Calibre Mining (CXB) Q4 2023 earnings summary

Executive summary

• Fourth consecutive record year; gold production grew at a 30% compound annual rate, with continued exploration success and reserves up 370% to 1.35 Moz after 800 koz of production.

• 2023 production reached 283,494 oz; growth plans target 275,000–300,000 oz in 2024 and consolidated production of 400,000–500,000 oz in 2025.

Financial highlights

• FY 2023 revenue was $561.7M versus $408.6M in FY 2022; net cash from operating activities was $200.0M versus $96.7M.

• FY 2023 adjusted net income was $96.7M, or $0.21/share, versus $51.4M, or $0.12/share, in FY 2022.

• Q4 2023 revenue was $151.6M; adjusted net income was $22.3M, or $0.05/share, and net cash from operating activities was $59.2M.

Outlook and guidance

• 2024 guidance: gold production 275,000–300,000 oz; total cash costs $1,075–$1,175/oz; AISC $1,275–$1,375/oz.

• 2024 growth capital guidance is $45M–$55M; exploration guidance is $25M–$30M, with over 130 km of drilling planned.

• Valentine production is expected in H1 2025; 2025 consolidated production target is 400,000–500,000 oz.