Calibre Mining Corp

Latest Results (20.01.2026):

Calibre Mining Corp — Q1 2025: Calibre reported consolidated Q1 2025 results showing solid production and profitability ahead of a major new-mine ramp-up. The company produced 71,539 oz of gold, generated roughly $202.6M of revenue (about $200.0M of gold revenue), delivered net earnings of $22.6M (adjusted net earnings $40.1M) and maintained a strong liquidity position while advancing the Valentine project toward first gold in Q3 2025.

Production and sales

Q1 2025 consolidated gold production was 71,539 oz (Nicaragua 64,469 oz; Nevada 7,070 oz). Gold sold was 71,545 oz.

Revenue and realized price

Consolidated revenue was $202.6M in Q1 2025, with gold revenue ~ $200.0M and an average realized gold price of $2,796/oz.

Costs per ounce

Q1 2025 Total Cash Cost (TCC) was $1,221/oz and All‑In Sustaining Cost (AISC) was $1,389/oz (Nicaragua AISC $1,255/oz; Nevada AISC $1,748/oz).

Profitability and cash flow

Reported net earnings were $22.6M; adjusted net earnings were $40.1M. EBITDA was $83.2M and adjusted EBITDA $100.8M. Operating cash flow was $53.5M (before working capital $55.1M).

Balance sheet and leverage

Cash and cash equivalents were $177.4M and restricted cash $36.6M at March 31, 2025 (the company noted the final $25.0M of restricted cash was released in April). Adjusted net debt was $164.7M and the adjusted net debt / adjusted EBITDA (LTM) ratio was 0.63.

Valentine project update

Valentine construction is nearing completion with first gold expected by end of Q3 2025 (operations to reach nameplate in Q1 2026). Initial project capital was revised to ~C$854M (increase of C$110M vs prior estimate); ~75% of the increase is schedule-related. The project capital is reported as fully funded (C$753M incurred at Apr 30 and ~C$280M cash on hand noted at Apr 30).

Guidance and outlook

2025 consolidated production guidance remains 230,000–280,000 oz. Guidance buckets: Nicaragua 200,000–250,000 oz; Nevada 30,000–40,000 oz. Full-year consolidated TCC guidance $1,300–$1,400/oz and AISC $1,500–$1,600/oz (Valentine-specific guidance to follow after first gold).

M&A — Equinox merger

Shareholders approved the merger with Equinox Gold; closing is expected by end of Q2 2025. Management highlights scale, diversification and a stronger combined balance sheet as strategic benefits.

Exploration progress

Calibre is running a large exploration program at Valentine (100,000 m in the current pure exploration program; company-wide ~200,000 m). Recent Frank Zone intercepts include 2.43 g/t Au over 172.8 m (including 3.84 g/t over 90.9 m), underlining near‑mine upside.