Calibre Mining (CXB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 gold production of 76,269 ounces and full-year production of 242,487 ounces, surpassing guidance, with strong cash position of $186M at year-end and $161M as of Feb 14, 2025, up 23% from Dec 31, 2024.

• Valentine Gold Mine construction is on schedule for first gold in Q2 2025, with all major facilities nearing completion and project capital costs at C$744 million, fully funded.

• Exploration success at Valentine and Limon, with Leprechaun and Marathon pit drilling yielding significantly higher grades and ounces than 2022 models, and new resource declarations.

• Achieved one million ounces of gold production in Nicaragua since Q4 2019, with operational efficiencies and strong performance from El Limon.

• 2025 is positioned as a transformational year, targeting 230,000–280,000 oz production (excluding Valentine), and aiming to become a 400,000–500,000 oz/year producer.

Financial highlights

• FY 2024 consolidated gold sales: 242,452 ounces, generating $574.4 million in revenue at an average realized price of $2,369/oz.

• Q4 2024 total cash cost (TCC) was $1,243/oz and all-in sustaining cost (AISC) was $1,423/oz; full-year TCC was $1,336/oz and AISC $1,583/oz.

• FY 2024 net earnings: $34.74 million; adjusted net earnings: $38.55 million; EBITDA: $182.81 million; adjusted EBITDA: $215.83 million.

• Cash and restricted cash at year-end: $131.1 million and $54.6 million, respectively; cash balance increased to $161M by Feb 14, 2025.

• Company is well positioned to fully fund initial project capital at Valentine.

Outlook and guidance

• 2025 consolidated production guidance: 230,000–280,000 ounces, with Nicaragua 200,000–250,000 ounces and Nevada 30,000–40,000 ounces; TCC: $1,300–$1,400/oz, AISC: $1,500–$1,600/oz.

• Valentine Gold Mine expected to deliver first gold in Q2 2025; full-year guidance for Valentine to be provided post-commissioning.

• Largest exploration program in company history planned for 2025, with over 200,000 metres of drilling and $50–$60M allocated for exploration.

• Advancing plans to accelerate Valentine throughput expansion to over five million tonnes per year.

• No expected seasonality in Nicaragua production for 2025.