Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX.V:CXB – OTCQX:CXBMF), joins us to unpack the key takeaways from the August 9th news release announcing the financial and operating results for the three months (Q2 2023) and six months (YTD 2023) ended June 30, 2023.
Q2 2023 Highlights
- Record gold sales of 69,009 ounces with $139.3 million total revenue, at an average realized gold price of $1,974/oz;
- Consolidated Total Cash Costs (TCC) of $977, and All-In Sustaining Costs (AISC) of $1,178 per ounce;
- Record adjusted net income of $33.6 million; $0.07 per basic share, a 133% increase over Q2 2022;
- Free cash flow of $15.9 million reflecting strong operating results;
- Cash on hand of $77.0 million, a 32% increase over Q1 2023;
- Delivered a fourth new open pit mine with ore deliveries from the Eastern Borosi mine to the Libertad mill;
- Initial drilling yielded high-grade results from the past producing Talavera deposit within the Limon Mine Complex, reaffirming the Company’s overall resource expansion and discovery potential;
- Positive Higher-grade Near Surface Drilling at the Pan Gold Mine, Nevada;
We have Ryan expand on some of the business strategies and macro factors that led to keeping costs contained, capitalizing on solid margins, and growing both the cash on hand along side the capital invested back into development and exploration. We wrap up having him review a number of the significant exploration discoveries over the last few years, and some of the more recent drill targets the team is honing in on in Nicaragua, guided by VTEM data. Ryan points out that company has been acquiring new exploration concessions with the knowledge that they have proven out over several years their hub and spoke mining methodology trucking ore from satellite deposits to their 2 producing mills is working.
If you have any questions for Ryan regarding Calibre Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com.
- In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.
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