Calibre Mining achieves strong full-year cash generation

Calibre Mining achieves strong full-year cash generation

TSX-listed Calibre Mining Corporation produced a record 182 755 oz of gold in 2021, exceeding the high end of its production guidance.

The company’s cash at the end of December 31, 2021, was $78.4-million, which was $25-million higher than its cash balance at the end of the prior year.

Calibre president and CEO Darren Hall says that, during the year, the company generated strong operating cash flows and self-funded significant exploration and mine development while building cash quarter-on-quarter.

“Since acquiring [our] assets in October 2019, we have re-invested into the business which has increased reserves, discovered new deposits and identified new targets, positioning Calibre to unlock additional mill feed sources and grow production.

“As we continue our multi-pronged exploration activities across the assets, we realise the prospective and under-explored potential our portfolio has to offer and will continue to re-invest in the business as exploration and resource delineation programmes continue at Libertad, Pavon, Limon and Eastern Borosi,” he notes.

He adds that Calibre’s goal of becoming a growth-oriented, Americas-focused midtier gold producer continues to advance, given its recent agreement to acquire Fiore Gold, providing the next logical step to a robust and jurisdictionally diversified gold producer with three established operations, significant exploration potential and a clear path to growth.

Calibre increased its year-end 2020 reserves by 200% in 2021 to 864 000 oz, representing the largest mineral reserve since 2010, with the highest grade on record of 4.49 g/t.

The company’s gold mines are in Nicaragua.

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