PRECIOUS METALS

Calibre's Q4 revenue rises and Fiore assets added to 2022 guidance

Americas-focused Calibre Mining’s revenue rose in the December quarter while net income fell. The company also added 40,000-45,000 ounces of gold to its 2022 production/sales guidance, which reflects the recent acquisition of Fiore Gold. 

Nathan Richardson
Calibre's Q4 revenue rises and Fiore assets added to 2022 guidance

The Canada-listed company's revenue for the October-December quarter stood at US$88.11 million, which was up from US$79.68 million in the same quarter a year earlier. That took 2021 revenue to US$328.13 million, up from US$242.75 million in 2020. 

Calibre's net income, meanwhile, fell to US$14.65 million in the December quarter, down from US$34.59 million a year earlier. The 2021 net income was US$58.2 million, which was down from US$63.41 million in 2020. 

The company's net income per share for the December quarter was US$0.04, down from US$0.17/share a year earlier, while for 2021 it fell to US$0.17/share from US$0.19/share in 2020. 

The financial results follow Calibre's gold production for 2021 of 182,755oz, which beat the guidance range of 170,000-180,000oz. 

In releasing the financial results, Calibre added the Fiore Nevada assets to its 2022 production/sales guidance, which took the consolidated total to 220,000-235,000oz of gold.

The 2022 all-in sustaining cost guidance for the Nevada assets was set at US$1,450-US$1,500/oz of gold, which lifts Calibre's consolidated guidance from US$1,100-US$1,200/oz to US$1,200-US$1,257/oz. 

Prior to the completion of the Fiore acquisition on January 12, Calibre told the market that the company made the deal so it would have an annual gold production of about 245,000oz of gold - with 50,000oz from the Fiore assets - and AISC of US$1,020/oz. 

Calibre set the 2022 Nevada growth capital at US$5 million-US$10 million, which took consolidated guidance to US$55 million-US$60 million.

Exploration capital for the Nevada assets for 2022 is US$18 million-US$20 million, which puts the consolidated figure at US$40 million-US$42 million. 

The Fiore acquisition saw Calibre add the operating Pan gold mine in Nevada to its portfolio. Calibre also has two 100%-owned operating gold mines in Nicaragua. 

Calibre was trading on the Toronto Stock Exchange on February 23 at C$1.23/share, which was up 6% day-on-day. The company had a market capitalisation of US$582.9 million.  

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