This article is 3 years old. Images might not display.
"I am very pleased with the team's first-quarter performance, delivering a record 51,900 ounces [of gold], positioning the company well to deliver full-year consolidated guidance of 220,000-235,000oz," Calibre president and CEO Darren Hall said.
The miner's Nicaragua's assets produced 42,897oz of gold, with 401,215 tonnes milled, grading 3.79g/t Au at a 90.1% recovery.
And its recently acquired assets in Nevada, US, produced 42,897oz Au, with 401,215 tonnes milled at a grade of 3.79g/t Au and a 90.1% recovery.
Canaccord Genuity Capital Markets analyst Michael Fairbairn said Calibre's first-quarter production modestly beat CG's forecast of 51,400oz of gold.
Calibre noted that its Nicaraguan gold production is expected to increase quarter-on-quarter and is tipped to be about 20% higher in the second half of the year due to increased grades and mine sequencing.
"Additionally, we commenced leveraging the commercial strength of the consolidated entity with the successful negotiation of new Nevada drilling contracts, which resulted in securing rigs for the full year's programme at approximately 20% favourable unit rates," Hall said.
Calibre acquired Fiore Gold on January 12, which added the Nevada Pan mine to its portfolio.
"We are well positioned to continue self-funding growth, exploration and mine development and with multi-rig exploration drill programmes across each of our assets we remain committed to reinvesting to expand resources, make new discoveries and grow production organically," Hall added.
Fairbairn said: "We continue to believe that Calibre's aggressive drill programmes will allow the company to increase production while materially extending mine lives over the next few years, driving organic growth and creating value for shareholders".
Calibre's share price on the Toronto Stock Exchange reacted positively to the results, rising 3% day-on-day to C$1.49 (US$1.19). In the past 52 weeks, the share price had traded in a range between C$1.11 and C$2.36.
Calibre had a market capitalisation of C$662.05 million.
