calibre Mining reported Q3 earnings, which were fantastic, especially compared to the first two quarters of the year, driven by higher output and gold prices. Q2 was rather sobering as it was one of the few companies to voluntarily shutdown operations for most of the quarter and while it did burn a fair amount of cash (as it engaged in aggressive exploration), it more than made up for in Q3.
Calibre produced 45.34k oz. Au during the quarter, selling 44.84k oz., and increased its cash position by $31m to $56m. During the quarter, the company also announced several important milestones including receiving all the necessary approvals to develop the Pavon Norte open-pit mine, which the company is currently in the process of advancing such that initial ore deliveries are expected to the Libertad mill in Q1 2021. The company also announced it acquired the remaining 70% interest in the Eastern Borosi project from IAMGOLD, which has an inferred resource of 4.4 million tons averaging 4.93 g/t Au and 80 g/t Ag, containing 700.5k oz. Au and 11.3m oz. Ag. It is located roughly 400 km by road from the Libertad complex.
The company also released some excellent drill results during the quarter at Limon, including but not confined to: 4.8m @ 149.4 g/t Au at Panteon underground (which is also expected to come-online in the 1H 2021) and 7.6m @ 7.21 g/t Au at Limon open-pit. The 80k meter drill program remains on-going with 14 drill rigs active.
Lastly, Calibre announced multi-year production at cost outlook at both its mining complex’s. Average annual gold production at Libertad is forecast at 120k oz. (2021-2023) with AISC of $906/oz. and average annual gold production at Limon is forecast at 50-70k oz. (2021-2031) with AISC of $900-$1,100/oz.
Click Here To Read Full Press Release