CALIBRE REPORTS STRONG THIRD QUARTER FINANCIAL RESULTS: INCREASING FREE CASH FLOW FROM A FOURTH CONSECUTIVE QUARTER OF RECORD GOLD PRODUCTION AT 73,485 OUNCES, RESULTING IN A RECORD YEAR TO DATE EARNINGS OF US$0.16 PER SHARE

VANCOUVER, British Columbia, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operating results for the three (“Q3 2023”) and nine months (“YTD 2023”) ended September 30, 2023. Consolidated financial statements and management discussion and analysis can be found at www.sedarplus.ca and the Company’s website, www.calibremining.com . All figures are expressed in U.S. dollars.

Q3 2023 Highlights

- Record cash on hand of $97 million, a 26% increase over Q2 2023 and 72% higher than the beginning of 2023;

- Free Cash Flow (“FCF”) ( 1 ) increased over Q2, 2023 to $16.3 million;

- 4 th consecutive record quarterly gold sales of 73,241 ounces grossing $143.9 million total revenue, at an average realized gold price of $1,929/oz;

- Consolidated Total Cash Costs ( 2 ) (“TCC”) of $1,007 and All-in Sustaining Costs ( 2 ) (“AISC”) of $1,115 per ounce;

- Net income of $23.4 million or $0.05 per basic share;

- Adjusted net income ( 3 ) of $24.5 million or $0.05 per basic share;

- Exploration success at Libertad yielded an Initial Mineral Resource Estimate at the Volcan Gold Deposit ;

- Intercepted high-grade gold targets at the Jabali Mine , potentially expanding resources;

- Continued to expand zones of high-grade gold mineralization at Atravesada and along the VTEM gold corridor , both within the Limon Mine Complex;

- High-grade, near surface drill results immediately north and south of the operating Pan mine demonstrate potential to increase resources, grade, and confidence across the property; and

- Announced Normal Course Issuer Bid as a responsible and potential use of available cash.

Year-to-Date (“YTD”) 2023 Highlights

- Record consolidated gold sales of 208,020 ounces grossing $410.1 million in total revenue, at an average realized gold price ( 2 ) of $1,932/oz;

- Consolidated TCC ( 2 ) of $1,047/oz; Nicaragua $983/oz & Nevada $1,412/oz;

- Consolidated AISC ( 2 ) of $1,195/oz; Nicaragua $1,101/oz & Nevada $1,456/oz; and

- Net income of $73.0 million, or $0.16 per share.

Darren Hall, President and Chief Executive Officer of Calibre, stated : “Calibre generated strong free cash flow from a fourth consecutive quarter of record production, resulting in a 72% increase in cash on hand to $97 million since the beginning of the year. Year to date costs are favorable to budget and the Company is in excellent shape to deliver at the high end of full year production guidance.

Our exploration investment continues to yield success in many areas including: a new gold trend emerging northwest of our recently announced Volcan gold deposit at Libertad, demonstrating high-grade discovery potential; drill results proximal to the operating Pan mine continue to yield potential resource and grade increase opportunities; and the expansion of existing high-grade gold discoveries across our Limon property provide further opportunity to leverage the available surplus processing capacity at our Libertad mill.

The Company continues to self fund all exploration and growth from operating cash flow while increasing our cash reserves. We remain dedicated to providing lasting and responsible benefits to all stakeholders. Our ongoing incorporation of sustainability initiatives throughout our operations further solidifies our strong social license to operate.”

For remainder of news release :

https://www.calibremining.com/news/calibre-reports-strong-third-quarter-financial-res-6548/